The Tampa Outlet Mall & Local Real Estate!

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The Grand Opening of The Tampa Outlet Mall is fast approaching. Potential buyers, current residents and business owners in the area are continuously buzzing about the growth and positive impact the Mall will have on the Wesley Chapel/Land O Lakes area.

The real estate arena is certainly anticipating the launch of the Tampa Outlet Mall.  The overall value of the area is expected to increase. So the question is now, where to buy within the area that will still be an affordable option. One of the options is Ashton Oaks in Wesley Chapel.

This community is close enough to all of the festivities, attractions, restaurants, grocery, and much more, without being the heart of it all. Taxes are reasonable, there are no CDDs within the community, and the HOA dues are less than $55 monthly. Click here to check out a list of the current homes for sale within Ashton Oaks in Wesley Chapel.

House Flipping Opportunities are Back!

After the market declined, many investors found it very difficult to find flipping opportunities. Since home values had reduced by over 50% in many markets, investors were forced to rent their properties until the right time to sell returned.

ATTENTION Investors, release the property managers and hire me as your Realtor. Resale property inventory is extremely low and eager homes buyers are jumping at the chance to snatch turn-key homes within the first few days of being listed. Not only can you sell your rental inventory, there is still an opportunity to purchase distressed, fixer uppers at low price points, and remodel to sell at higher price points. Yes, that scenario I just explained is called Flipping.

Flipping is back. Only for a limited time, so take advantage while it lasts.

4 Down Payment Assistance Ideas

 

 

Are you wasting thousands of dollars on rent and dreaming of becoming a homeowner? You can already make a monthly house payment (you’re already paying rent), but the problem is coming up with money for a down payment.  It’s not as difficult as you might think. Here are ways to get a down payment with little out of your own pocket.

1. Look Into Local or Federal Government Programs.  You may qualify for special government programs, such as those for first-time homebuyers and members of the military.  You also may have access to aid from Fannie Mae and Freddie Mac (government-sponsored mortgage programs).  Additional resources are non-profit and community groups and state agencies.  There are too many programs to list here and they expire or change frequently. 

2. Have the Seller Finance You. Some sellers may be willing to help you buy their homes. In a “seller take-back,” the seller holds a second mortgage for you and becomes your lender.  You would make your monthly mortgage payments to the seller.

3. Use A Tax Refund. There are options for you to borrow money for certain investments to a specific level and use those investments to generate a significant tax refund.  Obviously, the timing has to be right to so you can use it as a down payment on a home.

4. Ask A Relative or Friend. Tax law allows gifts of up to $13,000 a year to be given without tax consequences to the giver or recipient. This gift-exclusion amount is adjusted annually to reflect inflation (see IRS publication 950 for the current amount).  You can even get a gift from each of your parents or two friends without them having to pay a gift-tax, which bring it up to $26,000.   

This is a great way to get a down payment for a home. In fact, one out of four first-time homebuyers use a gift to make the down payment.  Even if this isn’t your first home purchase you can still use a gift so you don’t drain your savings.  Usually lenders require you to have some money still left in your bank account after closing so they know you’ll make the mortgage payment each month.

Also, using a gift for a down payment allows you to buy the home you want even if it’s not Federal Housing Administration (FHA)-approved.  Some buyers are able to get FHA mortgages that have down payments as low as 3.5% of the purchase price, but others will have to put more down.  With a gift, you can put the typical 10% to 20% down that most lenders require. For example, if you had to put down 10% on a $150,000 home, that’s $15,000. Or, 20% would be $30,000. A gift from relatives and friends can get you there but some of the rules differ depending on the lender you choose. Contact me at 813-419-7009 for a buyer consultation. Together, we can make your goal of owning your first home a reality.

FHA Extends Flipping Waiver Through 2014

Typically, purchasing a Federal Housing Authority (FHA) property involves  a clause that prohibits the buyer to resell the property within the first 90 days of purchase. This preventative measure common among FHA insured mortgaged properties, but is sometimes included on cash contracts as well.

The FHA has waived that rule on some contracts and allowed flipping since January 2010. They hope this allowance will encourage investors to purchase and renovate blighted homes and offer turn-key home options for first time home buyers and others. Ultimately, this strategy will boost sales . Apparently, this strategy seems to be working. Since the FHA first extended the rule, it has been extended three additional times.

Bank of America Does It Again!

