Equifax, TransUnion and Experian credit scores for December 2010 may have changed.

I receive a lot of emails with subject lines similar to what I used as the title of this post, from companies alerting me that my credit score may have changed.  I am assuming the goal is to get me to click on the link and then pay for a credit report through their company in order to check on my credit score.

Everyone should be concerned about their credit score and what their credit report contains.  The economy over the last few years has no doubt resulted in more than a few consumers getting a few dings on their report.  You should check your report regularly.  Did you know that you are entitled to a free credit report?

The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months.  The official site to receive your free credit report is www.annualcreditreport.com/.

Photo credit by Don Hankins

QR Code Displays Our Branch Office Real Estate Listings

Throughout the years real estate agents have relied on classified advertisement, open house advertisement, books and magazines designed to promote their real estate listings and now we can add the QQ Code to this mix.



The QR Code displayed here contains all of our office's real estate listings.  If you have a smart phone you can download a free application to read the code.  You can then use the same cell phone to call me and schedule a private viewing of any of the homes listed.

Have fun!

Commercial rental space available throughout Central Florida.

We have commercial space available throughout Central Florida.  Please contact Jayci Grana for details (407) 629-6643 office or (407) 375-4443 cell.

1. 8235 Championsgate Blvd., Davenport, FL
Tenant responsible for janitorial for 1808 sqft, phones, data lines and security system. CAM includes electrical, water/sewer utility, taxes, exterior building insurance, bathroom janitorial and grounds maintenance.
Suite 2, 1923 sqft @ $14.00 per sqft + $2.50 per sqft CAM or $2,644.13 + 7% sales tax of $185.09 = $2,829.22 per month.
The office square footage will include 1808 sqft plus 373 sqft share of the common area.

2. 2035 Howell Branch, Maitland, FL
Tenant responsible for electricity service, share of dumpster and security system
Suite 2, 1378 sqft @ $11.50 per sqft or $1,320.58 + 7% sales tax of $92.44 or $1,413.02 per month.

3. 1425 W. Hwy 434, Longwood, FL
Tenant Responsible for electric, phone, alarm, janitorial service, share of dumpster, and data lines.
CAM includes water, grounds maintenance, building insurance and property taxes.
Suite 102, 2087 sqft @ $10.50 per sqft + $2.00 per sq ft CAM or $2,173.96 + 7% sales tax of $152.18 = $2,326.14 per month.
Suite 121, 1798 sqft - coming available January 2011

4. 1950 E. Irlo Bronson Memorial Hwy., Kissimmee, FL (In Watson Realty building)
Tenant responsible for security system and share of dumpster. CAM includes electric, water, yard maintenance, building insurance and property taxes
Suite 3, 1431 sqft @ $15.00 per sqft or $1,788.75 + $2.50 per sqft CAM or $298.13 + 7% sales tax of $146.08 = $2,232.96 per month.

5. 1515 Michigan Ave., Kissimmee, FL
Tenant is responsible for janitorial service, telephone/data lines and share of dumpster.
Floor Plan available upon request. CAM includes electric, water and security alarm monitoring.
Suite 11, 225 sqft 1 office - $23 per sqft + $2.00 CAM + 7% sales tax
Suite 13, 164.33 sqft 2 offices - $18 per sqft + $2.00 CAM +7% sales tax
Suite 15, 90 sqft 3 offices - $13 per sqft + $2.00 CAM + 7% sales tax
Suite 16, 85.31 sqft 4 offices - $10 per sqft + $2.00 CAM + 7% sales tax

Harbor House of Central Florida

Watson Realty's Kissimmee office worked together to donate cash, and much needed supplies to the Harbor House of Central Florida which operates a local shelter providing support of women and children in the area.

The donation drive was organized by Ilana Goldstein and resulted in many items being collected as seen in the photo plus a baby stroller, high chair, cloths, and bassinet.

Real estate school during 2011

Watson Realty will be offering the following real estate pre-licensing schools throughout the Central Florida area during 2011.  Please email or call me to receive a registration package.

Champions Gate

8235 Champions Gate Blvd. Davenport 33896

Jan. 5th – Feb. 23rd Monday & Wednesday 6 PM to 10 PM

Oviedo

2100 Alafaya Trail in Oviedo 32765

Jan. 10th – Feb. 10th Mon. Tues. & Thurs. 6 PM to 10 PM

SOUTHWEST ORLANDO

7601 Conroy Windermere Road Orlando 32835

Jan. 12th – Feb. 14th Mon, Wed, & Thurs. 6 PM to 10 PM

PORT ORANGE

808 Dunlawton Ave. in Port Orange 32127

Feb. 21st – March 24th Mon. Tues. & Thurs. 6PM to 10PM

2011 classes are available at the cost of $99.00 for the class + $70.00 for the new text book, material, supplies and class exam. (Schedule subject to change)

Would you rate your home a 10?

On a scale of 1 - 10, 10 would be the very best number rating you can receive.  Sometimes referred to as a perfect 10, this number is often associated with a sport like gymnastics or  used to describe people.  Earning a perfect 10 is not limited to people or sports.  You can rate almost anything from 1 - 10, including your home.

The Census Bureau's 2009 American Housing Survey reports that 28% of householders rated their home a 10 on a scale of 1 to 10.  Knowing that beauty is in the eye of the beholder, each of us will have our own reasons to rate our home a 10.  Perfect landscaping, the architectural style, the location, or the memories created in the home could garner it a 10 rating in the home owner's eyes.

How would you rate your home?  What makes it perfect to you?

photo credit by woodleywonderworks

Bank of American statement on stopping foreclosure sales.

Bank of America released the following statement on Friday, March 8th regarding their decision to stop foreclosure sales throughout the country.

“Bank of America has extended our review of foreclosure documents to all fifty states. We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for our past foreclosure decisions is accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.” Link

While the long term impact remains to be seen, initially the stopping of foreclosure sales has placed many homebuyers in a distressed situation with closings postponed and dates extended indefinitely while everyone waits for the lenders involved, including Bank of America to resolve the processing issues. 

