Google has just come out with a new feature on their google maps that I thought may be of interest. They are now mapping foreclosed properties for any given area. Just as an example I have embedded a map here of the Oviedo area and all the little red dots are foreclosures. This opens searching capabilities up to the public but some would suggest there is a privacy issue.
Let me know your thoughts....
| 12/29/10 | vs. Furman (UCF Holiday Classic presented by EA Sports) | Orlando, Fla. | 7:00 p.m. ET |
| 12/30/10 | Northeastern/Princeton (UCF Holiday Classic presented by EA Sports) | Orlando, Fla. | TBA |
| 01/05/11 | vs. Marshall *  | Orlando, Fla. | 7:00 p.m. ET |
The Homestead Act of 1862 is no longer in effect, but free land is still available out there in the great wide open (often literally in the great wide open). In fact, the town of Beatrice, Nebraska has even enacted a Homestead Act of 2010. As with the homesteaders of the 1800s, the new pioneers must not be the faint of heart—they can't be the type to shy away from the trials of building a home from the ground up, or the lack of Starbucks on every corner, or unpaved roads (extremely remote location and lack of infrastructure is probably what caused a well-publicized land giveaway in Anderson, Ark. to flop). If the Google Maps overhead view of the vast open space surrounding the modest street grids of these towns doesn't instill cabin fever, then read on—these parcels are up for land grabs. Marne, Iowa
 marneiowa.com |
Marne is a southwestern Iowa community with a population of just 149 or so, about 60 miles from Omaha and 80 miles from Des Moines. It was never a big town (pop. 617 in 1875), but the head count really began declining around the turn of last century, through the teens and 20s. "The decline of the family farm affects rural areas like this, says Mayor Randy Baxter. "Back in the '60s and '70s, there more smaller farms, and small towns supported the folks in the country, but now those homes aren't there anymore." In hopes of boosting that number, the Marne Housing and Development Corp has made four free lots available: 3 for private and 1 for commercial use. The first family to take advantage of the free land moved onto their new property the fall of 2008, also availing funds from the USDA's Rural Development Agency for building their home, and they qualified for $10,000 down payment assistance from the Southwest Iowa Planning Council.
It’s a simple strategy that works because of how mortgage interest works. Unlike rent which is paid in advance at the start of a month, mortgage interest is only paid after it’s been borrowed. Your January mortgage payment, therefore, accounts for the interest that accrued in December. And for a lot of Lake Mary homeowners, that mortgage interest is tax-deductible. By making January’s mortgage payment in December, eligible homeowners can apply the interest paid to 2010’s tax returns instead of waiting to claim the same deduction against 2011. Don’t cut it close, though. It’s best to remit payment prior to the last week of the month, leaving your servicer ample time to receive and process your paperwork. Most importantly, though, before prepaying on your mortgage, talk to your tax professional. Not every homeowner is eligible for mortgage interest tax deductions, nor should every homeowner itemize their respective tax deductions. The “pay early” plan could be a wasted effort for you, ultimately, depending on your taxpayer profile. If you don’t have an accountant that you trust, call or email me anytime; I’m happy to make a recommendation to you. |
Activated by infrared waves, motion-detector lighting can illuminate a dark driveway, a dark sidewalk, and a dark yard, thwarting would-be thieves while also giving homeowners a lit, safe path to their own front or back door.
If your home is not already equipped with such lighting, this video from Lowe’s will be helpful. It’s a step-by-step tutorial on how to install motion-detector lighting on your home.
The basic steps are as follows:
- Cut the power at the circuit breaker
- If applicable, remove the existing light fixture
- Install the mounting strap
- Connect the junction box wires to the light fixture wires
- Mount the fixture to the mounting strap
Lowe’s marks the the skill level to complete the job as “intermediate”. So, if you don’t want to tackle the job yourself, or if the idea of working with electricity frightens you, reach out to a handyman.
Motion-detector lights sell for as little as $25.
It’s hard enough reconciling yourself to the reality of paying the monthly principal and interest on a new home mortgage. When you realize all the expenses that will be added to that price tag, it can be a real shocker.Bottom line: prepare yourself. Home ownership costs are bearable — people pay them every day — as long as you know what’s coming. You may even want to scale back the size of the home you’re looking for in order to bring the whole package in line with your budget.
