There are several changes taking place in the Florida Real Estate market that I believe will improve current conditions. 

• There is now a tax incentive for first time homebuyers of up to $7500.  At this time, the tax incentive is good for only first time homebuyers (you are considered a first time homebuyer if you haven't purchased a home in the last three years).  The National Association of Realtors is trying to get legislature to extend the tax credit to all homebuyers.  This credit currently expires July 1, 2009 so don't procrastinate.
• Home loans are more readily available and intereste rates are at an all-time low. 
• Mortgage lenders employ higher standards.  One of the main reasons our housing market has tanked is because of lenders who dealt in subprime lending.  An estimated 1.5 million ARMS will readjust to higher interest rates this year leaving homeowners unable to make the higher mortgage payments.  New legislation has been passed that will allow borrowers to refinance into a more affordable mortgage.
• Tighter lending practices will ensure borrowers are actually qualified for an amount they can realistically afford. 
  
• Fannie Mae and Freddie Mac has raised the limits onf the mortgages they guarantee from $417,000 to $625,500 and the Federal Housing Administration will raise their loan limit to $625,500. 
  
• The FHA will also help existing homeowners refinance their current mortgage into a lower interest rate, which will reduce monthly payments by hundreds of dollars and hopefully prevent a foreclosure.

If you have ever dreamed of owning a home, now is the time to get pre-qualified for a mortgage and contact your local Realtor to get you started.

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For more information, please contact me at info@buytampafl.com

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I just had a contract fall through on a condo the day before we were supposed to close because financing was denied. Financing was denied because the developers still owned 32% of the condos in the development and Fannie Mae would not warrant to loan. I have learned that the first question a buyer or buyer's agent should ask the condo association is whether or not any of the units are still owned by the developer. You will be hard-pressed to obtain a loan for a unit located in a community where a developer still owns more than 10%. My buyer had already gone through the inspection, received a loan commitment and the appraisal before the 32% developer ownership was discovered. The condos I am referring to were built in the 1970s, but developers apparently rehabbed the units. Had this question been asked by me or the mortgage broker or the seller or the seller's Realtor, we could have saved everyone (mainly my buyer) a lot of trouble and disappointment. Apparently, Fannie Mae is considering pulling out of condo market all together. This will mean a buyer will have to pay an inordinately high interest rate if they can find a lender to actually give them a loan or only cash buyers will be able to buy a condo. Hopefully this is not the case since the Florida condo market is already terrible. Don't let this happen to you!

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For more information, please contact me at info@buytampafl.com

Looking for a new home? Search the Tampa Real Estate market for a list of all available homes in the Tampa/St. Petersburg area.

Where there is potential money to be made, there is a crook out there to take advantage of it.  As the foreclosure rate in Florida rises, predators posing as individuals who care are coming out the woodwork.  These predators entice homeowners with schemes of how they will rescue them from foreclosure, but they could care less about getting anyone from under their mortgage.  They are in the business of swindling the homeowners out of their money and in some cases the home they are alledgedly trying to save.  The scam artists focus their schemes on homeowners who have considerable equity in their homes.  They reach the homeowners via mailers, phone, email or through those signs you see in the right of way as you are driving down the road.  A common scenario is a fictitious buyback or lease-back option that involves signing over the deed to your home.  There is no reason why a person should need the deed to your home to get out from under your mortgage.  The reality of the lease-back or buyback option is the criminal will retain possession of your home and its remaining equity.

I am not saying that all of the people who state they can help you out of your mortgage are con artists because I certainly work with alot of legitimate investors who play an integral part in the housing market we are currently in.  I am just saying that you cannot trust everyone and that you must do your homework before agreeing to hand over your personal documents to a perfect stranger. 

Never let your guard down!

