Archive for July, 2008
Brandon Florida Bank Owned Properties- AKA Foreclosures
Posted By Rick Frissell on July 13th, 2008
Buying Brandon Area Bank Owned Properties
There is a lot of interest in buying bank owned properties in the Tampa Bay Area these days. A lot of information, some good and some bad, is floating around about the subject. Often the information offered is for sale, with the promise that you can make a lot of money with little effort once you know “the secret formula”. The fact is, you can make money buying foreclosures and short-sales, but that there are no secrets, and to make money does require effort.
What’s an REO?
REO stands for Real Estate Owned. These are properties that have gone through foreclosure and are now owned by the bank or mortgage company. This is not the same as a property up for foreclosure auction. When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be prepared to pay with cash in hand. And on top of all that, you’ll receive the property 100% “as is”. That could include existing liens and even current occupants that need to be evicted. An REO, by contrast, is a much “cleaner” and attractive transaction. The REO property did not find a buyer during foreclosure auction. The bank now owns it. The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing. Do be aware that REO’s may be exempt from normal disclosure requirements. In California, for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any defects they are aware of.
Is it a bargain?
It’s commonly assumed that any REO must be a bargain and an opportunity for easy money. This simply isn’t true. You have to be very careful about buying a REO if your intent is to make money off of it. While it’s true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it. When considering the value of an REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying foreclosures. There are also many REO’s that are not good buys and not likely to turn a profit.
Ready to make an offer?
Most banks have a REO department that you’ll work with in buying a REO property from them. Typically the REO department will use a local listing agent to get their REO properties listed on the local MLS. Before making your offer, you’ll want to contact either the listing agent or REO department at the bank and find out as much as you can about what they know about the condition of the property and what their process is for receiving offers. Since banks almost always sell REO properties “as is”, you’ll want to be sure and include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the offer if you find it. As with making any offer on real estate, you’ll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender. After you’ve made your offer, you can expect the bank to make a counter offer. Then it will be up to you to decide whether to accept their counter, or offer a counter to the counter offer. Realize, you’ll be dealing with a process that probably involves multiple people at the bank, and they don’t work evenings or weekends. It’s not unusual for the process of offers and counter offers to take days or even weeks.
Call Diamond Dwellings Realty- Brandon Florida today for a list of bank owned properties. Just let us know what your looking for and we will do the research for you.
E-Mail Us… BrandonDwellings@Verizon.Net
813-653-1241
How Much Home Can You Afford?
Posted By Rick Frissell on July 13th, 2008
Third in a Series for First Time Home Buyers
First-time buyers are often unsure about the financial aspects of buying a home, and you may have many questions swirling in your head. How much can I afford? Do I need a large down payment?
Your home price range will be determined by your income, credit history, the cash you have for a down payment and closing costs, and your debt. How much you earn compared to how much you owe will likely determine how much the bank allows you to borrow. For Pre-Qualification Click Here: Rick@DiamondDwellings.Com
The financial rule of thumb is: your total monthly debt service, which will include your monthly mortgage, shouldn’t be more than about 36 percent of your gross monthly income. Most experts say that your monthly housing expense, including taxes and insurance, should not exceed about 28 percent of your gross monthly income. Click Here for:
Naturally, every situation is different, and each lender has different rules about working with buyers. A number of choices within your control can affect your monthly payment as well. For example, you might choose an adjustable rate loan, which has a lower initial payment than a fixed rate program. Similarly, a larger down payment may lower your monthly payment.
If you’d like more information about how much home you can afford, please call or email me. I can help you get the mortgage information you need.
Dave Tipton, Broker, Diamond Dwellings Realty- Brandon Florida
Click Here….. DiamondDwellings@Verizon.Net
FishHawk Ranch Summer Reading Program
Posted By Rick Frissell on July 13th, 2008
OSCAR Summer Reading Program
Children entering grades 1-6 are invited to participate in the third annual OSCAR (Over the Summer Children Achieve Reading) program. It’s the perfect way to ensure that children keep their reading skills sharp over the summer!