Closings on foreclosed properties being delayed

Many buyers who have accepted offers in place on foreclosed/REO homes are receiving information from the Title Companies handling these transactions that the closing will be delayed if the lender involved is GMAC Mortgage, a division of Ally Financial, JP Morgan Chase and Bank of America.

On Monday I received information that title companies had growing concerns about the insurability of the title of properties listed, by several lenders. Until these defects have been remedied, they would be unable to proceed with the sale or closing of the foreclosed properties.

Throughout the day yesterday and again today, my agents have received word that pending foreclosure transactions involved would need to be extended.  The extension time requested has been for at least 30 days.

Buyers and agents have good reason to be concerned as this situation unfolds throughout the area.  Additional lenders could become part of the slow down as questions about their process and procedures arise.  During our meeting on Tuesday, pre-foreclosures and short sale transactions were discussed as being an alternative for buyers who want to avoid the uncertainty facing the foreclosure market.

As additional information becomes available I will share it here.  Please feel free to contact me if you are considering selling or purchasing a home in Central Florida and want to be updated on all related real estate news.

Florida Title Companies Halting REO/Foreclosure Closings

Following announcements that lenders were suspending foreclosure sales, Title companies were emailing real estate agents today alerting all that closing of REO property owned or serviced by Bank of America, Wells Fargo, GMAC and others would be halted until issues dealing with the insurability of the title were remedied.

A local Title representative notified Watson Realty associates of the situation.  On Monday, October 4^th, a memo was forwarded from Old Republic National Title Insurance Company detailing the situation and the Title rep said in part;

“We have become aware of potential defects with affidavits submitted by the servicer, in foreclosure actions, which raise concerns about the insurability of the title of the subject property. Until these defects have been remedied, we are unable to proceed with the sale or closing of the foreclosed properties.”

The sale of REO/foreclosure property has been a significant part of the resale market in Central Florida.  There are over 3600 REO/foreclosure homes in Orange and Osceola County either pended or active in the local MLS.  While not all bank owned property are affected by today’s news, until ironed out, these events will seriously impact the local market.

Should I inspect the house I am buying for mold?

Mold is commonly found in-doors including homes that are being lived in. Leaking roofs, bad plumbing, or even recent flooding can contribute to mold being found inside a person’s home. Buyers have good reason to be concerned about the possibility of mold in a home they are buying. Because of this concern buyers are encouraged to have a mold inspection preformed on the home prior to closing.


Controlling household mold

According to the EPA (Environmental Protection Agency), “If mold is a problem in your home, clean up the mold and get rid of the excess water or moisture. Fix leaky plumbing or other sources of water. Wash mold off hard surfaces with detergent and water and dry completely. Absorbent materials (such as ceiling tiles & carpet) that become moldy may have to be replaced.” However, if there is a lot of mold or it covers a substantial area, you may need to consult with or hire a remediation contractor to help you with the clean up.

Mold Inspection Addendum

The 2002 Florida Association of Realtors mold inspection addendum allows a, “mold inspection period”, giving the buyer time to hire a professional service to inspect for mold. If there is a significant presence of mold discovered during the inspection and the removal of it exceeds the agreed upon price set between the buyer and seller, the buyer will have the option to cancel the contract.

The purchase contract provides protection for the home buyer and seller. If you are purchasing or selling a home, call me for a free consultation about dealing with mold inspections and more.

Photo credit by seishin17

What personal property is included in the purchase of your home?

When negotiating an offer with a seller you will have the opportunity to list the personal property / appliances that you would like the seller to leave for you. When the seller lists their home for sale, they’ve probably already listed the items that will be staying and those personal items that will be excluded from the sale.


Appliances and the FARBAR (Florida Association of Realtors and Florida Bar) contract

The new FARBAR contract, revised in 2010, lists the personal property that is staying and allows buyers to check other appliances and property they would like the seller to leave. The pre-printed personal property includes; range, dishwasher, disposal, ceiling fan, intercom, light fixtures, rods, draperies, window treatments, garage door openers, and security gate/access devices.

What about the Refrigerator?

You will notice that there are a few obvious omissions from the pre-printed list. Refrigerators, smoke alarms, washer and dryer being the most noticeable. It is not that the seller refuses to leave them for you, with these items you will need to check a special box next to the desired personal property indicating that you desire the seller to leave them as part of the purchase. Additionally, if any of the pre-printed items are not being left as part of the sale, your agent should strike a line through them before presenting your offer to the seller.

If the seller agrees to leave their personal property, the FARBAR contract stipulates that all major appliances must be kept in working order.

When viewing the home for the first time and prior to making an offer, make sure you make a list of all of the appliances and personal property that you would like to have as part of your purchase. Failure to notify the seller in writing will result in you having to buy replacement items after you have closed.

Photo credit by ewen and donabel

Florida flood and homeowner insurance.

You should consider purchasing flood insurance as part of your homeowner’s insurance coverage. Flooding can cause thousands of dollars of damage to your home, contents and personal property and it does not require more than a few inches of flooding to be damaging.

Buying flood insurance

Flood insurance rates are determined by the risk of the area. Flood insurance maps show the high-risk areas of flooding. The cost of flood insurance will be higher in high-risk areas as compared to low and moderate risk areas. There is usually a waiting period so contact your insurer now to discuss your flood insurance needs.

Flooding concerns

Buying a home near water increases the possibility of flooding however flooding can happen anywhere regardless of water being nearby. If you are concerned with flooding check with your insurer about obtaining flood insurance when you purchase your next home.

Flood insurance maps

Comparing insurance rates

The State of Florida offers a way for home buyers to compare rates of insurance companies in hopes that this will make the buying process smoother and the home buying process less costly to the consumer. To compare rates in the county you are considering, visit http://www.shopandcomparerates.com/.

Photo credit by wyntuition

83% of Americans believe it is a bad time to sell a house

Fannie Mae's latest nationwide survey shows 83% of Americans believe it is a bad time to sell a house even though 78% of Americans believe home prices will remain flat or increase over the next year.  This would seem to be in line with a National Association of Realtors report for July that the national median existing-home price for all housing types was $182,600 in July, up 0.7 percent from a year ago.  Of course real estate markets are local and in the Orlando area the median price of all existing homes combined sold in August 2010 decreased 21.95 percent to $99,900.

