Tips and Advice

Selling Your Lakeland Area Home – Unclutter First

When you are in the market for selling your Lakeland area home, the most important step is to remove unwanted items from unwanted children toys to things you have not touched in months. Keep your home nice and tidy will go a long way and it does not have to be expensive.

Keeping children toys in a box and stowed away during a showing and removing extra clutter will go a long way. After you move into your new home, you and your children can enjoy the toys and treasures again.

How do I Market my Lakeland Short Sales

Sellers facing foreclosure or trying to get their lender approve their Lakeland short sale deserve the same marketing exposure as regular Lakeland Real Estate for sale. Just because there is a for sale sign in the yard and yes,  the home is listed in the Multiple Listing – is this really serving my clients. NO, and here is why!

There are hundreds of Lakeland Short Sale homes for sale. Foreclosure filings are up and when I talk to potential clients, they are in dire need of assistance.

When I’m hired as your Listing Agent handling your Lakeland Short Sale, time is of the essence. The lenders may have filed already a Lis-Pendens, which puts the property already in a pre-foreclosure status.

Pricing your home is the most crucial step to marketing and selling – the comparative market analysis that I will provide is comprehensive and more emphasis is given to recent sales comparables similar to your home that are in distress as well as condition. My price suggestions are based on facts and statistics. Competitive pricing will generate more showings and a faster offer.

Multiple Listing Service (MLS) – Listing your Lakeland Short Sale in the MLS has all the information it requires plus a whole lot more. From the maximum pictures it can hold, to detailed information about room sizes, school information and style to elaborate description of your home that will entice a prospective buyer. Sellers deserve the Best when it comes selling their home. Likewise, Buyers deserve the Best information true to the home they want to make it their own.

Marketing Short Sales – My Lakeland Short Sale properties have the same marketing exposure as if it would be a regular Lakeland Home for Sale. From virtual tours to blogging, direct mailing, flyers and the magnitude of web sites available to me – all of them will get your Lakeland Short Sale the exposure it deserves.

Communicating with my sellers is one of my top priorities. Handling a short sale on my seller’s behalf requires discipline, negotiation skills, time management, problem solving skills and patience with all parties involved in a Lakeland Short Sale.

If you are experiencing hardship or facing foreclosure, please contact Petra Norris at (863) 619-6918 for a confidential consultation. You may be qualified to do a short sale and save your Lakeland home from foreclosure.

Buying a Lakeland Short Sale

There are hundreds of Lakeland homes for sale where owners are trying to get a Short Sale approved by the lender. After searching the internet and gone through these listings perhaps did a drive by of the home you like.  You ready to go out and buy your Lakeland Short Sale – not so fast!

Foremost, you must understand that the seller still owns the home, still has the title to the property, and still has the authority of what offers will be accepted. Remember, the bank does NOT own the property until it is sold on the courthouse steps.

The owner can accept an offer from you, the buyer, but since the offer is lower than what the seller owes on his note/loan it requires third party lender approval to the offer.  Generally, the lender requires the property be sold as-is.

A short sale process requires your patience, therefore when you are looking for Lakeland real estate and you must be moved in by a certain time it’s best to look at homes that are not requiring third party approval.

There are only 2 steps you should follow before buying a Lakeland Short Sale.

1. Hire a Realtor® – an experienced buyer’s agent that represents your interest and has the knowledge to handle a Lakeland Short Sale.
2. Make sure you have been pre-qualified by a local mortgage broker who knows the Short Sale process and follow up with the mortgage approval process your lender requires, unless you are a cash buyer.

Steps to follow when making an offer on a short sale

• Your agent should advise you of the current market condition, price, and condition of the property in preparing you with an offer that the seller accepts and the bank most likely approves
• Your Buyer’s Agent should submit your offer on a FAR/BAR AS IS Offer to Sale or Purchase with the FAR/BAR Short Sale Addendum.
• A nicely hand-written letter explaining why you want to buy this home may help to get third party lender’s approval – depending on your situation.
• Your earnest money deposit should be in place, either in your Realtor’s® Trust Account or submitted to the Title Company when the offer is accepted by the seller.
• Your agent should be in communications with deadlines for inspection, loan approval deadlines and update you as soon as it becomes available from the seller’s listing agent and/or lender.
• Patience – Generally, it will take the lender weeks before the short sale is approved, even if the listing agent states “Short Sale Approved”. Looking at a closing date of at least four month from the time you submit an offer is a good estimate for a closing date.

Contact Petra Norris at (863) 619-6918 or email me at Petra.Norris@lakelandfloridaliving.com if you are looking for a Lakeland Short Sale. To view all Lakeland real estate listed for sale just click the Lakeland Florida Homes Search button below.

