Now setting up showing for this weekend! With only 43 days to the end of the real estate tax credit! $8,000 for 1st time home buyers or $6,500 for move up buyers! Don’t let this opportunity slip through your fingers.

Historic Kenwood Neighborhood 3/2/2 built in 1928 for $5,000, now yours for $239,900. Real estate is a great investment, now is a great time to be a buyer!

Wake up amongst the cottage community of Historic Kenwood a place with porches, a playground & architecture that makes your heart skip a beat.2720 lines an original brick street w/ a hexagon block sidewalk & sits on a private lot w/ low maintenance landscaping.This charming Craftsman’s bungalow was awarded The St. Pete Preservation award.The renovation kept the original floor plan, wood floors, coffered beam ceilings and crown molding.The open front porch it’s double French doors & period Cuban tiles welcome you home.Feel the warmth of this home as soon as you walk in & see the brick wood burning fireplace nestled in the living room.The original windows have been rehung, the original crystal door knobs & interior door hardware is still in tact.This bungalow’s kitchen & bathrooms have been updated yet the original built-ins have been preserved.One thing about this charmer is that is has ample storage space.You will fall in love w/ the private back patio that is the perfect setting for a romantic dinner for 2 or a bustling party with neighbors.Kenwood is known for their monthly Bungalow Hoppings & very active neighborhood association. Stroll to locally owned shops & restaurants.

I’m a pleased to announce that in addition to successfully negotiating and closing over 40 short sales in the past 24 months, I’ve also completed the “Short Sale & Foreclosure Resource course” The only course approved by the Board of Realtors. I’m now SFR certified, yes…

Over the past 2 years I have developed a system to help my clients through this changing market, often I’m referred clients from other real estate agents both at Coldwell Banker and other offices because of my proven track record and success in negotiating short sales. There are still many agents who don’t know what they are doing or don’t want to deal with short sales. I didn’t want to pass off my clients to someone else, and I love a challange and wanted to do all I can to help people in need.

So don’t loose your home to foreclosure and suffer the huge credit hit and the inability to purchase a home for 5 years or more, with our holp we can help you keep your credit and put you in a position to purchase a home in just 24 months taking advantage of the low home pricing I feel will still be around.

Don’t hesitate to contact us to schedule a confidential consultation today.

61 units sold at Auction in 2 hours most selling for 40-45% above the starting bid. Who said downtown St. Pete wasn’t an exciting place?

The only remaing “B” floor plans units for sale are on 8th and 9th floor with none of these upgrades or view, this 20th floor “B” floor plan with 2 beds and 2 baths with 2 parking spaces and 1,447 sq ft is a incredible deal.

Signature place in downtown St. Petersburg is, in my opinion, one of the best looking buildings downtown. The location is perfect, water views, in the heart of the action for restaurants, shops, movies, grocery stores and best of all front row seats to the St. Pete Grand Prix!

This B floor plan has many custom features including an expanded master bedroom with wood floors and large flat panel TV, tile in the living, dining and kitchen upgrades, jetted tub in the master bedroom with walk-in shower, flat panel TV in the living room. 24 hour security, Community Heated Pool, Community Hot Tub/Spa, 2 Modern & Fully Equipped Hospitality Rooms, Fitness Center, Infinity Edge Pool, 6th Floor Outside Garden Deck, Private Cabanas, Storage, Pet Friendly. Maintenance Includes: Building Exterior, Cable, Escrow Reserves, LAWN, Manager, Recreational Facilities, Roof, Security, Trash Removal

We are setting up private showings now to view this custom unit. Call David Price with the Price Group at Coldwell Banker today!

New Listing at Signature Place, amazing views! $360,000

Click to view the Signature Place Condos for sale

Don’t forget to connect with me on facebook.com & send to a friend! Thanks, David Price

If you are like many home buyers who are trying to break into the real estate market in Tampa Bay, you know there are some amazing deals out there. Homes that sold in 2005 for over $200,000 are now selling for $100,000 or less in some areas! This makes buying a home a lot of fun today, you would think!

