Looking Like A Great Christmas in Tampa

It looks like the Charity bug has bitten a lot of people in the Tampa Bay area. Metropolitan Ministries is experiencing a groundswell of support at the eleventh hour, right when they need it most. They have always been one of my favorite charities and most years the food, money and toys for the kids are in very short supply, this year as our local Fox affiliate reports, thing are going great. So I want to do my part by letting everyone know about this wonderful opportunity to help your neighbors in need, to see the article just click the link. http://www.myfoxtampabay.com/dpp/news/local/hillsborough/metro-ministries-getting-needed-help-122310. This does not mean we we are done for the season, please contribute what you can.

For Those Less Fortunate

With the economy in stand still state, many out there are wondering if they can pay their rent or put a meal on the table. While others fret over "only" being able to spend $500 on each kid this year. Let's get real about this, Christmas is the time for giving, so, let's keep our most needy neighbors in mind when making our last minute purchases. Toys for tot's comes to mind at this time of year, buy an small toy for a deserving child and place it in a bin around town, the Marines will be sure and pass it on and make a child's Christmas special. Remember, the little one's still believe in Santa, so give him a helping hand.

Count Down to Christmas

I'm still hanging around at my Daughters house in Southern California. Lot's of cookies, a trip to Universal Studios, all the usual holiday stuff. And I am still working on a short sale negotiation. I have been working on this since August, that's when it went to contract. To all the Consumers who are reading this, just to let you know, this is not a cake walk by any stretch, it is a infuriating, agonizing and very frustrating process. There is a place for this type of transaction, but should not be under taken by anyone in a hurry. I have recently switched to a new negotiating company and will let all of you know how it works out. Well back to the cookies and lattes.

Holiday Shopping

The economy is in the dump, congress is spending all you tax dollars on Pork projects,and the top ten companies in the US are sitting on 1.3 Trillion Dollars, and not reinvesting or creating jobs. I just watched ABC news and boy do you want to get depressed. But wait, there is a silver lining, Real Estate prices are low and so are interest rates. So why are so many people just sitting around waiting for something to happen, it's happening right now. An economic windfall like this comes around every thirty or forty years and the peaches are hanging low and are ripe for the picking. Time to do some real Holiday Shopping and find a great home at a great price with an interest rate that your Grandparents would be lucky to get. So let's get out there and spur on the economy and make yourself a great long term investment,

First Time Home Buyers / Tampa / Recap

Well that's about it for the Home Buying process. All of the steps are in order, you can use all of them or most of them. The down payment assistance portion is optional, if you have the down payment to complete the transaction, you be in the best position to make a purchase, remember all closing costs paid by the Seller on your behalf comes off the Sellers bottom line. so you have to think of a Seller contribution in the terms of, whatever the Seller will contribute is actually money that the Buyer is financing in order to obtain the loan. If you have any questions or comments about this series, be sure to let me know at tampageorge2@gmail.com, I will be happy to help you in any way.

First Time Home Buyers / Tampa / The Closing Part 2

As we discussed in the last blog, hopefully the funding number camethrough in a timely manner and we are going to finish up the closing. One thing I did not adress, is the deposit. If you left your deposit with the closing Title Company, they already have the deposit, if it is being held elsewhere, your Realtor will bring it, or have it wire transferred to the closing Title company. The balance to close must be brought to the closing by the Buyer, you will be notified by the closer as to the amount needed, and funds must be in the form of bank or certified funds or wire transfer. When everyone is done signing and all the funds are dispersed, that's it, we are done. You get the keys to your new home. In Florida you receive immediate access to your property and you can start moving in.

First Time Homebuyers / Tampa / Funding the Loan

Well the closing portion has taken quite a bit longer than I anticipated, but, closings sometime take much longer than we expect. In the old days, (a couple of years back), the bank would send the check for your purchase, and closings went pretty quickly, now days in the digital age, funds are sent by wire transfer, one would think this would speed things up right? No, now we have to wait for a funding number, this means, after all the paperwork is done and everybody is ready to leave, and you want to go to your new house, we have to wait and wait while someone in some office somewhere, takes the time to look at their e-mail and press a button to send the funding number. AND be aware sometimes, that person goes home and Never presses the button. What to do? Wait until the next day, when they show up at the office again and look at their e-mail. And God help you if it is a long weekend, all your stuff is packed up in the truck and you have, people coming to help you move.... Maybe we can find solace in the fact that some clerk in some office didn't have to inconvenienced by you, and got to leave on time. Sorry to say this is true, it happens all the time and the Banks don't really care. I know, I have complained to supervisors and was told, it is bank policy, to pull the plug at the end of business each day. I am so Glad that the American Taxpayers bailed out these noble institutions.

First Time Home Buyers / Tampa / HUD 1 Buyers Side

Well I ran out of room on my last blog and we need to address the Buyers side of the HUD. The Buyer is responsible for all of the closing costs attached to the loan. Also, the tax stamps on the mortgage and the intangible tax on the mortgage. You also need to pay your homeowner insurance and set up an escrow for your properly taxes. Do you see why I didn't just tack this on to the last blog? But wait, there's more, you also need to prorate the items that the seller has already paid, such as the prepaid ad valor um taxes and the lighting district and storm water. See why we need a HUD 1 sheet, there are a lot of figures that need to be addressed, and the closing agent will be happy to explain all of the numbers as we go down the list.