The number of homes that sold during August of this year that were neither short sales or REO listings was 2,662, a decrease of over 18% from the August 2009 numbers of 3,270 according to my research of the MID-Florida MLS.

It may take a massive reduction of distressed inventory and a measureable uptick in housing prices before the non-distressed home seller will start to gain any sense of confidence in the real estate market.

Photo credit by uhuru1701

Precautions buyers should take to avoid short sale hell.

If you are actively looking to buy a house, you’ve no doubt heard of short sales.  A short sale is the name given to a transaction where the owner of the home will not be able to sell the house for enough money to pay off their mortgage.  The bank must agree to accept less money than the home owner owes in order for the transaction to close.

Buyers are making offers on short sales for good reason.  Short sale listings are usually as competitively priced as bank owned foreclosure property and they make up a huge portion of the Central Florida listing inventory.  As of this post, there are over 17,000 active short sale properties listed in the Mid-Florida MLS.

Sounds good, right?  For many buyers the experience has been anything but good.  These buyers have found themselves smack dab in the pit of short sale hell.  There is plenty of wailing and gnashing of teeth but very few closings.  Buyers have been known to be locked into this nightmare for months on end with no expectation as to if or when they might be freed.  At times it would seem to the buyer that the only one that knows they are still is the process of a transaction is the buyer, themselves.  As there is little news or hope offered from the real estate agent or seller.

How can you avoid falling into short sale hell?  What precautions should you take before entering into a binding contract on a home being sold subject to a short sale?  While there are no guarantees, the following precautions could help you close on your short sale transaction.

1.       Ask to see a current market analysis of the home before making an offer.  If the home is priced at a level that seems too good to be true, it probably is.  The lender will require an estimate of value be provided them before they make a decision on the short sale.  Offering prices falling well below market value will rarely be accepted by the lender and will result in wasted time for you and the seller.  A current market analysis will give you confidence that while you are buying the home at a fair price, it is also a competitive price for the area.

2.       Ask your agent how many short sale transactions they have closed.  If the agent has never closed a short sale transaction you will want to be careful signing up as their guinea pig.  It is ok to ask them to enlist the help of an experienced agent or their broker to guide them through your transaction.  And while we are on the subject of agents, if your agent is not full time, move away quickly.  Short sale transactions are too complex and require full time attention if they are going to be successful.

3.       Find out if the seller mortgaged the farm.  Is there more than one mortgage on the home?  This could slow down the process.  Are there more than two mortgages on the home?  You are facing a tough road.

Buying a short sale does not have to result in futility.  There are a number of precautions including the 3 discussed here that can help you end up at the closing table and not sitting in the single, straight-chair that seems to be the norm at the short table sale (from hell).  Over 13,000 homes that were sold this year subject to a short sale have closed.  You can just as easily be part of that group.  As a Certified Distressed Property Expert, I can confidently guide you through the short sale maze.  Give me a call, today.  

Photo credit by Pefect Pose         

50,000 backlog foreclosure cases in Ninth Judicial Circuit

The Ninth Judicial Circuit which includes Osceola and Orange County reports over 50,000 backlog foreclosures cases. The Florida Bar News article, Rainy Day Dollars Used to Alleviate Foreclosure Backlogs, lists foreclosure backlog totals throughout the 20 judicial circuits in Florida. Ninth Circuit Chief, Judge Belvin Perry was quoted in the news article; “People in the banking community seem to think there will be an increase in filings”.

Increase in foreclosure filings

What are the signs that would suggest that the “people in banking” might be right in thinking there will be an increase in foreclosure filings?

Mortgage delinquencies

 The August housing scorecard prepared by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury noted that; “the market remains fragile with foreclosure starts showing a slight increase and serious delinquencies continuing to work through the pipeline.”

The Mortgage Broker Association has reported that the number of households that are now 30 days late have increased. They say the increase is related to the increase of first time unemployment claims. If this is true, additional late payments may be on the horizon with Florida’s unemployment rate increasing to 11.5% in July.

Unnecessary slowdowns in the marketplace

Right now there are over 5,000 homes in the MLS listed as being sold subject to a short sale. While a number of these homes have had foreclosure proceedings started, it is reasonable to think that some of the homes were presumptively listed in order to avoid foreclosure. However, with lender delays in processing short sales, coupled with low appraisals landing on the desks of the buyer’s lender, these homes may eventually add to the already existing backlog.

Lenders need to continue to work on increasing the lines of communication and streamlining the short sale negotiation process so more homes can end up sold to ready, able and willing buyers, thereby reducing the number being foreclosed.

If you are facing foreclosure you need to know that their may be options for you. These options include programs and solutions that might allow you to stay in your home. HUD’s foreclosure avoidance counseling directory and Making Home Affordable.gov are two great resources of information for you.

Pick up the phone and call your lender, your attorney or me to receive additional information.

HUD Counseling Agency information for deaf persons video

I discovered this video HUD produced for deaf persons. The video gives the web address for both FHA and HUD so that anyone in fear of losing their home can visit to obtain information about local HUD Counseling Agencies.

Leverage our technology to your advantage - Watson Realty Corp.

Leverage our technology to your advantage.  Ed Forman, President of Watson Realty Corp. discusses the advantages Watson Realty offers through our technology.

When is the Florida Back to School Sales Tax Holiday?

As the 2010 Florida school year approaches, Floridians will be able to take advantage of the back to school sales tax holiday again this year.  The sales tax holiday will run from August 13-15.

The tax holiday will help families and students save on purchases of school supplies, books, clothing, and footwear.  They will not have to pay sales tax on books, clothing or footwear that cost $50 or less, as well as school supplies that cost $10 or less.

Governor Press Release

Watson Realty Opens New Office in Starke, Florida

Watson Realty Corp., REALTORS® recently merged the office of Hometown First Realty in Starke with its Keystone Heights office. Watson Keystone Heights will maintain a branch office at the former location of Hometown First Realty in downtown Starke at 107 E. Call Street. Watson associates Ann Ryan, Gayle Van Wagenen and Ronald Norman will now work at the Starke location. The merger increases the market share of Watson Realty in Bradford County to 18.66 % by volume, making it the number one listing company in the Bradford county Keystone Heights area. It is now number one in closed business as well, with 20.8% of the closed units through the first seven months of the year.

