About Manatee County, FL

It's finally really here. Of course, this is a little old news, as people have been saying that the tax credit was approved fro the past week. Nothing is in stone until the President signs the bill into law.

It would have been nice if this could be extended to ALL home buyers. This would cause the investors back in the market in droves, and snapping up all the investment homes. Could you imagine buying a rental home for 50,000 and getting back 8,000 of your taxes?

Kind of like when everyone was driving HUMMERS because they could write off the full cost of the vehicle in the first year. I am happy with this extension because personally I have four contracts pending with First time home buyers that were probably not going to close by the deadline. It would have been ugly for all those that were counting on the credit if they couldn't get it.

Here are the highlights

• the stimulus bill will extend the 8,000 dollar tax credit to First time home buyers from the current deadline of November 30. until May 1, 2010. If you are under contract by April 30, then you will qualify as long as you close by July 1, 2010.
• "MOVE UP" buyers can now qualify for up to a 6,500 dollar tax credit if they are buying a primary home, and have lived in their current home for at least 5 years. (This is really great, although it would be better if it was for all home-buyers regardless of purpose)
• All U.S citizens that file taxes are eligible
• The tax credit has no pay back provisions so that you don't pay anything back over time, and if your taxes are less than the credit you will get a refund back.

Here is the FINE PRINT

• Home-buyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income is less than $125,000.
• For married couples filing a joint return, the combined income limit is $225,000.
  
• Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
  
• The credit is not available for single taxpayers whose income is greater than $145,000 and married couples with an income that exceeds $245,000.
• The maximum price of the home can not exceed 800,000. Bummer..

When you need a great Realtor in Manatee County please give me a call. I am ready to help.

Short sale expert, REO-Bank owned, and investment properties

Joe Murphy

Coldwell Banker Residential Real Estate

941-780-3260

This was a great day! I just had a short sale come back approved in less than 30 days pending!

I love Wells Fargo. I listed the home preparing the seller for a long painful process that would take 6 months to a year to complete. I advised her to call her lender to let them know she wanted to do a short sale.

The NEXT day, I get a call from the assigned negotiator. That same day, I get a call from the BPO agent! THIS WAS BEFORE I EVER HAD AN OFFER!

Within two weeks I get the unit under contract with a realistic buyer with a 90 day approval deadline.

The seller provids all required documents, and we sent in the contract.

(light at the end of the tunnel, and this was a short tunnel)

I get a call from the negotiator the next week with some questions, and some required changes for the HUD. No big deal.

Then, today, I get the call that the deal is approved, and the WRITTEN approval is on its way.

The only down side is that the deal has to close THIS MONTH. Wow, I called the buyer's agent who was in disbelief. They were expecting a close next year, and hopeful that we would get a response in 90 days.

This is how all short sales should go. Kudos to the Short sale dept at WELLS FARGO.

I hope this is a sign of things to come for 2010!

If you need help with selling a short sale in Manatee County Call me today. Free advice, and no cost short sale assistance. Helping buyers and sellers in Manatee county for the past 7 years.

Joe Murphy 941-780-3260

www.manateemoves.com

I just attended a Foreclosure rescue seminar this past weekend. One of the things that I learned is their is another victim besides the homeowner, the INVESTOR. These "mortgage backed securities" were supposed to be safe investments. Triple AAA rated, SAFE, reasonable returns. The kind of investments that were sold as low risk. They too are being burned in this real estate bubble.

The people in the middle: servicer(s), and the firms that sold these mortgages to the investors got their profits and no consequence.

The homeowner loses their home and credit, and the INVESTOR that actually put up real money, takes the loss. No one that originated, or sold, and resold the mortgages had any loss. In fact they are making money with fees from the foreclosures! The pension fund that owns your mortgage does not have an REO dept, do they!

I attended the seminar because I wanted to gain insight, and perspective from homeowner's and their attorneys that are attempting to defeat, or force REAL loan modifications. In some (rare) cases the homeowners are getting their home "free and clear", most often the attorneys are able to stall the foreclosure sale to help the homeowner get back on their feet. Their arguments make sense. Some of it attracts the people that are just trying to get their mortgage wiped out. Sounds good, but really this is the exception not the rule.

What I found was a lot of people that are in tough situations, upside down in their homes, but wanting desperately to keep them. These were people that I meet everyday that end up short selling their homes.

My experience is that the "token" loan modifications never include principle reduction, and typically only reduce the payment by a very small percentage. Soon they realize that if their home has lost half the value it makes no sense to stay. Short sales look attractive.

One major insight that I gained was a major conflict of interest between the "SERVICER", and the "INVESTOR". It was amazing to see how much money was made off the mortgage mess for all the people in the middle. Every time the loan was sold, repackaged, split-up, someone made money.

The servicer makes money, handling the payments for the investor. They also make additional fees when they start dealing with a default situation, then when the homeowner defaults, they make money farming out the REO deal. The investor gets the short end of the stick, they get the loss. I think that more investors would be eager to actually take principle reduction loan mods. If the "middle men" had some real incentive to make a deal happen. Just the fixed foreclosure costs being reduced from the principle would be incentive for many homeowners to stick it out, work harder, and find a way to keep their home.