First Time Home Buyers / Tampa / HUD 1

Now that you have some idea of what goes on at a closing, I will give you an Idea of what a Hud 1is. When ever you do a transaction where money and property changes hands. You need a tally sheet in order to keep track of the money. The Department of Housing and Urban Development, decided it would be best if a standardized form was used for all Real Estate transactions, hence the HUD 1. Until you receive a recorded deed, this documentrepresents the final sale of the property from seller to buyer. It is also used as a record of all costs incurred for income tax purposes. You take all of the charges to the seller and put them in one column and the buyers in the other column. Then you put the sellers credits and the buyers credits in the next set of columns. Prorated items are next and after some basic arithmetic you have the amount the seller will receive and the buyer will pay, ( in most cases ). There is a lot more to it and i don't want to over simplify, but this is what the form basically is. Next blog. Buyer costs.

First Time Home Buyers / Tampa / The Closing

This is a long one so I am going to devote one blog to the closing and the other to the HUD 1 which is the balance sheet on which all of the numbers ar collected and tallied. The closing is held at a Title Company, all of the parties need to sign the papers to transfer the title to the new owners. Everyone does not need to be there at the same time, but everyone need to sign, that are signatories on the original purchase contract. In Tampa Bay the seller customarily pays for the Tittle Insurance policy and selects the Title Company. The Seller also generally pays the Real Estate commission. They then sign the deed, tranfering the property to the new owner. The Title Company needs the Drivers license of all the signers in order for the notary to identify them, other forms of Identification are also acceptable. All of the monies paid into the transaction are added to the HUD 1 for distribution. I will conclude this in my next blog.

First Time Home Buyers / Tampa / Final Walk Through

The day is finally here, all the inspections are completed and all the paperwork is at the Title Company. Only one last thing to do before we close,we need to take one more look at the property before we sign the papers. Usually the walk through is done right before the closing, but it can be done the day before, this is a good idea if the closing is scheduled early in the morning. When we arrive at the house a cursory inspection of the grounds is completed and we look at the exterior for any obvious changes since the home inspection. Inside we check to make sure the appliances are still there, turn on the water and flush the toilets. Basically we make sure the home is ready for the new owner, all personal belongings of the previous occupants should be removed and the interior should be broom clean. If anything is not up to standards, we can request an escrow from the seller to be held by the Title Company to insure that the seller complies in the repair, cleanup or removal of debris. The walk through does not include new discoveries of items may not suit you, andhave not been addressed prior to the walk through. After completion, you will be required to complete a Final Walk Through form, accepting the property or accepting subject to items noted on the form.

First Time Home Buyers / Tampa / Home Owners Insurance

Well we are almost to the finish line, but wait, your mortgage company won't let you close on your new home until you insure it. Sounds easier than it really is. In Florida there are several different kinds of Insurance you will need, specific to the Tampa bay area. First you need your basic Fire and Liability Insurance that most people around the country also need. But if you live west of I-75 you will most likely need wind insurance, because of Hurricane possibilities. Closer to the water you will need flood insurance, close to an existing sinkhole area, you guessed it, sinkhole insurance. and if you live on a lake lake wind insurance. This can really add up, so don't wait to the last minute to get a quote. Sellers disclosures usually give you information on what Insurance the current owner needs but with new flood maps being distributed, that is not always the end all to your insurance questions. so ask questions early in your house hunt, and get the right info from your Realtor and your insurance agent.

First Time Home Buyer / Tampa / Home Warranty

The inspections went well on you home, but the inspector noted that many of the items in your home are getting old and you should start budgeting for replacement of these items. Wow, what did I get myself into? There is a simple and relatively inexpensive way to guard against unexpected expenses. A home warranty is provided by several companies,  they provide repair or replacement of many of the appliances and systems in your home. They generally cost in the $300 to $500 range, for one year, with deductibles of $50 to $75. As an example, you turn on your shower and no hot water, no problem, call the warranty companies number and set up an appointment with a local plumber, they come and check out your water heater and the heater needs replacement, you pay a $65 service call fee, and get a brand new water heater installed right then and there. This is just an example, but waters heaters are one of the most likely repairs, since water heaters have a life of 6 to 10 years on average. If you purchase an older home, chances are a home warranty will pay for itself and provide much needed peace of mind.

First Time Home Buyers / Tampa / Inspections

lot of money, $300 to $500, to have an inspector look at your home, but remember, this may be the biggest investment of your life and if you get a house with structural problems, a bad roof, problems with the plumbing or electric, it can change an idyllic dream of home ownership into a nightmare. Let me also point out a Florida specific inspection that is included by most inspectors. It is called a five point inspection and is a requirement for many, if not all, Insurance companies in Florida. It addresses five important parts of the house that need to be up to a certain standard to be insurable. I will go into more detail in a future blog, but be aware that you need it, and if you don't get a home inspection, it can cost you $200 to $300 just for this inspection. So be careful and get everything looked at, it is money well spent.

First Time Home Buyers / Tampa / Escrow Deposit

Congratulations! They accepted your offer, now we need to give an escrow deposit. I find there is a lot of confusion about the deposit, so let me devote this post to this very important aspect of the home purchase process. When writing an offer for Real Estate, you include a deposit, this serves as a sign of good faith on the part of the buyer and is derived from contract law, which states that contracts should include a "consideration" to bind the contract. This money is generally held by a Title Company, Lawyer, Real Estate Broker or other financial institution. This money is applied toward your closing costs at closing. The amount of the deposit, can be anything from $100 to ten percent of the purchase price. You offer an amount initially and the Seller either accepts this amount or asks for more. If you walk away from the deal, the seller gets the deposit as liquidated damages, this does not mean, if your mortgage does not get approved, or other acceptable reasons, such as, to many problems stemming from inspections. The main purpose of the deposit is, to make all parties involved, feel secure that the deal will close as expected.

First Time Home Buyers / Tampa / Negotiations

Many buyers ask me," how much should we offer?" My answer, list price is always good, some take that advise, but truth be told, very few want to pay full price. So, Let's negotiate. Generally a good guideline is the MLS statistics, most homes in our area sell for 97.75% of asking price so, if you want to negotiate, offer 95% and you can meet in the middle and be just about perfect, statistically. Remember, you are the one making the offer, whatever you want to offer is worth considering, but realistically, you need to take into consideration how long a property has been on the market or if you hear something from the Seller like, "We need to be out so we can move to Memphis next month", this creates a good position for a lower offer. But this is an exception, not the rule. Remember, Realtors work both sides of this business, Sellers and Buyers, so as much as you want a lower price, the Seller wants a higher price, so we, the professionals work to get you to meet somewhere in the middle, that makes everyone happy.

First Time Home Buyers / Tampa / The Offer

Now, you found the house you want, it fits into your price range and has everything you are looking for in amenities and location. Now What? It's time to write the offer. An offer is just what it's called, an offer to purchase the property, in it you give a price and a closing date, these are the two most important items, and your Realtor will help you come to a fair price by going over the previously sold, "Like" properties. it is kind of scientific but, also requires a "Feel" for the market. When it comes time to make an offer, you will see what I mean. You also need to include financing terms, included personal items, inspections, time periods,seller responsibilities, buyer responsibilities and deposit money, among other things. If this seems like a lot of work, it really is. But after all, for most people, this may be the biggest purchase of their life, so let's dot all the I's and cross all the T's. This is a complicated process and needs an experienced person to go over all of the details. But with the right guidance, everything should flow smoothly and your new home will be closer than ever.

First Time Home Buyers / Tampa / House Hunting Part 2

Let's continue with our search, you have your down payment locked up, you know how much you want to spend each month on a home, we figure out how much house you can get for that payment. Now the most important choice you will make, where do you want to Live? Using the IDX feature we discussed in the previous blog, you can zero in on an area that has all the things you are looking for, such as, how close to work, how close to the parents, other relatives. What schools will the kids go to, (please disregard if you don't plan on having kids). How near is the grocery, library, local tavern, hey it takes all kinds. Many personal things enter into your final choice. Remember you can do almost anything to the house you buy, but you need to be happy with the Location. There is a quirky little saying about Real Estate, what are the three most important things? The Answer, Location, Location, Location.

First Time Home Buyers / Tampa / House Hunting

I almost forgot a major step in the process, the one that I am personally involved in, the hunt for your new home. After you do your counseling and talk to your lender to find your price range, I will assist you in finding the perfect property. Be aware that in this market, the perfect home may not be that perfect when you see it, with the proliferation of Bank Owned properties, a lot are in, what we call, rough condition. But if you go in with open eyes and are not afraid to do some cleaning and painting, you can find a fantastic buy. Your search can begin by looking on what is called, an IDX enabled website, this means you can search on the MLS just like a Realtor, if you would like to see a search like this, go to: http://www.realestateoftampabay.com and a do quick search.

First Time Home Buyers / Tampa / Lenders

Ok, Now you took your class and found your assistance program, now how do you link it up with a lender to get all the paperwork in sync? One thing I have found is, that the Banks are the only lenders that are willing to put in the time to work with the Down Payment Assistance Programs, the reason I have been told is this. Brokers work on commission and most of the programs regulate the amount the lender can make on each transaction. Banks need to work withthe programs in order to reach certain required quotas. I have been told this on numerous occasions, so, if any Brokers out there have a different opinion, please let me know and I will add it to a future blog. Now back to the process, the loan officer will assist you with all of the appropriate paperwork for both the Loan and the Down Payment Program. They are usually put together in the form of a first and second mortgage. When you go to closing all of the paprework will be there for you to sign. As always this is just an overview, if you require any consulting, please send me an e-mail and I will contact you shortly.

First Time Home Buyers / Tampa / Assistance Programs

Once you have finished your Counseling class you are now eligible to apply for one of the many assistance programs available. Use the link to the Florida Hud site in my previous blog, and go to the Assistance programs link, from here you can browse through many of the different programs on a State and National level. Now go to the bottom of the page and you will see links to the different counties in Florida, I sell mostly in Pasco, Hillsborrough and Pinellas Counties, in each of these, there are different programs with different qualification guidelines and amounts available, to fit the needs of the First Time Buyer. One thing to keep in mind, and the reason I am writing this series at this time is, The programs generally run on a calender year and most programs are funded after the first of the year. As the year goes on, different programs use up their funding at different times during the year. So, get on the website and start your homework, the rewards will be well worth it.

