About Navarre's Holley By The Sea

Brent White, an associate law professor in Arizona, was just on Fox Business News and is spreading the message that foreclosure is not nearly as bad a credit hit as it's made out to be and that you can recover your credit within a couple of years!

He says that there's a double standard out there and that when a corporation decides to shed a bad investment it's considered wise, but when a person tries to shed a home that has become a financial albatross, it's considered bad.

I don't see how Mr. White can make the comparison between a company shedding a bad investment and a homeowner letting a property go into foreclosure. And I'm also not sure I agree with the statement that you can recover your credit within a couple of years!

Granted, a home is an investment, but if there is a mortgage on the home then the home was used to secure the loan to pay for the home. When I think of a corporation shedding a bad investment, I think of them selling off whatever the investment is for a loss.

But it's their money in the investment, not borrowed money. And if it is borrowed money, then I would imagine they'd have to get permission from whoever loaned it to them to take a loss. Kind of like what a bank or mortgage lender does in a short sale!

It is also widely understood that a foreclosure can lower your credit score anywhere from 250 to 300 points for up to 3 years, and be reported on your credit history for up to 10 years. Where does Mr. White get that your credit will only be adversely affected for a couple of years?

There are other serious side-effects of foreclosure that one should consider.

For example, in 100% of foreclosures (except in those States where there is no deficiency), the bank has the right to pursue a deficiency judgment. A foreclosure also has to be reported on future mortgage loan applications for up to 7 years, may affect your current employment as employers have the right to check your credit, could be a question on future employment applications, and could very well result in the revocation of a security clearance.

A homeowner who loses a home to foreclosure is also ineligible for a Fannie Mae-backed mortgage for a period of 5 years if it was their primary residence and 7 years if it was an investment.

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More and more I'm running into people that have heard or have been told that it's better to let their home go into foreclosure rather than selling even if they have to sell short. And this concerns me because everything I've learned and been taught about short sales and foreclosures says the exact opposite.

In some successful short sales, for example, it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner. Not so with a foreclosure.

A short sale is not currently reported on your credit history as there is no specific reporting item for ‘short sale'. The loan is typically reported as "paid as agree" or "paid as negotiated". Not so with a foreclosure.

A short sale can lower a credit score for as little as 50 points for as brief as 12 to 18 months. It is not recorded in public records. Not so with a foreclosure.

A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed mortgage after only 2 years whether it's their primary residence or an investment. Not so with a foreclosure.

So, how is a foreclosure better than a short sale?

Holley by the Sea is a thriving private residential community midway between Pensacola and Destin in Northwest Florida. Its main entrance and private recreation center are on U.S. Highway 98, about 5 miles west of the Navarre Beach Bridge and State Road 87 in Santa Rosa County and about 20 miles south of Interstate 10.

One of the largest single developed community in Florida, Holley by the Sea encompasses some four square miles of land with most of its 4,721 lots being a spacious half-acre. It includes a large amount of dedicated Greenbelt land that is home to a variety of wildlife. Within its borders is a fire station that provides protection through the Holley-Navarre Fire District.

Approximately 4,700 property owners are invested in Holley by the Sea. Some reside in the community. Others live throughout the nation and around the world. Created in 1972, Holley by the Sea continues to grow. It is a desirable location for those who enjoy the moderate climate and beautiful beaches of the Florida Panhandle. It is convenient to Eglin and Hurlburt Air Force Bases and the Pensacola Naval Air Station.

Holley by the Sea is minutes away from the beautiful sugar white beaches of the Gulf of Mexico. Two regional airports are nearby and interstate highways allow one-day driving trips to major cities such as Mobile, New Orleans, Birmingham, Atlanta, Orlando, Memphis and Nashville.

Some of the many advantages to living in Holley by the Sea are its attractive combination of well-designed homes and landscaped open spaces. Holley by the Sea is a covenanted community with architectural standards. A 48-acre park with access to Santa Rosa Sound includes the HBTS Recreation Center. The Rec Center has a workout gym, three swimming pools, eight lighted clay tennis courts, basketball courts, handball courts, a baseball field, game room, aerobics room and sauna, as well as a large meeting room. Activities offered include aerobic classes, water aerobics, swimming lessons, competitive tennis and swimming teams, plus many social events. The park features four picnic pavilions, nine campsites, playground, fishing pier and private beach.

Holley by the Sea Improvement Association, Inc., was established in 1972 to help its property owners enjoy a community that has the interests of all owners at heart. The association, operated by homeowners since 2002, is managed by a state-licensed community association manager. Policies are set by a five member elected board of directors.

For those who enjoy golf or living on a golf course, the Hidden Creek Estates section is adjacent to the challenging and well rated 18-hole semi-public The Club at Hidden Creek.

