About Alachua County, FL

Short Sale Agents in Gainesville specializing on short sales are privileged to report about the rules by the FHA obligating lenders to extend their fortitude to homeowners who are unemployed for the span of 12 months. These rules took effect in July 2011 and are geared toward giving assistance to unemployed homeowners for them to make it through the economic depression.

The original fortitude timeline was limited to four months but the timeline for most homeowners had been extended to 12 months after the prolonged state of unemployment. More than 45% of the unemployed have been hunting work for more than 24 months.

Short Sale Agents in Gainesville believe that homeowners will be given more chances to find employment during this time of economic depression if the timeline for the fortitude will be extended.

In order to prevent foreclosure, a time of review at the end of the 12 months has been implemented to assist the homeowners.

Short Sale Agents in Gainesville Florida are encouraging those FHA borrowers who are having difficulties on their mortgages during extended unemployment status to call their lenders rightaway – now that a special fortitude option is being offered. An FHA borrower will be qualified in getting more assistance than would be available once a loan default process is enforced when they take the time to notify the lender about the unemployment status.

When buying or selling a home, condo or vacant land in Gainesville and Alachua County, it is customary for the SELLER to select the closing agent in your real estate transaction. Please note that this is standard for Alachua County, and other counties in Florida may be different.

Since it is the sellers burden(and expense) to provide the buyer with clear title via an Owners Title Policy - it is therefore the sellers choice. Normally, per our Florida Contract, the buyer will require the seller to provide title insurance to the buyer prior to closing.

Sellers may select a personal real estate attorney or a title company. The buyers' lender will coordinate the loan package and mortgage title policy with the sellers' closing agent. If the seller selects an attorney, that attorney represents the SELLER. If a buyer chooses their own real estate attorney, then their attorney must coordinate the transaction with the sellers attorney and/or title company.

Curious about homes for sale? Here's direct access to Search Homes for Sale in Gainesville FL & Alachua County.

Originally Posted at: Gainesville Real Estate Talk

Gainesville Home Buyers often wonder what is Pre-Qualification and Pre-Approval? Normally, when a home buyer starts house-hunting in Gainesville and Alachua County, it is best for them to get pre-qualified with a local mortgage lender. Often the two different terms that are used during a loan inquiry and application. I wanted to get a good description of the two terms for people that are starting to buy a home in Gainesville.

I asked Leslie Remy at HomeBanc to give me a step by step description of the two terms: Pre-Qualification and Pre-Approval. I'm hoping you will find these explanations helpful!

What is a prequalification?

A prequalification is a very basic look at a consumers income and credit to determine if they will be able to qualify for a mortgage loan. It consists of looking at the potential borrowers credit and income to see if credit scores meet the guidelines and also to see if their debt to income ratio will fit the guidelines.

When I look at a potential buyer for a prequalification I dig a little deeper to find out how long they have been on their job ( a very important factor) and if they are salaried, hourly, commissioned or self employed. I also inquire to see if they have down payment money. Another important factor is whether or not they are paying or receiving child support.

If accurate information is received then you will most likely have an accurate approval that will get you to the closing table.

What is a preapproval?

A preapproval is all of the above plus completing the loan application. Once the loan application has been completed it is run through the DU (desktop underwriting ) system. You will instantly know if you have an approval or not. Always remember garbage in is garbage out. To back that up I always like to get bank statements, paystubs, W-2’s and tax returns… two of everything. I generally will never give a preapproval for a self employed borrower without analyzing the tax returns.

**** Thanks to Leslie Remy at HomeBanc for this home loan information for buyers in Gainesville Florida.

Originally Posted at: Gainesville Real Estate Talk

Short Sales In Gainesville – Avoid Foreclosure, Know Your Options! To save your home from being foreclosed, Short Sale Agents in Gainesville provide you with options. Study these options to know if they apply to your case.

1. You may apply for the federal HARP program to know if you are eligible and to your lender’s preferred loan modification program. To know if there are any state programs available to you, go to this federal site. Also, you may apply to the Home Save program under the NACA.

2. You may try getting a second job. This will help greatly in saving your home although it is not often practiced since most people can’t even find a first job in this market. But for some who can, you should grab the opportunity.

3. You should cancel/pay off your credit card debt. Your credit card debt could be a big factor why you couldn’t afford your home. It’s time for you to consider getting heads on with your credit card debt. You may contact your creditors to make a settlement on your debt. You may also offer a lump sum payment, perhaps 50% lower than your balance. Although this will have tax and credit history consequences but it could be one of your best options in saving your home from being foreclosed.

4. You may start your small home business. Etsy, TaskRabbit and elance are some that allow people to advance their skills in home business.

5. You may consider renting a room. Try advertising in Craigslist or Trulia for long term rental periods. Go into Airbnb and check if you can get interest in renting out your room to individuals who only need shorter periods of lease time. This is a good option to raise funds quickly.

6. You may short-sell your home. On an average, it takes over a year for banks to foreclose on and repossess a home. You may have a chance to wait for a loan modification and do a short sale and be eligible for the income tax exemption which will expire on Dec. 31, 2012 if you list your home for sale with an expert realtor in Gainesville.

7. You should work with professionals such as expert realtors in Gainesville, expert Real Estate attorneys, expert CPA firms like Hanson & CO or expert certified public accountants if you are trying to apply for a short sale or loan modification. These professionals help you be informed about the options available for you.

The downturn in the housing market is now being perceived as the norm and many homeowners are getting pessimistic with their mortgages. But Short Sale Agents in Gainesville encourage you not to give up. Your options in avoiding foreclosure are not limited.

The Gainesville Chamber of Commerce members have voted and given The Perry Family the highest award for their video submission for Life in Gainesville!

The video contest's purpose was to express the benefits of living in beautiful Gainesville, Florida.

Congratulations to the Perry Family! So, take a look at " Gainesville: Come See For Yourself "

And, you know I am always telling you.....Gainesville is a great place to Live, Work and Play!

Originally Posted at: Gainesville Real Estate Talk