First Time Home Buyers/Tampa/Down Payment Assistance

First, I would like to note that this is tutorial for Florida First Time Home Buyers, if you are reading this from another State, Go to HUD.Gov and look up your State for your programs available to you. Now follow along, Florida Buyers go to http://www.hud.gov/local/index.cfm?state=fl&topic=homeownership. From this page click on Housing Counseling Agencies. You must take a class from one of these agencies in order to qualify for Down Payment Assistance. My Daughter recently completed this program and qualified for a down payment assistance loan of $7500, which can be used for down payment, closing costs and prepaid items. She needed about $500 out of pocket, "Sweet" as she put it. For more info, you can e-mail me and I can answer any of your questions.

First Time Home Buyers in Tampa Bay

Everywhere I look, I see that the Real Estate Market in the Tampa Bay area is moving in an upward fashion. This means that inventories are shrinking and prices are increasing. Looking over statistics it shows that "The Bottom" of the market in this area, was January 2009. This being said, every month that goes by, is pushing more and more prospective First Time Home Buyers out of the market, In my next few blogs I will include helpful information on Down Payment Assistance, Home Inspections, Home Warranties and Financing Options. Keep watching for my posts and in the meantime, go to: http://www.realestateoftampabay.com and take a look at some interesting properties being offered.

Black Friday and Real Estate

In years past when Black Friday came around, I did not expect to be doing much Real Estate fieldwork, but it seems that this year, people ARE thinking about Real Estate on the busiest shopping day of the year. I received a call at 8:15 from a young lady that just had to see a New Construction Townhouse, so being available (no I did not go out at 4:00 AM just to say I was out there), I contacted the builder and guess what? They also went to work today. I hope this momentum continues to build and carries over to the New Year. We really need to get Real Estate sales, moving again.

Thanksgiving Ugggh!

Well I went and did it, had Thanksgiving dinner with a bunch of friends. Boy did I eat to much, everyone there brought their specialty and being an extremely polite individual, I did not want to say no to anyone. You know if you snub one person everyone hears about it, so, I had a helping of each, about sixteen different items. I then sat down and began to eat and eat and eat, all of the cooks waiting for an approving nod as I dug into their particular specialty. After what seemed like an eternity, I finally cleaned my plate, just in time to hear,"who wants dessert?" Sixteen more offerings!!! The things we do to network, and I didn't even get one decent lead.

Hope At Thanksgiving

We all know that this year, Thanksgiving will not be the Warm, Fuzzy day that has been in years past. People are losing their homes, cars are being repossessed and finding a job, to some, is just a wild fantasy that seems so unattainable. But look back to years past, World War Two, The Depression, and back to the year that Thanksgiving began. The young United States was embroiled in a tragic Civil War, brother fought brother and it looked like the grand experiment called the United States would soon just be a memory. It was at this time, that President Lincoln spoke out and said, Let's not focus on the bad in our lives, let us have a day of Thanksgiving, to thank God for the good things in our lives, for all bad things will pass. Keep this in mind this year, better times are ahead and things will be getting better.

Florida Housing Help in Tampa

Florida Housing Help will be holding a workshop on Wednesday December 1 at two locations: 10 a.m. to 2 p.m. at the Children's Board of Hillsborough County, 1002 E. Palm Ave., Tampa 33605, and from 5 p.m. to 8 p.m. at University Area Community Development Center, 14013 N. 22nd St., Tampa 33613. The program is designed to educate families that are facing foreclosure. You will meet with,mortgage lenders, HUD-certified housing counselors, local housing authorities, legal assistance, credit counseling services, and many other foreclosure assistance programs. For more information please call (850) 413-3089. Preregistration is not required.

The Savation Army in Tampa

One of my pet projects every year is ringing the bell for the Salvation Army. I usually work at the Sam's Club on North Dale Mabry and hope to see you there, please give me a donation. I know the bell ringers tend to be annoying, but just the change in your pocket or maybe a spare buck helps so many people in so many ways, The Salvation Army is on of the oldest Charities assisting the homeless and treated people with substance abuse problems long before it became trendy. People with any social problem, sometimes just need a helping hand, and this organization has always been there to help.,

Get Out There and Help

I would like to thank those of you that got in touch with me regarding last nights blog regarding the Metropolitan Ministries, here in Tampa. I would also like to encourage those of you in other areas to do the same by simply going to Google, putting in, food donations and following up with a call.If you don't want to donate food or time, a small cash donation makes a big difference. At Metropolitan Ministry's, $1.67 is enough to provide a person with a holiday dinner. But it does more than that, a person who may be all alone in the streets will be noticed by people who care and you can really change a life. See what you can do, it will be greatly appreciated.