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For more information, please contact me at info@buytampafl.com

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Mortgage rates are at an all time low so the question many homeowners should be asking themselves is whether or not they should refinance?  Last I checked, the conventional and FHA mortgage rates were a little over 5%.  If you are currently paying 6% or more, you really should start crunching the numbers in order to determine if refinancing is worth it for you.  If you think you won't qualify for a refi because you have lost the equity in your home and now owe more than it's worth, you may still qualify.  For instance, Fannie Mae will let certain borrowers refinance with a lower mortgage rate even if their current rate equals as much as 120% of the property's current loan value.  Don't wait too long because there is no telling how long the low rates will stick around.  A a Realtor in the Tampa Bay area, I am keeping my fingers crossed that the low rates will be around for a while.  Lower rates will encourage renters and first time homebuyers to start building equity instead of throwing their money away and buy a home they can call their own. 

Another consideration is refinance vs. purchasing a new home.  It was announced yesterday that the lobbyists in the financial industry are pushing the Treasury Dept. to lower the interest rates for new home sales to 4.5%.  It would be an unprecedented opportunity for anyone who has good credit to buy a home.  If you currently own a home and owe more than what you can sell it for and are considering a refi, maybe you should crunch the numbers to see if buying a new home is cost effective.  If you refi, you have to be ready to remain in the home for many years to come.

If you have any questions, please contact me at info@buytampafl.com.

Looking for a new home? Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

Ever wonder why you are always tired?  Do you work from home or in an office and find you haven't really moved all day?  Are you stressed out with the never-ending list of things to do?  How can you find relief from the hum-drum of everyday life and feel better?  The answer is easily said, but not done.  Exercise.  Besides the obvious health benefits, exercise relieves stress and can help you to sleep better at night.  Exercise will also improve stamina that will help keep you going all day.  Feeling good is essential to a successful business.  As a busy Realtor in the Tampa Bay area, I always find time in my day to exercise.  It is not always easy to find the time, but if you treat it as a part of your daily schedule you can get it done.  To those of you who work through your lunch hour, use this time to workout.  The lunch hour is a great time to lift weights.  For me, I can get this essential workout out of the way without ruining my make-up and hair.  Of course, you can't forget about your heart health so I will usually do cardio in the morning or in the evening.  Thirty to forty minutes of high-intensity cardio such as running, stair-stepping, eliptical or rowing 3 to 4 times a week will do the job. 

Exercise and eating healthy has to be viewed as a way of life.  It is definitely a big part of my life and without it, I don't think my business would prosper.  I have the energy and drive to make it prosper because of my healthy lifestyle.  If you think you don't have time to exercise, you are making excuses.  Make it a part of your life and you will see your personal and business life improve dramatically.

For more information, please contact me at info@buytampafl.com.

Looking for a new home? Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

It is now November in Florida and the temperature is cooling a little, the humidity is better, mosquitos numbers are a little down.  I find myself thinking more and more about what I have to be thankful for.  With the economy in turmoil, I think back to how different things were a little over two years ago.  The housing boom was in full swing and jobs were plentiful.  The population, for the most part, was happy and worry-free.  I was one of the worry-free people who was prospering and never thought the housing decline would affect the overall economy as badly as it has. We are constantly worried about whether or not we will have a job next week and have put all of our plans on hold.  I used to worry constantly about having enough money to retire as early as possible and saved like crazy, but my thinking has shifted to day to day survival.  I will say my attitude now is very different from my attitude two years ago.  I find happiness in the small things in life and I am more aware and thankful of what I do have instead of what I don't have.  I know things will eventually get better, but going through this time is definitely a learning experience of what is really important in life that I will not soon forget.  Be Thankful!

For more information, please contact me at info@buytampafl.com.

