Lilo Clacher

You want to avoid a foreclosure on your Cape Coral/Fort Myers real estate so you're decided to try to sell it as a short sale. Unfortunately, there are several stumbling blocks that can keep you from successfully selling your home as a short sale.
Here are four short sale killers you should be aware of before deciding to sell your real estate as a short sale:
1. You have not defaulted on your mortgage. Lenders will almost never accept requests for short sales until you are significantly behind in payments and have received a notice of default.

2. You filed for bankruptcy. If you've filed for bankruptcy, a short sale will most likely not happen. Few, if any, lenders will consider a short sale when the seller has filed for bankruptcy. This is because collection activities are not allowed in bankruptcies and a short sale is considered a collection action.

3. More than one lender is involved. If you have a second or third mortgage (or home equity loan or line of credit), all the lenders must agree to the terms of the short sale. Unfortunately, this is often difficult because the second or third lenders are the ones who absorb most of the loss. If you have more than one lender, and you want to try for a short sale, do a title search to verify the first and primary lender. Making a deal with the second or third lender is a waste of time because you'll still owe the first lender.

4. The lender drags his feet. Many short sales fail because the lender fails to complete the deal before the property goes to auction. Get the lender to move faster by making sure he has everything he needs in one concise package. If the lender doesn't get everything at one time, he tends to set the file aside and forget about it. You can also speed up the process by working with a real estate agent who is experienced with and knowledgeable about short sales.

If you have additional questions on short sales, foreclosures or any other Cape Coral/Fort Myers real estate related topics, please give me a call at 239-699-0142 or email me at Liloc@att.net. I'm happy to help.

Buying a home is a business transaction, but it's hard to keep emotions completely out of the process. Most sellers in today's market already know that they need to avoid unnecessarily angering their buyers. And buyers shouldn't make the mistake of thinking that just because the Cape Coral/Fort Myers real estate market is down they can get away with annoying sellers. Keep your cool this summer and avoid upsetting sellers so that your home purchase goes smoothly and for a fair price.

· Don't put down their home. By pointing out everything that is wrong with a house, you could force the sellers to take less money, but this strategy hardly ever works. You're more likely to anger the seller to the point that they won't continue negotiations. That doesn't mean you can't fight for the best deal possible, but be careful not to shoot yourself in the foot.

· Don't present an absurdly low offer. In today's market, there's often room to negotiate on Cape Coral/Fort Myers real estate, but offering something WAY to low will often insult the seller. You're better off coming in with what you think is a fair or a slightly low offer - and negotiating from there.

· Don't put off getting a pre-approved loan. There's nothing that will frustrate a seller more than getting almost all the way through the purchasing process only to find out you can't get financing. With your pre-approval, you'll know exactly what you can afford so you won't waste your or the seller's time.

• Don't renegotiate at the end. Never offer over what you want to pay and then attempt to ask for a massive price reduction to fix every minor repair. Of course, if a major repair needs to be completed, you can certainly expect that to be reflected in the price. Just don't attempt to lure the seller in with a price you know you're unwilling to pay.

If you'd like to work with a real estate agent who can help you stay cool while purchasing Cape Coral/Fort Myers, Florida real estate this summer, call me at 239-699-0142 or email me at Liloc@att.net for more information.

Veterans Day is the anniversary of the end of the world war on November 11, 1918. This holiday is best known as Veterans Day, Remembrance Day or Armistice Day in many nations around the world. Veterans Day date was declared a national holiday in many nations. First time this holiday was declared in 1938, but The Veterans Day is celebrated all over the world on 11th, November.
This nation will remain the land of the free only so long as it is the home of the brave.Thank you to all our Veterans and men and women of the armed forces keeping us from harm and our country safe.

There's a flurry of new business activity in downtown Cape Coral, indicating the local economy may be on the rebound. "Businesses are starting to move back following the economic downturn. It's a good thing," said John Jacobsen, executive director of Cape Coral's Community Redevelopment District, which promotes economic development. Eight new restaurants have opened or will open within a few weeks and plans for four more are in the works, Jacobsen said. A new pharmacy and an office building are being planned.Businesses in the south Cape are seeing the benefits of an improving economy.
"We had 156 people Saturday night. If you have a good restaurant with good food, people will come," said Luciano Moretti, owner of The Original Moretti's Italian Grill that opened in July.All this is good for the CRA's goal of trying to keep more business in the downtown area, instead of having people drive to south Fort Myers to do their shopping and dining, Jacobsen said. The city's population, said Jacobsen, is more than enough to support the new businesses. He said 103,000 people live within 10 minutes of downtown Cape Coral and they have the potential of spending $74 million a year there.One store that is seeing more customers is Sweetbay grocery store, which opened the last weekend in August at a new, larger location on Cape Coral Parkway."Our business is up over 50 percent" from what it was at the old, smaller location on Leonard Street, said manager Ray Brose. The store has had to hire 30 more employees, bringing the staff to just over 100 workers.Residents, Brose said, appreciate the fact that Sweetbay decided to stay downtown. "They've told us ‘thank you so much for staying here,' " he said.
This is all good news for Cape Coral. Our city is growing and we need to offer good restaurants and shopping to our residence. The Cape for many years was called "Cape Coma". Now we have great things to offer, thanks to all the business owners who kept the face in our great City.

Because buying real estate is one of the most important and expensive purchases you'll ever make, it's worth the time to consider ways you can save money. Here are a few ideas on how to save money on your mortgage and closing costs:

Pay Attention
You have to pay attention to how much the real estate costs. You have to pay attention to how much the house is worth and how much more you may have to put in the kitty for any repairs that may need to be done. Use these details to negotiate.

Negotiate with the Seller
Negotiating with the seller is expected. You already know you can negotiate on the price of the home, but did you know you can also negotiate who pays the closing costs? In this buyer's market, it has become common to ask the seller to pay some or all of the closing costs when you purchase a home. Be careful with your negotiations. Many sellers will up the price of the home, if you ask for them to pay closing costs.

Negotiate with your Lender
Negotiating with your lender has become the new norm. In fact, depending on the lender's Good Faith Estimate and your credit standing, negotiating for a better deal on your mortgage could save you thousands in the long run.

Examine the Good Faith Estimate
A Good Faith Estimate is the estimated settlement costs, or closing costs, your lender will expect you to pay. These can add up to as little as 3% and as much as 5% of the sales price. However, as the name implies, it is only an estimate, and prices are subject to change.

Carefully read your Good Faith Estimate. While some closing costs are usual, such as title insurance, others can be dropped by opting out of a service. Still others are "junk fees," which you can negotiate for.

When buying Cape Coral real estate, you always want the best deal you can get. The same should be said when picking a mortgage lender. Pay attention to the good faith estimate. In fact, get one from several lenders and compare them. Don't let the excitement of buying a home override your good business sense.

Consider Rolling Closing Costs into your Loan
Many new homeowners roll their closing costs into the loan. However, if there's a way to pay them at closing, it might be better to do so. Paying them now saves you money because spreading them throughout the life of the loan means shelling out more interest.

If you're looking for a great deal on an even better home, let me negotiate for you. Call me at 239-699-0142 or Toll Free 800-820-3511 or email me at liloc@att.net for more information.