It's important as a Realtor to be aware of as many programs in the real estate industry as possible. I feel it is my responsibility as a real estate expert, not only to buy and sell, but to help however I can.
I came across a program that is backed by Freddie Mac, called H.A.M.P. (Home Affordability Modification Program). As I understand it... It is basically a Short Sale of the existing loan, but to the existing homeowner. By now most are aware of what a "Short Sale" is. But here is a brief description for those who might be unclear...A "Short Sale" is when a home is sold for less than what is owed on the mortgage. Therefore..."selling short" of what is owed. When doing my research on this program, I realized that the paperwork needed from the homeowner is the same that is needed in the short sale process. Here is the link for eligibility...HAMP Eligibility. To be clear...HAMP is for hardship situations on a primary residence. Freddie Mac created this, to prevent more foreclosures where they could. My opinion is...Tax Payers have paid for this, the Tax Payers should use it.
If you are strapped on your mortgage and considering short selling your home or possibly foreclosure, PLEASE research this option first. Especially if you wish to stay in your home!
To see what home values are in your neighborhood, go to HOME VALUES (works for Pinellas and Pasco MLS). My educated opinion is ... the lower the homes are selling in your neighborhood, the more the bank will want to KEEP you in your home!
Good luck to all. I really do hope this information can reach those who need it. It really does hurt to see how this economy has strained so many families. Hopefully this can be a source of light at the end of the tunnel. Please feel free to email me, if you have any questions. I'll try to help, the best I can.
Maureen Velilla (Realtor)
Century 21 East Lake Realty, Palm Harbor, FL
727-710-4120
Short Sales and Forclosures and the Economy...Oh My!!!! Those 3 factors are playing a HUGE roll in our real estate market today. I believe it has effected all of us, in one way or another. The key right now is to stay informed on what's going on around you.
I have become aware of a relatively new product called, "MLS Market Snapshot". I was so impressed, that I decided to implement it on all of my sites. What this program does, is give you an up to date comparables in your neighborhood. Market Snapshot uses our local MLS system, not Zillow "Zestimates". It's also free...in this day and age, ya gotta loooove FREE! It provides your local active and sold properties. It also lists days on market, average list prices, average sale prices, and too many other options to name. It's fun to play with, so when you get your report, feel free to "click around" because it's interactive.
If you are thinking about selling your home, this is a MUST HAVE! Pricing right in this market is the MOST important aspect of getting your home sold. As a Realtor, I can market my face off in order to sell your home. BUT if it's not priced right, it's all done in vain. If you are considering trying FSBO (for sale by owner), then you REALLY need to be on top of things.
Thinking about buying a home? It's important to know the home values in those neighborhoods. You want to make sure you are getting a fair price on the home or a good deal. You also want to make sure you're making a fair offer on the home that you love, so you don't get out bid.
I hope to be blogging a lot more now, so stay tuned. Check out the neighborhood Facebook Pages. I have listed the Pages for Palm Harbor, Tarpon Springs, Trinity, and FSBO. I know...I'm such a Facebook junkie, but it's a great way to connect, reconnect, network, and socialize. Yea...I'm hooked...at least for a while! 
Maureen Velilla , Realtor
Century 21 East Lake Realty
email: MaureenVelilla@aol.com
Cell: 727-710-4120
The First Time Home Buyer $8000 Tax Credit is going to be extended...That's GREAT news!!! Not only that, but there are some really positive perks added to it....
Here's the gist of it, and I'll dissect it further down.."Under the bill, first-time home buyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30. The plan would also make those who buy a new primary residence eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years"...."But the measure limits the purchase price of the home to $800,000. It also imposes income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for the program."
Targeted for first timers..." home buyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30." AND "income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for the program." The tax credit amount is the same, but the good news is...they upped the income caps. It was originally $75,000 for single and $150,000 for couples. By doing that, they broadened the market base. If you are considering buying, keep in mind that you MUST be in contract by April 30th. From this date, that only gives you approximately 4 months to find a home. If you are looking at purchasing a short sale property, you really should start NOW. You MUST close by June 30th. In many cases short sales are taking 6 months to close.
The other part of the credit ..."The plan would also make those who buy a new primary residence eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years." This helps both buyers and sellers. The reason it helps both is...there are currently not a lot of "non-distressed" homes on the market for buyers to choose from. Many sellers have been hesitant on putting their homes up in an unstable market. By this addition to the program, it's an incentive to sell. Therefor giving buyers more to choose from. Sellers that purchased their homes prior to 2004 can benefit from the great prices on homes now, and can "upsize" if they'd like. Homeowners that purchased prior to 2004 are more than likely in an equity or break even position. Nothing to lose, only to gain! If you are a homeowner and would like to check your neighborhood values...
(sorry...only good for Pinellas, Pasco, Hillsborough, and Hernando Counties)
So anyway...if you have been on the fence about buying or selling, now might be a REALLY good time to look into it! Check neighborhood home values, join some Facebook groups, and start asking questions. Two helpful Facebook Pages are listed under my links.
Source: Associated Press
Maureen Velilla
Century 21 East Lake Realty
727-710-4120
maureenvelilla@aol.com
In the past two weeks I have been told by friends up north of four Companies relocating to the south. Three in New York and one in New Jersey. Of the four, two are moving to the Tampa, FL area, one to Texas, and one to the Atlanta area. Governors Corzine and Paterson have truly put the squeeze on business owners and individual tax payers.
I remember approximately 9 years ago, we were part of the 1st mass exodus to the south. My son was 3 years old, my husband made a good salary, but yet we were still living pay check to pay check. The taxes were chocking us to death. We wanted to give our son a chance for a nice life, so we packed up our house in NY and moved to Florida.
Florida, Texas, and Georgia are "Freedom to Work" States. There aren't Government strong holds and constraints. Business owners are free to run their businesses the way they want, and workers only need to show up on time and be productive.
OK...so enough of my political soapbox (stepping down from it now). The entire point of this Blog is about Business Relocation and transplanted Realtors, helping those Companies move. As a transplanted New Yorker, I have a better conception of real estate expectations of other New Yorkers. It's up to me to make their move as smooth as possible. Expectations of schools, shopping, distance to work, and many other variables, are easy for me to match up...because I have the same ones. Most will flock to Pinellas County and the Trinity area in Pasco.
Realtors in Florida, Texas, and Georgia, need to keep their ears open to what's going on in their former home States. Stay a step ahead and listen to the news, reach out to friends, family, and former co-workers. When you hear of something happening...put your hand out to assist. Our marketing dollars aren't as fluent as in the past. We need to market ourselves wisely...this may be an additional way of doing that. I hope this sparks some insight to another marketing angle. If there are any New York or New Jersey Realtors that would like to work some referrals...please give me a call!
20 years combined Interior Design, Staging, and Real Estate experience.
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