Looking for a new home? Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

The state of Florida is officially underwater in foreclosures!!!  Okay, we have known that Florida is one of the top five states with the highest foreclosure rate for a while.  It just keeps getting worse.  Of Florida's over four million mortgages, roughly 26% of those mortgages are in foreclosure.  This statistic does not include all of the pre-foreclosure properties that are trying to get a short sale approved and if no short sale then it's on to foreclosure.  If it is any consolation, we are no where near as bad off as Nevada where approximately half of the mortgages are in foreclosure.  What is the answer to getting people and the economy back on track?  I wish I had the answer.  Chase announced todayt that they are going to place a 90 moratorium on foreclosures in order to give them time to work with customers and refinance.  Geezzzz.....my mortgage is with Chase - can I take 3 months off?  There is just a huge incentive today for people to walk away from their mortgage.  They think that if everybody else is doing it, why shouldn't they?  It may wreck their credit, but it will wreck 26% (to date) of Florida's population too.  Almost everyone who purchased a home in the last 5 years is underwater in one way or another. Either it's foreclosure or market value decline. 

I have seen quite a few advertisements for reverse mortgages and often wonder if it's a good idea or not.  A reverse mortgage is basically a loan using the house or its equity as collateral.  It is intended for individuals who are 62+ years old who have paid off at least half of the mortgage on their home.  It is a low-interest mortgage that only requires pay back when you move out of the home or you pass away.  Once the house is vacated the owner or the estate will have 12 months to sell the house.  The proceeds from the sale will go towards paying off the reverse mortgage loan with interest and any excess will go to the owner or the estate.  If the sale of the home does not cover the reverse mortgage amount, the estate will not be responsible for the overrage.  

What are the pros of a reverse mortgage?

• No payments are due as long as you live in the home
• Interest rate is lower than traditional mortgages/home equity loans
• Retiree is able to get money out of home to live on and remain in the home
• Heirs will get proceeds of the sale that is over and above the reverse mortgage amount and proceeds are not taxable
• Income and credit score doesn't matter so it is easy to qualify

What are the cons of a reverse mortgage?

• Must do your research and call HUD for a counseling session
• You will pay closing costs just as if you are actually selling the home and will have the FHA mortgage insurance and loan origination fee.
• If you draw too much money in one month, it could affect your Medicaid.

Of course, you shouldn't consider a reverse mortgage if you are not in dire need of the money to make it through your retirement.  This is a loan meant for individuals who do not have enough money to live on day to day. 

Most homeowners who purchased their homes from 2000 to 2006 over-paid.  I was a victim of over-paying for my home.  I bought at the peak of the housing market boom in 2006 and now find that my home is now worth over $100,000 less than what I paid for it.  I made a clear and rational decision to buy the home back in 2006 and signed the dotted line for the mortgage thinking that a home will always retain its equity.  Well we all know I was very wrong in this assumption!!  My house will not regain its equity for a good 10+ years so what am I to do if I need or want to sell?  Many homeowners in my situation are considering defaulting on their mortgage loans because this is aparantly the only way they will get any relief.  I don't condone it at all, but what are people like me to do?  Why are the people who didn't make good decisions getting all the help while I have to suck it up? 

I believe our economy depends on people fulfilling their contractual obligations, but I feel I am being punished while others who bought more house than they can afford on one salary are now getting their loan principle lowered and given instant equity.  I won't see equity in my home for many, many, years........all for what?  Doing the right thing?

For more information, please contact me at info@buytampafl.com.

Looking for a new home? Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

I cannot believe an HOA got a local judge in Florida to sign a court order to arrest a 66 year old man for not maintaing his grass.  What was this judge thinking when they signed the court order?  Cinch bugs and lack of watering time are more than likely the cause of the brown grass, but this Florida man has more important things on his mind - like keeping his house.  He is 2 months behind on his mortgage payment and fighting foreclosure.  What is this world coming to?  Arresting a man for brown grass is ludicrous when people are walking away from their homes everyday.  I know the HOA is having a difficult time keeping order in the neighborhood, but they need to find a compromise in working with existing homeowners.  The HOA should be happy the homeowner hasn't walked away and completely abandoned the home. 

I know the HOA argues the law is the law, but I am happy I do not have to put up with these power hungry clowns!!  My once beautiful grass has been destroyed by cinch bugs and it has taken a long time to kill them so I guess I am grateful for my freedom right now.

For more information, please contact me at info@buytampafl.com.

Looking for a new home? Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

Lets face it, we have another 4 to 5 years of short sales, foreclosures and bank owned properties in the Tampa Bay area.  It is unfortunate, but it is reality.  The bulk of the homes that are currently on the market are short sales so it is important for Realtors to educate the buyers on the short sale process.  If a buyer is in a hurry, then a short sale probably isn't a good option for them because it could take three months or more for the bank to either approve or disapprove an offer.  The buyers also needs to understand that they could be bound to their offer for the time it takes the bank to respond so they could be in limbo for a quite a while. 

You could qualify for a short sale if you are a homeowner who is in danger of defaulting on your loan, you owe more than the home's market value or you are already in the foreclosure process.  Lenders would rather loan money to other qualified buyers instead of paying $40,000+ to foreclose on a home.  A short sale is a win-win for the homeowner, the bank and the buyer because it gets the homeowner out of the home debt-free, the bank saves quite a bit of money and the buyer is getting a great deal on a new home.  

Foreclosure should be an absolute last resort if you are behind on your payments.  Besides a short sale, there are many other options available that will allow you to retain ownership of your home. 

• Refinance - with the new lower rates, this could save you thousands.  The only downfall is you must have a good credit score so if you are already behind on your payments, this may not be an option for you.
• Repayment Plan - catch up on missed payments by paying more than one full payment per month until your account is current.
• Forebearance Plan - allows the suspension of all or part of client's monthly payment for a specified time period, based on lender agreement.
• Loan Modification - allows changes to the original terms of client's promissory note which may include an combination of the following:  an adjustment to the interest rate; an extension of the term of the loan; or an increase in the loan amount by the amount past due.
• FHA Refi - allows the forgiveness of certain principal along with forebearance and repayment plan.  Housing Bill allows lenders to write down loans to 85% of FMV and borrowers get FHA 30 year fixed at 90% of FMV.  Borrowers must then share 50% of appreciation with FHA.
• Bankruptcy - may allow changes to the original terms based on loan modification.

For more information, please contact me at info@buytampafl.com

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

3 Bedrooms

2 1/2 Bathrooms

2,071 square feet

$160,000

PRICE REDUCED $14,000.  Beautiful townhome nestled in desirable New Tampa Golf Course Community.  Eat in kitchen features all black appliances and black granite counter tops.  Breakfast bar overlooks your large dining room/living room combination. Large screened-in patio just off of the living room overlooks a conservation lot and includes a storage closet.  Huge master bedroom that is big enough for a king size bed and lots of furniture features a private bath that includes garden tub, double sinks and large walk-in closet.  Separate laundry room is conveniently located upstairs.  Additional two bedrooms are large with plenty of closet space.  Community offers fabulous amenities such as golf course, tennis courts and a beautiful resort-style pool.  Listing price may not be sufficient to cover all encumbrances, closing costs, or other seller charges for sale of property at full listing price may be conditioned upon approval of third parties.  Seller has secured legal representation to expedite lender approval.

MLS#2333070

For more information, please contact me at info@buytampafl.com

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

The U.S. Housing and Urban Development Secretary announced Friday that Florida will receive $541 million in new federal foreclosure funds to help prevent further home defaults and fight the effects of blighted areas with abandoned homes.  The funds are not for those already facing foreclosure.  The local government is required to use the funds to buy abandoned properties, rehabilitate them and offer down payment assistance to low to middle income buyers. 

The grant is part of President Bush's attempt to help the distressed housing market by offering first time homebuyers a $7500 tax credit, foreclosure prevention counseling and up to $300 billion for refinance options.  Miami is poised to get the lion share, $62 million, because they have been the hardest hit area.  Florida had the highest foreclosures in the U.S. as of June 30th with 6 percent of properties in foreclosure, which represents approximately 200,000 properties.  

If you are first time homebuyer, now is the time to buy!!!  Take advantage of the deals that are currently on the market as well as the $7500 tax credit that will expire in July of 2009.