Helping Others at Thanksgiving in Tampa

Now is the time to help our neighbors have a great holiday, Metropolitan Ministries, located at 2002 North Florida Avenue, Tampa, Florida, are in need of food donations and volunteers to help with loading unloading and prepping the donations for distribution. In a year when paychecks are short and luxuries are hard to come by, be thankful you have something to eat this Thanksgiving, many are not so lucky. If you can help, give Metropolitan Ministries a call at 813-209-1000. The tent will be open from 8:30 to 7:00 PM. thru Wednesday.

A November Monday in Tampa Bay

This blog is for our friends up north. I used to live in Pennsylvania and came to Tampa in 1998. Why did I come down here? One word, SNOW. I got sick of driving in it, shoveling it and just seeing it. I.m proud to say I haven't lifted a snow shovel in more than twelve years. In the winter the Weather channel is boring down here, I'm watching it right now, this weekhighs in the eighty's and lows in the sixty's, but if you are in the upper Midwest, Snow!!! My advice to those up there. Come on down. We still have Thanksgiving and we still have Christmas, we still have some cool days to get us in the mood of the season. Well I think I'll go take a walk now and then maybe sit by the pool this afternoon. If you want to join me, come on down.

Ice Skating In Tampa

Whaaaat? Yes you heard it right, outside ice skating in Tampa. Of course it an artificially developed ice, what do you expect in an area with average daily highs in the mid seventies, but that's not stopping the kids and the kids at heart from flocking to Curtis Hixon Park in downtown Tampa, to try their luck or show their skill as the case might be. The cost is $10 for 90 minutes and includes skate rental. The rink will be up until January 2, 2011.

How to find Tampa Bay Real Estate

How to find Real Estate in Tampa Bay? Well the old way was to ride in your car and drive around neighborhoods and write down addresses and call the numbers on the signs, not a very economical way in this era of $3 a gallon gas. Or you could look in the Newspaper for adds, have you looked recently?Real Estate adds in newspapers have gone the way of the Horse and buggy. No, the best way is to look on the Internet, but where to look? You can use the search engines, but then, it's a crap shoot, you may get a California Internet company that tries to sell Local Real Estate. Let me give you some advise, whether you use me or another Realtor, make sure you use a local company, we live here we know all the ins and outs of local custom and law. Just one example, Sellers by custom pay for the Title Insurance Policy in the Tampa Bay area, this is generally a cost in excess of $1000, if the company you work with does not know this "local custom", you may be paying for it, as the buyer. If you want to find Real Estate in Tampa Bay, go to http://www.realestateoftampabay.com, you can find some properties that are currently available to purchase,with the simple quick search option.

Zillow in Tampa Bay

By starting to blog, I have entered a long curvy tunnel that just keeps going and going. If you're going to blog, why not tweet, so now I'm tweeting and building my following. I happened to mention this to my rep at Zillow and he asked, "Are you putting your Zillow profile out there?" So learning as I go along. I just sent out a tweet about Zillow, so now what? Taking the initiative, I am posting my Zillow profile here as well: http://www.zillow.com/profile/George-Foster/. this will give you an idea of my service areas. So if you are looking to buy or sell in the Tampa Bay Area, send me an e-mail, tweet, call or whatever, I am also looking into Facebook, boy what did I get myself into?

TampaGeorge has added Twitter

I have really enjoyed my time with Active rain and found that I really enjoy blogging, although, here's the rub, I don't like to type. I am learning to type a lot quicker in the last month so, I think it's time for a new challenge, typing on a little tiny keyboard on my phone. I'm 6'4" and 240 with hands that match. This is no small feat to challenge such a small device. Anyway, the reason I am typing even more is, I joined twitter, www.twitter.com/Tampageorge, I welcome all in the Active rain community to say hi and my local clientele to follow me and find out all kinds of neat things about Real Estate. I think we will all have a great time.

Tampa Market Conditions, Lutz, Cheval

I have been giving an overall view of the Tampa Bay Area in recent blogs. Now I want to get specific and go over market conditions in specific communities in my own backyard. Cheval is a gated community located off Dale Mabry Highway about 10 miles north of Tampa. Homes range from the low 200's to over 1,000,000.. As with most communities, homes were affected by the Real Estate downturn and prices and inventory went down to historically low levels. Things are looking up as you will see.

Inventory AnalysisPrior 7-12 Mos.Prior 4-6 Mos.Current-3 Mos.Overall Trend **
Total # of Comparable Sales (Settled) 39 24 12 Increasing | Stable | Declining
Absorption Rate (Total Sales/Mos.) 6.50 8.00 4.00 Increasing | Stable | Declining
Total # of Comparable Active Listings * 51 49 40 Declining | Stable | Increasing
Mos. of Housing Supply (Total Listings/Ab. Rate) 7.85 6.13 10.00 Declining | Stable | Increasing
Median Sale & List Price, DOM, List/Sale RatioPrior 7-12 Mos.Prior 4-6 Mos.Current-3 Mos.Overall Trend
Median Comparable Sale Price $242,500 $243,250 $256,500 Increasing | Stable | Declining
Median Comparable Sales Days on Market 31 38.5 56 Declining | Stable | Increasing
Median Comparable List Price $265,000 $275,000 $288,000 Increasing | Stable | Declining
Median Comparable Listings Days on Market 159 126 78 Declining | Stable | Increasing
Median Sale Price as % of List Price 97% 97% 95% Increasing | Stable | Declining


This data is provided by the Mid Florida Regional MLS. If you are a Cheval resident and would like a market analysis of your home, please give me a call at 813-406-4154

Short Sales in Tampa Bay

Many people who purchased homes from 2004 to 2007 are finding that they owe way more than their home is worth. This is for those people, the hard working middle class people who are reliable and self sufficient. They are finding it harder and harder to make enough to pay the mortgage and keep food on the table. There is a way out, it may be painful but, the banks and financial institutions are beginning to realize that it's not your fault. You can short sale your home, this means selling for less than you owe and the bank taking this as full payment for your loan. This also will cost you nothing out of pocket, Do Not, use a company that charges an upfront fee or any fee for that matter, do not sign a promissory note, all of the companies that are doing this are making money they do not deserve. All you need to do is list your house, get a contract and follow the formula provided by the bank. The Realtor gets paid by the bank and the closing company gets paid by the bank. So don't panic, talk to a Realtor and we can get you going in the right direction.

Tampa Bay Real Estate Websites

If you are reading this, you most likely use the web for more than E-mail, so let me give a little insight into the big name Real Estate websites. The way companies draw people to their site is by rankings in the search engines, if you just put in "Real Estate" chances are you will be directed to Yahoo or Msn, the truth of the matter is, they are not the best sites for a local consumer looking for local Real Estate, Zillow and Trulia are much better equiped to help you on your local search, but the best way to find a specific home in a specific location is a local agent site with IDX capabilities. IDX allows the customer to search the MLS just like a Realtor does. To access an IDX website go to http://www.realestateoftampabay.com  and you will find the search on the home page. This my site, but a little self promotion never hurts.

Rehabbed Homes in Tampa

Today I went house hunting for an active military person looking for the usual three year home away from and found a few surprises out there. We went to the South Tampa area south of Gandy Blvd and looked at several homes, the surprise was the quality of Rehab performed by the owners who purchased them to make a few bucks by modernizing and updating the home. Our military personnel are very busy people and want to rest up when they head home, not get involved in a major project to get a home in livable condition. Two homes we saw this evening are beautifullydone with painting done in the latest hues and flooring of good quality laminate and carpeting. The kitchens are updated, one even had granite and stainless steel appliances. I was proud to show such quality workmanship and would be glad to sell them to our servicemen and women. 

Tampa Bay Condos

I spent the weekend out in the field looking for Condos for a Montreal investor, what I found really opened my eyes. I looked in several Tampa locations 33619, 33637 and 33647. I communicated with my investor provided pictures and comparables, we settled on two likely prospects with prices of 44.900 the other at 43,500, a great price for a 2/2 and we are offering cash, two months ago this was a no brainier submit the offer and in two weeks go to closing, by the way these are both bank owned. What was the surprise? One property had eight offers and the other nine, after just two and four days on the market. One agent while not giving away the other offers, suggested I bring " in excess of ten percent over asking price" for my initial offer. I write this as a heads up, the investors are out there gobbling up the condos. For Realtors, better times are just around the corner, for Investors, better hurry, things are going to go crazy.

Transition to Transaction Broker

In conclusion of my Agency series, I wanted to give the process of switching from Single Agent to Transaction Broker, remember this works if you are a Buyer Broker or Listing Broker in a single Agent capacity.
CONSENT TO TRANSITION TO TRANSACTION BROKER: FLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO REPRESENT A BUYER OR SELLER AS A SINGLE AGENT TO CHANGE FROM A SINGLE AGENT RELATIONSHIP TO A TRANSACTION BROKERAGE RELATIONSHIP IN ORDER FOR THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE TRANSACTION BY PROVIDING A LIMITED FORM OF REPRESENTATION TO BOTH THE BUYER AND THE SELLER. THIS CHANGE IN RELATIONSHIP CANNOT OCCUR WITHOUT YOUR PRIOR WRITTEN CONSENT.
Remember, it is the choice of the customer as to the choice of Agency type. However it is up to the Brokerage to accept this type of employment, and some companies dictate to their subcontractors as to which Agency type they will choose for their Brokerage. I hope this has been informative, as always if you have any questions, feel free to E-mail me.

Transaction Broker in Florida

As a comparison, here is the duties of a Transaction Broker,
1. Dealing honestly and fairly; 2. Accounting for all funds; 3. Using skill, care, and diligence in the transaction; 4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer; 5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; 6. Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and 7. Any additional duties that are entered into by this or by separate written agreement. Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty of the licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.
As you see, this is still a very complete form of representation, the only real differences is in Loyalty, Obedience and Confidentiality. By using this type of representation an agent can represent parties, on both sides of a transaction. As always, if you have any questions about this or any form of agency, please send me an E-mail and I will glad to answer them for you.

Single Agent Requirements in Florida

In order to better understand Agency you need to know what is required by  Florida law. Here are the nine requirements for a Single Agent: 1. Dealing honestly and fairly; 2. Loyalty; 3. Confidentiality; 4. Obedience; 5. Full disclosure; 6. Accounting for all funds; 7. Skill, care, and diligence in the transaction; 8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and 9. Disclosing all known facts that materially affect the value of residential real property and are not readily observable. As you can see this is a very inclusive list of responsibilities, and it is always up to the customer to decide the representation they want to have. If you have any questions, please feel free to e-mail me.