“This merger represents the positive growth and success of the Keystone Heights office associates and real estate in Bradford County. I am very pleased at this new opportunity and look forward to the continued growth of Watson Realty in our area,” stated Vice President/Managing Broker Dean Weaver.

The Watson Realty Keystone Heights office is located at 7384 State Road 21 North. For more information, readers can call (352) 473-4816 or visit http://www.watsonkeystone.com/.

About Watson Realty Corp., REALTORS®

Watson Realty Corp. (www.WatsonRealtyCorp.com) has been a trusted name in real estate since 1965. Watson Realty is a full-service real estate company with more than 1,200 sales associates and 41 residential sales offices throughout Northeast and Central Florida, as well as St. Marys, Georgia. Services include Watson Mortgage Corp., Watson New Homes Division, Watson Title Services, Watson Title Services of Northeast Florida Inc., Watson Commercial Realty Inc., Watson School of Real Estate, Watson Referral Realty Inc., Watson Property Management, Watson Maintenance Services and Watson Relocation Services. Watson Relocation Services has offices in both Jacksonville and Orlando.

National Association of Home Builders Show Coming To Orlando in 2011

The National Association of Home Builders will be holding the 2010 International Builders' Show in Orlando at the Orange County Convention Center. The tradeshow is scheduled for January 12-15. The show offers networking opportunities, education sessions, product showcase and special events.

The National Association of Home Builders is forecasting moderately faster economic and job growth over the next few quarters and that that house prices will exhibit a mild upward slant during the remainder of this year and throughout next year.

Kissimmee’s residential home sales up in 2Q 2010

Kissimmee’s residential home sales increased by just over 11% during the 2nd quarter of 2010 compared to the same time during 2009. 1257 residential homes were reported as selling during the 2nd quarter of 2009 while 1396 units are reported as selling during the same time period in 2010.

REO/bank owned homes accounted for approximately 47% of the total sales reported with 660 residential units. Homes sold with a short sale contingency equaled just over 27%.

Sales of existing single-family homes in Florida rose 21 percent in second quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®.

Florida's Tax Amnesty July 1, 2010 - September 30, 2010

Florida's tax amnesty runs from July 1, 2010 to September 30, 2010 and is an opportunity for taxpayers to voluntarily pay back taxes with NO penalty and reduced interest during a limited time period.  The amnesty period is intended to help taxpayers save money.

Taxes related to real estate that are eligible for the amnesty include; sales tax due when renting any type of living quarters for less than 6 month, and sales tax owed for renting a commercial property.

You can apply for the tax amnesty and find answers to your questions by visiting the State of Florida tax amnesty program page.

How can you avoid IRS refund delays in receiving your first time homebuyer tax credit?

Now that the Government has extended the time to close for first time homebuyers who were under contract by April 30 until September 20, 2010, the IRS is offering suggestions on how you can avoid refund delays.

The IRS says to attach a copy of the pages from the signed contract showing all parties' names and signatures if required by local law, the property address, the purchase price, and the date of the contract. If you do not have a copy you should contact your real estate agent, title company or attorney involved with your transaction to obtain one.

You will also need to complete IRS form 5405 and include a HUD-1, Settlement Statement with dates, names, signatures (if required by law), purchase price and address. Mobile home buyers and those who purchased new construction who do not have a HUD-1, Settlement Statement are offered other options listed on the IRS explanation page.

The information contained in this post is from an IRS update IR-2010-80, July 2, 2010. If you have questions or concerns about the forms or documentation needed to receive your refund, you should speak with a professional tax preparer or contact the IRS directly.

We need to short sale our home; can we sell it to a family member?

It is a common practice for the lender to require the seller to sign an “arms length” affidavit as part of the short sale approval process. This arms length affidavit is intended to prevent the owner of the house from selling to a family member. It may also prevent the owner from selling to a business associate.

Why would the lender not want the owner to sell to a family member? The reason in part is because of the possibility of the owner and the family member creating a side deal whereby the owner may receive profit or some other benefit from the sale of the home. In order for the short sale transaction to happen, the lender must agree to accept less than the owner originally borrowed. The lender does not want the owner to “have their cake and eat it too”.

It is unfortunate that the underhanded dealings of a few impact everyone. I am sure there are cases when allowing a home to be sold to a family member would be of benefit to everyone involved, including the lender. The fear the lender has of mortgage fraud makes the likelihood of this happening nearly impossible in today’s market.

New theme park coming to Central Florida will bring tourists & jobs.

Managing Director of LEGOLAND Parks John Jakobsen says on this WOFL FOX 35 video that the opening of the LEGOLAND® Florida theme park will bring tourists and approximately 1,000 jobs to the Central Florida area. To find out more about the new park, visit http://www.legolandfloridaresort.com.

Leverage Our Experience To Your Advantage - Watson Realty Corp.

Founder and Chairman of the Board, William Watson, Jr. of Watson Realty Corp. discussing the advantages of using our full service real estate firm.

If the owner does not sign the contract how will you enforce it?

We are encountering houses for sale in our area where the listing agent informs us that the owner of the house has entered into an agreement to sell their home to a third party and it is this third party that has now listed the home and will be negotiating the transaction with our buyer. As you might have already guessed, these listings have short sale contingencies.

Here is how the conversation goes once the listing agent makes their disclosure to us.

Me: So the actual owner will not be signing the contract to purchase?
Them: No. The person(s) that have the option to buy the home will be signing the contract.
Me: How can the person who only has an option legally sign the contract?
Them: We do this all the time. The owner of record has agreed to sell the house to the person with the option and the person with the option will sell the house to your buyer. It will all be closed at the same time.
Me: Is this legal?
Them: Call our title company. The title representative will tell you “we do this all the time” and everything is legal.
Me: Does the owner’s lender know what is happening?
Them: The bank does not care; as long as they get the short sale price they agreed too, they are happy.
Me: So then we have it in writing that the owner’s bank knows what is happening?
Them: Call the title company; we do this all the time.
Me: If it is legit, why can’t we get the owner of record’s signature?
Them: That is not how we do these types of transaction.