FishHawk Ranch will be partnering again with local businesses and Barnes & Noble to provide a program that is both, educational and enjoyable. The theme of this year’s program is Swing into Summer.
The first 200 children who enroll in the program will receive a free T-shirt, courtesy of Newland Communities. Incentives will be awarded to participants as they progress through the program. After children have read eight books, they will receive a free book from Barnes & Noble.
To enroll in the Summer Reading Program, please attend our OSCAR Kick-Off at Park Square on May 31 from 10 a.m. until noon. Meet and greet a special guest that we are so honored to have, the MOUSE, that has become famous from the popular story, If You Give A Mouse A Cookie! In addition, the Hillsborough County Public Library will be there. If you need a new library card, or would like to learn more about the library’s special services, this will be the perfect time to do so! Suggested reading book lists for grades 1-6 will be available. Finally, those who successfully complete the OSCAR program will be invited to the OSCAR Graduation Ceremony at the end of the summer!
For more information about the OSCAR program, please contact the Osprey Club at 654-6360. Information about the program will also be available on www.FishHawkConnect.com.
Sounds like a great summer program for the kids.
Rick Frissell- Diamond Dwellings Realty
813-653-1241
Is Owning Your Own Home On Your Mind?
Posted By Rick Frissell on July 13th, 2008
Second in a Series For First Time Buyers
When you’re thinking about making a move, the first steps in the home buying process are:
1. Deciding when you want to make your move
2. Considering how much money you would like to spend
3. Thinking about what needs you have in a home
4. Deciding where you would like to live
The next step is usually finding out how much loan you can qualify for and deciding the type of financing that will work best for you.
If you’re in the “thinking” stage, you will want to speak with a lender about receiving pre-qualification. If you choose to become pre-qualified, the lender will determine how much you can borrow based on financial information you provide to the lender. Pre-qualification is useful for making preliminary decisions about how much home you can afford, but does not assess your creditworthiness.
You will need to fill out a loan application and go through the lender’s loan approval process at a later date. When you decide to buy a home, you will want to become pre-approved for a loan prior to beginning your home search. This makes the process smoother and shows sellers you are a serious buyer.
To contact our preferred lender Click Here: rick@diamonddwellings.com
Please don’t hesitate to call or email me for additional information about the buying process. My goal is to provide you with practical information as you consider your next move. And, when you’re ready to make your move, I’ll help you find your dream home and handle all the details of the transaction, so all you need to do is pack!
Rick Frissell, Agent, Diamond Dwellings Realty- Brandon FL
If you have questions about making the decision to buy a home, please feel free to call or email. DiamondDwellings@verizon.net
Brandon, Florida Area History
Posted By Dave Tipton on July 13th, 2008
As outlined on Wikipedia, the free internet encyclopedia
Its history began on January 20, 1857, when John Brandon arrived at Fort Brooke (now Tampa) from Mississippi with his wife Martha and six sons. At first he moved his family to what is now the Seffner area. Then in August 1858, John Brandon purchased 40 acres of land in the New Hope area (now Brandon) south of Hopewell Road (now SR 60), between Parsons Avenue and Lithia Road. Nine years later, after his wife died, John left everything he owned to his son James Henry Brandon and moved to Bartow. In 1876 James built a home for his wife Joanna. It is still standing today and is now Stowers Funeral Home, a well-known landmark on Brandon Boulevard (SR60).
Meanwhile, John Brandon remarried a widow named Victoria and moved back to New Hope in 1874. John bought 160 acres and named his land Brandon. John and Victoria’s house was located on what would become the corner of Knights and Victoria Street. Four years later, the New Hope Church was built on land donated by John. Besides being the first church in the community, it also served as Brandon’s first school.
After John’s death in 1886, Victoria took a leading role in the community. The community’s first post office was opened in Victoria’s home, when she became the postmistress. In 1890, the Florida Central and Peninsula Railroad came through the area, encouraging the people of New Hope to build a depot on Moon Avenue. Victoria convinced a civil engineer for the railroad to survey the area and lay out a town site. He surveyed 40 acres and prepared a map, and Victoria named the town Brandon, after John Brandon.
