Bank owned foreclosure houses for sale - 3 bedroom, 2 bath

Bank owned foreclosure houses are available throughout Central Florida. Many of these properties are condos or townhomes. For those buyers looking to purchase a minimum 3 bedroom 2 bath home in Central Florida you will be happy to learn there is an ample supply of these types of bank owned foreclosures available. Price ranges depend on the area that you are searching for a home.

• Orange County has 525 foreclosure homes that are at least 3 bedroom and 2 bath for sale right now. Prices are from the low $20k to just over $2 million.
• Seminole County has 144 homes matching the above criteria starting with manufactured homes in the low $20k up to $400,000+.

The bottom line is 3 bedroom 2 bath homes are available and affordable. With the tax credit, and low interest rates encouraging home sales, you should check out the inventory for yourself.

Related Florida real estate blog posts on homes for sale

If I rent out my old house and purchase a new one will I qualify for the tax credit?

Home owners have questions about the long time resident or existing home owner tax credit. The tax credit allows for up to $6500 to qualified individuals who purchase a home before April 30, 2010.

One question deals with what they can do with their current home. Can a home owner rent out their current home when they purchase a new primary residence and still qualify for the tax credit? Yes, as long as the new home is their principal home the law does not require you to sell your existing home. The home owner would also need to meet all of the necessary qualifications required to receive the tax credit.

I would suggest caution before deciding to become a landlord. Make sure you understand the laws that deal with leasing property in the State of Florida. You may also want to speak with a property management company about managing your home for you.


Related Florida real estate blog posts on the long-time resident tax credit

If you plan on claiming the home buying tax credit you cannot file an electronic return.

Congratulations on the purchase of your new home! If you plan on claiming the home buying tax credit you should know that you cannot file an electronic return with the IRS. All tax returns that are claiming the home buyer tax credit must be filed with a paper return.

According to the IRS site:

"Taxpayers who claim the credit on their 2009 tax return will not be able to file an electronic return, but instead will need to file a paper return."

Please visit with your accountant or tax professional for more information.


Related Florida real estate blogs on tax credit

Using FHA to buy a home in Florida may cost you a little more

New changes to FHA mortgages will result in increased costs to the Florida home buyer. FHA has lowered the amount of assistance a seller can contribute to a buyer from 6% to 3% and has increased the amount of the upfront mortgage insurance premium 1.75% to 2.25%.

FHA required down payment is still 3.5% for those buyers with a credit score of at least 580. Even with these changes FHA financing is still a strong option for first time home buyers looking to take advantage of low prices and the home buyer tax credit being offered this year.


Related Florida real estate blog post: Financing

Laid Off Florida Mortgage Workers to Benefit from Grant

I just read a press release from the Department of Labor announcing a grant of over 1.6 million to be used to help laid off workers of Taylor, Bean and Whitaker Mortgage Corp. The grant will be used to retrain and/or help with job placement assistance for former workers of the company. The plan is to switch many of these workers to jobs in the health care and information technology industries. According to a flyer found on the Citrus Levy Marion Regional Workforce Development Board Inc. website, the help is for laid off workers of these 6 companies:

1. Taylor, Bean and Whitaker


2. Maslow Insurance Agency


3. Security One Valuation Services


4. Clear Title


5. Citrus Land and Title


6. REO Specialists

Workers of these companies may be eligible for:

• training scholarships


• support services


• relocation assistance


• employment-related assistance

Related Florida real estate blog posts: Florida grants

Residential Construction Exceeds Market Expectations

The Commerce Department is reporting that housing starts and permits increased in November 0f 2009. The Commerce Department believes that "conditions remain favorable for growth in the coming months".

In the Central Florida market area of Seminole, Orange, West Volusia and Osceola County 572 new homes are reported as selling in 2009. Of this number 338 were detached homes and 218 were listed as townhomes.

I have seen a number of new homes go under contract in my office over the past few months. Central Florida home builders are offering an affordable opportunities for buyers to build a new home with a number of great features and amenities. If you are interested in finding out what is for sale in the new home market, give me a call.


Related Florida real estate blog post: new construction

Fannie Mae Review May Lead to Increase in Florida Condo Sales

This month Fannie Mae announced that it would begin a detailed review of hundreds of condo projects in Florida in an effort to make them Fannie Mae eligible. The Fannie Mae team will be reviewing criteria that includes:

• Occupancy
• Association dues
• Financial Stability
• Property condition

Florida’s condo market could certainly use this boost. Condo sales throughout Central Florida have been seriously impacted by market conditions experienced the past few years.

If you are interested in purchasing a condo and would like to find out if the condo project is Fannie Mae approved give me a call. 407-304-0255

Related Florida real estate blog posts on condos

Re-design Your Landscaping Workshop in Sanford

Seminole County residents are invited to attend a free workshop on re-designing their landscape. The workshop will be held on February 13, 2010, from 9:00 A.M.- 11:00 A.M. at the Seminole County UF/IFAS Cooperative Extension Auditorium. You will need to register in advance for this free workshop.

If you do not have landscaping to re-design you may want to consider purchasing one of the available Seminole County homes being offered right now that have mature landscaping, trees and more. Over 1300 homes listed for sale have exterior features that included trees and landscaping. Call me to receive a list of these homes today!


Related Florida real estate blog posts on landscaping

If you cannot modify your home loan then consider listing it as a short sale.

The Palm Beach Post is reporting that there have only been 8,405 permanent loan modifications in the State of Florida. Overwhelmed lenders and home owners failing to qualify are reasons given for the low number of permanent modifications. The government has offered incentives to lenders that encourage modification instead of foreclosure so please if you want to keep your home and are in a distressed situation, contact your lender immediately.

If you have been turned down for a home loan modification you do have other options that may help you avoid foreclosure. One such option is listing your home subject to a short sale. The short sale process involves negotiating with the lender to accept less that you owe on the house.

The short sale process can be time consuming. You will need to complete several documents that will then be sent to the lender for review along with an accepted contract from a qualified buyer.

If you are interested in learning more about the short sale process, give me a call. 407-204-0255.


Related Florida real estate blog posts on loan modification

Sinkholes are making Central Florida news.

This past week there have been reports of sinkholes opening up in the Central Florida counties of Hillsborough and Polk. Sinkholes have even resulted in the lane closures on I-4.

According to the Florida department of Financial Services Florida have more sinkholes that any other State. The report titled; Sinkholes and Catastrophic Ground Collapse notes that all insurance companies must offer sinkhole coverage. However this is most often offered as a rider to the policy and at an extra cost to the home owner. Florida residents concerned about sinkholes should check with their insurer to determine the type of coverage they have on their home.

When buying a home we provide buyers whenever possible a disclosure completed by the seller dealing with the condition of the home and property including sinkhole related issues. The seller has the opportunity to disclose to the buyer:

• Any sinkhole claims the home owner have filed with their insurance company.
• Is the seller aware of any past or present movement or deterioration of walls or foundations?
• Is the seller aware of any settling, earth movement, upheaval, or earth stability problems on the property or in the neighborhood?

We also strongly encourage home buyers to hire a professional licensed home inspection company as a precaution before finalizing the purchase of the home.

Homes being lost or damaged by sinkholes are not an everyday occurrence but when they do happen people are naturally concerned. Being prepared and receiving available disclosures and inspections can work to ease the concerns of buyers and sellers.

Related Florida real estate blog posts on seller disclosures