Archive for March, 2009
Complete Rehab of Apollo Beach FL Home Under $100K!
Posted By Rick Frissell on March 31st, 2009
The market has started to heat up even further for foreclosures in the last 30 days. And why not? Foreclosures, also known as bank owned property, offer all price values of homes in all kinds of conditions. Diamond Dwellings in East Hillsborough County covering Brandon, Valrico, Riverview, Apollo Beach and surrounding communities such as Lithia has started to rate our reviewed foreclosure discoveries in three categories as follows:
Gem Dwellings: Houses in this category are either in move in condition or close to it. Most likely the buyer will choose to do some interior painting and carpet cleaning, but other than that or some small alterations by preference, these properties are ready for a new resident.
Diamond Dwellings in the Rough: These homes are rated as a good buy based on area comparables, but will require some minor to major repairs. Examples of minor may be some dry wall repair, medium expense could be a new air conditioner and major expense could be a new roof. Some buyers would walk away from these houses, but others would have the vision to repair or update the home with a rehab loan such as the FHA rehab loan.
The final category would be Lump of Coal Dwellings: These homes are still worth considering, but would require careful consideration and due diligence. They are distressed homes that would likely require a buyer that knows what they are getting into and would work with our agents to negotiate a greatly discounted price in order to bring this property into occupancy status. These homes would likely be of more interest to our investor or contractor clients. They will require some major re-construction of the property.
We are introducing our home review with a home in Apollo Beach, Florida. Apollo beach is located southeast of Tampa and only a few miles southwest of Riverview. This home is a little more than 1300 square feet and is a 3 bedroom 2 bathroom home located close to many water activities that include a beach, boat ramps and marinas.
Please take a look at this 6 minute video of this foreclosed property:
This property now has a pending contract effective 4/5/2009
If you would like to take a look at this property please give me a call at 813-653-1241.
Rick Frissell - Diamond Dwellings Realty.
Buy a house, get $8,000…
Posted By Lane Bailey on March 31st, 2009
It has been pretty well publicized, but I thought I would toss it out there again… There is an $8,000 tax credit available for ‘first time home buyers.’ Here are a few facts about the program…
- A First Time Home Buyer is defined as someone that hasn’t owned a home in the last three years.
- The Credit is good for 10% of the purchase price of a home (new or resale) up to $8,000.
- There is a phase out for people with a Modified Adjusted Gross Income of more that $75,000.
- There are several ways to recapture the tax credit NOW, even if you have already filed your 2008 taxes.
- It is good on purchases up until December 1st, 2009.
There is a lot of pretty easy to digest information available direct from the source, the IRS, available here.
If you qualify, this is a GREAT incentive to buy a home. Rates are ‘kick-butt’ low, inventories are strong… although I will be writing about that in the next day or two… and underwriting guidelines are tougher than a few years ago, but not impossible.
from LaneBailey.com
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Mortgage Rates Hit Record Low in Gwinnett County
Posted By Matt Hermes on March 27th, 2009
Looking for a reason to refinance your current mortgage or are you looking to purchase a new home? If the answer is yes, or even “maybe” you may want to consider that the 30-year fixed-rate mortgage rate has dropped to its lowest level on record.
The average rate is the lowest in McLean, Va.-based Freddie Mac’s weekly survey dating to 1971. Freddie Mac (NYSE: FRE) says its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 4.85 percent with an average 0.7 point for the week ending March 26, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.85 percent. The 30-year FRM has not been lower in the life of Freddie Mac’s weekly survey, which dates back to 1971 for the 30-year FRM.
The 15-year FRM this week averaged 4.58 percent with an average 0.7 point, down from last week when it averaged 4.61 percent. A year ago at this time, the 15-year FRM averaged 5.34 percent. The 15-year FRM has never been lower in the life of Freddie Mac’s weekly survey, which dates back to 1991 for the 15-year FRM.
Rates for 30-year FRMs peaked last year at 6.63 percent on July 24th. With this week’s 30-Yr FRM, the interest rate difference is almost 2 percentage points, which amounts to a savings of about $225 in monthly mortgage payments for a $200,000 loan.
Need additional information? Give me a call or shoot me a email and I will put you in touch with one of my lender partners.
Lease Purchase Can Be A Great Option for Gwinnett County Home Buyers
Posted By Matt Fagioli on March 24th, 2009
People ask me all the time about creative financing options. While there is certainly lots of lending going on and plenty of available cash for qualified borrowers, the criteria that lenders are using to qualify a buyer have become much tighter & more restrictive. As a result, there’s a lot more that need a home right now but they can’t get traditional financing due to job loss/job decline OR just because the tighter lending restrictions make it difficult for them to qualify.
Quick note of caution:
PLEASE don’t assume that you can’t qualify until you ask a real pro!
I mentioned above that people ask me all the time about creative financing. Well, probably 40% of those people CAN get a traditional loan – they just thought that it was impossible “in today’s market”. It’s not impossible. Great financing is still out there, in fact the rates are AMAZING! (4.x % in many cases).
Sorry for the long set up to this post about lease purchase options, but I think it’s required reading.
I LOVE lease purchase (for buyer’s who don’t qualify today for traditional financing). Here’s why. With a lease purchase contract, you get to move into the house now and see how it works for your family. If everything works out great, then you have the right to purchase the home at a pre-determined price. Plus, it allows you more time to get your finances in order – usually 12 to 18 months.
And, it also works for the seller. Here’s how:
The seller also gets a great deal because he probably will command a bit higher price than on today’s open market AND he gets his rent paid for the duration starting this month (emphasis on THIS 
The seller also will retain a substantial deposit in most cases that is non-refundable. Perhaps the best part for the seller is that the buyer is way-more-likely to be deeply invested emotionally and otherwise in the property, so the chances are very good that the property will be well cared for and that a closing will ultimately take place in the end.
When we structure a lease purchase for a client, here’s some of the terms we typically develop:
- Initial deposit of 1% to 3% of the purchase price
- Rent amount consistent with the overall market
- Purchase contract price typically 3% over market
- 12 to 18 month lease term
Each of these terms has flexibility and requires some thought, based on the specific details of your situation. Feel free to comment below about your experiences with lease purchase or send me email to matt@diamonddwellings.com
VAR National Blog Brawl, Round 2
Posted By Lane Bailey on March 23rd, 2009
Lane’s Garage with a Detached Home has made it to Rd. 2 of the National Blog Brawl. Voting closes at 8:59am Tuesday morning.
Please visit VARbuzz to vote.
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