Another Happy Investor

I recently helped one of my Investor’s successfully sell a property. He used my services to acquire the property back in 2009 for about $35,000. At this time, the home needed extensive rehabilitation. As you can see by the pictures, the home had been abandoned for some time. My investor (the visionary), saw an opportunity to turn this eye-sore into a move-in ready home. Fast forward to 2011. The home had been rehabilitated and rented for over a year, waiting for the right time to sell. I listed the newly renovated home that boasted new floors (hardwood, tiles and carpet), new cabinets, new appliance package, new roof, complete with all the homey touches for $144,900. In less than 60 days, I received a full offer on the property. This is only one example of the many successful investments stories. If you are looking for a real estate professional that could help you with your investment projects, you can count on me. I will help you from property acquisition and tenant placement to property re-sale. Looking forward to working with you.

Tampa Bay Real Estate Investment Opportunities (November 6, 2011)

Over the past month, a number of homes have gone under contract and come available. Certain condo communities are seeing a high demand in properties. Some of these properties include Hyde Park Place, The Quarter at Ybor, Villa Sonoma among others. There are currently 35 single family homes available for sale and priced at 20K or less in Tampa. The home’s rehabilitation needs range from medium to extensive . Click here to view these homes. Please give me a call 772-359-7543 or email me at info@gloriawalters.com to schedule a viewing and begin your journey in investing in Tampa’s Real Estate.

Best Chicken Philly in Tampa Bay

Fresh Mouth, located in Central Ybor makes the best chicken philly in Tampa Bay. I am yet to stumble upon another restaurant that can rival this tasty sandwich. Served on a soft hoagie bun, the philly consists of piles of chopped chicken breast, grilled mushrooms, green peppers and onions, smothered with a load of provolone cheese that makes the sandwich even more decadent with flavor. If you are looking for a Great chicken philly, Fresh Mouth is your place.

Top 10 Reasons to Own Rather than Rent

I read this article by FloridaRealtors that emphasized the top 10 reasons why it’s better to own rather than rent. With home prices really low and interest rates even lower, the market is perfect for those who have considering owning. Still on the fence? Review the list below. Hopefully it will tip you over into the field of home buyers.

 

Top 10 Reasons to Own Rather than Rent
1. You own it: With no landlord, you make the decisions.
2. You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.
3. Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market.
4. You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests.
5. You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit.
6. You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time.
7. You pick it: Choose from different neighborhoods, styles and price ranges.
8. You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you.
9. You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community.
10. You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time.

 

Call me if you are ready to buy a home in Tampa… I look forward to working with you.

Florida Homeowners May Receive $5,000 to $20,000 in Relocation Assistance

Just in! Bank of America is offering Florida homeowners anywhere from 5,000 to $20,000 to short sale their homes rather than allowing them to fall into foreclosure. With this limited time offer, Bank of America hopes this will encourage distressed homeowners to communicate with them and explore the option of short sale.  An added benefit to these pre-offer programs, Home Affordable Foreclosure Alternatives (HAFA) and Bank of America Proprietary Program, is that the deficiency may be waived for the homeowner. The criteria is shown below.

Eligibility

• Homeowners with property in Florida
  
• Short sales initiated without an offer between September 26 and November 30, 2011
  
• The customer will have to be eligible for one of the without offer programs such as the HAFA program or our proprietary program (specific investor participation and eligibility criteria do apply to these programs)
  
• Successful closing of the eligible short sale by August 31, 2012
  
• Minimum relocation assistance is $5,000 and maximum is $20,000, with the specific amount calculated based on the unpaid principal balance

Exclusions

• Ginne Mae, FHA, VA, and USDA loans are ineligible for participation
  
• Lot loans are ineligible
  
• Properties outside the state of Florida are ineligible for participation
  
• Short sales initiated with an offer are not currently eligible for the enhanced relocation assistance

Distressed homeowners and investors with mortgages with Bank of America, this is a great opportunity to relieve yourself from that burden. To learn more about this program, please call or email me at anytime or you could speak to a Bank of America Short Sale Specialist at 877-459-2852. I look forward to helping you list your home and exploring the short sale opportunities.

Could Google soon power homes?

