Pinellas and Pasco Real Estate Blog

Are You Flipped on Your Mortgage?

notjustanagent — Thu, 12 Nov 2009 15:48:50 +0000

It’s important as a Realtor to be aware of as many programs in the real estate industry as possible. I feel it is my responsibility as a real estate expert, not only to buy and sell, but to help however I can.

I came across a program that is backed by Freddie Mac, called H.A.M.P. (Home Affordability Modification Program). As I understand it… It is basically a Short Sale of the existing loan, but to the existing homeowner. By now most are aware of what a “Short Sale” is. But here is a brief description for those who might be unclear…A “Short Sale” is when a home is sold for less than what is owed on the mortgage. Therefore…”selling short” of what is owed. When doing my research on this program, I realized that the paperwork needed from the homeowner is the same that is needed in the short sale process. Here is the link for eligibility…HAMP Eligibility. To be clear…HAMP is for hardship situations on a primary residence. Freddie Mac created this, to prevent more foreclosures where they could. My opinion is…Tax Payers have paid for this, the Tax Payers should use it.

If you are strapped on your mortgage and considering short selling your home or possibly foreclosure, PLEASE research this option first. Especially if you wish to stay in your home!

To see what home values are in your neighborhood, go to HOME VALUES (works for Pinellas and Pasco MLS). My educated opinion is … the lower the homes are selling in your neighborhood, the more the bank will want to KEEP you in your home!

Good luck to all. I really do hope this information can reach those who need it. It really does hurt to see how this economy has strained so many families. Hopefully this can be a source of light at the end of the tunnel. Please feel free to email me, if you have any questions. I’ll try to help, the best I can.

Maureen Velilla (Realtor)

Century 21 East Lake Realty, Palm Harbor, FL

727-710-4120

MaureenVelilla@aol.com

www.NotJustAnAgent.com

Tax Credit Extension

notjustanagent — Thu, 05 Nov 2009 21:07:10 +0000

The First Time Home Buyer $8000 Tax Credit is going to be extended…That’s GREAT news!!! Not only that, but there are some really positive perks added to it….

Here’s the gist of it, and I’ll dissect it further down..”Under the bill, first-time home buyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30. The plan would also make those who buy a new primary residence eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years”….”But the measure limits the purchase price of the home to $800,000. It also imposes income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for the program.”

Targeted for first timers…” home buyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30.” AND “income caps so that people who make more than $125,000 annually and couples who make more than $225,000 would not be eligible for the program.” The tax credit amount is the same, but the good news is…they upped the income caps. It was originally $75,000 for single and $150,000 for couples. By doing that, they broadened the market base. If you are considering buying, keep in mind that you MUST be in contract by April 30th. From this date, that only gives you approximately 4 months to find a home. If you are looking at purchasing a short sale property, you really should start NOW. You MUST close by June 30th. In many cases short sales are taking 6 months to close.

The other part of the credit …”The plan would also make those who buy a new primary residence eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years.” This helps both buyers and sellers. The reason it helps both is…there are currently not a lot of “non-distressed” homes on the market for buyers to choose from. Many sellers have been hesitant on putting their homes up in an unstable market. By this addition to the program, it’s an incentive to sell. Therefor giving buyers more to choose from. Sellers that purchased their homes prior to 2004 can benefit from the great prices on homes now, and can “upsize” if they’d like. Homeowners that purchased prior to 2004 are more than likely in an equity or break even position. Nothing to lose, only to gain! If you are a homeowner and would like to check your neighborhood values…

CURRENT HOME MARKET VALUES

(sorry…only good for Pinellas, Pasco, Hillsborough, and Hernando Counties)

So anyway…if you have been on the fence about buying or selling, now might be a REALLY good time to look into it! Check neighborhood home values, join some Facebook groups, and start asking questions. Two helpful Facebook Pages are listed under my links.