With short sales in abundance, it is very difficult to evade them. More and more of my real estate sales are short sales, with bank owned or reo properties taking a close second. There are a number of parties involved in a short sale: the lender, the negotiator, the investor, among others and each person’s role is vital to the success of the short sale.

Considering all of the short sale lenders I have worked with, Bank of America is by far, the best. From my experience, they always close within three months, unlike some of the other lenders. However, I had a recent case that threw me for a loop. In January, my client signed a contract for a two bedroom, two bath villa (short sale by Bank of America). I was confident that this would close within three months. However, three months and two negotiators later, I was drafting an extension, hoping that it will close soon. I was asked to resend a newly signed contract twice and five months into the waiting period, the contract was denied.

Stunned and confused I sent a direct twitter message to @BofA_Help, searching for an explanation. Why is this contract being denied? This doesn’t make any sense? The BofA representative responded the same day asking for further information. She researched the matter and advised me to resubmit all documents all over again and everything should be taken care of. Disheartened and a bit skeptical, I followed the instructions. This was in May. Three months later, we received an approval. My client was elated and so was I. After waiting eight months, my client now has a home.

Real estate agents have very little control on the outcome of a short sale. We always hope for the best, so all parties involved are content, especially our clients. I was happy that my client didn’t have to start the home search process all over again. Her heart was set on this property and mentally, she had already moved in. I am truly happy for the efforts that BofA made to make this sale a reality. There was a mishap in the beginning, however, we finished strong. Thank you Bank of America, you have done it again!

The Real Estate Market Is Alive & Well

There are fewer homeowners that are behind on their mortgage payments. According to CoreLogic, the number fell from 12.1M in 2011 to 11.4M in the first quarter of 2012. The decrease in-turn shows a slow increase in the price of single-family homes, according to a recent housing index. Has the market bottomed out? Some experts believe that the market “bottomed” in January 2012.

What is evident is that there is a change in the culture of the real estate market. The buyer’s confidence has increased. More and more individuals are looking to purchase homes to capitalize on the low interest rates. Investors are also flooding the market to secure a cheap investment property. Some investors look to flip, while others reap the rental benefits until they can sell in a more seller favorable market. Despite the skeptics, the real estate market is alive and well. Regardless of home values, the individuals who understand the benefits of this market are certainly taking advantage. If you are looking for a diligent Realtor, to assist you with your real estate goals, I encourage you to give me a call or send me an email. I look forward to working with you in attaining your real estate dreams.

Cheaper to Buy Than Rent

 

 

Zillow recently released an article stating that “the average national homebuyer will save money over renting if he or she stays in a home for only three years. And in at least four Florida cities, a homeowner only needs to stay two years to make ownership the preferred option.”

Zillow examined the “breakeven horizon” for over 200 cities throughout the United States. Typical costs associated with buying or renting were considered in this analysis. These factors included down mortgage and monthly rental, closing costs, property taxes, utilities, maintenance, tax deductions, as annual inflation and changes in home values and rental prices.

I meet many renters that are on the fence, thinking of hanging up the renting towel or trading it in for home ownership. Home ownership is the largest purchase you may make in your life and it’s also the most rewarding one. I hope this bit of information will help you off the fence and into the field of home ownership.

Short Sales, Shorter Process

 

 

The short-sale process is expected to get shorter starting June 15. New guidelines issued under the Federal Housing Finance Agency will require Fannie Mae and Freddie Mac to give homebuyers of short sales notice of their final decision within 60 days. The new guidelines also will require the mortgage giants to respond to initial short-sale requests within 30 days of receiving an offer.

The speedier process is expected to be a boost to the housing market, Michael McHugh, president of the Empire State Mortgage Bankers Association, told the New York Times. Homebuyers and sellers often have to wait months before they receive a short sale decision from a lender. Some deals fall apart just from the wait alone.

Short sales have been increasing in recent months as many lenders find them more appealing than foreclosures, which can cost more and take longer to remove from their books.

Short sales now outpace foreclosure sales in many parts of the country. Short sales represent more than 14 percent of existing-home sales, according to CoreLogic housing data from March, the most recent month available.

McHugh says that a faster short-sale process may be particularly helpful in speeding the recovery in judicial states, where foreclosures must go through the courts before they are approved. Now short sales may be viewed by defaulting homeowners as more of an option if they want to avoid foreclosure.

“There should be a significant improvement in the turnaround,” McHugh said regarding housing markets with judicial foreclosure processes.

Source: “Speeding Up Short Sales,” The New York Times (May 24, 2012)

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 (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. 

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

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.