The Internet giant is increasing its stake in the solar home power business with a $75 million “initial investment” to buy and own solar-panel generators on roofs of thousands of homes. Google is investing in Clean Power Finance, a start-up company that matches solar-panel installers with investors willing to buy rooftop solar-panel systems. “With Google’s investment, solar-panel installers can find homeowners who want solar panels on their roofs but don’t want to have to pay several thousand dollars to own the system,” according to an article in The Wall Street Journal.

“We’re excited about the opportunity to really help accelerate residential solar,” says Rick Needham, Google’s director of green business operations. The latest investment will likely help fund up to 3,000 home rooftop solar systems. In June, Google made a $280 million investment in residential rooftop solar-panel installations with SolarCity Corp. Google’s total investment in renewable energy has been more than $850 million. Rooftop solar demand is growing, and homeowners are finding paybacks too. Earlier this year, a study by Lawrence Berkeley National Laboratory found that solar panels not only saved homeowners money on electricity bills but also helped boost a home’s resale value, particularly for existing homes.

Source: “Google Invests $75 Million in Home Solar Venture,” The Wall Street Journal (Sept. 27, 2011)

Tampa Bay Real Estate Investment Opportunities (October 2, 2011)

Investment opportunities are eminent in the Tampa Bay Real Estate market. As a Realtor specializing in selling investment properties, I’ve been keeping a close eye on the market’s activities. In the month of July, an investor contacted me to view and place a bid on a home in Villa Sonoma. At the time, this highly desirable community showed five condo units available for sale, ranging from one to three bedrooms. By early September, all five condos were under contract. There are currently no units available for sale in this community.

I noticed a similar trend at Parkcrest Harbor Island (one of my personal favorite condo communities in Tampa.) This highly desirable complex located on the water, boasts a great location, tons of amenities and impressive upgrades. There were nine units available in July. As of today, October 2nd, there are only two available for sale. Contact me to schedule a viewing today if you are interested in securing a home in this community.

Just recently I shared the investment opportunities with one of my real estate partners in California. He was shocked that homes were available for sale and priced under 20K. I thought this information would be great to share with other possible investors out there. This is a buyer’s market and many are taking advantage. If you ever considered purchasing a home to renovate and lease for some years, or for any other reasons you may have in mind, this is the time.

There are currently 35 homes available for sale and priced at 20K or less. Click here to view these homes. Please give me a call 772-359-7543 or email me at gwalters83@gmail.com to schedule a viewing and begin your journey in investing in Tampa’s Real Estate.

       

Short sales lose appeal among first-time buyers

A short sale occurs when a seller, sells his/her home for less than the amount owed. For example, seller A owes $100,000 for their single family home, but sells to buyer A for $50,000.  Since the home is sold for less than what the seller owed, this transaction is called a “Short Sale”. Short sale homes relieve the seller of a mortgage they could no longer afford and allow a buyer to purchase the home at a great price point. The short sale process could be cumbersome and takes a lot longer than traditional sales. The turnaround times can be anywhere from 90 days to nine months, sometimes even longer. According to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, short sale purchases for first time buyers have dropped to 39.7% of total transactions for the month of August. The survey further explains that buyers are frustrated with the approval response times, the extended time to close and the unexpected delays. Some buyers consider placing multiple offers on different homes and choses the home that wins the race to the closing table. When looking to purchase a short sale, hire a Realtor who can help you uncover all that you can about the home. 

Stop Child Trafficking (SCT) Now Walk/Run Tampa 2011

The 2011 SCT Now run/walk event in Tampa was a success. There were over 100 participants. Everyone who attended was vehement supporters of the efforts to stop child trafficking. They advocated the importance of being the voice of those who are still trapped in the sex trade. The charity serves a great cause that is often times forgotten. However, this crime does exist. For more information, please visit www.sctnow.com.

Cash Is Still King

In May 2011, cash buyers accounted for 30 percent of existing home sales for the fifth-straight month, up from 25 percent in May 2010, according to the National Association of Realtors. Cash buyers often get better deals since sellers are more secure knowing that their offers won’t fall through due to lack of financing. So if you are thinking of owning a home or investment property and have the cash to do so, this is the time. Call or email me to discuss your home owning possibilities in Tampa Bay.