In my market homes are selling for HALF of their boom price. When will the banks, and investors get it that keeping people in their homes is good for them, and everyone else too.

If you or someone you know needs help buying or selling real estate in Manatee County please give me a call, text, or email. There is help for you if you need it! I have closed 38 transactions in the past 12 months, and I am ready to help with yours. Short sales do not have to be scary.

Joe Murphy, Broker-Associate

Coldwell Banker Residential Real Estate

941-780-3260

joe@manateemoves.com

www.activerain.com/manateemoves

www.manateemoves.com

Back during the Real Estate "Boom Time," between 1997 - 2006... scores of real estate investment "speculators" came out of the woodwork to try to "cash in" on the "hot market" with it's historical skyrocketing home values.  A lot of these people were not true "Real Estate Investors."  They simply saw an opportunity to make a lot of money....FAST... and wanted to get a piece of the action.

Unfortunately, due to "market timing" and loose mortgage lending practices...  a lot of those people couldn't turn the property over fast enough to make their fortune.  Instead... they ended up "holding the bag" on properties who's values tanked along with the Real Estate market, leaving them owing more money than what the investment property was worth... and on top of that, their "creative financing" mortgages sucked the rest of the life out of their hopes for holding onto the properties long enough to recover their loses.

ENTER THE CURRENT OPPORTUNISTIC INVESTMENT MARKET! 

The current real estate market presents an exceptional opportunity for investors due to the fact that property values have come down to a level where the buyer /investor can take advantage of the pricing opportunities that exist in the market today... get good financing rates... and VOILA!... positive cash flow is achieved encouraging a "buy & hold" mentality that is the sign of a seasoned, true investor!  Great news indeed for experienced investors who have been waiting for this type of market to come around again and know the secret to achieving long-term investment wealth. 

Another great point to be made is that, due to the unfortunate reality that many homeowners who were also victims of "bad market timing" and sub prime mortgage loans, have lost their primary residences and are now entering the "rental market" looking for rental homes to live in.  This group of people offer an excellent opportunity for the investor for leasing an investment property to someone who wants a long-term rental and who will look at the "rental home" as their sanctuary... not just a "rental"... and treat it as such!

1. HIGH INVENTORY LEVELS
2. LOW MORTGAGE INTEREST RATES        =        "A WINNING REAL ESTATE INVESTOR MARKET!"
3. HISTORICAL PRICING
4. LARGE RENTAL POOL                                                                                                                                                                                                                             

THE SERENA GROUP's team of 5 licensed REALTORS has over 80 years of combined REAL ESTATE EXPERTISE.

If you are an investor looking to identify, finance, and purchase either a single investment home or a portfolio of properties... We can help!

Below is a sample of a few excellent real estate investment opportunities that we currently have listed.  In addition to these properties, we have an "INVESTOR BEST BUY LIST" that we would be happy to share with you including traditional home listings, foreclosures, and short sale home listings.  Contact us today... it would be our honor to help you meet your INVESTMENT GOALS!

Visit our website where you can do a "customized REAL ESTATE INVESTMENT SEARCH"  from our homepage. 

This investment property search tool will allow you to search by:

1. zip code
2. city
3. state
4. property type
5. price per square foot
6. cash flow / cap rate
7. estimated equity
8. down payment %
9. and mortgage type

You can also do calculations pertinent to a specific property.

At Keller Williams Realty of Manatee, we also have an "in-house" MASTER PROPERTY MANAGER with 20 years of property management experience... for investors who need property management services.

ONE STOP SHOPPING... FOR REAL ESTATE INVESTORS!

HERE ARE A FEW GREAT BRADENTON, SARASOTA, EAST MANATEE COUNTY, MANATEE COUNTY, AND SARASOTA COUNTY IN FLORIDA... INVESTMENT OPPORTUNITIES TO CONSIDER....

The government reported our first quarter of positive economic growth last week, indicating the recovery has begun. Yet investors kept the Dow moving up and down over 100 points four out of the five days, ending the week with a startling 249-point drop. Was this a bull market correction, or the return to a bear market? Who knows? The only thing certain is that investors aren't quite sure the economy is back on track.

Makes you wonder what it will take to convince them. The initial estimate for Q3 real GDP revealed the economy growing at a 3.5% annual rate -- way better than expected and the first rise in GDP in over a year. Happily, most of the advance was driven by consumption. Q3 GDP also showed home building UP at a 23.3% annual rate, its fastest rise since the '80's. Plus, Q3 corporate earnings reported so far show over 80% of the companies beating estimates, the highest rate in history.

On the jobs front, Initial Unemployment Claims dropped and the 4-week moving average hit a new low in the recovery of 526,000. Continuing Claims fell to 5.8 million. Positive news also included Durable Goods Orders UP for September, their fourth boost in six months. Most impressive of all, the Chicago PMI measuring Midwest manufacturing, shot up to its highest level in over a year. And the Richmond Fed index for Mid-Atlantic manufacturing logged its sixth straight month in expansion territory. All are favorable signs for U.S. manufacturing.