Many buyers are frustrated, 70% of the homes sales in recent months in the Tampa Bay area are distressed properties, short sales and pre-foreclosures. Getting these homes closed it just too much for some buyers. Often by the time it takes to get a short sale or pre-foreclosures approved by the seller’s lender, 50% of the buyers have walked before getting lender approval.

Most short sale deals take at least four months or more to get approval from the seller’s bank and if they have a PMI or MI insurance, a second mortgage or HELOC you could be looking six to twelve months or not getting approved at all! After the seller gets the lenders approval, the seller than has to agree to the lenders terms of the short sale. Which could include them signing a note for the balance or bring cash to the closing table. If the seller isn’t willing or able to accept these terms the deal could be dead! The buyer is then out 4-6 months of waiting.

Adding to this, homes under $100,000 are now starting to see bidding wars. Buyers used have been able to think about a home overnight but these days you need to move quickly to snatch up a good deal!

Home sales in the Tampa, St. Petersburg, and Clearwater areas rose 28 percent in the fourth quarter of 2009, and the median sales price hit $138,800. That’s down 42 percent since prices peaked at $239,600 in June 2006.

Time is also running on federal tax credit for 1st time and move up home buyers, putting a short sale under contract at this point and getting it closed in time to meet the dead lines may not be possible. Buyer’s must be under contract by 4-30-10 and close no later than 6-30-10 to get the tax credit. There are other stipulations to the credit, you can get the info at www.irs.gov

I’m telling my buyers at this point they need to make a decision, if the tax credit is the big reason they want to buy a home this year they many need to focus on REO (bank owned properties) or look for homes where the seller has equity so they can close in time. For a list of REO properties check out this link Bank Owned Homes List Click Here

If you don’t care about the tax credit, and you are focused on just getting the right home for you and your family as the market is returning from the bottom then short sales and pre-foreclosures should be on your list.

If you are looking for a newer community, taking the trip across the Skyway Bridge could get you more than you could dream of. I’ve been showing property in Manatee County over the past few weeks, where newer homes that were selling in the $500,000 range that can be purchased at a 50% discount. I’ve shown property built in 2005 with 4 beds 2.5 baths 2 car garage and 2,500 sqft selling for only $180k. Pulte Homes will build you a new 3,000 sqft home for just $212,000 WOW!

Let me know if I can help you with your home search!

Here is the updated list from Fannie Mae on PERS approved condos as of March 1st. There are a few additions to the list since December. If you remember, Fannie Mae has a task force dedicated to examining projects across the State to get them appoved. Once approved it allows us to do 80% financing on a conventional basis, for not only owner occupied buyers but 2nd home and investor buyers as well.

Click on this link “Fannie Mae Condo Approval 3-01-10″

Let me know if you have any questions.

John Fenech
Sunbelt Lending Services
Regional Loan Manager
Ph: 800-858-5674 or 727-827-1818
Fax: 856-917-2610

Signs of a recovery in the real estate market indicate this may not be the “Winter of your Discount Tent.” Home sales, value and mortgage applications have risen slightly as mortgage rates stand at a historic low.

This slight glimmer of positive news is offset by estimates that about 48 percent of all U.S. mortgages will be underwater by 2011. Foreclosures and short sales continue to plague the market, keeping a lid on home prices. As a result, 2010 will continue to be a buyer’s market.

That doesn’t mean, however, that all hope is lost of selling your home this year. Here are nine tips to sell your home in 2010.

1. Don’t wait for a recovery

Home values aren’t likely to rebound to previous highs for several years, perhaps even a decade. While you may face a loss by selling now, that negative figure may only be a paper loss, particularly if you’ve owned your home for some time.