Holley by the Sea Homeowner's Association
6845 Navarre Parkway, Navarre, FL 32566
850 939-1693

(c) Copyright 2009 - Holley by the Sea Improvement Association. All Rights Reserved

DECEMBER HOA CALENDAR OF EVENTS - CLICK HERE

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Visit www.SURF4TURF.net for more information.

By Liz Streed, GCREP-GL-Realtor

PRUDENTIAL Holley Properties R.E.

The key to an easy move is careful planning. There are many action items that need to be taken prior to the move all the way up to the actual day the first box is loaded on the moving truck. Take time to write down and organize the decisions and activities that will need to be accomplished prior to the move such as securing a mover and changing your address. Ideally, you should try to break up the tasks over a two-month period. By doing so, you won't overload your schedule, plus it can save you time and money. To get you started, consider using the checklist below as a guide.

Eight Weeks Prior

ü Get estimates from at least three professional movers. If you are going to do it yourself, get estimates on rental trucks.

ü Decide which furniture and household goods you'll be taking, which needs to be disposed and which needs to be replaced.

ü If you will be moving to a new city, contact the Chamber of Commerce of that town for a new residence packet. Your sales professional may also have information.

ü

Six Weeks Prior

ü Inventory your possessions besides furniture - kitchenware, decorative items, electronics, apparel and so on.

ü Complete a change of address form with the post office. This can be easily done online at www.MoversGuide.com for a minimal cost of $1. Make sure you notify organizations, credit cards companies, and publications to which you subscribe of your new address, too.

ü Obtain copies of all medical, dental, legal, accounting and veterinarian records.

ü If children are changing schools, arrange for transfer of educational records.

ü Itemize moving-related costs with the mover including packing, loading, special charges and insurance.

ü

Four Weeks Prior

ü Make arrangements for packing your belongings. If you will be using professionals, schedule with the company for packing to take place a day or two before the move. If you will handle packing on your own, purchase adequate boxes, packing materials and tape.

ü Arrange for short-term or long-term storage if needed.

ü Make travel arrangements for pets including necessary medical records, immunizations, medication and so on.

ü

Three Weeks Prior

ü Begin packing items you won't need immediately or that will go into storage.

ü Contact utilities on both ends of the move to order termination or turn-on for occupancy date.

ü Confirm travel arrangements for family and pets.

ü

Two Weeks Prior

ü Terminate newspaper and other delivery services.

ü If necessary, arrange and confirm new bank accounts and local services in your new neighborhood.

ü

One Week Prior

ü Gather important papers, records, and valuables for protected shipment to new home or safe deposit box.

ü Obtain any prescription medications needed for the next few weeks.

ü

Day Before or Actual Moving Day

ü Defrost refrigerator/freezer and give away all perishable food.

ü Keep a box marked "Last Box Packed/First Box Unpacked" for tools, flashlights, first aid kit and so on. On moving day, this should be the last box placed on the truck.

ü Pack items to carry with you such as valuables, financial records, personal papers and so on.

ü Give the movers a telephone number and address to reach you.

To be sure, a detailed action plan can get your move well down the road before you ever depart to your new destination.

Liz Streed can be reached at (850) 368-7735. PRUDENTIAL Holley Properties R.E. is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

By Liz Streed, GCREP-GL-Realtor

PRUDENTIAL Holley Properties R.E.

As a homeowner, you begin to accumulate all sorts of records and papers the moment you made the offer on your home. Loan documents, inspection reports, title insurance policy, home improvement receipts, appliance warranties are just a few of documents that you may at one time or another need. Would you be readily able to locate these items? Are they filed away or in different junk drawers around the house? Knowing where these items are can save you a lot of time and even money in the long run.

Consider investing in a record-keeping system. It doesn't have to be expensive. You can purchase an accordion file and label each flap with a different category. Then use the following tips as a guide to get started.

Contracts and Legal Papers

Keep all the papers signed and/or given to you at the closing together in one place, preferably in a safe deposit box. These documents include the deed, settlement statement, appraisal, disclosures, mortgage note, inspections and any other reports, and title insurance policy. You will need these records again if you decide to refinance or sell your home.

Insurance Policies

Keep a copy of all insurance policies relating to your property together. This may include homeowners, flood and earthquake policies. With these documents, keep a list of insurance agents or companies and copies of correspondence related to claims.

Purchase and House Data

It's also a good idea to keep a copy of the original listing of your house, comparable market analysis, floor plans, blueprints, and historical information. If you own a newly built home, keep a list of contractors and material suppliers as well.

Property Taxes

Keep your tax bills and record of payment for as long as you own the home and possibly even longer. You may need these items if your tax returns are ever audited.

