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Gainesville Short Sale – 7675 SW 88th Drive


Gainesville Short Sale – 7675 SW 88th Drive


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$165,000
Single Family Home
Main Features
3 Bedrooms
2 Bathrooms
Interior: 1,510 sqft
Lot: 2,041 sqft
Location
7675 SW 88th Drive
Gainesville, FL 32608
USA
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Stephanie Ann Anson

Anson Properties LLC
(352) 260-0153
sasjrussell@gmail.com
http://www.floridahomesalesearch.com

       

Listed by: Anson Properties LLC

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Gainesville Residents are Not Scared by the Housing Crisis

Gainesville Residents are Not Scared by the Housing Crisis

In a study conducted by Integra Realty Resources, an independent real estate valuation firm, 75% of Americans still aspire to own a home and considers home ownership as one of life’s major goals. This population of home-dreamers is based on a new poll of non-home owners aged 22 to 50.

According to the study, Americans continue to be enthusiastic on home ownership despite the housing crisis that significantly dropped housing prices in many markets.

Gainesville Florida has seen a decrease in inventory due to high demand while home prices are still slightly decreasing. The decrease in pricing is attributed to Gainesville Short Sales and Foreclosures. However, there are still issues with quality sound buyers obtaining financing.

The research study further revealed that non-homeowners under 30 years old are even more positive about home ownership than those above 30, to which, 47% of respondents under 30 strongly believes owning a home is still important compared to those above age 30 at 41%.

Despite the increased appetite of Gainesville Florida home ownership, many Americans feel they are left on the sidelines as they are unable to obtain any of the record-low mortgage rates or even those of record-high housing affordability. Moreover, the younger generations expressed their struggle to come up with the finances needed to buy a home in the face of increased job instability.

31% of all respondents say they can’t buy a home due to lack of down payment while 24% are holding off for fear of bad investment and 21% say they are not buying any soon considering the uncertainties of the economy.

It is unfortunate for the parents of the younger generation. Many have purchased properties for their college bound students to avoid paying high rents and get a return on their investment to only be stuck with the underwater properties today. This is where an experienced Gainesville Short Sale Agent can assist the parents even though this property is considered an investment home.

Other Articles to Read:

Are Gainesville Homes for Sale More Affordable?

My Gainesville Short Sale Appraisal Came in Low, Now What?

Gainesville Florida Foreclosure Fraud Up – Avoid Scams

Choosing the Best Offer for Gainesville Short Sales

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Gainesville Homeowners – Have an FHA Loan – Help on the Way

Federal Housing Administration’s (FHA) secretary, Shaun Donovan, announced that the agency will be selling off distressed mortgages in bulk. This move attempts to prevent foreclosure for thousands of homeowners and shed those seriously delinquent home loans.

Every time a new announcement comes from any administration it is usually glossed over with “HELP”, but not sure of the impact. So far programs such as HAMP and HAFA, though great in theory, rarely work out for homeowners.

In line with this, the housing administration aims to sell 5,000 mortgages each quarter beginning in September of 2012.

The housing bubble burdened the agency with over 700,000 seriously delinquent mortgages which mostly originated from the years 2007 through 2009. There are regulations on how deeply these loans can be modified for as long as they are backed by the agency. My question is how many people will this really save? Remains to be seen. I have seen so many people get their hopes up in trying out these programs only to be discouraged because the lenders representatives do not even understand them! There are many Gainesville Short Sales that have come about from these programs not working for the homeowner.

Donovan supported debt reduction for underwater homeowners and helped realize the $25 billion foreclosure-abuse settlement with the nation’s largest banks, which includes the homeowner debt relief. FHA-insured loans are technically eligible for debt reduction, but only few loans are expected to reduce since banks usually prioritize loans not insured by the agency. Doing the math it sounds as if it will help a very small percentage of distressed homeowners going through a Gainesville Short Sale

Donovan, in his statement at the Clinton Global Initiative in Chicago, said that selling these loans could create a backdoor route to debt reduction and those investors who buy them would have greater leeway to reduce the principal loan or offer rent-to-own arrangements and other means of making the mortgage more affordable to homeowners.

Borrowers whose loans are sold will soon receive calls that their loan balance will be dramatically reduced or they will be offered with a set of options that will reduce their monthly mortgage dues. This is probably the best news that homeowners has ever heard of. Well it takes 1 to 3 years to complete a loan modification for most to only to be let down.

This program qualifies loans that are more than 6 months delinquent that went through FHA’s available foreclosure prevention programs; their loan servicers must have started the foreclosure process, and the borrower must not have filed a bankruptcy. Note owners would have to halt foreclosure proceedings for at least 6 months and should agree not to sell half the properties for at least 3 years.

To mobilize the program, FHA will have to sell the loans at deep discounts. At present, the agency receives only 36 cents on the dollar for a foreclosed home. So the agency may be able to come up with a price offer that is attractive enough for investors without losing money. The pilot version of the program sold more than 2,000 distressed loans. But there has been no confirmation on how much the sales had yielded.

Carrington Mortgage Holdings’ executive VP, Rick Sharga, disclosed that investors would typically pay 40 to 60 cents on the dollar for seriously delinquent loans, but this depends on the local market and whether it is a judicial foreclosure.

FHA emphasized its potential to help homeowners who are behind their payments and those whose property values are threatened by neighborhood foreclosures.

The agency extends its efforts in refinancing loans with lower interest rates to borrowers who are current on their mortgage payments. Effective June 11, 2012, according to FHA, homeowners with FHA backed loans will save an average of $1,000 a year when they refinance.

Other Articles to Read:

Gainesville Florida Renter Rights During Foreclosure

Short Selling and Renting from the New Owner – Gainesville Short Sales

Where will the mortgage settlement fund go?

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Why Hire An Experienced Short Sale Agent | Gainesville FL

Why Hire An Experienced Short Sale Agent | Gainesville FL

When short sales became prominent in the Gainesville Florida area many homeowners, professionals and Gainesville Realtors® were unfamiliar with what is a short sale. Gainesville short sale agents

Find out how other sellers successfully completed short sale and avoided foreclosure.

Gainesville Short sales or short sales in any city throughout Florida require double to triple the amount of work. The extra effort can be very daunting. A successful short sale transaction requires all parties to be cooperative and needs a persistent, diligent and experienced short sale agent. Many agents openly admit they hate or do not understand the short sale process.

An inexperienced Gainesville Short Sale Agent will tell you:
“Stop Paying your Mortgage”
“Just Walk Away”
“Hide your Assets”
“To avoid a promissory note you must convince the negotiator at the PMI Company that you have not assets and no disposable income that can be used to pay them.”

This is considered legal advice and that short sale agent just practiced law without a license and they asked you to commit mortgage fraud.

Is that the type of person you want working for you? Do you think that type of agent is ethical?

If your agent has no experience with short sales, then they may either give up or mess up during the process. Make sure to hire an experienced short sale agent that has successfully closed short sales.

Thinking about a short sale? Send me an e-mail at sasjrussell@gmail.com or call me at 352-260-0153 for a free evaluation.

Other Articles to Read:

More homeless? Where will the mortgage settlement fund go?

My Gainesville Short Sale Appraisal Came in Low, Now What?

Where will the mortgage settlement fund go?

When Can you Own a Home Again After Foreclosure?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Get a mortgage after Short Sale | Foreclosure

Get a mortgage after Short Sale | Foreclosure

I had a Bankruptcy on my FHA loan, when can I loan again?
3 years from the discharge date.

I had a Bankruptcy on my Conventional loan, when can I loan again?
4 years from discharge date.

I had a Bankruptcy on my USDA loan, when can I loan again?
3 years from discharge date.

I had a Foreclosure on my FHA loan, when can I loan again?
For most, 3 years from the date on Certificate of Title. If it is more than 3 years but less than 7 years, LTV could be limited to 90%.

I had a Foreclosure on my Conventional loan, when can I loan again?
7 years from the date on Certificate of Title.

I had a Foreclosure on my USDA loan, when can I loan again?
3 years from the date on Certificate of Title.

I had a Short Sale on my FHA loan, when can I loan again?
3 years from the date on the Short Sale HUD1. But there is an exception if there were no late mortgage or installment debt payments.

I had a Short Sale on my Conventional loan, when can I loan again?
4 years from the date of the short sale HUD1.

I had a Short Sale on my USDA loan, when can I loan again?
There is no seasoning requirement with GUS “accept/ eligible” findings. For manually underwritten loan, the risk level will be evaluated depending on case-to-case basis.

I have requested for a Mortgage Modification on my Conventional and FHA loan, how long do I have to wait?

Other Articles to Read:

Gainesville Florida Renter Rights During Foreclosure

Choosing the Best Offer for Gainesville Short Sales

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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My Gainesville Short Sale Appraisal Came in Low, Now What?

What Do I When My Short Sale Appraisal Comes In Low?

Recent survey showed that a third of the real estate agents who had a home sale agreement or two fall out of escrow monthly. The end of these deals comes in when the appraisal is below the agreed purchase price or, when the mortgage is greater than its current value, as in short sale homes.

