1oth Annual Park Avenue Pet Costume Contest!!!!!

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.

 

2008 Pet Costume Contest photo:
Erica Matyas/Photohound.biz

Come out and face your fears this Sunday at the 10th Annual Park Avenue Pet Costume Contest, brought to us by The Doggie Door.

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!

 

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Smart ways to come up with down-payment cash

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.

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Top 10 Red Flags for Homebuyers

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?

 

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October 2010 - Market Pulse http://wp.me/p146tm-5Z

See and download the full gallery on posterous

Local Pumpkin Patches!

Hagerty

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.

 

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HOW TO INSTALL LIGHTING UNDER YOUR KITCHEN CABINETS -

 http://wp.me/p146tm-44

Robo signing and the foreclosure freeze

I double-dog dare you to watch a TV news show or spend more than 5 minutes on the web without hearing about the massive "robo-signing" foreclosure scandal that is rapidly encompassing the biggest banks in the country.  Here are 4 things home buyers need to know about this breaking real estate news, and how it impacts them. 

(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.  

How Much Can I Afford? - http://wp.me/p146tm-4q

How much mortgage money can I qualify to borrow?

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:

If we’re simply considering the financial math, lenders will calculate your Debt-to-Income Ratio and generally allow for 28-31% of your gross income to be used for the new house payment with up to 43% of your gross income to be used for all consumer related debts combined.

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HOW TO INSTALL LIGHTING UNDER YOUR KITCHEN CABINETS -

 http://wp.me/p146tm-44

SNEAK PEAK…a short walk from Park Ave - http://wp.me/p146tm-3N

We are getting ready to put a brand new listing on the market that has all the charm in the world. Before marketing it publicly I think it is worth getting out to our friends who may have some interest in it, or know someone who is looking for something like this. This home is approximately 1,800 sq ft with 3 bedrooms and 2 full bathrooms in Maitland just one block from Winter Parks’ Park Avenue. This home currently belongs to my [Justin] aunt and my mother’s [Cheryl] youngest sister, Lesley.

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Vote No on 4

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

Drama-Free RE: Top 10 Ways to Finance a Home Without All the Drama

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.

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