Florida First-Time Homebuyer $8000 Tax Credit – Use as Downpayment?

The State of Florida created a program allowing first-time homebuyers in Lakeland and every where else around this state to use their maximum allowable tax credit of up to $8000 toward a downpayment of their new home when buying Lakeland real estate. This program was effective July 1st; however the Florida Association of Realtors ® reports it may take until August 1st for this program to really kick off, due to funding mechanism.

Basically, it is a program of bridge loans, called the Florida Homebuyer Opportunity Program (FLHOP). It is used to help first-time homebuyers to receive their funds early for downpayment.  Although most first-time homebuyers qualify for a tax credit, they once had to wait until they submitted the info to the IRS through their tax return to receive a check that could take up to 8 weeks. Now a first-time homebuyer can borrow up to $8000 from the State of Florida and then pay it back after receiving the tax credit within 18 months without interest and penalties. The caveat here, there are additional loan documents that would address potential problems that may create confusion for the first-time homebuyer.

The Federal Housing Administration (FHA) has its own program similar that applies only to FHA loans and buyers still must have a minimum downpayment of 3.5% when going through private lenders. When a borrower uses up to $8000 tax credit through state or local government program, they may use it to make up the 3.5% downpayment.

Florida local housing administrators will oversee the downpayment funds locally and while this program is similar to the SHIP program (State Housing Initiatives Partnership) the difference is SHIP uses area median income (AMI), which are generally lower than the federal tax limit.

Whether you the first-time homebuyer need immediate assistance to receive this bridge-loan or can wait until you receive your tax credit check, there is still time left to look for your Lakeland real estate and take advantage to receive up to $8000. I’m sure you could use it, I know I could if I would qualify for a first-time homebuyer.

Please be advised for additional questions about the $8000 tax credit consult your tax professional.

Lakeland Real Estate – First-time Homebuyers…Time is running out!

Only 7 Months left…..Time is running Out for Lakeland, Florida First-time Homebuyers to receive $8000 tax credit.

Folks, you may think “oh, I’ve got plenty of time”…. 7 months is not too far off, it will be here before you know it. By now, I’m sure, everyone knows about the $8000 tax credit for first-time homebuyers – just in case you might have missed this important news. Here is a little recap to qualify, home buyers must not have owned a home for the past three years and have a modified adjusted gross income (MAGI) that is less than $95,000 for single filers and $170,000 for a joint tax return.

Thinking that a sales contract that is signed, sealed and delivered by November 30^th is sufficient, you may be surprised to know that it is not good enough to get the $8000 tax credit – you must close by November 30, 2009 to receive this credit.

If you are still sitting over the fence for the prices to drop and wait until a few weeks before the November 30^th deadline to buy your Lakeland home, you may encounter problems with title companies and other parties involved in the transaction.  Generally, a transaction from contract to close may only take a few weeks for a resale on an existing home. For a new construction the time frame from start to finish could take up to six month depending on floor plan, size, and location.

I suspect there will be a blitz of first-time Lakeland home buyers who are waiting until the last minute and that is when title companies, home inspectors, appraisers, not to mention lenders and underwriters could get swamped with files during November – don’t wait until it’s too late!

The IRS will only allow actual closing dates and does not allow “planned closing date”.

Interested in a home here in Lakeland, Florida? Begin your Lakeland home search today! Click on the “Search for Homes” icon below to see what Lakeland real estate options are in store for you!

Home Buyer’s Representation – Why should I hire a Buyer’s Agent

This question – why should I hire a buyer’s agent? – comes up more and more of home buyers, who consider hiring a Lakeland buyer’s agent.  There are Lakeland, Florida home buyers, who say the following:

1. I can search for homes on the internet, so why should I hire an agent.
2. I can get home values on sites such as  Zillow and Trulia, no need for a real estate agent.
3. I can save thousands of dollars in commission, no buyer’s agent needed.

As an experienced Lakeland buyer’s agent I can do this  and so much more:

I can search the Multiple Listings Database (MLS) and instantly sent you a notification of homes that came on the market, when price reductions occur, keep an eye on “For Sale By Owners”, expose you to more choices of homes other buyer’s agent may not be aware of, search the history of a home so you don’t have to waste hours of your valuable time.

Prepare a comparable market analysis (CMA) just for you, the home buyer, on properties of your interest with up-to-date information that you can’t get from Zillow or Trulia.

Complete the real estate sales contract and help with the negotiations based on market conditions, property conditions, any information I may find about the seller’s situation. Oversee deadlines and follow up with inspections, financing, title requirements, which can save you thousands of dollars.

You don’t want to make the same mistake like the seller in this news report, who was not represented by an experienced buyer’s agent.