Happy Graduation! Here’s Your New Home.

Over the last year, more parents have been purchasing apartments or condos to give to their children. These parents want to take advantage of dropping real estate prices and low interest rates while also viewing the purchase as an investment. Brokers are seeing that most of these real estate gifts are often studios or small one-bedroom condos.

“The parents see it as a long-term investment and a good place to park their money,” Barry Silverman, an executive vice president of Halstead Property, told The New York Times. As for how the “gift” of real estate is structured, some parents buy it as a gift for their children and take advantage of tax gift exclusions, others buy it as an investment property and retain ownership, and some are buying it through a family trust or joint ownership. In some cases, the parents don’t even live in the city but are buying the condo for themselves so when the child decides to move on, they can move in.

Richard Koenigsberg, a certified public accountant, says it’s a good time to be purchasing property as a gift because of some tax exclusions on gifts. “We are in a remarkable period of time at the moment,” Koenigsberg says. The tax exclusion on gifts and estates has increased to $5 million from $1 million until the end of 2012. In other words, a parent can give a child as much as $5 million tax-free. “It’s a big opportunity for parents who might want to help their children,” Koenigsberg says.

Calling All Investors to the Rental Market

I recently read an article from Money Magazine entitled, “Cashing in on Rental Property”. This article solidified my belief in the rental potential of the current real estate market. Low priced homes become available on the market, week after week, many with tenants already in tact.

According to a recent study, nearly 35% of occupied U.S. homes were rentals in 2010, which is a 33.8% increase from 2000. The demand for rentals is apparent. Homeowners who have lost the loan modification battle have circumstantially become renters.  Over 500 cities nationwide are experiencing an increase in home rental demand.

From an investment perspective, this rise in rental demand yields an opportunity for increased rental income. According to the real estate research firm Hotpads.com, the price of rent increased 11.6% nationally in 2010 to $1,320 a month on average. The ‘flipping’ opportunities that were prevalent back in 2005 may be slim in today’s market; however, if investors are looking to own rental properties and build their real estate portfolio, this is the time to capitalize. According to a survey by the National Association of Realtors® (NAR), investors say they plan to hold onto their rental property for 10 years before selling.

Investing in today’s real estate market is an excellent long-term strategy. If you are looking to build your real estate portfolio, give me a call. I’ve been working with investors since 2006. My niche is helping Tampa’s savvy investors own in today’s market. Whether you are looking for a fixer-upper, or a great deal in a desirable community, I can help you accomplish your goal.

Fully Furnished, Vacation Rental, Nevis West Indies

Picture yourself sitting on the terrace, overlooking lush landscape and the Caribbean Sea. Located close to Jones Bay on the beautiful island of Nevis, this three bedroom, newly built vacation rental will offer the home away from home feel. The fully furnished home features a large porch, one car garage, large yard, and a fully functional kitchen.

Nevis, West Indies is a quiet Island paradise with lots of great places to visit, dine, and socialize among other activities. Ranging from rain forest tours to secluded beaches, great local restaurants to world class dining, and catamaran adventures to your own private chartered yacht; all of these captivating activities can be found on the 36 square-miles island of Nevis.

Nevis is well known for many local attractions and have been featured on a number of shows include Travel Channel. Here are some stats for this beautiful Island:

• #4 on Travel Channel's Top 10 Caribbean Resorts (Four Seasons Hotel)
• #5 on TravelChannels Best Island Activites (Lobster Dive and Private Dinner)
• #6 on IBNLive.com's Top 10 Places to Get Married
• #10 on TravelChannels Top 10 Places to Play Golf
• Known for the Killer Bee (Yummy and Potent Alcoholic Cocktail)
  

Rental Terms:
* Monthly: $2,300; Weekly: $1,500

* Payments: Cashier’s Checks, Money Orders, or Credit Cards.
* 50% of the total rental fee is required and must be received within 5 days of the date of issue of the Rental Agreement. The remaining 50% is required no later than 60 days prior to the date of the Client’s arrival at the house. If Full payment is not received 60 days prior to the Client’s arrival at the house the owner reserves the right to cancel the booking, thus causing the Client to forfeit the paid deposit.