Home Maintenance and Improvements

Records in this category include receipts for repairs or replacement expenses, names of contractors, contracts, and a log of maintenance tasks.

Warranties, Manuals and Receipts

These documents provide you with a proof of purchase date and determine service and parts guaranteed. In addition, the manuals usually provide care information so you can help ensure your household appliances are being properly maintained. You should keep your warranties, manuals and receipts for these items for as long as you own the appliances.

Home Inventory

If you were ever to lose any of your possessions due to fire, burglary, or vandalism, having a home inventory can help you avoid a lot of heartache and make it easier when filing an insurance claim.

Start with a sheet a paper for each room in the house. Go around the room and list every item. Don't forget the attic, basement or other storage places. For each item, write the original cost, purchase date, replacement cost, model number, brand name, where purchased, and a general description. You can also use a computer software system so that you have an electronic copy.

Besides a written inventory, take photos or video of each room for visual documentation. It is also a good idea to arrange valuable collections, silver, jewelry, etc. and take close up photos.

Keep a copy in your home files and the originals in a fireproof safe or safe deposit box. Make sure you update your home inventory photos and list at least once a year.

Organizing your home files may take a considerable amount of time initially, but it will definitely be time well spent in the event you need the documents later on.

Liz Streed can be reached at (850) 368-7735. PRUDENTIAL Holley Properties R.E. is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

By Liz Streed, GCREP-GL-Realtor

PRUDENTIAL Holley Properties R.E.

It's not surprising that two of the most popular rooms for home makeovers are the kitchen and bathroom. When potential homebuyers are searching for homes, they generally are more attracted to homes with updated kitchens and baths. These same rooms rank high in return on remodeling investment at resale, according to Remodeling Magazine's Cost-vs-Value 2008-09 Study.

However, both can be pricey ventures. According to the same study, the national average for minor kitchen remodel was $21,246. A sample remodel at this cost includes replacing cabinet fronts, flooring, laminate countertops and oven and cooktop; installing mid-priced sink and faucet, adding wall cover and repainting trim.

The national average for a mid-range bathroom remodel was $15,899, which included replacing fixtures, installing a porcelain-on-steel tub, new shower and ceramic tile flooring.

If you're like many consumers today, you are more budget conscious and may not be able to afford thousands of dollars on a remodeling project. Here are some alternatives that will give your kitchen and bathroom a fresh, modern look without breaking your piggy bank.

Kitchen

Cabinets- Give your cabinets a fresh look by either refinishing or refacing the fronts at a more economical cost than buying new ones. You can even take the center face out and install a glass front.

Hardware- Replacing your cabinet knobs and drawer pulls, can give your kitchen an entirely new look.

Paint- A fresh coat of paint is always a sure bet. And it is one of the least expensive ways to give a room a makeover. To further transform the room, choose more modern hues, such as a warm yellow or deep red.

Countertops- The price of natural quartz or stone countertops can quickly eat away your kitchen remodeling budget. Less expensive, yet still attractive alternatives are solid surface materials such as Silestone® or granite and ceramic tiles. An even more affordable choice is laminate, which is easy to install yourself and comes in a variety of colors and styles.

Faucets and Sinks- Add a fresh new look by replacing your sink and faucet with a high-arched spout in an updated finish, such as brushed nickel, brushed chrome or stainless steel.

Backsplash- Another option to modernize your kitchen's look is adding a backsplash. But rather than having ceramic tiles, consider creating a mosaic with ceramic or glass or install a faux backsplash panel.

Window treatments- Switch out older valances with options that let the natural light in.

Lighting- By adding under cabinet lights or even track lighting, you can create a dramatic look to your kitchen.

Bathroom

Paint- As with the kitchen, a new coat of paint is a low-cost way to renew a room's look. Choose a warm color to give the room an intimate feel.

Showerheads- Change out old showerheads with a new rain showerhead.

Shower Doors- If you still use shower curtains for your bathtub, you can update the look by installing glass doors. Frameless doors are preferable. However, if the walls aren't flush to the tub area, framed doors will still give you the modernized look you're seeking.

Hardware- Just as with the kitchen, replacing the knobs and handles can give your vanity a fresh new appearance.

Lighting and Mirrors- In addition to the vanity, the lighting and mirrors above that area can combine to make the perfect focal piece for your bathroom. If changing the vanity is not in your budget, consider swapping out your unframed glass for a more decorative mirror and add a new lighting fixture.

You don't have to spend thousands of dollars to add pizzazz to your kitchen or bath. Just changing one or two elements can make a huge difference in its appeal to you and a potential buyer down the road.

Liz Streed can be reached at (850) 368-7735. PRUDENTIAL Holley Properties R.E. is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity