Bank owned homes are usually an awesome deal.
These are homes that have already gone thru foreclosure and the bank now owns them. The Bank had to pay a tremendous amount of money to foreclose on the house as well as they have all the mounting expenses and headaches associated with a portfolio of vacant homes, where they are making no money on them as they sit there vacant. The Bank is a a motivated seller!
When making an offer on a pre-foreclosure it could take as long as 6 weeks to 3 months or more to get a response on an offer and be able to close. You have be be very patient and have a pretty open time line on the date you have to move in when considering a pre-foreclosure.
With a bank owned home, your realtor should get a response from the Bank a lot quicker than that. It's best if you can make an offer when you are the only one with an offer in on the house, however, lately the bank will price the house extremely low in order to draw a lot of attention to it. The bank wants to move it quickly and lessen their holding costs; they would also like to get multiple offers on the home and get the best possible price -- similar to ebay.
I know of a house that had 13 offers with the bank picking the highest and best offer. That was basically an auction with the house going to the highest bidder. That takes me back to how things were at the height of the market a couple of years ago.
When making an offer on a bank owned home, you have to keep in mind that the house 99% of the time will be sold as-is with no repairs. I always advise home buyers to get a home inspection done so that they a good idea what works and what doesn't, also the life left on the roof, etc, so you can budget for future expenses.
Investing in a home of your own, is a dream come true for many people. You have to balance emotion with wisdom that only an experienced realtor can bring to your purchase. Call me for any questions that you may have. I look forward to hearing from you.
Warmly,
Stephanie LeFew
Tampa Bay Realtor -- Moving with you at Your Pace
Solaris Realty of Tampa Bay
All Services are FREE to Buyers
813-624-3332
When a home owner is behind in payments, or if the house values have dropped where the homeowner is now upside down, one possible solution is a short sale.
A short sale is when the seller's bank accepts less for the house than what is owed in order to expedite the sale of the house. My commission is actually a part of the negotiations with the bank and if the short sale is successful, that as well as many, if not all, of your closing costs should be included in these negotiations.
It is often in the bank's best interest to agree to a short sale, rather than complete a foreclosure and take the house back and experience ongoing loss associated with the house.
If you are needing help and behind in payments or are feeling upset about the price reductions and decreasing real estate values, feel free to call me to discuss a short sale as well as your other possible options.
The benefits of doing a short-sale is to move the house quicker and not sit on it making payments, especially if it is a vacant house, not having a completed foreclosure on your credit (the worst thing on your credit), sleeping better at night knowing that you are giving yourself a better shot at selling the house in today's real estate market. Your credit should get better after the house is sold. Now you can move towards moving on with your life.
If you are considering doing a shortsale in order to move your home, you really need a realtor that is highly experienced in pre-foreclosures and the sale of them. You need someone on your team with the know-how needed. I would love to help. Please call me with any questions that you may have.
Warmly,
Stephanie LeFew,
Shortsale Specialist, whether you are looking to sell or to buy
Solaris Realty of Tampa Bay
813-624-3332
One of my new buyers, Zenzi, asked in an email to me..."One more question: what does it mean when the listing says "Listing price may not be sufficient to cover all encumbrances?"
I responded as follows--
This means that the price listed on the realtor database (mls) is not
enough to pay off the entire amount that the seller's mortgage company is
owed, as well as possibly the property taxes and other liens against the
property.
In order for a buyer to be able to purchase the home at the list price the
bank and other lien holders will have to accept less than what they are
owed. This is called a "short sale". The bank is not obligated to accept
less that what they are owed, but if there are financial circumstances and a
true hardship that the seller is experiencing then they will consider one.
Also, if the seller is behind in payments, the bank does not want to own the
property. That gets expensive really fast for the bank.
A shortsale is a great way to get a home at a terrific price, however, you
have to be patient as the process is much longer than a "regular" sale. It
can take 2 weeks to 3+ months for the seller's bank to decide whether or not
to accept your offer. Again, you can oftentimes get a terrific price.
If you are not under a tremendous time crunch this may be a great way for us
to go.
What do you think?
If you have any questions about shortsales, foreclosures, or bank owned homes, please let me know.