In a paralyzed state of terror, she grabbed hold of her heart as it pounded in her chest. Shaking, she listened to the heavy thump-drag, thumb-drag as they came closer….and closer. She took a deep breath and peeked around the corner. There, standing before her, were hundreds of them. Each creature scarier than the next, they moved along in a parade of hilarity and fright…but mostly hilarity. There was no turning back, she had arrived at the best darn dog-o-ween party this side of the Mississippi.
It’s hard to believe it’s been a decade since the first devil horns grew on a dachshund in Winter Park. This event has grown into a plan-our-costume-a-month-ahead type deal. It’s so awesome, too much fun and most importantly, super competitive so you’d better be prepared to buh-ring it!
Although cheaper prices and record-low mortgage rates have made homebuying increasingly attractive, tight lending standards continue to keep consumers on the sidelines. And while a beefed-up FICO score and documentation requirements may have slowed the process, it's the pile of cash needed to secure financing that prevents many would-be buyers from becoming homeowners.
"For first-time homebuyers, generally the biggest obstacle to buying a home is the ability to have a down payment," said Susan Dewey, executive director of the Virginia Housing Development Authority. Consumers struggling to come up with a sufficient down payment, however, may have more options than they realize, as government programs, existing assets and personal finance techniques can be used to obtain the capital.Sellers don't always disclose the whole truth to potential homebuyers, especially if they're eager to sell (or "motivated" in real estate lingo). But you can't afford to get a professional inspection of every house you tour. So before you spring for the pro, narrow down your choices by doing your own pre-inspection to spot potential problems.
Mass Exodus From the Neighborhood
Don't let a home's curb appeal keep you from glancing down the street. Are there several other homes for sale? Are nearby businesses boarded up or vandalized? Get the scoop from the neighbors. If everyone else wants to leave the street, maybe you should, too. Just do it before you're stuck with a bad investment.
Mediocre Maintenance
Three layers of roofing and gutters with plants growing in them are signs the owners aren't big on maintaining their home. What else did they neglect?
Lockwood Blvd
Purchase all your fall decorations here and help support the Hagerty High School Boy’s Soccer Teams. They have pumpkins, gourds, spookies, indian corn, pumpkins, hay bales, face painting, and did we mention pumpkins.
The pumpkin patch is open daily after school and all day long on the weekends.
(Hint: I threw in a couple of bonus items at the end!)
1. What is robo-signing is, and what all the fuss is about? The phrase robo-signing refers to what we’re now realizing has been a very common practice in the banks’ foreclosure document processing divisions, where one person was essentially given the job of signing as many 10,000 foreclosure documents per month, by hand. These individuals were supposed to be reviewing the files, making sure grounds for foreclosure actually existed, signing the docs in front of notaries. But because of the volume of documents, what they actually did was just sign thousands of documents at a time, without even reading them, and ship them off somewhere else to be notarized.
If you do the math on an 8 hour workday, you'll see that that only gives the staffer 1.5 minute to review each file and documents to make sure the foreclosure is warranted. That's not humanly possible, which is how these staffers got the nickname “robo-signers”
Government regulators are very concerned that the banks may have been taking people's homes without following the proper legal procedures. As a result, 40 states' attorneys general are teaming up to launch a multi-state investigation, and the federal Comptroller of the Currency and federal attorney general may also get involved in investigating this issue.
2. Will the freeze will make the banks cancel buyer contracts on REO properties? Currently, the freeze impacts bank-owned properties that are owned and/or serviced by Ally Financial/GMAC Mortgage, JP Morgan Chase, and some properties that were owned by Bank of America. Generally, contracts to buy these homes are being put on hold and extended for 30 days. As well, the banks are often reaching out directly to buyers and offering them the option to cancel their contracts and recoup their deposit money.
3. Is it safe to buy a foreclosed home? There's lots of talk right now about the "clouds" that this scandal will create on the titles to homes that were foreclosed by the banks' foreclosure mills. And that makes sense: if the home wasn't properly foreclosed on in the first place, then the legitimacy of the bank's resale can be called into question. Normally, I'd say: Don't worry about it, buyer - that's why you'll get title insurance! But last week, 3 of America's largest title company insurers declared that they will not offer title insurance on a number of the homes that may have been involved in this scandal.