* Cancellation: All cancellations and any request for changes to your reservation must be made in writing. If you cancel more than 60 days prior to your arrival date 70% of your total rent will be refunded to you and 30% of your total rent will be retained by the Owner as full liquidated damages. If you cancel within 60 days of your arrival date, the owner will retain 100 % of your total rent as full liquidated damages. *Deposits received for rental during Christmas and New Year period (between the dates of December 15th and January 15th) are non-refundable.

* Security Deposit: The Client is required to provide the owner with a valid credit card number as collateral for any loss or damage to the house or its contents during the time of occupancy of the Client. At the end of the rental period the Owner reserves the right to charge the subsequent amounts to the Client’s credit card should there be any damages or lost items. The Client will be notified before any charges are applied to his/her credit card. An additional Deposit is required as collateral for any telephone and/or miscellaneous charges not included in the house fees. Provided no telephone or miscellaneous charges are incurred a Full Refund of the additional Deposit shall be made as directed by the Owner.

- Walk-in closet	- Tile floor	- Family room
- Living room	- Office/Den	- Dishwasher
- Refrigerator	- Stove/Oven	- Microwave
- Stainless steel appliances	- Washer	- Dryer
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard

ForSalebyOwner.com Founder Uses Agent to Sell Home

How ironic. The founder and former chief operating officer of ForSalebyOwner.com, Colby Sambrotto, recently needed the help of a Realtor to assist him in selling his home. Mr. Sambrotto founded the popular for-sale by owner (FSBO) website, to help homeowners sell their home without the help of a Real Estate Agent.
Mr. Sambrotto had troubles finding the right buyer for his 2,000-square-foot, two-bedroom New York condo after it lingered on the market for over six months.He tried to sell the property FSBO by listing it online and through classified ads – but after six months of sitting on the market, he sought the help of a real estate broker.
The agent told Mr. Sambrotto that his  condo was priced too low and wasn’t attracting the right buyers. Mr. Sambrotto was hesitant of the price increase but after some consideration agreed to the listing price. The condo soon attracted multiple offers and ended up closing for $150,000 more than the original asking price.

This a true testament to our services as Realtors. We are equipped with the knowledge, resources and skills to make your real estate goals attainable.

USDA Still Offers No-Down Payment Mortgages

 

Thanks to funding from federal programs to boost the housing market, the U.S. Department of Agriculture (USDA) still has $11.2 billion in its coffers earmarked for mortgage loans. The USDA’s Rural Development Service’s Section 502 loan is one of the few mortgage programs that requires no down payment.

In earlier years, the program ran out of money by late summer, leaving homebuyers in limbo as they waited for the new budget year to begin. In Florida, most low-income and middle-income buyers qualify if they live in rural areas, smaller towns or some outlying suburbs to larger cities.

The program will change slightly after Oct. 1, when buyers will be required to pay a 0.3 percent premium for mortgage insurance monthly; however, the cost of upfront mortgage insurance will be reduced to 2 percent from its current 3.5 percent.

 

Click here to see which areas of town are USDA eligible.

 

Gloria Walters | REALTOR
Bridging the Gap Between Buyers and Sellers

772-359-7543 (direct)
813-200-8708 (fax)
gwalters83@gmail.com

The Hacienda Restaurant, Bartow, Florida

I recently made a business trip to Bartow. When lunch time came around, I wanted to dine at a new place. I was uninterested in the fast food chains along Broadway Avenue and I have been to Curly Tails to many times before. So I took a short drive down Main Street. I had a coupon for Main Street Wraps, but learned they had gone out of business. Already convinced that I wanted a wrap for lunch, I had to make the disappointing shift to something else. I stumbled upon the Hacienda Restaurant, a quaint Mexican restaurant with a lot of charm. The hostess was very welcoming and answered all of my questions. I ordered the Chicken Quesadilla Ansada, served with rice and black beans. I was surprised the quesadilla was covered in a creamy white sauce. I thought this was truly a different experience. I expected the traditional dry quesadilla pressed to perfection. As different as it was, it tasted even better. I enjoyed my time dining at the Hacienda Restaurant, I look forward to my next trip to try another of their great meals.

I truly love experiencing new places, food and people.