I am not an attorney so I will leave it to those that are to determine the legality of transactions like this. In my opinion it just seems wrong not having the actual owner sign. Also, if it is legit, why doesn’t the owner’s bank know? We strongly suggest any buyer that may decide to enter into a contract to purchase a home with someone other than the person on the deed seek the counsel of an attorney. Since the owner of record is not signing the contract to sale, one of the questions I have is how would the buyer enforce it and against who?

Whenever I hear the phrase “we do it all the time” as the main answer to my questions and concerns, I get nervous. So should you.

Kissimmee 4th of July fireworks and fun

There will be fireworks, entertainment, live music and food at the Kissimmee Lakefront Park South this 4th of July from 5:00 p.m. - 9:30 p.m.

The City of Kissimmee Parks and Recreation Department invites the public to attend a fireworks show that will be displayed above Big Lake Toho beginning at approximately 9:10 p.m.

More information

Disclosing and inspecting for defective Chinese drywall

The Florida Realtors website recently reported on a Miami family that was awarded $2.4 million because of having defective Chinese drywall installed in their home. Defective Chinese drywall can smell like sulfur and corrodes appliances, wiring and other metal. Research is ongoing to determine health hazards and risks of exposure to the drywall.

A potential home buyer concerned with buying a home which may have drywall problems should take the precautionary steps needed to reduce the possibility of discovering the bad drywall after closing. Selling homes in the Orlando-Kissimmee area require that the owner disclose the existence of Chinese drywall and a strong recommendation that the buyer obtain a full and complete home inspection that includes inspecting for defective Chinese drywall.

Seller disclosure

Buyer should ask the owner of the house that they are thinking of buying for a written property disclosure. The seller can alert the buyer of any mechanical, structural or related issues with the home including the existence of Chinese drywall.

In addition to a detailed seller property disclosure, both buyer and seller can complete the Chinese/Defective Drywall Addendum to Contract. This addendum asks the seller to indicate in writing any knowledge they have pertaining to Chinese Drywall in the home. Equally as important, the addendum makes it clear to the buyer that they have the right to conduct an inspection or risk assessment of the property for Chinese drywall prior to closing of the contract.

Disclosing and inspecting for defective Chinese drywall benefits all parties in the transaction. Contact me if you are interested in purchasing a home in the Central Florida area and would like more information on the home buying process.

If there is something about your real estate transaction that does not seem right, talk to an attorney.

The contracts that we use in Florida to sell real estate are legally binding documents. They were created to address the issues, concerns and requirements buyers and sellers should be aware of when buying or selling a home. As a result of repetition, practice and training, real estate agents should have a very good understanding of what is written in the contracts and can direct a buyer or seller to a specific addendum, clause or paragraph that might address their concerns or questions.

A buyer or seller should never rely on anyone other than an attorney for legal advice however. If you are not comfortable with or fully understand what you are agreeing to we strongly encourage you to talk to an attorney before proceeding. You should think twice before letting someone other than an attorney create special clauses or wording that are to be added to your contract.

I am quick to let buyers and sellers know that if there is something about your real estate transaction that does not seem right, talk to an attorney.

The Estates at Stevens Plantation Award Winning Saint Cloud Home

The Estates at Stevens Plantation. This award winning home has been professionally designed and appointed. Stevens Plantation is within minutes to Orlando. Located in Saint Cloud, this community prides itself on being progressive while not losing the small town feel.   The city and community is also near the Orlando International Airport, and the newly created Medical City at Lake Nona.

Virtual Tour

Home facts

• 5 bedroom 3 full & 2 half bath
• 4705 square feet living area
• Two Story
• 3 car garage
• Built in 2006

Interior features

• Formal living & dining areas
• Family room
• 12' ceilings, custom crown & base moldings
• Gourmet kitchen
• Master bedroom on 1st floor
• Theater room

The features that make this house a home

• Private garden area
• Sub-zero refrigerator
• WOLF gas range
• Zodiac counters
• Intercom system
• Master bedroom with custom ceiling, sitting area & two walk-ins
• Insulated spa/tub
• Special entertainment area
• Wet bar w/ fridge
• Travertine decking
• Raised hot-tub w/ fountain
• Fire-pit
• Outdoor kitchen

Please call Jerry or Laurie Kelley to arrange a private viewing of this home.  321-689-2146

What would a football dome do to Orange County property values?

The Orlando Sentinel has reported that Orange County Commissioner Bill Segal dreams of bringing a football dome to Orange County.

How do football domes and stadiums impact mean property values? I went to Google looking for information about the impact football stadium has on real estate values. I found two differing opinions from two major markets that were considering/are considering building a football stadium.

• According to a paper prepared by Social Science Electronic Publishing, Inc., “the average expected amenity effect of hosting the Cowboys in Arlington was not significantly different from zero.”
• A FAQ on the Los Angeles football stadium website addressing property values says, “Typically good locations garner higher land values.”

The dream of a local football stadium is a ways off from being a reality. What do you think? Do we need a professional football dome in Orlando, Orange County? What are the benefits? What are the negatives?

Florida Realtors is donating money for phone calling cards that the USO will distribute to U.S. active duty troops

Show our troops we care - donate today

Florida Realtors kicks off military phone card program

Orlando, Fla. – May XX, 2010 – “To us, home is where we prop our feet up after a rough day” says Wendell Davis, Florida Realtors® president. “If ‘home’ to our service sons and daughters is a short phone call, then we, as Florida Realtors, should help them find ‘home,’ just as we help Florida buyers find a home.”

To honor our troops, Florida Realtors is donating money for phone calling cards that the USO will distribute to U.S. active duty troops. The USO has set up a dedicated webpage for credit card donations.

“When your son is in Iraq or Afghanistan, he’s physically 7,000 miles away, but the distance is much, much farther emotionally,” says Patti Fitzgerald, Florida Realtors president elect. “Comfort is a single phone call home. That’s it – a single phone call.”

“I was able to talk to my wife and family from Afghanistan, thanks to the phone cards donated by patriotic individuals, such as Realtors,” says LCpl Joseph Fitzgerald, U.S. Marine Corps and son of Patti Fitzgerald, Florida Realtors president elect.