In the vast majority of cases – when the foreclosure was justified and a bona fide purchaser, someone who was not involved in the bank’s wrongdoing, has purchased the home, courts will not reverse these foreclosures or their sale to buyers. But if you’re in the market for a foreclosure, get clear on which bank owns the place as soon as you can, and run the property past your title insurer before you get too far into the transaction to make sure they can write a policy of title insurance on the property before you spend too much money on inspections and appraisals. (And see my Bonus Buyer Advice at the end of this blog post!)
4. How the foreclosure freeze will impact American home values, say after you buy. In the short term, these freezes might cause prices to stabilize, as we expect to see the supply of foreclosures for sale start to shrink. However, if these freezes stretch out for a long period of time, they could simply be delaying many inevitable foreclosures, which could delay the recovery of the housing market and home prices, over time. I wouldn't expect to see the freezes cause prices to drop much beyond where they are now, but if they stretch out, they could keep appreciation flat for a longer period of time.
P.S. - Bonus Buyer Advice from Tara: Don’t underestimate the deals you can get on non-foreclosed properties. You can often get just as good of a price on a better property with more flexibility on the seller’s part in terms of repairs and other negotiation points if you buy a home from an individual seller, as opposed to a bank-owned property.
This is typically the number one question mortgage professionals are asked by new clients.
Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they ***should*** borrow.
In other words, what makes for a comfortable long-term mortgage payment?
The Quick Answer:
In the upcoming November 2 election, Florida voters will determine the passage of Amendment 4 to the Florida Constitution. This is a statewide “Vote on Everything” — which will have devastating impact on our state’s economy and quality of life — and would require citizens to decide hundreds of technical land-use planning issues at the ballot box.
A strong grassroots campaign against Amendment 4 has been launched by Floridians for Smarter Growth. I encourage you to carefully review the proposed amendment and this group’s opposition position. Concerns they’ve identified include tax increases for homeowners; significant loss of jobs; and a weaker economy. I am urging you to join with me and the Florida Association of Realtors to “Vote No on 4.”
“Fewer jobs, fewer services, and longer recession? Amendment 4 doesn’t make financial sense in many, many ways,” says Florida Realtors Vice President of Public Policy John Sebree. “Voters who understand Amendment 4 recognize the danger, unfortunately not everyone understands the consequences yet. The amendment says it’s impossible to estimate costs, but that’s because the trickle-down effect will impact restaurants, schools and more – potentially every business and family in the state.”
Should you decide to support a “No” vote — which is strictly voluntary — you can:
· Solicit a “No” vote from your sphere, explaining how it will otherwise have a devastating impact on their lives
· Add a “Vote No on 4” logo to your email signature line Vote “No” at the polls on November 2
For more information about Amendment 4 and the negative implications to Floridians, visit http://www.florida2010.org.
Best Regards,
Clark W. Toole, III
President
Coldwell Banker Residential Real Estate, Florida
When I hear talk of fixing an ARM, or adjustable rate mortgage, I envision a mortgage broker hammering away at a broken loan, then stepping aside for the reality-show style reveal -- the ugly duckling ARM is now a swan of a fixed rate mortgage! While not every ARM is broken or requires fixing, if you have an interest-only or negative-amortization ARM, your payments could go up (even double!) when the loan adjusts. Wash the ARM drama right out of your hair with a simple action plan:
Who ya' gonna call? Your lender! These days, lots of lenders are fixing their current borrowers' soon-to-adjust ARMs just on general principle -- it has begun to dawn on them that a skyrocketing payment makes it pretty likely your home will end up in foreclosure, which costs them money. Don't hesitate to call just because you have little or no equity. Some lenders see that as a good reason to fix your loan voluntarily, because you probably won't be able to refinance with another lender. If you've tried to call your lender before and got nowhere, try again. After April 2009, the stimulus plan will literally pay lenders who help on-time borrowers fix their loans and lower their monthly payments, so you might have a better chance then.
Refi-fo-fum. Don't assume that refinancing your ARM into a fixed rate mortgage is impossible because you're upside down and mortgage money is scarce. Though the headlines blast the bad news that 10 percent of homeowners are upside down, that means that 90 percent of homeowners do have some home equity. So long as you also have decent credit, you might find it easier to qualify for a refi than you think! Get in touch with your mortgage broker and have them refinance your ARM into a fixed-rate loan at today's uber-low interest rates.