2. Make improvements

If you have access to credit, invest in improving and repairing your home before placing it on the market, rather than trying to go for a quick as-is sale. Rehabs are more affordable now, thanks to the availability of low financing, reduced construction materials costs and lower contractor charges. Focus on upgrades to kitchens and bathrooms, especially counters and cabinets, as these yield the highest returns. Get three different estimates from contractors and add another 10 percent for unexpected costs.

4. Hire professionals

You need professionals, not friends or relatives, to repair, upgrade and sell the biggest investment you’ll likely own. Ask for credentials, references and a history of recent performance. Your appraiser should have at least five years experience with an appropriate license or certification. The same applies to hiring a home inspector. Talk to at least two or three appraisers and inspectors before selecting one.

5. Get downpayment assistance

Federal and local governments offer several downpayment assistance programs for first-time home buyers. Look for other city, county and state programs that will piggyback on federal programs for assistance. Search for “downpayment assistance programs” with the name of your region.

6. Take Uncle Sam’s help

The $8,000 first-time homebuyer tax credit program that helped jump-start the real estate market in 2009 has been extended into 2010 and expanded. First-time homebuyers qualify if they sign a binding contract to buy a home by April 30 and close by June 30. The program’s maximum income limits have jumped from $75,000 to $125,000 for individuals and from $150,000 to $225,000 for couples.

A separate $6,500 tax credit has been added for those who have owned their homes for at least five years and want to upgrade. Homeowners drowning in their present real estate loans are eligible for a loan-modification program with their current mortgage company or loan service through the Making Home Affordable Program (http://makinghomeaffordable.gov/).

7. Price accordingly

Listings move when a property is appropriately priced. Others gather dust because the owners haven’t adjusted their expectations to the present market. This doesn’t mean, however, you should severely drop your price on a well-maintained home to avoid extended problems. Research your market and price accordingly.

8. Energy tax credits

Through Dec. 31, homeowners who buy and install specific energy-efficient windows, insulation, roofs, doors and heating and air-conditioning equipment can apply for a 30-percent tax credit of up to $1,500 of their costs on each product.

Go one step further and earn a 30-percent tax credit through 2016 (without a spending limit) when you purchase such energy-saving products as solar energy systems, geothermal heat pumps, small wind systems, residential fuel cells and micro-turbine systems. Visit EnergyStar’s Federal Tax Credits for Energy Efficiency (http://www.energystar.gov/index.cfm?ctax-credits.tx-index) for a complete summary.

9. It’s not personal

Buyers want to imagine themselves in your house for years to come. Excess decor and knick-knacks distract from this vision. Ask your Realtor’s advice or hire a home stager to bring your house back to zero before beginning to show it. A general rule of thumb is to eliminate or store at least half the items in every room.

Don’t get defensive about colors, design patterns or flooring you installed. Just grit your teeth and think of the closing check while your agent serves as a buffer. Remember the customer is always right, unless, of course, they’re low-balling you.

www.freeshipping.org. Distributed by McClatchy-Tribune Information Services.

Florida expected to start adding residents again after population decline.

March 3, 2010 – It’s a small bounce, but Florida’s population should rebound this year from its first loss in more than half a century in a hopeful sign for the struggling state economy, new estimates from the University of Florida (UF) show.

The Sunshine State is expected to add about 23,000 residents between April 1, 2009, and April 1, 2010, following a loss of almost 57,000 residents the previous year, according to population projections released yesterday by UF’s Bureau of Economic and Business Research.

“Based on changes in electric customer data, we believe Florida’s population has increased slightly over the past year,” says bureau Director Stan Smith who led the research. “This may be an indication the state’s economy is no longer declining at the rate it had been before.”

Although the state’s unemployment rate remains very high, there are signs that the housing market is starting to pick up in a number of places. “It appears the state’s population loss was a one-year occurrence,” he says. “Even so, Florida’s growth will be very slow during the early years of the new decade.”