Gloria Walters | REALTOR
Bridging the Gap Between Buyers and Sellers

772-359-7543 (direct)
813-200-8708 (fax)
gwalters83@gmail.com

"I Am Vacation!" But We Have A Closing in Two Days!

Say What!!! You’re on Vacation.

I was working a HUD Cash Deal and finally got the call that the title search was clear and everything was in order for a closing. I received this information on a Wednesday. To receive the early closing bonus that was being offered, the property had to be closed by that following Monday. So I scheduled a walk thru with my buyer for his first availability which was Friday. I  contacted the selling agent, advised him of my plans and obtained the lockbox code.
Friday afternoon came and my buyer and I arrived at the home, only to find a second layer of locks on the home with no keys. I called the agent hoping to get some answers and obtain access to conduct my final walk thru. No answer. I called and texted him. I then called the management company, who had a notice on the front window. They were unaware of the locks and could not assist. I then called the title company. Last resort. I was hoping they would be able to assist, since they were designated to handle the closings for HUD properties. I figured, maybe, this was a routine process and they could assist. They couldn’t help either. I called the agent several times before I final relinquished my efforts.
What made me extra nervous was that I would be travelling internationally the very next day (Saturday). I was not going to be present for the closing, but I had already educated my client to the point where I felt comfortable.  Since this was a cash deal, it was going to be pretty straight forward. However, I didn’t want my client to “sign his life away’' to a home he didn’t see prior to closing.
I continued to call the listing agent, well into Friday evening. I know it was annoying, but if I could coordinate a walk-thru with my assistant and my client, then I could travel in peace. Well Saturday was here. Around 10am, while sitting at Miami International Airport waiting for my connecting flight, I received a text from the selling agent stating that he was “On Vacation in St. Augustine”. And that was it. No apologies. No answer to my question about the locks. I responded stating, “I am going on vacation as well, but this needs to get done. Do you know anything about the extra locks?” I never received a response. I thought to myself, “this agent has a closing on Monday and seems very disinterested in whether or not it occurs.” Wow. I hope I never get to that point.
I finally figured a creative way for my client to obtain access and view the home without the listing agent’s assistance. I also provided my client with my international number so he can text me at anytime, should there be a question. (He had Metro PCS, free international texts - perfecto!)  I was also available by email if needed. Yes, I was on vacation, but was I. Not with a closing a couple days away. After a successful closing, I was finally able to enjoy, my vacation.

Yes, I work on Vacations Too!

Five Reasons to Use a Local Agent

 

 

 

Local agents know their towns better than anyone else. I firmly believe that using a local Realtor® is in your best interests and in this post we will give you reasons why local is the only way to go.

 

5 REASONS WHY USING A LOCAL AGENT IS BETTER

1. Superior Market Knowledge - A good local agent knows the inventory inside and out and will be able to more easily pick out homes that are a good fit for you.

2. They Know The Schools - A local agent will have personal experience with the school system and be able to share valuable information with you.

3. Neighborhood Experts - A local agent not only knows all the specific neighborhoods, but often has friends and clients in each one that can be made available to you if needed. Our clients always appreciate hearing from people who live in the neighborhoods in which they are considering.

4. Strong Relationships With Other Agents - A good local agent will network with other local agents to get information that you will never find on line. We will know about homes that may be coming on the market in the future or learn about a seller who has suddenly become "highly motivated" and is open to offers.

5. In The Know - Real estate gossip gets discussed in small circles in every community, like at PTA meetings and at the local softball field. While most agents will never learn this "insider information", a local agent hears these things and will share them with their clients.

 

LOCAL IS SAFER

If you are ever looking to buy or sell a home, remember that a real estate transaction is very complicated, involving a lot of money and risk. A local agent is always the safest choice.

A re-blog from my fellow Realtor Dan and Amy Schuman- Cleveland OH Luxury Real Estate

Looking to buy a home within the next six months? Sign up for a Listingbook Account, where you can receive daily emails of new listings that fits your home buying criteria.

Gloria Walters | Tampa REALTOR
Bridging the Gap Between Buyers and Sellers

772-359-7543 (direct)
813-200-8708 (fax)
gwalters83@gmail.com

5 Questions to Ask Your Inspector

 

Most home buyers feel like they are bona fide real estate experts after all the studying up on loans and neighborhoods, online house hunting and open house visiting it takes just to get into contract on a home these days. But for all but the most handy of house hunters, getting into contract and starting the home inspection process only surfaces how little you actually know about the nuts and bolts and brick and mortar of the massive investment you’re about to make: a home!