Your legal last resort. Upside down and your lender won't help? If you are also late on your mortgage or your original deal violated predatory lending laws, you might be able to nudge your lender into modifying your ARM into a fixed-rate loan. Rather than tackle the task of distinguishing the loan modification consultant heroes from the zeros, hire a reputable attorney with a track record of success at negotiating mortgage mods.
Impress buyers right off the bat with a beautiful entrance. "I always tell sellers to put a fresh coat of paint on the front door," says real estate agent Theresa Evans of Charleston, S.C.
And if you don't have an entrance at all, make one. "A lot of my buyers have mentioned that they don't like to just go through the front door into the living room," says Los Angeles-based realtor Rhonda Kohn.
This problem, more common in condos and apartments, is solved by cleverly placing furniture to create more of an entryway. "A console table or demilune chest of drawers with something over it creates a welcoming vignette," says designer Sue Adams of Andover, Mass.
2. Hardwood Floors
Realtors agree that most buyers are hunting for hardwood. You can bet that of all types of flooring, hardwood floors will "have the most longevity and will never go out of style," according to designer Linda Applewhite of Sausalito, Calif.
A synthetic wood floor, like Pergo, "is always a good option for those who can't afford hardwood," furthers real estate agent Rhonda Kohn. But know that a laminate floor "won't fool everyone - it has a hollow thud when you walk on it and it doesn't look the same," adds designer Sue Adams.
3. Fab Fixtures
"Fixtures," says designer Linda Applewhite, "are the jewelry of the house." Only the extremely detail-oriented among us will stop to inspect doorknobs, faucets and cabinet knobs, but designers and real estate agents argue that we'll prefer the look of a place that has coordinated fixtures that are a cut above standard developer grade.
"Newer construction is so chintzy with fixtures and fittings," observes Miami-based interior designer Simon Temprell. Replacing knobs and drawer pulls "is the quickest way to make over a bathroom or kitchen," he says. And when it comes to faucets, he adds, "for $60 or $70 dollars you can buy something infinitely better" than what you likely already have.
Impress buyers right off the bat with a beautiful entrance. "I always tell sellers to put a fresh coat of paint on the front door," says real estate agent Theresa Evans of Charleston, S.C.
And if you don't have an entrance at all, make one. "A lot of my buyers have mentioned that they don't like to just go through the front door into the living room," says Los Angeles-based realtor Rhonda Kohn.
This problem, more common in condos and apartments, is solved by cleverly placing furniture to create more of an entryway. "A console table or demilune chest of drawers with something over it creates a welcoming vignette," says designer Sue Adams of Andover, Mass.
2. Hardwood Floors
Realtors agree that most buyers are hunting for hardwood. You can bet that of all types of flooring, hardwood floors will "have the most longevity and will never go out of style," according to designer Linda Applewhite of Sausalito, Calif.
A synthetic wood floor, like Pergo, "is always a good option for those who can't afford hardwood," furthers real estate agent Rhonda Kohn. But know that a laminate floor "won't fool everyone - it has a hollow thud when you walk on it and it doesn't look the same," adds designer Sue Adams.
3. Fab Fixtures
"Fixtures," says designer Linda Applewhite, "are the jewelry of the house." Only the extremely detail-oriented among us will stop to inspect doorknobs, faucets and cabinet knobs, but designers and real estate agents argue that we'll prefer the look of a place that has coordinated fixtures that are a cut above standard developer grade.
"Newer construction is so chintzy with fixtures and fittings," observes Miami-based interior designer Simon Temprell. Replacing knobs and drawer pulls "is the quickest way to make over a bathroom or kitchen," he says. And when it comes to faucets, he adds, "for $60 or $70 dollars you can buy something infinitely better" than what you likely already have.
"I received a confidential note from a firm claiming that they can eliminate my second mortgage. I am inclined to believe them because the value of our home is now less than the amount of the first mortgage. Is this an opportunity or a scam?"
The answer to your question is not clear, but the misinformation in the note they sent you suggests a need for caution. The note says "that your second mortgage ...may be eliminated due to a significant decrease in property values in your area..." In fact, the decline in the value of your home does not in any way eliminate the second lien on your property, or your legal obligation to pay the second mortgage.
