How Does Orlando Stack up in Foreclosures

• Metro Orlando is ranked 11th highest in the nation in 2009
• Foreclosures growing in Orlando as a result of layoffs
• Osceola County highest foreclosure filing in Central Florida
• Florida the 3rd highest foreclosure filing in the nation
• 1 in 115 homes file foreclosure in Orlando
• 1 in 158 homes file foreclosure in Florida
• 1 in 366 homes files foreclosure in the County

No Handyman Doing Pool Repairs

Did you know to have pool repairs done in Florida the contract has to be licensed?

When building, renovating or repairing a swimming pool in Florida, homeowners must use a licensed contractor. It’s illegal to hire an unlicensed contractor, and a contract with one is not enforceable under law; that means owners have no legal recourse if they do not fulfill the agreement. In addition, unlicensed individuals may not be insured, with homeowners insurance forced to pay any work injuries.

Getting a pool license requires a background check, experience and/or education, and insurance. Certain core courses and a number of elective courses must be taken every two years to renew a license. If owners have a problem, they can file a complaint against the contractor’s license. A pool contractor’s license number can be checked at www.myflorida.org/dbpr.  Contractors are licensed in 3 different categories:  Commerical Pool/Spa, Residential Pool/Spa, and Swimming Pool/Spa.  If someone is certified as to service a pool, they also need to be licensed to make repairs.

Obama Putting the "Short" Back in to Short Sale

For any buyer, seller, real estate agent, or lender who has been involved in a short sale, knows there is nothing short about the a short sale. 

A short sale by defiinition is when a seller owes a loan amount higher than what home is being sold for.   It can take 3-4 months or longer to complete a short sale transaction, and many buyers end up not waiting until the end. 

Obama admistration has made strides to put pressure on banks who owe federal goverment TARP money to implement these new guidelines, such as, Bank of America and JP Morgan Chase for example.  These banks will need to respond to an offer within 10 days, which is much shorter than a typical 60 day wait that we commonly see.  Under these new requirements, lenders will be required to pay $1500 in sellers moving expenses.  Lenders and investors will also receive financial incentives.   Freddie Mac and Fannie Mae will not have to implement the new guidelines.  There will be financial penalities if these lenders do not comply and these guidelines are to be implemented by April.

While this is the right step in getting lender's short sale industry standardized, due to the high volume and disorganization these lenders have, it seems will be a very difficult task to implement, although very, very much needed.  Short sales account for 20% of the homes for sale in Orlando area.

Taylor Morrison Giving Away Dream Home and Disneyland Vacation

You can enter daily up to May 31, 2010 for your chance to have Taylor Morrison built you a home and vacation at Disneyland Vacation Resort.  Click here for more information and to starting entering Taylor Morrison Dream Home Giveaway.

Brand New Community to Ocoee

M/I Homes is introducing its newest community, McCormick Woods! Experience small-town tranquility in a gated, intimate community located in beautiful Ocoee. Conveniently located near the 429, and the new Maitland Exchange (414). McCormick Woods is 15-20 minuets from downtown Orlando, Maitland, Longwood, Lake Mary, Altamonte Springs and much more! McCormick Woods gives you the best that Central Florida has to offer with quick access to Central Florida attractions, Orlando International Airport, first rate shopping, and everyday conveniences. Enjoy our tree-lined streets, beautiful community pool, volleyball and play areas for the kids.

M/I Homes at McCormick Woods features 3 to 5 bedroom single-family homes, new for 2010 with today's home buyer in mind. Reduced cost of ownership is evident with M/I Homes 100% Energy Star entire house rating, and our exclusive 30 year Transferrable Structural Warranty, as well as below market interest rate through M/I Financial. Our home plans represent the best balance between functionality quality and design. There are 8 floor plans available to build from at pre-construction pricing starting at the high $160,000's.

If you are interested in new construction communities, please contact:  Your Orlando Buyers Agent.

Foreclosure Mills; Protect Yourself When Buying A Foreclosure

Foreclosures are priced low the market place, and these deals generate buyers and many closings for our office.  While they can be great deals, buyers need to know protect themselves best when closing on these homes.

Here is a great article about "Foreclosures Mills" from the perspective of the legal community.  Often these foreclosure mills deal in high volume and low quality and so does the title company (often owned by foreclosure mills) that are used in your transactions to buy a home.   Because there is little competency handling the foreclosures, details go missed, and recordings not properly done, and most of all they do not know how to correct the title problems (I lost a deal when the banks title company could not fix a problem after buyer waited patiently for three months, this could have been corrected in a two week period).  Here are some things you can do to make sure your closing has all of the "t's" crossed and "i's" dotted.