We know for a fact that mortgage lenders fund only up to but not more than the appraised value of the property.

To close the transaction, the buyer may have to increase the down payment or the seller may have to reduce the price. Any one of these or both should happen to close the deal.

Low appraisals can sure be a deal killer, but it is not the end, there are things you can do yet. Should the appraisal be lower than the sale price in the contract, here are five things you can do.

Report errors to the appraiser. It is a must that you read the entire appraisal report carefully and look for possible errors. The appraiser may have missed a room and miscalculated the home’s square footage. These errors makes wrong “comparables” when the appraiser chooses a property that will serve as a benchmark in your home’s fair market value.

Even if you find errors in the details of the home you are selling or buying, you must still consult with your agent if the comparable properties that were used by the appraiser were reasonable, considering the difference in neighborhood, town, and school district. There may have been a home nearby that is quite similar to the one you’re planning to buy that have been sold recently that could have been a better comparable property than that in the appraisal.

Should you find errors or find that there is a much more comparable recent sale that will make a good justification for a higher property appraisal, then ask your real estate agent to send the correct details and your proposed computation to your mortgage lender. Your mortgage lender will then work with the appraiser and request for revision of report and estimate value. Now, the appraiser may or may not make the changes, but when the error is too obvious, he will do so.

Seek for a second opinion. Most especially in cases of error or bad computations, should the appraiser deny your request for report revision, then escalate your request to the lender. This is where it makes sense that you work with an expert agent and mortgage professional with a solid reputation; if they affirm with you, they may be able to appeal to the underwriter and request for a second appraisal. If the second appraisal supports your argument with the correct property detail and an accurate comparable sale, then the lender, at its sole discretion will more likely go with the second opinion and reject the first one.

Make negotiations. Low appraisals will certainly disappoint everyone involved in the transaction. If the sellers have the equity on hand and their bank agrees (as in short sale homes), it is likely that the price will decrease to the appraised value or somewhere a little above that that the buyer feels affordable and comfortable paying a little cash more. There are buyers who refuse to pay above the appraised value, but for those buyers who just want to settle down and close the deal, they are willing to pay for them as long as they reasonable.

The seller should lower the property price when the differential between the purchase price and appraise value is small, given that the mortgage consideration would allow, but, it is also just appropriate to request the buyer to make up for the small difference knowing that there are many potential buyers in the market. However, should the differential be big, it is least likely that the buyer will shoulder the gap. On the seller’s end, they may also hold the property and wait for the market to be more active and offer better comps.

For a win-win solution for this situation, the buyer will tend to close the gap of $1,000 appraisal gap if the seller agrees to leave some appliances and do a little rectification.

Consider paying the difference or renegotiate to split the difference. If you have long been looking for a home, sacrificing the low rates, tax, and lifestyle benefits of owning your own, and you have finally said “this is it”—in excellent condition, not a short sale, and in a location that perfectly suits you, then might as well consider paying the difference between the purchase price and the low appraisal. This would be wise do to when the gap is small and you have the cash on hand, or when the seller is hardly breaking on the deal or has offered to share the difference with you, or when the short sale bank refuses to go lower.

And for the sellers: if you would really want to close the deal, then reduce the price of the home. Take into consideration that there are states and loan situations wherein the seller has to disclose to other buyers about the low appraisal report on past failed deals, refer to your agent if this is applicable to you. If you don’t agree with the price reduction or difference sharing, understand that you could lose the current deal, this will limit your option to sell at a lower price, and this could force you to do a short sale or put the sell on hold.

Choose a different lender. Mortgage banks are able to select various appraisers than mortgage brokers do. However, there are also experienced local mortgage brokers that work for several companies that have a banking division, and they can process your loan through such division and start with the loan process all over again with attempts on working around the previous low appraisal.

Mortgage brokers don’t have the capacity to choose appraisers, unlike broker-only firms. These firms have a middleman company that pays a cut rate, thus, their appraisers could be those who have less experience. On the other hand, mortgage banks and hybrid appraisers have the power to select a set of experienced third party companies that have access to experienced appraisers.

And to the agents: How have you handled previous successful transactions that had low appraisal? How do you make your buyers and sellers agree with negotiations when the appraisal is low?

Other Articles to Read:

Gainesville – Short Sale Banks are Offering Incentives

Will Florida Speed up the Foreclosure Process?

Short Sale Top 10 Questions

Are Gainesville Homes for Sale More Affordable?

Call Stephanie Anson today at 352-535-0620 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Are Homes More Affordable in Gainesville

Are Homes More Affordable in Gainesville?