Warmly,
Stephanie LeFew
813-624-3332
Solaris Realty of Tampa Bay
How does a first-time homebuyer take advantage of the $8,000 tax credit? It comes with a few rules. According to the most recent analysis, the following rules will apply - though things could change as tax professionals weigh the details:
· The deduction is worth 10 percent of a home's value up to $8,000, which means all homes worth more than $80,000 could qualify for the maximum amount.
· There is an income limit to qualify. A married couples' modified adjusted gross income (MAGI) should be under $150,000 and single filers' MAGI should be less than $75,000.
· Partial tax credits may be available for married couples with MAGI incomes over $150,000 but under $170,000, and single filers with incomes over $75,000 but under $95,000.
· If married couples file separately, they can both claim 5 percent of the home purchase ($4,000 each for a home over $80,000) on their tax returns.
· It's a tax credit, not a deduction. That means the entire amount goes back to the first-time homebuyer unlike deductions, such as mortgage interest, that are subtracted from gross income before tax is calculated. If qualified for $8,000, the buyer gets $8,000, even if they would not owe that much in taxes otherwise.
· The tax credit applies to homes purchased between Jan. 1, 2009, and Dec. 1, 2009.
· The tax credit does not have to be paid back, providing the homebuyer keeps the property for at least 36 months and resides in the home.
· To qualify as a first-time homebuyer, the purchaser cannot have owned a home within the previous three-year period. However, ownership of a vacation home or rental home does not disqualify the buyer.
· If purchasing a new home, the effective date to receive the credit is the first day the homeowner actually lives in the house. If construction began in 2008, that buyer could still qualify. And if construction begins in 2009 but the owner does not take possession until 2010, the buyer would not qualify.
· The tax credit can be claimed on 2008 income tax forms even though the purchase took place in 2009. A buyer could close on a home the same day that President Obama signs it into law, fill out their income tax forms the next day, and receive the tax credit fairly quickly.
The tax credit is not a downpayment, but it could be used toward a downpayment if first-time homebuyers plan ahead. U.S. taxpayers have money withheld from every paycheck for income taxes. If they owe more tax than the amount deducted, they pay the IRS; if they owe less, they get a tax refund.
By anticipating at least an $8,000 refund in early 2010 when they file 2009 taxes, these buyers could cut down on their tax withholding this year and save the money toward a downpayment. There is one caveat, however: Should they not buy a home in the qualifying period, they would still owe the IRS the money, and reducing their withholding amount could result in a high bill at tax time.
I love working with First Time Home Buyers. I will assist you and be with you throughout the entire home buying process, from the free mls search that I will send you with exactly what you are looking for in a home, to making all the arrangements for you to see your favorites, to mortgage prequalification and loan programs, to negotiating an offer and explaining all the paperwork to you, to home inspection, to final walk thru, to closing on your new home.
Please call me so we can get started.
Warmly,
Stephanie LeFew
Pasco County Realtor, Solaris Realty of Tampa Bay
Wesley Chapel Equestrian Property for Sale
813-624-3332 cell / 813-991-1355 office
I love helping sellers that need to sell quickly. They are just so excited to move past the stress of being behind in payments.
I try to help make a bad situation a better one. Working full time as a shortsale specialist is a must, as often times I have to be on the phone with a bank several times in just one day in order to work any last minute things that may pop up right before the home closes. I love to work with Anchor Title on Sheldon Road for all my listings. Tammy is an indispensable member of my team.
When a home is sold via shortsale, the seller is able to avoid a completed foreclosure, which is the worst thing on a person's credit. The Buyer gets a great price on a great home and gets to start a new exciting chapter in their life. The Seller also gets the opportunity to move into a home that is more affordable and live their life without the stress of people calling and knocking on their door asking to help them because they are behind in payments
It's really a win / win situation and the seller's mortgage company pays my commission. The bank also will lose less money if they shortsale the property rather than taking it back.
Please call me if you are looking to buy a pre-foreclosure home or if you are needing to do a shortsale on the house that you live in. I would love to assist you, no matter what your needs.
Have a blessed day. Feel free to call me anytime!!
Warmly,
Stephanie LeFew
Solaris Realty of Tampa Bay
813-624-3332
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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