This news report follows immediately after this short commercial.

Lakeland Florida Short Sale – Hiring a Realtor® and not just any Realtor® is a must!

When it comes to Lakeland short sales, hiring a Realtor® is an absolute must, but not just any. I had an epiphany yesterday! Even after all this negative publicity in our housing market about foreclosures and short sales, a lot of Lakeland homeowners still don’t know anything about short sales.

If you are having trouble keeping up with your mortgage payments or already been late, due to loss of jobs, health issues, etc. but more importantly, before you sign a listing agreement with a real estate agent, let me suggest to you, “Who should you NOT hire as your Real Estate Agent?”

Short Sales have become by far the most extensive transaction in real estate that owners, real estate agents, and buyers are faced with. For homeowners, who are in dire need to sell their homes, they do the unthinkable and hire an agent to list the property so they just don’t have to deal with it no more. I am surprised by what reasons were for hiring an agent in the first place.

Follow these simple tips and I know you’ll be better off in the long run:

Don’t hire if…..

1. An agent that tells you that he or she does not want to do short sales.
2. An agent that talks bad about short sales.
3. A relative or friend, who is an agent, but has never done short sales.
4. An agent that doesn’t know what a short sale is.
5. Your neighbor’s friend, who is an agent

Be proactive and instead seek a real estate agent, who can explain the short sale process to you and is experienced, diligent, confident and determined. Hire someone, who cares about you as a person, not just what’s in it for them. It’s that simple!

Copyright © 2009 http://www.petranorris.com| All Rights Reserved

Lakeland Florida Short Sale – Hiring a Realtor® and not just any Realtor® is a must!

Petra Norris – Realtor®

Licensed Florida Real Estate Broker

CDV TransAtlantic, Inc.

P.O. Box 92050 – Lakeland, FL 33804-2050

Telephone (863) 618-6919

Home Buyers – Homeowners – Property Investors – Tax Deadline April 15th

With the infamous tax deadline filing of April 15th  fast approaching, there are questions homeowners, buyers and investors in Lakeland, Florida and around the country may have. Are you prepared? While everyone’s financial situation is unique and I’m not a Certified Public Accountant (CPA), I do advise you seek a professional advice for your situation.

Possible Tax Deductions for Homeowner and Seller – Sellers if you sold your Lakeland main home in 2008, you may be able to exclude from income any gain up to a limit of $250,000 ($500,000 on a joint return in most cases). Your mortgage interests, property real estate taxes and other fees may be tax deductible. You may be able to deduct amounts of some energy efficient improvements, such as solar water heating costs, solar electric costs, small wind energy property costs, and geothermal heat pump.

Possible Tax Credit for 1^st Time Home Buyers Answers – Are you still waiting over the fence? While I can’t predict the future, I do know that our home prices in Lakeland and surrounding cities in Polk County are at levels we have not seen in a long time. With the possibility of obtaining a maximum $8000 tax credit that you may recoup in a 2008 tax return or if filed in a 2008 tax return amendment, all time low interest rate, the possibilities of seller’s or builder’s incentives; this is as good as it gets. As it stands right now, this great government incentive of $8000 will run out on December 1st, 2009. Why are you still paying rent?

Possible Tax Deduction for Investors – Do you recommend selling? This question is being asked mostly by absentee owners and investors. With investment properties, you have to take both – the good and the bad. While you have had the pleasure of getting top rent dollars with a great tenants and surely made profit along the way, I hope you also thought about “rainy days” as it is now and put money into a reserve account. For the losses accrued throughout this past year, the loss may be carryover to future gains on your tax return, depending on your situation. For this, I would definitely seek the advice of a CPA specializing in investment properties.

While I do recommend holding on to your property while riding out the storm because the value of the property is only on paper, your situation may warrant where there is no other alternative other than to sell. Give me a call and I will do my best to answer all your questions.

Copyright © 2009 http://www.petranorris.com| All Rights Reserved

Home Buyers – Homeowners – Property Investors – Tax Deadline April 15th

Petra Norris – Realtor®

Licensed Florida Real Estate Broker

CDV TransAtlantic, Inc.

P.O. Box 92050 – Lakeland, FL 33804-2050

Telephone (863) 618-6919

Deed in Lieu of Foreclosure – Lakeland Real Estate

I receive a lot of phone calls, emails and questions about Lakeland Florida short sales, foreclosure, and more and more I’m asked about Deed in Lieu of Foreclosure.

I am not an attorney and this information below is by no means legal advice, it is for your information only and is the opinion of the author.

Definition – In Florida, a deed in lieu is giving your house back to your lender instead of the lender follow through with foreclosing on the property owner.