So, you hire a home inspector, but it seems like they’re speaking an entirely different language - riddled with terms like “serviceable condition” and “conducive to deterioration” - about your dream home! Here are 5 questions you can use to decode your home inspector’s findings into knowledge you can use to make smart decisions as a homebuyer - and homeowner.

1. How bad is it - really? The best home inspectors are pretty even keeled, emotionally speaking. They’re not alarmists that blow little things up into big ones, nor do they try to play down the importance of things. They’re all about the facts. But sometimes, that straightforwardness makes it hard for you, the home’s buyer, to understand what’s a big deal and what isn’t so much - the information you need to know whether to move forward with the deal, whether to renegotiate and what to plan ahead for.

I’ve seen things categorized in home inspection reports under “Health and Safety Hazards” that cost less than $100 to fix, like replacing a faucet that has hot and cold reversed. And I’ve seen one-liners in inspection reports, like “extensive earth-to-wood contact” result, after further inspection, in foundation repair bids pricier than the whole cost of the home! In many states, home inspectors are not legally able to provide you with a repair bid, but if you attend the inspection and simply ask them whether or not something they say needs fixing is a big deal, nine times out of ten they will verbally give you the information you need to understand the degree to which the issue is a serious problem (or not).

2. Who should I have fix that? I always ask this question of home inspectors, with dual motives. First, very often, the inspector’s response is - “What do you mean? You don’t need to pay someone to fix that. Go down to Home Depot, pick up a ___fill in the blank__, and here’s how you pop it in. Should cost you $15 - tops.” And that’s useful information to know - it eliminates the horror of a laundry list of repairs and maintenance items at the end of an inspection report to know that a number of them are really DIY-type maintenance items. Even buyers who are really uncomfortable doing these things themselves then feel empowered to either (a) watch a few YouTube vids that show them how it’s done, or (b) hire a handyperson to do these small fixes, knowing they shouldn’t be too terribly costly.

And even on the larger repairs, your home inspector might be able to give you a few referrals to the plumbers, electricians or roofers you’ll need to get bids from during your contingency period, which you may be able to use to negotiate with your home’s seller, and to get the work done after you own the place. Dropping the inspector’s name might get you an appointment booked with the urgency you need it in order to get your repair bids and estimates in hand before your contingency or objection period expires.

And same goes for any further inspections they recommend - if neither you nor your agent knows a specialist, as the general home inspector for a few referrals.

3. If this was your house, what would you fix, and when? Your home inspector’s job is to point out everything, within the scope of the inspection, that might need repair, replacement, maintenance or further inspection - or seems like it might be on it’s last leg. But they also tend to be experienced enough with homes to know that no home is perfect. Many times, I’ve asked this question about an item the inspector described as “at the end of its serviceable lifetime” and had them say, “I wouldn’t do a thing to it. Just know that it could break in the next 5 months, or in the next 5 years. And keep your home warranty in effect, because that should cover it when it does break.”

This question positions your home inspector to help you:

• understand what does and doesn’t need to be repaired,
• prioritize the work you plan to do to your home (and budget or negotiate with the seller accordingly),
• get used to the constant maintenance that is part and parcel of homeownership, and
• understand the importance of having a home warranty plan.

4. Can you point that out to me? Often, when you attend the home inspection, you’ll be multi-tasking, taking pictures of the interior, measuring for drapes or furniture, even meeting the neighbors, or fielding several inspectors at a time. Worst case scenario is to get home, open up the inspector’s report and have no clue whatsoever what he or she was referring to when they called out the wax ring that needs replacement or the temperature-pressure release valve that is improperly installed.

Your best bet is to, at the end of the inspection, while you’re all still in the property, just ask the inspector to take 10 or 15 minutes and walk you through the place, pointing out all the items they’ve noted need repair, maintenance or further inspection. When you get the report, then, you’ll know what and where the various items belong. (One more best practice is to choose an inspector who takes digital pictures and inserts them into their reports!)