Transition to Transaction Broker

Well we have covered all the different forms of agency, oh there is one that I really don't need to expand on, that's the Non Representation Agency. This is kind of self explanatory, I'm just letting you know I don't represent you. But the last one is the transition to Tranaction Broker. If you are working with me as a buyer agent and a great property comes on the market listed by my company, you can agree to change from single agent to transaction broker agency and I can show you the property and legally represent you. There is even a form we can sign when we first set up our agency relationship that allows for this to happen automatically. I will sum up all of the Agency issues in my next blog.

Single Agency in Florida

If a customer wants to be fully represented, there is the Single agent option. This encompasses the buyer agent sometimes called Buyer Broker. In this form of representation, the best interest of the client ahead off all. If you here the seller say he would take a lower price, use it as a bargaining chip for your buyer. The drawback is this, is you can t legally represent both parties if you use a single agency agreement. Again what to do? See my next blog for the simple solution.

Transaction Broker in Florida

After the Sub agent form of representation was deemed antiquated by the Real Estate Commission, a new form of representation was made available. This is know as Transaction Broker. Basically all of the tenants of representation are included in this form of representation except full confidentiality. As agents we offer limited confidentiality, meaning, we can represent both sides of the transaction and we just keep each parties details to ourselves, eg if the buyer is willing to pay more than the offer price and they tell you, we cannot communicate this to the Seller. Most of the larger Real Estate Companies prefer this type of representation because it alleviates a number of headaches for the Brokerage.

Sub agency in Florida

As discussed in my previous blog, buyers were not represented very well prior to the 1990's The Real Estate Commission decided that buyers need representation too, so they came up with a disclosure that told the buyer that Realtors represented the seller and the agent working with the buyer, also represented the Seller but we just wanted it disclosed to the Buyer. Huh? Well at least it wasn't Buyer Beware anymore, now you know you are on your own. This quickly fell by the wayside for obvious reasons.

Representation in Florida Real Estate

In an effort to explain to the consumer the different forms of representation in Florida, I decided to do a series on the most common types. Let' start with how it was in the old days. When I got into the Real Estate business in 1991, Realtors where hired by a Seller to sell their home, when a buyer called on a sign or an add, we told them we would be glad to show them the house and prepare the paperwork and help with the mortgage etc. But we never really told them that we were contractually obligated to represent the Seller as the principle, unless they asked. Real Estate commissions, riding the wave of consumer disclosure, decided this was not a fair way to do business, (I Agree), and came up with different forms of representation, I will address the different forms of representation in subsequent blogs.

Bank Owned Homes in Tampa Bay

 There are many available options for the savvy home buyer in the Tampa Bay area, Short Sales are an opportunity that some just can;t pass up, and Owner occupied homes are selling much more closely to the local average price as seller are beginning to realize, that prices are not going up anytime soon and selling for less is better than not selling at all. But by far the best deals are the Bank Owned properties or REO's ( Real Estate Owned). as many refer to the Post Foreclosure properties. They are generally priced at ten percent below the appraised value in hopes of provoking a bidding war between prospective buyers. But if you search carefully, there are some great bargains out there. Homes that have been painted and carpeted, with most minor repairs already taken care of by the bank. There are great deals out there, get a knowledgeable Real Estate Professional to show some to you.

Short Sales in Tampa Bay

Sort sales have become a significant force in the Real Estate market throughout the country, Tampa Bay is moving in that same direction. With high unemployment, many are falling behind with mortgage payments and don't really know what to do. A short sale may be your solution. All you need to do is list your home for sale and notify your lender, then I take over for you, there is a process for each individual  lender, which I can walk you through with the minimum stress and aggravation. I use a professional negotiating company who charges you nothing out of pocket, and makes their money selling the Title policy to the lender. Don't be deceived by companies that want you to pay $1000 to $5000 to "save you", banks are very aware of the situation and have everything in place to help you. For more information on this or any Real Estate matter, please, send me an E-mail.

Home Inspection in Tampa Bay Part II

Just to expand on my earlier Blog, Mold is a major problem in subtropical areas. Any water leak even the smallest one is enough to cause a major outbreak. Though not  the buzzword item of a few years ago, mold can be hazardous to your health, and for some even deadly. If your Home Inspector finds evidence of mold, you can have another more intense inspection pertaining directly to mold. Most type are easily re mediated, but some are very dangerous to humans, only a lab analysis can find out for sure. I'm not trying to scare anyone, but a re inspection is for your own peace of mind, and is well advised.

Home Inspections in Tampa Bay

Getting a home inspection is a very important aspect of a home purchase wherever you are located. But in the balmy subtropical climate of Tampa Bay, different items become more important than in cold northern climates. Having the the right sized air conditioning unit is very important, to small of a unit and your electric bill will go through the roof and still not cool your house. To big, and you get a clammy basement kind of climate in your home. A wood destroying insect inspection is also a primary concern, termites cause more damage yearly in Florida than hurricanes, yet a renewable warranty from a reliable pest control company costs about $250 a year, about ten percent of the cost of home owners insurance. Be sure to have the right inspections when you buy a house in Florida, and then you can enjoy the carefree lifestyle we all enjoy.

