Real estate investors are moving back into the market, according to a recent survey --
12.1 percent of home buyers today plan to buy a home as an investment property, compared to 5.6 percent in March 2009. The survey found that 15.8 percent of those interested in investment property were men and 8.1 percent were women and 52.6 percent of the investment buyers were between ages 35 to 49.
Of the 25.3 percent of buyers who are focusing on foreclosure properties, 42 percent regard the purchase they are considering an investment and don't plan to live in the property themselves; 13.2 percent plan to rent out the property; 11.3 percent are going to fix up the property and resell it; and 17.4 percent plan to house a family member until the property can be sold profitably.
Of the 9.8 percent of buyers who say that they plan to purchase and live in a property in the next two years, 5.4 percent plan to purchase in the next 12 months; 48.3 percent are first-time buyers; 52.8 percent are women, and 44.1 percent are men.
Buyers of investment and personal property say they are motivated by these factors:
Interested in investing in the Tampa Bay Florida Real Estate? Call me so that I can let you know about the current mls listings of shortsales, bank owned homes or REOs, and new home builder inventory.
Our Services are FREE to buyers. Also Buyer Incentives are Available when you use Tampa Home Buy Realty when you purchase a home.
Looking forward to hearing from you.
Warmly,
Stephanie LeFew
813-624-3332 cellular
813-991-1355 office
Tampa Home Buy Realty
Tampa Realtors and Tampa Investment Properties from fixer uppers to Luxury Waterfront
Your options: Keep paying or try to change your loan's terms.
But some people wonder, what if I just stop paying the mortgage? It may be a tempting idea, but it quickly leads to trouble.
Here's what could happen if you don't pay the mortgage.
Credit bureau
If your payment does not arrive, your lender or servicer will report this late payment to the credit bureau by the first day of the next month. This will put a negative mark on your credit report and your credit score will drop.
The late payment report whacks your credit rating. Your credit score starts to drop, by up to 200 points, if this is your only late or missed payment.
Cards are closed, rates rise
In the next 30 days, you can expect your other creditors to notice the late mortgage payment and to take action. They can raise your interest rates, shut off your credit card entirely, or lower your credit limit. Auto insurance, student loans and other forms of credit are related to your credit score.
Tightening of credit lowers your Credit Score
Credit scores feed on themselves. If your credit card limits are lowered and you are carrying a balance, you are then using more of your available credit, something known as your utilization rate. When that goes up, it lowers your score some more.
The negative mark stays on your credit report for seven years. But the impact on your credit score lessens over time. The biggest impact is for the first two years.
Mortgage Company response
The phone will start ringing. Your lender will try to contact you, try to persuade you to go into a loan modification of some kind.
But after 90 days, you cannot just start making payments again. The lender may actually send your payment back, if you send it this late and have not been in contact.
What happens next? After a couple or more months of not paying your mortgage, you will likely be served with a foreclosure notice.
According to attorneys, if you don't respond within 20 days, then the lender, in the following 60 days, will ask a court to issue a judgment against you.
A county sale will be arranged 50 to 120 days after the judgment. Next, 120 days after the sale, the sheriff will be at the door. Ten days after that, you'll be thrown out of your home. (All time frames are approximate.)
Many things to consider.
Stephanie LeFew, Tampa Realtor
www.TampaHomeBuy.com
813-624-3332
Tampa Home Buy Realty
Here is some interesting information - Borrowers prefer short sales because Fannie Mae requires them to wait only two years to own another home or even less than that if they were not delinquent. By contrast, those who lost their homes to foreclosure have to wait five years.
Call me about Selling your Home by Shortsale please. Treating you with Dignity and getting the job done.
Warmly,
Stephanie LeFew
Tampa Home Buy Realty
813-624-3332 - personal cell phone
Tampa Florida Area Realtor Specializing in Selling Shortsales
It is a very good idea to have things in order before making an offer. That includes having the financing firmed up and writing a clean offer - for example, asking for new oven racks as part of the deal could make you seem like a demanding buyer who will be annoying to deal with. The bank would much rather work with another buyer and will do so if the listing agent or the bank get a vibe that you will be a pain to deal with.
Most bank-owned properties are sold "as is." If there is something you want fixed, it's best to just factor that into the price you're offering, but don't expect to bargain the listing price way down, as Banks typically price their properties at a 20 percent to 30 percent discount anyway. If the property has been on the market for a week or two, don't expect the bank to drop the price; if the listing is older, we may be significantly negotiate on the price.
Banks also require the potential buyer to get pre-qualified with the bank that owns the home so that they can get a feel on how strong a buyer is. That does not mean that you have to go with that lender however.
Whatever directions are given to your realtor however, like a specific amount that is needed as an earnest deposit and prequel letter, specific contract provided by the bank or instructions about the offer need to be followed as the bank has "the cookie" and they want to sell that cookie to the person that can follow directions and not be a nightmare to deal with.
Warmly,
Stephanie LeFew
Tampa Home Buy Realty
www.TampaHomeBuy.com
813-624-3332 cellular phone
My Services are FREE to Buyers!
Buyer Incentives Available
The Federal Housing Administration (FHA) is giving struggling borrowers an opportunity to deed their property over to the lender in exchange for up to $2,000.
Under the Cash for Keys program, borrowers with FHA-backed loans who agree to a deed-in-lieu-of-foreclosure do not have to repay the mortgage.
To qualify, owners must face long-term financial hardship, put the house on the market at a fair price for at least 90 days, face no additional claims or liens other than the first mortgage on the house, and leave the property clean and in good condition. This is one possibility for homeowners behind in payments.
I really believe it is really hard for homeowners to make this decision. If a homeowner can ride out and keep making payments on their home and not fall behind in payments, many would say that would be the moral and right thing to do. Please don't just stop making payments because you feel like you have a bad mortgage product or are frustrated about falling housing values. It is a frustrating feeling, to be sure. A home buyer who is falling behind in payments and considering selling their home by shortsale, please pray through your decision, and do what you think is right. You may want to consider consulting with an attorney or accountant.
Please let me know if there is anything I can do for you if you are looking to sell your home. Be sure, I will treat you with respect and dignity. I will work hard to negotiate your shortsale. My commission is paid by your bank is a part of the negotiation process.
Warmly,
Stephanie LeFew
Tampa Home Buy Realty
Pre-Foreclosure experience since 2001
Tampa Bay Florida Realtor specializing in Shortsale Listings and Sales
813-624-3332 cell
Stephanie LeFew & TampaHomeBuy.com here to serve 1st time home buyers,home buyers,investors,sellers,& sellers who need to sell quickly. I am here to offer my knowledge to you in this changing market.
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