Program details

• The USO will customize the calling cards with Florida Realtors® logo, so every soldier knows who paid for the call.


• The USO receives and tracks all donations. Checks sent to Florida Realtors headquarters will be forwarded to the USO.

• Everyone is encouraged to donate – not just Realtors.

• Deadline for donations: Aug. 15, 2010.

Florida Realtors has dedicated a website page for the initiative. It includes downloadable fliers with donation information about the program and how to donate by check; downloadable cards that can be handed out; and a link to the USO’s Florida Realtors credit card donation page: http://www.floridarealtors.org/supportourtroops.
 
Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 115,000 members in 67 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

If you are looking for a job, how about a career instead?

As stated in one article, the recession may be over, but the job market recovery is lagging way behind. Let’s not go into what they say about the future job market. Instead, what is something positive that is happening?

Watson Realty Corp. announced that the closed volume for the month of April 2010 was up $29,386,657.00. In addition the number of transactions was up 39%.

So, what do the job market and the increased volume of real estate have to do with each other? Well, if you are out of a job at the present time, how about considering being an independent contractor for a real estate company – Watson Realty?

My career path did not begin in real estate; however, I wish that I would have taken the time to have been educated with a real estate background earlier in life. It is never too late for real estate. There will always be someone looking for a place to live, whether renting or buying. And, there will always be someone moving, whether for relocating with a job or increasing/decreasing the size of the family.

There are real estate schools all around, so how do you choose the one to attend? Convenience is sometimes a factor. With Watson Realty having so many locations in the Central Florida area, there is certainly going to be a chance of having a class located near where you work or where you live. In regards to what will be taught, all real estate schools are receiving their information from state guidelines. So, you can be rest assured that this shouldn’t be part of your dilemma. Money could be a factor, and what better price than $99? The class is $99 plus the book is $70 – all under $170 to be educated in real estate.

It’s a great time to Choose Watson and Get More! It’s a great time to have a career in real estate!

- Ellen Thunell
                                                                                                                                       

If you think you do not need a home inspection, think again.

There is no legitimate reason I can think of to waive having a home inspection when purchasing a house. The cost of the inspection prior to closing could save you thousands of dollars you might otherwise have to pay out for unseen damage or problems that need repaired or replaced. Why would a buyer take a chance and buy a home that has not been inspected?

Bad advice

Someone has told the buyer that there is no need for an inspection.

It could be the jack-of-all-trades family member/friend trying to save the purchaser a few hundred dollars. Armed with just enough knowledge to be dangerous, they will take a quick look around the house and offer their seal of approval without doing a thorough inspection.

Perhaps it is the real estate agent who is giving the bad advice. Shame on any real estate agent who would tell a home buyer there is no need for a home inspection. Buyers should ignore this wrong advice and hire an inspector anyway. The buyer should also pick up the phone and call the agent’s broker and let them know that their agent suggested you not have an inspection.

It is a new/renovated home

Buyers might be lured into a false sense of security and decide against having an inspection when purchasing a new home or a home that has been recently renovated by the seller. There is no doubt that we have some of the very best home builders here in Central Florida. The quality of the homes being built is second to none. But even the Central Florida builders understand the importance of a buyer having their homes inspected prior to closing. The same is true of homes that have been renovated. Just because the seller says repairs or renovations have been made to the home recently does not eliminate the need for an inspection.

The bottom line is if you are buying a home, have it inspected. In our office if a buyer chooses to not have a home inspection they are going to have to sign a waiver acknowledging that this is their decision. The waiver has language that makes it clear that we, as a real estate company, do not encourage this course of action.

5 things you should know if you have not bought a house in the past few years.

If you have not bought a home since the early 2000s you will need to be brought up to speed on what has changed, what to watch out for and what you need to consider before buying a house during 2010.

1. Prices are low. I mean real low. The median home prices of homes in the Orlando area are at an 8 year low. How low will they go? Where are the best deals?

2.  Financing guidelines have tightened. This is especially true of ARM and interest only loans. What financing is best suited for you? What can you expect to pay in closing cost and/or down payment?

3.  Low list prices are resulting in an increase in the number of homes selling. The Orlando real estate association is reporting a 32% increase in home sales so far in 2010 compared to the same time period in 2009. Will this increase result in higher sale prices?

4.  REO. REO or real estate owned is a huge component of today’s real estate market.  Properties that banks have foreclosed on are having a huge impact on the increase of sales currently being experienced. What is involved with purchasing a bank owned REO property?

5.  Short sales. Sellers who are upside down on their mortgage and are facing a distressed situation are asking their lender to accept less than is owed on the house in order for the owner to avoid foreclosure. Short sale prices are competitive with bank owned listings but the time it takes to negotiate and close these types of transaction are a real concern to potential buyers. Is buying a short sale a smart move?

I have only listed 5 things you should be aware of if it has been awhile since you bought a home. To discuss any of the 5 listed in detail or to find out what else you should know about buying a home, call me at 407-304-0255.

Mercedes Homes Offers Spacious Affordable Living in Stevens Plantation

Mark Shields, Marianao Arguello and Carmen Dombrowski visited our office recently and provided us with information on Verandah Lakes at Stevens Plantation in St. Cloud. Builders will often stop by during our weekly meeting in order to make sure we have the latest information about their new homes and communities so that we can pass this on to our customers.

Mercedes is building homes in Stevens Plantation from 1519 square feet up to 3875 square feet. Prices range from $139,990 - $279,990. There are closing cost incentives and options for you to choose from.

Options Include

• Covered Porch
• Extended garage
• Raised top bar kitchen
• Utility deluxe cabinets
• Study
• Laundry tub
• 3 car garage
• Double vanity
• French doors
• Sun room
• Kitchen Island

The community is conveniently located to all the best of Central Florida. Of course prices are subject to change so if you would like to view one of these new homes, give me a call and I will arrange for a personal tour for you.

Lenders may ask the seller to bring money to the closing as part of the short sale approval.

Several of my agents have encountered situations involving short sale transactions where, as part of the approval process, the lender requires the seller/owner to bring money to the closing. In many cases this condition of approval is acceptable to the seller and they agree to the banks terms enabling the transaction to close.