For more information, please contact me at info@buytampafl.com

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

Foreclosures in the Tampa real estate market continue to rise at an alarming rate.  Financially troubled homeowners cannot sell their home for anywhere near what they paid for it and they simply cannot afford to make the mortgage payments.  Once they are a good three or four months behind on their mortgage payments, they get notification from their lender that they have entered into the foreclosure process.  Before a homeowner receives the foreclosure notification from their lender, I would hope they will have already picked up the phone and have already spoken to their lender to notify them of their financial situation.  Sadly, many homeowners in foreclosure have never picked up the phone and have never spoken to their lender.  Another call the homeowners need to make is to a Short Sale Specialist who can help them sell their home before the bank actually forecloses.  Alot of Realtors, like myself, are now specializing in short sales because it is the bulk of the market.  Foreclosure should be a homeowner's LAST RESORT.  A short sale can be a life saver. 

When a lender agrees to do a short sale, they are agreeing to forgive the amount between what the homeowner owes and what they can sell it for.  if you claim the home as your primary residence, the forgiven amount will not be taxed.  If you bought the home as an investment or a second home, however, the forgiven amount can be taxed.  For example, if an investor owes $250,000 on the home, but the market will only support selling the home at $200,000, the lender will forgive the $50,000 but the investor will need to claim the forgiven $50,000 as income on their taxes.  Realtors need to be aware of this and advise their investor clients.  Florida is known as a debtor's haven, but the government is not letting the investor who bought three condos during the market boom get away scott free.

For more information, please contact me at info@buytampafl.com

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

In today's market, lenders are very careful with who they give money to for a new home purchase.  You definitely cannot blame them.  The most important thing a potential home buyer needs to do before even thinking about applying for a mortgage is to check their credit report.  Credit reporting agencies make mistakes everyday that can affect your credit rating negatively.  Checking your credit report will reduce any surprises when applying for a mortgage.  Not only could a low credit rating get you denied, it could get you a higher interest rate if approved.  It is tough to get approved for a mortgage these days even if you have a decent credit rating.  Lenders want borrowers who have a credit rating of 700 or higher on a 300 to 850 scale.  If you find one or two errors and get just one of the three major credit bureaus to correct it, it could make a huge difference in your credit score. 

As a general practice, you should be checking your reports once a year whether or not you are planning on making a major purchase or not.  Never trust anyone else to scour through your reports.  A few hours of your time will save you alot of hassle in the future.  The government has made it alot easier to get our hands on our credit reports by providing a website, AnnualCreditReport.com, that will let you order your reports for free.  You need to go through all three credit reports from Equifax, Experian, TransUnion as one could show a mistake where the other two will not. 

Credit bureaus are required by law to investigate all claims and fix any errors.  They also have to inform you of the outcome within 30 days.  It is a tedious process, but once you become familiar with the reports it really isn't too painful of a process!

For more information, please contact me at info@buytampafl.com

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

Why is a U.S. Circuit Court Judge pulling this amendment off of the November ballot?  Amendment 5 will reduce property taxes by as much as 40 percent and could help boost the housing market tremendously and this judge pulls it off stating he had issues with how the bill was presented to voters.  Besides the obvious benefits, the passing of Amendment 5 would help remedy those who currently pay a disproportionate share of school taxes and spread it out amongst everyone (renters, those with children in private schools).  It is a fairer way to collect school funds.  Opponents of the bill fear it will remove much needed funds for the schools, but this is not necessarily so.  Legislature will find another way to recoup the school money.  They could easily raise sales taxes by one penny that would make up for the lost property tax funds. This judge's decision has pulled Amendment 5 off of the November ballot resulting in a disservice to voters.  I assume an appeal is in order so hopefully we will see the amendment on a future ballot.