#1: Get the timing right. Most real estate professionals say the spring/summer homebuying season is followed by a lull in real estate activity in September, when homeowners settle in after vacations, go back to work and get the kids ready for a new school year. If a bargain is what you’re after, start shopping for a home in August and September. There may not be as many homes on the market as there are in the spring, but you’ll have less competition from other buyers, and sellers will be more motivated and willing to negotiate.But be sure to keep your local market in mind when house hunting in the fall. Ski-resort towns and areas with temperate climates, such as Florida and California, don’t always have a “down time” when it comes to real estate sales. You may be competing with just as many buyers as you would during the spring, so be prepared to make solid offers and negotiate with sellers.
#2: Seek out motivated sellers. If you’re hunting for a bargain, it’s important to distinguish the sellers who are eager to unload their properties from the ones who are just testing the market. Some sellers who list their homes in the fall are on a deadline to sell before the holidays. Working with these sellers is a great way to find a good buy, as they may be willing to come down in price to quickly close a deal. Other sellers who aren’t in a rush most likely won’t budge on price, so work with a real estate agent to find the flexible sellers instead.
ORLANDO, Fla. – Sept. 14, 2010 – A home office is a wonderful asset, so design it carefully. Here are some pointers to keep in mind:
• Privacy is important. Choose a location as far away as possible from children’s play areas, the TV room, the kitchen and other hubs of family activity.• Do you need proximity to the door? If you expect to receive clients in your office, make sure they don’t have to walk upstairs past the bedroom to attend a business meeting.• Is the space big enough for office equipment? Before you move in, measure the desk, bookshelves, file cabinets and other furniture to make sure it will fit in the designated space.• Get electrical assistance. Your home office will certainly need more outlets than it did before it was an office. Don’t rely on power strips. Get expert assistance.• Add some soundproofing. Consider replacing the drywall with a special soundproofing variety and hang a new solid-core door.• Decorate thoughtfully. If you’re going to be spending a lot of time in your office, and especially if you’ll have clients there, take time to choose nice decor.Source: Gannett News Service, Rosie Romero (09/09/2010)
Research productivity, a measure of the amount of scholarly research conducted by university faculty members and subsequently published in peer-reviewed journals, is widely used as a basis for comparison when scrutinizing the academic quality of similar programs in different institutions of higher education. And according to one such ranking, the real estate program in the Florida State University College of Business is among the very best in the world.
An article just published in the Journal of Real Estate Finance and Economics — a top academic journal for scholarly papers on real estate finance — places Florida State’s real estate program at No. 2 in the world for faculty research published in the three core academic real-estate journals from 1973 to 2008. That represents a major jump from the No. 26 spot that the program held in a previous ranking.
Only the University of Connecticut ranked ahead of Florida State, which was followed by the University of Florida and the University of California-Berkeley.
Visit SpringerLink.com to download a PDF version of the Journal of Real Estate Financeand Economics article and rankings.
“The caliber of research in the real estate program is of the highest quality,” said Caryn L. Beck-Dudley, dean of the College of Business. “These rankings reflect an immense effort from the internationally acclaimed faculty and a dedication by private donors to enhance our program.”
Fueled by private donations and corporate support to the program, the real estate program has worked to recruit and retain the best real estate scholars in the world. A gift from Harold and Barbara Chastain created the J. Harold and Barbara M. Chastain Eminent Chair, which is now held by C.F. Sirmans, a world-renowned real estate scholar. The Journal of Real Estate Finance and Economics article ranked him No. 1 in the world in individual research productivity from 1973 to 2008, while his brother, G. Stacy Sirmans, the Kenneth G. Bacheller Professor of Real Estate at Florida State, ranked 20th.
“It has been a great opportunity to come to the Florida State College of Business,” C.F. Sirmans said. “The faculty have been able to form a cohesive team that spurs industry-changing research opportunities as well as a fostering an individualized approach to education. The advancement of our real estate program and development of our faculty is due in large part to the support of our private donors to whom we are very appreciative.”
The real estate program is well known and respected throughout the country. This year, U.S. News & World Report ranked the undergraduate portion of the program No. 9 among public institutions in the United States, and No. 12 among both public and private institutions.
“The success of our faculty and their various areas of expertise have created a real estate program that is unlike any other,” said Dean Gatzlaff, the Mark C. Bane Professor of Business Administration and director of the Center for Real Estate Education & Research at Florida State. “We are able to offer an education that carries the weight of international expertise while providing the individual attention that allows students to truly succeed.”
Looking for an extra 2010 tax deduction? Consider making your January mortgage payment a few days early.