There are times when the seller/owner of the home being sold simply does not have the financial ability to bring money to closing. A recent example of a home we are selling subject to a short sale; the lender requested the owner to bring several thousand dollars in order to make the deal work. Not having the full amount requested by the bank, the seller might have just let the deal die. In this case the seller countered back the banks request at a reduced amount which the bank accepted.

The lender’s request does not always have to be the final answer. I know of one case where the lender said they would need the seller to sign a note for a substantial amount of money but the seller was unwilling or unable to do so and when the bank was informed of this they agreed to allow the short sale to deal close without the note.

Helping sellers obtain short sale approval from their lender is something we do very well. If you are considering short selling your home I would encourage you to give me a call for a private consultation.

I get a lot of calls for assisted living facilities and churches.

I receive calls and emails daily from people interested in purchasing an assisted living facility or a church. The majority of those who contact me do so because of a blog post on assisted living facilities I wrote back in 2009 and a webpage on gregstaker.com dealing with churches for sale. It would seem the demand for assisted living facilities and churches is in high demand. I think that makes sense given that the baby boom population is fast approaching the time when we will need a place to live and a place to apologize for some of the things we did while living.

Over the past 20+ years working as a real estate agent, I have sold a couple of hotels, a couple of trailer parks and an adult day care center but I am primarily a residential broker. I have not, until now, actively sought commercial listings. But with so many people contacting me about these types of properties it only makes sense to let potential sellers know I have buyers, just in case.

It’s not like you can open up the MLS and find a number churches and ALFs listed like you could a bank owned or short sale house. Searching in Central Florida, I am seeing 13 churches listed and 4 adult care living facilities.

So, if you have this type of property and you are interested in a selling, and want to make sure buyers the world over are given a chance to hear about your property, give me a call.

Communities in Kissimmee that have REO-bank owned homes for sale

The real estate market in Kissimmee has been super charged by foreclosure homes that become REO or bank owned. Well priced bank owned homes are receiving multiple offers and selling within days of being listed.

Communities/subdivisions where there are bank owned homes listed right now include:

• Windsong
• Venetian Bay Villages
• Poinciana
• Oakwater
• Remington
• Coral Cay Resort
• Flora Ridge Condo
• Mallard Creek
• Woodland Creek
• Isles of Bellalago
• North Shore Village
• Fells Cove

Call me for a complete list of bank owned homes for sale in Kissimmee.

Washer and dryer may be included when purchasing a home in the Orlando-Kissimmee area.

Buyers shopping for a home in Osceola and Orange County, which include the cities of Orlando and Kissimmee, will be pleased to find hundreds of well priced, well maintained homes for sale. Motivated sellers are offering a number of incentives and enhancements in hopes of attracting a buyer for their house.

One such enhancement offered is some or all of the appliances. They are being left for the convenience of the new home owner. These appliances can include the washer and the dryer. In Orange and Osceola County there are nearly 3500 properties being offered for sale that include the washer and dryer as part of the listing.

A buyer will normally ask for the appliances being left by the seller on lines 9-12 of the FARBAR purchase contract. They will need their agent to write in washer, dryer on line 11 or 12.

If you are purchasing a home and would like to view homes that are offering a washer and dryer, please contact me today.

If location, location, location is the most important consideration when buying a home, what steps should I take to find the best location for me?

The phrase “location, location, location” has been used in real estate at least as far back as 1926 according to an article written by William Safire for the New York Times. Real estate agents are familiar with the phrase today and buyers will consider location, location, location when searching for a home. How can a potential home buyer check out the location of a home they are considering purchasing?

A great location will be different things to different people. Factors that determine a great location may include; schools, employment and neighborhoods with a limited number of distressed property sales.

For some a great location will be where schools are performing at a high level. For those who will base their decisions by the schools in the area, they may want to visit the Florida Department of Education which provides numerous indicators of school status and performance for each of Florida's school districts.

The proximity to jobs and employment are important to many people searching for a home. The driving distance between work and home becomes a major part of the location factor. Employ Florida allows you to search for jobs in a specific area or zip code. Once you have located a job, you can then narrow down your home search to an area that allows for an easy commute.

Foreclosures, REO and short sales are a big part of the Florida market today. There are areas harder hit than others. Buyers who are trying to avoid purchasing a home in a community with an over abundance of distressed properties can do the research themselves. Florida Property Appraisers are a great source for locating neighborhoods and communities with foreclosures.

An important step to helping you find a home that matches all of your criteria including, “location, location, location”, is to contact a local real estate professional. I can help you search for the best Central Florida home, condo or townhome. My services are free so please give me a call today. 407-304-0255

How many bedrooms do you need?

One of the first questions we will ask when we meet a potential buyer is how many bedrooms do they need? Knowing the number of bedrooms the buyer would like their new home to have, helps us to narrow down the number of homes that we can show them. A buyer will want to consider the space they feel they will need, plus, some buyers will want to consider the resale value of owning a 2-bedroom home versus owning a 4-bedroom home.

In Orange County, 3-bedroom homes are the most common purchase so far this year. Purchases of homes other than 3-bedrooms are nearly equal with, 1352 two-bedroom homes sold thus far in 2010 and 1349 four-bedroom homes. The complete break down of homes sold this past year looks like this:

• 1-bedroom homes: 445
• 2-bedroom homes: 1352
• 3-bedroom homes: 2943
• 4-bedroom homes: 1349
• 5-bedroom homes: 315

Buyers have a large selection of affordable homes to choose from.

The good news is even though the tax credit is ending buyers have a large selection of affordable homes to choose from throughout Central Florida. I expect the increase in homes sales compared to last year to continue over the next several months.

First-time home buyers, investors and purchasers seeking a vacation home in the Orlando-Kissimmee area will not be disappointed with the inventory available. Currently there are over 3,000 single family homes listed in Orange and Osceola County.

Even though many buyers have to deal with multiple offer situations, highest and best request, appraisal issues and short sale delays, they are determined to take advantage of the low prices and fantastic values being offered.

You may have missed the tax credit but you do not have to miss out on purchasing an affordable home. Give me a call I have over 3,000 homes to show you.