Nationwide housing affordability, as measured by the National Association of Home Builders and Wells Fargo Housing Opportunity Index, rose to a record level during the fourth quarter of 2011. However, prospective Gainesville homebuyers continued to have trouble qualifying for a mortgage thanks to tighter credit standards and a soft economy.

Gainesville short sales and foreclosures contribute to the decrease in pricing and lower median home value.

“While today’s report indicates that homeownership is within reach of more households than it has been for more than two decades, overly restrictive lending conditions confronting homebuyers and builders remain significant obstacles to many potential homes sales, even with interest rates at historically low levels”, said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Florida.

Also ranking at the top of the most affordable major housing markets, in descending order were Lakeland and Winter Haven, Florida; Modesto, California; Harrisburg and Carlisle, Pennsylvania and Toledo, Ohio.

Gainesville, Florida Inferred Affordable Mortgage Value is determined by taking the median household income for Gainesville, Florida and calculating the mortgage 30% of that income could afford. Here are the Gainesville Affordable Mortgage Values over the past year.

Date Inferred Mortgage

Date Inferred Mortgage
November 2011 — — $211,150
October 2011 — — $209,124
September 2011 — — $208,122
August 2011 — — $204,183
July 2011 — — $197,553
June 2011 — — $198,480
May 2011 — — $195,490
April 2011 — — $191,022
March 2011 — — $191,022
February 2011 — — $188,629
January 2011 — — $192,790

Other Articles to Read:

Gainesville – Distressed Sales Still Depress Home Prices

Short Sale Process – What to Expect

Choosing the Best Offer for Gainesville Short Sales

Avoid Notice of Default – Refinancing Balloon Mortgages

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Gainesville – Short Sale Banks are Offering Incentives

Gainesville – Short Sale Banks are Offering Incentives Many short sale lenders are offering incentives to homeowners to decrease the amount of foreclosures.

JPMorgan Chase went national with short-sale incentive and deed in lieu offers last year, paying up to $35,000 in some cases. Unfortunately, when a Gainesville homeowner receives a letter in the mail they have a timeline for the borrower to respond. As with some of my clients they call the number provided in the letter and the short sale representative on the other end is not familiar with the terms in the letter.

Bank of America started testing incentives from $5,000 to $25,000 in Florida to see if they should be expanded to more states. This was a trial run in November and December with very strict criteria.

Wells Fargo’s incentive program offers range from less than $3,000 to $20,000.

Short sales, even with incentive payments to borrowers, can save lenders money compared with the expenses involved in completing foreclosures. In cities and states such as Gainesville Florida, a judicial state, where foreclosures go through the court, 50% of the loans in foreclosure are more than two years past due.

Banks are more willing to do short sales now than in the past, however short sale lenders will not say how often or when they will offer incentives. You will see short sale incentives more often in states where foreclosures take more time.

HAFA foreclosure prevention program also offers short sale incentives, at least $3,000 for sellers, but far more short sales are being done outside the government program.

Other Articles to Read:

Will Florida Speed up the Foreclosure Process?

Gainesville Short Sales Hiring Incompetent Short Sale Agent

Gainesville Florida Foreclosure Fraud Up – Avoid Scams

Gainesville FHA Home Buyers – FHA Fee Hike

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Will the Mortgage Debt Relief Act Get Extended – Gainesville

Will the Mortgage Debt Relief Act Get Extended – Gainesville Florida – The mortgage debt relief act is due to expire at the end of 2012. With it will go the relief distressed homeowners currently receive when they short sale their Gainesville home.

Under the The Mortgage Debt Relief Act a Gainesville homeowner has the ability to exclude income from the discharge of debt on their principal residence. This would be the difference of the amount owed on their mortgage to what the home sold for. For example, if the mortgage was $200,000 and the sale price was $150,000 the homeowner would receive a 1099 for $50,000 difference in the sale price to the amount owed.

This 1099 would be considered as income on the Gainesville homeowners’ taxes. If Congress does not pass this bill extension then this debt will be taxed as regular income.

As homeowners struggle to make ends meet, this could prove as continued relief while the housing crisis continues to struggle to correct itself. If the Mortgage Debt Relief Act does not get extended it will have a profound financial affect on owners who are already currently struggling to stay above water.

Write and encourage your congressman to pass this bill. Florida homeowners are not out of the water yet.

Other Articles to Read:

Fast Gainesville Short Sale Approvals on Fannie Mae Loans

Gainesville – Distressed Sales Still Depress Home Prices

Short Selling and Renting from the New Owner – Gainesville Short Sales

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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