Florida Mortgage Lender Blog & Real Estate News

July saw the largest increase in home sales in at least ten years, which brings hope for all the homes for sale in Florida. What’s the culprit for this more-than-expected rise? The first-time buyers tax credit!

The $8,000 tax credit first time buyers are eligible for expires November 30, 2009. Buyers that otherwise may have stood on the side lines are rushing to find the home of their dreams in time for the closing to happen before the deadline. Thanks to that deadline, one out of three homes for sale are getting that coveted “Sold” sign.

So why should buyers beware?

If you’re holding off for a better time to buy one of the homes for sale in Florida, you might never see it! Mortgage interest rates are at a historical low; housing prices are also much lower than they have been.

The tax credit is another excellent reason. If you’re a first-time buyer and close the deal before November 30, you get a 10% credit on the purchase price. That percentage caps out at $8,000. What can you do in a new house with $8,000?

Many buyers are looking at foreclosures, due to lower costs. While the foreclosures may not be in the best condition, the tax credit has helped them make repairs without taking a huge bite out of their wallet. You may have a foreclosure with $15,000 off the initial price and $7,000 in needed repairs. If you receive the full $8,000 tax credit, you actually end up saving $16,000!

So, if you’re honestly looking for a home to buy, go ahead. Take your time; make sure it’s a home you want. However, don’t take too long, because the homes for sale in Florida are rapidly disappearing. Take advantage of the tax credit and the number of possibilities!

If you’re looking for a great home, we can help. Call me at 407-876-5771 for more information.

Mortgage fraud cases under investigation by the FBI have jumped by about 63% in the past year, according to bureau director Robert Mueller.

"The schemes have evolved with the changing economy, targeting vulnerable individuals, victimizing them even as they are about to lose their homes," he told the Senate Judiciary Committee on Wednesday.

The FBI has more than 2,600 cases open, with most of them involving losses of more than $1 million, Mueller said. That's more than triple the number of three years ago and up from 2,400 cases Mueller said were open in May.

The FBI has shifted its investigative resources to focus on mortgage fraud and assigned about 300 special agents to the task. Mueller said their focus has centered on "industry insiders."

The FBI also has more than 580 open corporate fraud investigations, he said. The bureau has declined to identify any companies under criminal probes.

Source: NYDailyNews.com

Stop Foreclosure  Save Your Credit Florida Short Sales

Florida Real Estate Resource

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The purpose of this blog is to provide useful real estate information, which will assist both buyers and sellers. We will provide you with valuable market updates, statistical data and new trends as they develop. Many consumers find it difficult to locate the information they need when looking to buy and sell a home. This site is being provided as a free service to assist buyers and sellers in the Florida housing market make informed real estate decisions. In order to better educate and inform buyers and sellers, we will continue to develop and provide a set of comprehensive FREE Florida Real Estate Reports as a FREE No-Obligation service to our visitors. In the hope, you who visit this site and in turn, consider us in order to assist you in the purchase or sale of your home.

We truly hope that you find our blog postings, information, tools and resources helpful and we look forward to building a potential business relationship in the future.

Home Buyers - Get the Most for Your Money

Home Sellers - Sell Your Home Fast and for Top Dollar

Many who have put their Florida home up for sale in the past year are still waiting to put that “Sold” sign in the yard. If this is you, don’t panic! There’s still hope for closing the sale this year.

According to the National Association of REALTORS®, home sales have risen five months in a row. Great news for everyone currently in the real estate market. Why are they rising? A few reasons:

• Mortgage interest rates are at an all time low.
• Home prices are dropping to become more affordable.
• Buyers have a large selection to choose from, which encourages buyers that might otherwise have held out.
• First time buyers are rushing to buy before the $8,000 tax credit ends, which means closing the deal before November of this year.

Here are a few tips to help you get your Florida home sold before the year is up:

• Pricing – The key for most homebuyers seems to be the price. In fact, lower priced homes are selling the fastest. Go over your pricing with your real estate agent. Discuss whether you can afford to drop your home price, and if so, by how much.
  
• Valuation – A major reason for some of the sales falling through is because appraisals were performed by home appraisers outside of the area. Unfortunately, many of them appraised homes lower than the price the buyers and sellers had negotiated. Because of this, Freddie Mac and Fannie Mae push for appraisals to be done by home appraisers in the local area and appraisers who are more experienced with the local area’s housing trends and market. So, when it’s time to have your house evaluated, choose someone in your area, and ask that the buyer does the same.
  
• Competition – Because there is so much competition, it’s always a good idea to take one last look at your Florida home. Take your real estate agent with you and go over the home with a fine-toothed comb. What can you do to up the value? What can you do to make it more appealing?

Lastly, don’t give up hope! You have a great house to sell and buyers are looking. Do your best, listen to your agent and stay relaxed.

If you’re ready to sell your home, we can help. Call us at 407-876-5771 for more information. 

Stop Foreclosure  Save Your Credit Florida Short Sales