• Negotiate to Pay for Owners Title Insurance:  Who ever pays owner title insurance policy in the State of Florida gets to select the title company handling your transaction.  You can have assurance things are handled correctly, your escrow is protected, thorough lien search is conducted, and you can close on time.  Most of ALL Someone Cares About getting your transaction right and going the EXTRA Mile.
• Hire An Attorney:  In negotiations if the buyer will not use the sellers title company it could be a deal killer even though legally title insurance SHOULD never be a condition of sale.  Even though this is stated in the bank addendums, they always try to make it  a condition of sale. The attorney can be very involved to make sure ever step of the process handled throughly, correctly, and legally or an attorney can review a complete closing packge which is all documents at once before closing.
• Follow the Big Boys:  That is California.   California recently passed a law that states the buyer can select the title company of their choice, they no longer have to use the banks title company.  Voice your concerns to lobby for Florida changes.
   

New Construction Townhomes in Winter Garden

Tucker Oaks offers 2 & 3 bedroom spacious, bright, and open townhomes with garages.  They have some built in time ready to take advantage of the Home Buyer Tax Credit.

This is a gated community with many amenities with easy highway and road access, there is 100% financing available if you qualify.  Here is the latest available.

• Benjamin Plan 1528 sq. ft., 3 bedrooms, 2.5 bath, 2 car garage, ready now $141,980
• Calvin Plan 1693 sq. ft., 3 bedroom, 2.5 bath, 2 car garage, ready now $149,825
• Abigale Plan 1195 sq. ft., 2 bedroom, 2 bath, 2 car garage, ready Jan/Feb $121,340
• Casey Plan 1699 sq. ft., 3 bedroom, 2.5 bath, 2 car garage, ready now $144,990

Do not buy new construction without your buyers agent, their on your side.  If you would like more information on this community, or would like to view this community, please contact Buyers Broker of Florida.

Only 4 Months Left

If you are considering purchase a home for a primary residence whether you are first time home buyer or move up home buyer, you have to be under contract by April 30, 2010, and close by June 30, 2010 to be eligible to for the Home Buyer Tax Credit-yes free money from the IRS for purchasing a home.  Timing with looking for a home is important as there are many short sales in the Orlando market, and short sales can take months and months to close.  Do not wait, if you need to get started on purchasing a Central Florida home contact Buyers Broker of Florida for assistance.

First Time Home Buyer; What You Need to Know

Buying a home will be one of the most expensive investments you make.  There are many details to know about buying a home and during the transaction that you need to know.  US Department of Housing and Urban Development at http://hud.gov/ provide a detail and alot information on the 9 Steps to Buying a home. 

It Is A Renters Market

The vacancy rate of U.S. apartments reached 8 percent in the fourth quarter of 2009, a 30-year high, according to real estate research firm Reis Inc.

Vacancies increased in 52 of the 79 markets that Reis tracks, rising the most in Tucson, Ariz., where they jumped 3.1 percentage points in 2009 to 10.5 percent. Jacksonville, Fla., ended the year with the highest vacancy rate at 14.4 percent.

In a separate report, Marcus & Millichap real estate firm forecast a further 2 percent to 3 percent decline in apartment rents over the next six months.

"Never before have we observed rental properties in so much distress, both on the space and pricing side," said Victor Calanog, director of research for Reis.Source: Reuters News, Ilaina Jonas and The Wall Street Journal, Nick Timiraos (01/07/2010)

Changes to Trim Notices

TRIM Notices come out in Fall of each year just before November Tax Bills are mailed.  This notice provides your annual taxes based on different proposed budgets.  This year a new law requires property appraisers to tell taxpayers Truth in Milleage Rates. Now you will see the proposed milleage rate and prior years milleage rate on TRIM notice.  Milleage rates are part of a formula that determines the taxes you owe.  In effort is being done to give taxpayers more information about how their taxes are effected by the local taxing authorities.

Mortgage Rates Trend

Mortgage Rates were 5.14 on a 30 year fixed, up from 5.05 from a week earlier. Federal Reserve continues to buy mortgage backed securities in the effort to make housing more affordable and expected to end in the Spring.  Mortgage and Banking experts polled from Bankrate.com predict the following trends over the next 30-45 days:

• 61% think rates will increase
• 8% think rates will stay the same
• 31% think rates will drop

Happy New Year!

Happy New Year to all the blog readers, and people who looking to purchase homes in the Orlando area this year!