This transaction is “easier said than done”. Although a Deed in Lieu of Foreclosure is similar to a voluntary repossession where you are signing over the deed to your property and the lender agrees to cancel the mortgage. There is, however, a long list of requirements that the lender requires the owner to complete; followed by an extensive evaluation and deliberation of your situation before you are permitted to sign over the deed to your property. Generally the lender draws up the Deed in Lieu of Foreclosure Agreement that must be signed by you the homeowner/grantor, witnessed and notarized. After execution of this agreement, the deed in lieu must then be delivered to the lender/grantee, which then will be recorded at the local clerk of court into the public records.

There are certain criteria you must meet first for your lender to accept a Deed in Lieu

• Lien free except for your mortgage
• Current on property taxes
• Current on fees, such as Homeowners Association, Condo fees, etc.
• Your offer to turn in your deed to the noteholder must be approved.
• It may be treated as a foreclosure when purchasing a home in the future

Please note that prior to engaging in a consensual deed in lieu, which may fail during the course of process that there are also specific requirements that you must adhere to. The borrower must have suffered a hardship such as loss of job, sickness, dissolution of marriage, etc;

• The property is generally an individual’s homestead or former homestead; hence generally not for abandoned properties or investment properties
• The borrower must have exhausted other options / financial resources
• The property must have been on the market at fair market value for at least 90 days
• No other liens may be recorded on the property, i.e. 2^nd Mortgages, judgments from creditors, tax liens.

In some cases, the lender may still come after you with a default judgment. Negotiation is a must – you have to negotiate with the lender and require that they do not come after you after you turn in the deed for a deficiency judgment when they sell the home at a loss. Whatever the bank sells the property for they will come after you for the balance. But you may be able to get this waived.

You must get this in writing from your lender that they are going to waive their right to a deficiency against you and you have to get an attorney to review the paperwork to make sure you are in the clear.

There is also of course credit issue with short sale, deed in lieu, and foreclosure, which I will address in another blog – Stay tuned!

Copyright © 2009 http://www.petranorris.com| All Rights Reserved

Deed in Lieu of Foreclosure – Lakeland Florida Real Estate

Petra Norris – Realtor®

Licensed Florida Real Estate Broker

CDV TransAtlantic, Inc.

P.O. Box 92050 – Lakeland, FL 33804-2050

Telephone (863) 618-6919

Lakeland Florida Short Sale Information – What is a Short Sale?

Short Sales in Lakeland, Florida are becoming more and more common in recent months and notably though, a lot of homeowners still don’t have any idea what a short sale is and what are the required documents the lender requires.

First of all you the property owner, the most important thing you must know and understand that you the property owner and seller of your home, you still own your home, you still hold the title to your property, and more importantly you still make the decision of what offers will be accepted or not. Your bank/lender does not own your property.

Your bank/lender may have filed a Lis Pendens and foreclosure proceedings may have begun, but until your property is sold on these local courthouse steps, you the owner are still the person that rightfully and legally owns the home.

What is a short sale?

A short sale is when a lender accepts less than the mortgage balance to avoid a possible foreclosure auction on the court house steps or bankruptcy.

In this case instead of buying the home from the seller, a buyer is purchasing directly from the lender for a discount. The reason for this sale is straightforward, banks do not like surplus inventory and bad loans on their books; therefore if they see an opportunity, where they can sell the property without a great loss, they will approve such a sale. Moreover, banks could lose a lot more money if the property goes to auction as well as additional fees they would have to pay to the court. Taking the discount before the property goes to auction is financially feasible for the banks.

What are the required documents the lender requires?

However, there are documents required by the lender to approve such a short sale.

• Handwritten hardship letter explaining your hardship
• The last 2 years of tax returns for all signers on the mortgage
• The last 2 pay stubs for all signers on the mortgage
• Completed financial statement that your Realtor® received from your lender.
• There are more documents you or your agent will have to put together after an offer is received from a buyer.

What does not constitute a short sale?

If you purchased your home at the height of the market and now your home value have declined does not constitute a short sale.

If you used the home as your ATM machine in which you may have maxed out the equity of your home and are now in debt does not constitute a short sale.

Just because you want to move out of your house and your house is worth less than what you owe your lender does not constitute a short sale.

A short sale is not an escape clause – short sales are only for homeowners that are in dire need for help. It is an option that requires due diligence on my part as your Realtor® and it requires your honesty as the seller.

Copyright © 2009 http://www.petranorris.com| All Rights Reserved

Lakeland Florida Short Sale Information – What is a Short Sale?

Petra Norris – Realtor®

Licensed Florida Real Estate Broker

CDV TransAtlantic, Inc.

P.O. Box 92050 – Lakeland, FL 33804-2050

Telephone (863) 618-6919

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