Not until 2014 or 2015 will the state return to annual population gains that are close to 300,000, the average annual increase over the past 30 to 40 years, Smith said. Population grew by more than 400,000 residents a year during the housing boom between 2003 and 2006.

The economy has such a big impact on Florida’s population growth because it drives migration, Smith says. People in their 20s, 30s and 40s who move to the state for jobs are the largest group of newcomers, followed by retirees and foreign immigrants.

“Even retirees are affected by economic conditions because of the housing market,” he says. “If it’s difficult for them to sell their homes, they may have to delay a retirement move to Florida even if that is what they had been planning to do.”

Due to the bursting of the housing bubble and the severe national recession, Florida lost more than 800,000 jobs between the fall of 2007 and the fall of 2009, and the state unemployment rate rose from about 4 to 11 percent. The declining economy led to a huge slowdown in population growth between 2007 and 2008 and a population loss between 2008 and 2009. The loss was the first since military personnel left the state at the end of World War II.

The bureau estimates the total number of state residents will grow from 18,750,000 to 18,773,000 between April 2009 and April 2010. According to long-term projections, state population is expected to reach approximately 21,247,000 in 2020, 22,574,000 in 2025, 23,821,000 in 2030, and 24,971,000 in 2035.

The biggest numerical increases forecast between 2010 and 2035 are in large counties. Orange County is projected to add the most new residents, 512,200; followed by Hillsborough, 471,800; and Miami-Dade, 457,200.

“Population growth has a lot of momentum in the sense that places that have been growing rapidly in one time period tend to grow rapidly in the following time period as well,” Smith says. “Large markets attract businesses and have more opportunities to draw job seekers. Also, migrants are often attracted by social and family connections with people who moved to an area previously.”

In terms of percentage increases, the biggest leaders over the next quarter century are projected to be Sumter and Flagler counties, growing by 111 percent and 109 percent, respectively.

“The main driving force to Sumter County’s growth is The Villages, a huge retirement community that has been adding a large numbers of residents,” Smith says. “Flagler County also has added a lot of retirees but has a rapidly growing working-age population as well.”

Monroe is the only county projected to lose population over the next 25 years, declining by about 4 percent. The county has little vacant land that can be developed and the area has a high cost of living. Some counties are expected to grow quite slowly, such as Pinellas, with an expected quarter century population increase of less than 2 percent. As the state’s most densely populated county, it has little available space.

The foreclosure process can be very stressful for homeowners; some home homeowners get so depressed, that they do nothing, some 57% of homes get foreclosed on and the owner never called their lender to work out a loan mod or ask for help!. While others who are proactive sometimes end up being given the wrong advice or make decisions that are not well informed. If you are a homeowner dealing with this situation, you will have to make a decision on whether to get your property sold as a Short Sale usually at the discount approved by your lender, or give the property back to them as a Deed-In-Lieu of Foreclosure or just let them complete the Foreclosure. You need to decide which of these three options is the best for you both in the short and long term? Deciding which option to take might be tough especially if you do not know how each will affect your credit and ability to buy a home in the future.

Short Sale VS Foreclosure VS Deed-In-Lieu of Foreclosure
A short sale transaction occurs when a lender agrees to a discounted payoff on the loan balance, due to the financial hardship experienced by the homeowner and/or a decrease in the resale value of the property. A short sale is the best option if you are facing foreclosure because it is a lesser financial loss. You get to avoid foreclosure, reduce the adverse effects on your credit and increase your chances of getting a loan to buy a home within a shorter period of time.

Foreclosure occurs when a lender sells or gets back a parcel of real property, after the owner failed to conform to their mortgage or deed of trust agreements. The estate becomes the absolute property of the lender. The foreclosure process generally starts with a formal demand for payment in the form of a letter called Notice of Default (NOD) issued from the lender. It varies from state to state but in most cases the lender usually issues this notice when the homeowner has been 3 months irregular on their mortgage payments. The notice is typically a warning that they will sell your property if you do not make your payments current.