5. Can you show me how to work that? Many home inspectors are delighted to show you how to operate various mechanical or other systems in your home, and will walk you through the steps of operating everything from your thermostat, to your water heater, to your stove and dishwasher - and especially the emergency shutoffs for your gas, water and electrical utilities. This one single item is such a time and stress saver it alone is worth the lost income of missing a day of work to attend your inspections.

(Source: Trulia | Tara-Nicholle Nelson)

When Can I Buy a Home After A Foreclosure

The downturn of the economy caused many homeowners to lose their homes through short sales, foreclosures, bankruptcies, or deeds in lieu. The looming question on many of their minds was when will I own again? How long do I have to wait to secure financing to buy a home again? According to a recent article published in the New York Times notes, “there are plenty of asterisks and conditions” when it comes to how long a borrower must wait after a “significant derogatory event,” like a foreclosure or short sale. I've listed a few helpful information regarding how long to wait after a foreclosure, short sale or bankruptcy, based on different mortgage issuing agencies.

Fannie Mae and Freddie Mac 

Loans issued through Fannie Mae and Freddie Mac have a waiting period of three-years following a foreclosure. A buyer would wait two years if they had a short sale, deed in lieu, or discharge/dismissal of bankruptcy. If borrowers can justify the circumstance that caused the foreclosure or bankruptcy was a result of an illness or job loss — or other “extenuating circumstance” — this factor may help reduce the wait. However, if the buyer did not experience such extenuating circumstances, the former homeowners may have to wait longer, perhaps up to seven years following the foreclosure or four years after a bankruptcy.

Federal Housing Administration (FHA)

Loans that are insured by the FHA require buyers, even with perfect credit, to wait three years after a foreclosure and two years after a bankruptcy is discharged, according to The New York Times notes.  Borrowers who chose to short sale their homes, will have to wait three years to secure another FHA loan. The New Time notes also stated that borrowers will have to wait three years if they were in default at the time of the short sale and had no extenuating circumstances. However, if the borrowers were on time with all their payments a year prior to the short sale, they may have no wait at all and might even qualify for an FHA loan immediately.

According to Andrew Wilson, a spokesman for Fannie Mae, “The key is to avoid the foreclosure.” “That is what will help you be eligible for the shorter period.”
Hope you find this helpful. Looking forward to helping you with your next real estate endeavor.

Gloria Walters | Tampa REALTOR
Bridging the Gap Between Buyers and Sellers

772-359-7543 (direct)
813-200-8708 (fax)
gwalters83@gmail.com

 

 

The Eager Buyer

A buyer recently came to me through one of my listings. They wanted to buy a home cash and own free and clear from any monthly mortgage obligations. Great, I thought. In this market there are so many low-priced homes, cash sales are becoming a popular trend.

Well this buyer was very unique. When I attempted to secure a meeting time with him, I offered time slots to meet and he would say, “I can’t” or “I’ll call you and let you know when.” Most of these meeting times were tentative. He mentioned that he had appointments that would come up at the last-minute and he could not secure a definite time with me. “Well what about weekends”, I asked? There has to be some time that you can allot to other parts of your life, like buying a house.

What made the situation more complicated, was when the buyer finally had time to meet, it was at that moment. He would call and say. “I’m in front of a house now and I want to see it, can you show it to me?” The first time, I was in the middle of a showing myself and couldn’t make it. I asked if we can meet later and I received the same response, “call me and I’ll see if I’m available.” So I called and he wasn’t.

The next time he called requesting an immediate showing, I took about 30 minutes to thoroughly explain the complete process and secure a committed day/time for showings. I successfully got a noon meeting where I had the opportunity to review some homes that fit his criteria. It took a while for me to reel this buyer in and just explain the entire home purchasing process, my working process and for us to develop effective communication. Needless to say we are working like a well oiled machine, and he should be closing on his first home shortly.

Lesson to Buyer: Your Real Estate Agent navigates you through all the real estate challenges, jargons, paperwork, contracts, etc. You need to work with your agent, and develop a cohesive and effective working rhythm in order to meet your real estate goals.

Lesson to Agent: In a market where there are so many variables, be willing to go that extra mile to educate your buyers and make them comfortable with not only the home buyer process but working with you as well.