USDA , Another Goverment Loan Alternative

Many people do not know that USDA has a government loan program. Yes this is the same department that inspects your meat and milk, but this segment is run by a very "on the ball"group of savvy financial people. As with most government programs, there are qualification requirements to be met, the most important is the location of the home. This program is a rural home assistance program for people in a farming type of location. However many Rural Areas in Hillsborrough and Pasco Counties qualify, and yes, single family homes in very nice subdivisions are included. Just a couple more points, this is a zero down program and there is NO mortgage insurance required. For more information please send me an E-mail and I will be glad to help.

FHA Loans, Key to Financing Tampa Bay Condos

In the Tampa Bay area, there are condos available in every shape and size, and every price range. You may even say there is an over abundance of condos, Why? Because you can't get financing for condos, sure you can put down 30, 40, or even 50%, but otherwise you just can't seem to find a lender for condos. But wait there is an option for the first time home buyer or others on a fixed budget that want a low maintenance alternative to the single family home. FHA to the rescue, you can still get a loan for 3.5 percent down, but there is a catch, the condo must be approved by FHA prior to your application so check and see if your choice is on the "FHA approved list" prior to making loan application. If you need further information on this, please let me know and I will be glad to help you out.

VA Loans, A Secure Source in Troubled Times

In a time when the Underwriter says "No" has become the norm, a safe, haven for veterans across the land is the VA Home Loan.The limits are up and the interest rates down, you still need no down payment and the seller can pay your closing costs. The VA will also assist you if you get in trouble and find it hard to make your payments. Over 150,0000 Va loans have been saved through counseling and restructuring and foreclosures are well below the national average. If you are a Veteran or married to a veteran, be sure to check out this program, you are entitled to use it.

Listing during the Holidays

Most anywhere in the country, Real Estate is a dead business during the holidays. When I lived and worked in Pennsylvania, the period between Halloween and New Years was a time for parties and planning for next years business. In Florida, people come from all over to buy property, and go to parties. You heard about the early bird and the worm, properties put on the market at this time have a much better chance of selling, at a good price, than properties listed in January. The best part is you don't have to close right away, ask for an extended closing date and you have plenty of time to pack and prepare. If you're thinking about selling, think early, you won't be sorry.

Getting Your Home Ready in Tampa Bay

Now we have the Snowbirds coming, we can get them financing, So, let's get our home ready to put on the market. You can still decorate for the holidays, but keep in mind, don't overdo it. If you want ti see every inch of the landscape covered with lights and tinsel, go to Disney World, it's only an hour drive and think of the work you'll avoid. As with staging at any time of the year, keep the clutter to a minimum, keep the kitchen counters clear of excess small appliancees and back off a bit on the family photos. Better your home is akin to a shopping mall, than a giant photo album. Remember you want your buyers to "move in" mentally. Having your home up for sale during the holidays can be a fun endeavor, after all, think of all the extra people that will see your decorations. 

Foreign Nationals

As a follow up to my previous post regarding the Realtors favorite winter fowl, the snowbird. I would also like to welcome the snowbirds from other lands, Canada, Germany, France and England to name a few. Over the last few years, financing had become a problem for Foreign Nationals trying to obtain property by other than cash means. I'm glad to announce that a lender has informed me they are offering 70% LTV financing for property with a sale price of at LEAST $100,000. This means with a down payment of 30% you may qualify for a loan on a piece of Florida property. So let's get out there and find a vacation Dream Home, and spend your time in Sunny Florida.

Tampa Florida Real Estate/ The New Season

As the leaves are falling and the chill is in the air throughout the upper 47, Florida is ready to accept the cold and tired for the winter season. In Florida we affectionately refer to these seasonal residents as snowbirds. But many will become permanent residents as the nest empties and retirement finally becomes a reality. Now is the time to get your property on the market for the throng of potential new home owners entering the state. Many wait for the holidays to come and go, but now, is the time to get things rolling. If you would like information on marketing your home in the Tampa Bay area or would like a list of properties available for sale. Please contact me and I will be glad to help.

The Foreclosure Freeze

Everybody seems to be talking about the freeze on bank owned homes. I have it on very good authority that homes offered for sale after the bank has taken title to the property arenot affected by the freeze. If a bank takes Title to the property, it is available for resale and there is no holdup to the closing process due to any past legall or technical problems. Many buyers are afraid to purchase bank owned properties forfear that they will lose the house. Not to worry, if a Title Insurance policy is provided, the house is yours and the Title policy will cover you against all future claims. This makes Bank owned properties, still, the best value on the market today.

Home Warranties for Bank Owned Homes

I am not a strong proponent of home warranties, but there is a major exception, bank owned homes. Most of these properties have been vacant for an extended period and have had the electric and water turned off. This creates several problems, with no water, seals dry out on plumbing fixtures and water heaters tend to degenerate at an accelerated pace. Without electricity appliances begin todeteriorate and refrigerant leaks from the AC unit. A home warranty can offer peace of mind, since all of the mentioned items are covered under a basic agreement. This will make for a happy homeowner as well as the Realtor.