Find an open house this weekend

For as long as there have been real estate agents there have been open houses. Open houses are a good way for buyers to see what is available in their area. Usually open houses are scheduled on the weekend as a convenience for buyers who have little time during the week to view homes.

There are a number of ways a buyer can find an open house being held this weekend or an upcoming weekend in Central Florida. A majority of real estate agents still advertise their upcoming open houses in the local paper. For example our office advertises upcoming open houses in the Orlando Sentinel. Buyers can also find open houses by visiting our company open house search page. The best way to find upcoming open houses in my opinion is to contact me. I have access to the MID-Florida MLS which allows me to search for upcoming open houses being held by any member of the MLS.

If you are interested in visiting open houses this weekend or would like to find a house give me a call.

Kissimmee villas for sale

Buyers interested in purchasing a villa located in Kissimmee will be pleased to learn that there are several Kissimmee villas for sale right now in a number of communities. These villas are of various sizes and are priced up to $300,000.

Nearly 20 communities have villas for sale right now. These communities include

• Essex Park Villas
• Marbrisa Villas
• Victoria Park
• Country Cove Villa
• BVL Silver Park Villas
• Las Palmas Villas
• Shadow Bay Villas
• Carabbean Villas
• BVL Pine Island
• Villas at Seven Dwarfs
• Heritage Key Villas
• Marisol
• Lago Mesa Villas
• Remington
• Cypress Reserve Villas
• Villas of Emerald Lake
• Lake Marion Resort
• Tuscany Preserve
• Solivita

You will be able to choose from villas offering many features that include villas that are in gated communities, on the golf course, in communities with fitness centers, community pools, and tile floors plus zoned for short term rental.
 
Additional the location, location, location of these villas are excellent as they are near all the major Orlando area attractions, theme parks, airport and shopping. Travel time is also convenient with many of the villas being close to the Florida Turnpike, 417, Osceola Parkway, John Young Parkway, and other major roadways.
 
Call me at 407-304-0255 to receive a list of villas or to arrange to see any of the property currently for sale.

How many homes for sale in Orlando are priced between $50,000 & $99,000?

Everyone is looking for a nice home at a great price these days and with good reason. There are thousands of homes for sale throughout Central Florida being offered at list prices as low as we have seen in years.

In Orlando alone there are over 1300 homes listed for sale priced between $50,000 and $99,000. Included in the 1300 are homes, condos, and townhomes. The majority of these Orlando homes are short sale or REO properties.

Homes available at these affordable prices are not just found in Orlando. Buyers can find these amazing deals throughout Central Florida.

Buying foreclosure property

The increased sales that my office has enjoyed this year, over last year, is in large part due to the number of persons interested in buying foreclosure property. We receive calls and walk-ins daily from those who would like to receive a free list of foreclosures or to learn about the process involved with buying a foreclosure. Our successes are because of our ability to help them find the right property, negotiate a successful contract and close the transaction in a timely manner.

Finding the right foreclosure property

There are over 4500 REO-bank owned homes listed for sale right now and another 4900 that are under contract. With so many properties on the market and more being listed every day, our job includes assisting the buyer with narrowing down their search. We will ask a series of questions that help define what the buyer is really looking for.

• Do they want to buy a home, condo, townhome or villa?
• Are they only interested in a specific county, city or town?
• Do they have a maximum price they are willing to pay for the right house?
• Are there size requirements, the number of bedrooms, and the number of baths that are important to the buyer?
• Are they concerned with the condition of the home or would they be interested in viewing fixer-uppers?

Making the offer to purchase

Once the buyer has viewed a property that they are interested in they will want to make an offer. As part of the offering process we will provide them with information that they can use in deciding on their offer price and terms. When a buyer makes an offer on a foreclosure-bank owned property in our area they need to be aware that:

• Bank owned listings will often receive multiple offers.
• Multiple offers often result in a sales price higher than the list price.
• Banks will often ask the buyer(s) for their highest and best offer.
• When the buyer successfully negotiates a contract with the bank they will be required to review, initial and sign a number of bank addendums.

Closing the transaction

By signing the contract and addendums the buyer has agreed to meet specific timelines and conditions of the sale. A successful closing requires that our agents and our buyer work together to ensure the timelines and conditions are met. The buyer needs to be fully aware of the tasks needing to be accomplished before closing.

• In most cases the property has been purchased As IS and the buyer has a time frame in order to have all of the inspections they deem necessary.
• The buyer will need to deliver the agreed upon escrow amount to the lender’s title agency.
• Surveys, property insurance, appraisals and financing are the responsibility of the buyer and may be needed before closing.

Foreclosure sales will remain a stong part of our market

There have been over 8,000 foreclosure-REO sales this year in the Mid-Florida market area. It is reasonable to expect that as long as the foreclosure listing inventory remains strong, buyers will continue to be interested in buying foreclosure property.

I strongly suggest that when buying property in our area those buyers should speak with one of our distressed property experts. Having a knowledgeable and experienced agent assisting with the purchase provides real value. Contact me to speak with an agent today.

Search for a foreclosure property

Bank of America Mortgage Assistance Phone Numbers

Bank of America has information available online for homeowners who are facing problems paying their mortgage. The Home Loan Assistance page will take you step by step through programs or solutions available depending on your situation.

I found navigating the Home Loan Assistance site to be fairly easy. The message was clear that Bank of America would like to help their customers stay in their home and if that is not possible, the homeowner has options other than foreclosure. Those options include short sale, refinance, forbearance and deed in lieu. According to the site you can call the following numbers to speak about a specific solution.

• Short sale 1.866.880.1232
• Refinance 1.800.720.3758
• Forbearance 1.800.669.0102
• Deed in Lieu 1.800.846.2222

When it comes to short selling your home, Bank of America admits that the process can be time consuming and according to their information a short sale could typically taking as long as 120 days to complete.

Qualified real estate agents can assist you with the short sale process. In order to reduce the time and frustration it is important to hire an agent who understands the short sale process completely. I have the training and the experience to assist with short selling your home. Call me for a free consultation with a member of my Watson Realty Corp. team.  407-304-0255


Related Florida real estate blog posts on Bank of America