Since then, Brandon has grown in spurts, beginning with the first general store opened by Dan Galvin on the corner of Moon Avenue and Victoria Street. In 1905, a school was built on Parsons Avenue and Victoria allowed new teachers to board with her so that the new school would have a teacher.
At the time, Valrico began to develop as Victoria’s son Lovic, moved there and opened a general store. Lovic and Victoria’s other son, Mark, organized the Valrico Baptist Church in 1915, which later moved to Brandon and became the First Baptist Church in 1930.
By 1916, the community needed a large central school to house all of the area’s students, so the Brandon Grade School (now McLane Jr. High) was built on Knights Avenue to house grades 1 through 12.
The first Brandon census was taken in 1922 when the population was 100. In 1925, Hopewell Road became a 9-foot wide, paved road and residents such as Clarence Hampton began building business along it in 1927. Clarence opened the first gas and service station.
During the 1920s, the eastern border of Brandon was Pinewood Avenue. Beyond that, was the Kingsway Poultry Colony, where chickens were raised during the winter to be sold in Ybor City. During the Great Depression, the poultry farms closed, and Brandon stabilized with a population of about 250 people.
Most local residents worked in the two orange packing houses in Valrico. The center of town remained at Moon Avenue and Victoria Street, where the train depot, post office, school, and grocery store were all located. For entertainment and everything else, the train to Tampa was the way to go, as only a few paved roads existed with most being dirt or shell topped, making the drive to Tampa very difficult.
World War II was an interesting time in Brandon, with little growth, but a definite edge as they had the food they raised on their farms. After the war, new businesses began to open again. A drug store and soda fountain at the corner of Parsons Avenue and Hopewell Road quickly became a popular teenage hangout. In 1950, Scogin’s opened their famous variety store on Hopewell Road, and in 1953, Brandon got its first doctor, Dr. V. R. Hunter.
The 1950’s were the beginning of the real growth period for Brandon. Yates Elementary was built in 1954, followed by Mann Junior High School in 1957. Brandon Grade School, on Knights Avenue, became the first Brandon High School. At the time, there were fewer than 100 graduates a year. In 1956, Hopewell Road was connected to Adamo Drive, which made access to Tampa easier, thus turning Brandon into a bedroom community. With commuters, came subdivisions, the first of which was Hill-Dale Heights on Kingsway Avenue. The Brandon News was established in 1958 as a one-page newsletter and advertisement for Scogin’s clothing store, written by Al & Chris Scogin. Brandon’s first honorary Mayor’s race was held in 1959 and was won by Nat Storms.
In 1959, the Brandon Chamber of Commerce was formed to help promote business and growth. By the early 1960s, Brandon’s population was 8,000, and it was estimated that one new family moved into town every day. Brandon began spreading out into the bordering communities of Limona, Seffner, and Valrico; Hopewell Road became four lanes wide and was designated State Road 60. Soon, the town’s first shopping center, Brandon Center, was built, and Brooker Elementary School and the Brandon Swim and Tennis Club both opened in 1965. In the next few years, Kingswood Elementary School, the Brandon Public Library, and many housing developments, shopping centers, and golf courses further fueled or reflected the influx of new residences and businesses.
By the 1970s, growth was causing traffic congestion, as approximately 430 commercial and service businesses, 3 malls and a population of 40,000 were all contained with-in a six-mile radius.
In the mid 1970s, Hillsborough Community College moved to Brandon by holding classes at public schools. More indications of the increasing population were the building of Brandon Community Hospital and the Brandon Cultural Center (now the Center Place Fine Arts and Civic Association). Brandon took off rapidly during the 1980s. Development of the southern area of Brandon brought thousands of new residents. On September 27, 1986, I-75 began to bring traffic through the Brandon area, dramatically changing the community and helping its population reach approximately 100,000 with over 2,500 business by 1988.
Diamond Dwellings Realty- Brandon Florida 813-653-1241