Deed in Lieu of Foreclosure is the alternative to a foreclosure. This is a settlement, which is voluntarily made, and in good faith in which the borrower surrenders their house to the lender and moves on with nothing owed. The main advantage for the borrower is that it immediately releases them from the debt associated with the defaulted loan. The borrower also avoids a painful and time consuming foreclosure. The main advantage for the lender is a reduction in the time and cost of repossessing the property. In most cases a lender will only accept a deed in lieu if there are no other liens attached to the property or these liens can be significantly reduced. The reason is because they do not want to be responsible for the other liens that are attached to the property; this is why most lenders will push for a foreclosure instead because it removes all junior liens.

How does each of the three options affect your credit and the length of time it will take to buy another home?

Short Sale: This the best option for a homeowner facing foreclosure due to its reduced adverse effects on their credit and their ability to get a loan to buy another home in a shorter period of time.
Short sale credit reporting options are:
• Paid Settlement – In which, credit score will drop 50-150 points or more depending on the number of missed payments.
• Paid, As Agreed – in which, won’t hurt the score at all as long as the borrower is paying regularly.
• Unrated – In which, may drop a few points.

Fannie Mae & Freddie Mac guidelines states that the waiting period before you can buy a new home is 2 years from the date the proceeding is completed. And there is no exception for extenuating circumstances.

Foreclosure: This is the least advantageous of all of the three options; it will remain in the credit report for 7 years from completion date and the credit score will drop from 50-250 points. Another disadvantage is that when Deficiency Judgment or Tax Lien is filed the credit score may drop an additional 100 points.
Fannie Mae & Freddie Mac current guidelines state that the waiting period is 5 years from the date of foreclosure completion proceedings.
Below are requirements in addition to the 5 years up to 7 years after completion date:
• Purchase of a primary or principal residence is permitted, 10% minimum down payment and the minimum credit score is 680.
• Purchase of a second home or property investment is not permitted.
• No cash-out refinance is permitted.

Extenuating circumstances are acceptable such as loss of employment and severe medical crisis and if approved the waiting period is 3 years from the date of foreclosure completion proceeding. The same additional requirements are applied as above except the minimum credit score of 680 is not required.
FHA Guidelines state that the waiting period for a foreclosure is 3 years from the foreclosure completion proceedings. However if foreclosure is a result of extenuating circumstances such as serious illness or death the lender may grant an exception.

Deed in Lieu of Foreclosure: Credit scores will carry the same serious effects as Foreclosure because most lenders report a deed in lieu of foreclosure as foreclosure. However the reality is that what is reported can actually be negotiate with the lender. It will remain on the credit report for 7 years from settlement completion.
Deed in Lieu credit reporting options:
• Paid Settlement – In which credit scores can drop up to 150 points
• Paid as Agreed- Credit scores show a dropped over 100 points due to default in payment but with this option borrower could purchase a home in a short period of time.
Fannie Mae & Freddie Mac guideline state that the waiting period for a Deed in Lieu of Foreclosure is 4 years from the date of completion proceedings.
Additional requirements after 4 years up to 7 years from completion date:
• Greater than 10% minimum down payment required for the transaction or purchase of investment property, principal residence or a second home by a borrower.
• There is a limited-cash-out and cash-out refinance are permitted if eligible and meet the requirements.
• Extenuating circumstances, physical condition such as medical crisis or other factors such as loss of employment that caused a borrower to choose the option Deed In Lieu of Foreclosure, the waiting period is 2 years from the completion proceedings.

In summary, the guidelines stated above clearly show the advantages for you to choose to short sale your property compared to allowing it to go into foreclosure or deed in lieu because the adverse effects to your credit is reduced and also, you will just have to wait 2 years to get a loan to buy another home instead of 4 years with the deed in lieu option or 5 years with the foreclosure.

If you have additional questions please feel free to email or call me.