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area

Big home builders in the Tampa Bay area were prospering a couple of years ago by building mostly larger homes, but when the market turned the home building business slowed dramatically.  They had to re-think their strategy as well as the type of product they would build in order to keep the business going.  The answer to their problems:  build a smaller product and make it affordable.  Pulte Homes in Tampa picked up on this idea immediately and is offering smaller products in their communities in Manatee County (Harrison Ranch) and in Hernando County (Trillium).  These two communities alone currently account for 70% of Pulte's business.  Pulte builds a nice product for the money.  Renters who had little or no hope of owning a home are now able to afford a brand new home in nice master planned communities.  Pulte is offering a 1,300 square foot home starting at $127,400.

For more information, please send email to info@buytampafl.com

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

Another sign of the times.....Starbucks is planning to close 600 stores nationwide, 59 of them in Florida.  The closings will unfortunately result in the loss of 12,000 jobs.  Below is a list of the stores closing in

the Tampa area.  Gratefully, I don't see any on the list for my home area of South Tampa.

• Countryside Mall II on US Highway 19 N. in Clearwater
• Lakeland Square Mall on US Highway 98 N. in Lakeland
• Racetrack Rd. & Hillsborough Ave. on Hillsborough Ave. in Tampa
  
• University Mall on Fowler Ave. in Tampa
• Citrus Park II in Citrus Park Town Center in Tampa
• 6th Ave. and 6th St. S. on 6th Ave. S. in St. Pete
• DeSoto Square on US Hwy 301 Blvd. W. in Bradenton
• Sarasota Square Mall on Tamiami Trail in Sarasota
• Kapok Cove and McMullen Booth on McMullen Booth Rd. in Clearwater

Looking for Real Estate in the Tampa Bay area?  Please visit www.BuyTampaFL.com for a list of homes available now.

The good news is the rate of foreclosures in Florida seems to have slowed down a bit.  The bad news is filings still rose 8% from May.  June's foreclosure number topped out at 40,351, which is one in every 211 homes in Florida.  According to Realty Trac, who publishes one of the largest foreclosure and bank-owned databases, California and Florida are ranked among the top 10 in the nation for the number of foreclosures (California had 68,666 filings in June).  Miami ranked number 15, but fortunately Tampa/St. Pete did not make the top 20.  As the short sales numbers go up, we hope the number of foreclosures will decline.  I think it will take the economy a couple of years to improve.

For more information please email me at:

info@buytampafl.com

Tampa has had two consecutive quarters of positive growth. The June 2008 stats are now available and they are showing signs of hope: Existing home sales are up 76% from January 2008!! Wow! Inventory is down 5.5% since January 2008 Months of inventory is down 54% from January 2008 Average sales price is down to $227,565 Average days on market up from 124 in May to 152 in June (I believe this may be a result of the many short sales that take alot longer to closer) This goes to show that you cannot believe all of the negative media that you read.

For more information please contact me at:

813-841-2000

info@buytampafl.com

BuyTampaFL.com

First thing you should do is call your lender.  There are options that your lender may provide to you that can save you from foreclosure.  A lender could agree to a forbearance, which would temporarily suspend or reduce payments or they could agree to a mortgage modification.  A mortgage modification is where a lender agrees to permanently change the terms of a loan to reduce the monthly payments.  Believe me when I say, the bank does not want to foreclose on your property.  There is help out there for you so please take advantage of it. 

For more information please contact me at:

813-841-2000

info@buytampafl.com

BuyTampaFL.com

This is my first post.  Figured I'd start be saying something about myself.

I am a graduate of the University of South Florida with both a Bachelors and a Masters degree in Business Administration.  I have previously worked as a real estate developer for a large home builder in the Tampa Bay area.  My strong background in business and real estate development will enable me to provide you with the knowledge needed to make your selling or buying experience a success.  My strong points include effective marketing, home staging and negotiation.  My main concern is you.  I am fully committed to making buying or selling your home a smooth and worry-free process. 

It is important to be an informed buyer or seller in today's real estate market.  Whether you are a first time buyer or seller or you've been through the process multiple times, my website is set up to assist you in making the right decision.   

If I can share more about my background or if you have any questions, please contact me so I can tell you more about how I can help.