Don't Worry, You Will Own Again.

So you gave all your might to save your home. You kept track of all the correspondences from the mortgage company and their attorneys. You completed all of the Loan Modification paperwork and emailed, faxed and even mailed a physical copy of your completed loan modification package. You waited three months for the mortgage company to finally receive your application, only to have them ask you to re-submit all of your bank statements, W2s, etc, because it’s too old to analyze.

Finally, you’re information reaches the desk of a negotiator, but it will take another couple of months for them to examine your financial information and inform you if you as to whether or not you qualified for a loan modification. A letter reaches your mail box from the mortgage company, and sadly, you were denied. Your home will be auctioned, unless you can pay everything you owe up to that point. Huh? If you couldn’t pay for one month, how do they expect you to pay all the payments that are in arrears?

Next comes the letter which states your foreclosure/auction date. You heart drops. The reality of losing your home has set it. There is absolutely nothing you can do to stop. You may even frantically, try to get an attorney involved but it’s too late, because your trusted the mortgage company you thought would come through, did not. “Why would they sell the home for so much less, when I am here, ready to keep my home” you think to yourself. “All I need is a more affordable monthly payment that would account for the recent changes in my life” (death in the family, layoff, etc.) This may be your story. Or perhaps you chose to short sale your home or agreed to sign over your deed in lieu of foreclosure.

Whatever, the situation, bottom line is you no longer own. Well I am here to tell you, there is life after losing your home. After it’s all over, you realize that life is much less stressful. No more stacks of letters from the mortgage company’s attorneys. No sleepless nights wondering where you and your family will sleep. There are plenty of rentals available in this market to choose from. You can rent for a few years and buy again. You could also choose to buy a cash home. Many folks are taking advantage of the low prices. Why not own mortgage free. Whichever route you chose, just know its going to be Okay.

Gloria Walters | Tampa REALTOR
Bridging the Gap Between Buyers and Sellers
772-359-7543 (direct)
813-200-8708 (fax)
gwalters83@gmail.com

Saffron Indian Cuisine, New Tampa Restaurant

Every Friday night, I like to have dinner and a movie with my friends. One night we decided to try a new restaurant, Saffron Indian Cuisine. Little did I know that this place would be one of my favorite eating spots in New Tampa.

Saffron is located off Cross Creek, in New Tampa, nestled in a small plaza with a gas station and few other restaurants. The staff was quite pleasant. The décor offered a modest ambience of the Indian culture. Indian music videos played on the overhead television in the background. It wasn’t before long that I felt like singing along. 

For an appetizer, I had the Garlic Naan (bread). There is a wide variety of Naan, including Cheese, Chicken Tika and Pershawari which includes raisin, nuts and herbs. There were soo many choices, many of which I was not familiar with, but the meal compositions were pretty inviting. As an entrée, I tried the Chicken Saagwala, which is boneless pieces of chicken lightly spiced and cooked in spinach (puree spinach). The flavors were bold, not too spicy and most importantly delicious. The Basmati Rice was just as yummy and complimented my meal very well. I really couldn’t get over how incredibly delicious my meal was. My leftovers tasted even better the next day. Needless to say, I’ve been back to Saffron Indian Cuisine several times, and tried a few other dishes. My top two favorite would have to be the Chicken Saagwala (the dish that got me hooked) AND the Chicken Madras which is made with boneless chicken cooked with spices & coconut.

So if you are looking for a place with Great Tasting Food that will make your taste buds dance, this is the restaurant. I love it here, I would recommend it to anyone. If you decide to go, please feel free to leave a post or two.

Gloria Walters | REALTOR

Bridging the Gap between Buyers and Sellers
772-359-7543 (direct)
813-200-8708 (fax)

The contents of this posting are the property of Gloria Walters. Gloria Walters is a REALTOR working in Hillsborough County helping buyers and sellers buy and sell homes. Contact Gloria to list your property for sale or to purchase a property in Hillsborough County. Information is provided in this blog with the intent to educate homeowners and buyers about Tampa, Brandon, Wesley Chapel, New Tampa, Temple Terrace, and other communities in the Tampa area. For more information on different communities and subdivisions please feel free to contact me.