Source: Associated Press

Maureen Velilla

Century 21 East Lake Realty

727-710-4120

maureenvelilla@aol.com

Home Market Values

notjustanagent — Thu, 29 Oct 2009 17:53:37 +0000

Short Sales and Forclosures and the Economy…Oh My!!!! Those 3 factors are playing a HUGE roll in our real estate market today. I believe it has effected all of us, in one way or another. The key right now is to stay informed on what’s going on around you.

I have become aware of a relatively new product called, “MLS Market Snapshot”. I was so impressed, that I decided to implement it on all of my sites. The links are at the top of this page and in the boxes to the side, under “Home Values”. What this program does, is give you an up to date comparables in your neighborhood. Market Snapshot uses our local MLS system, not Zillow “Zestimates”. It’s also free…in this day and age, ya gotta loooove FREE! It provides your local active and sold properties. It also lists days on market, average list prices, average sale prices, and too many other options to name. It’s fun to play with, so when you get your report, feel free to “click around” because it’s interactive.

If you are thinking about selling your home, this is a MUST HAVE! Pricing right in this market is the MOST important aspect of getting your home sold. As a Realtor, I can market my face off in order to sell your home. BUT if it’s not priced right, it’s all done in vain. If you are considering trying FSBO (for sale by owner), then you REALLY need to be on top of things.

Thinking about buying a home? It’s important to know the home values in those neighborhoods. You want to make sure you are getting a fair price on the home or a good deal. You also want to make sure you’re making a fair offer on the home that you love, so you don’t get out bid.

I hope to be blogging a lot more now, so stay tuned. I have also added more links to the bar on the side. Check out the neighborhood Facebook Pages. I have listed the Pages for Palm Harbor, Tarpon Springs, Trinity, and FSBO. I know…I’m such a Facebook junkie, but it’s a great way to connect, reconnect, network, and socialize. Yea…I’m hooked…at least for a while!

Maureen Velilla , Realtor

Century 21 East Lake Realty

email: MaureenVelilla@aol.com

Cell: 727-710-4120

Business Relocation and Real Estate

notjustanagent — Mon, 03 Aug 2009 17:03:00 +0000

In the past two weeks I have been told by friends up north of four Companies relocating to the south.

Three in New York and one in New Jersey. Of the four, two are moving to the Tampa, FL area, one to Texas, and one to the Atlanta area. Governors Corzine and Paterson have truly put the squeeze on business owners and individual tax payers.

I remember approximately 9 years ago, we were part of the 1st mass exodus to the south. My son was 3 years old, my husband made a good salary, but yet we were still living pay check to pay check. The taxes were chocking us to death. We wanted to give our son a chance for a nice life, so we packed up our house in NY and moved to Florida.

Florida, Texas, and Georgia are “Freedom to Work” States. There aren’t Government strong holds and constraints. Business owners are free to run their businesses the way they want, and workers only need to show up on time and be productive.

OK…so enough of my political soapbox (stepping down from it now). The entire point of this Blog is about Business Relocation and transplanted Realtors, helping those Companies move. As a transplanted New Yorker, I have a better conception of real estate expectations of other New Yorkers. It’s up to me to make their move as smooth as possible. Expectations of schools, shopping, distance to work, and many other variables, are easy for me to match up…because I have the same ones. Most will flock to Pinellas County and the Trinity area in Pasco.

Realtors in Florida, Texas, and Georgia, need to keep their ears open to what’s going on in their former home States. Stay a step ahead and listen to the news, reach out to friends, family, and former co-workers. When you hear of something happening…put your hand out to assist. Our marketing dollars aren’t as fluent as in the past. We need to market ourselves wisely…this may be an additional way of doing that.

I hope this sparks some insight to another marketing angle. If there are any New York or New Jersey Realtors that would like to work some referrals…please give me a call!

Maureen Velilla
Realtor
Century 21 East Lake Realty
www.NotJustAnAgent.com
MaureenVelilla@aol.com

Cell # 727-710-4120

The TRUTH About Short Sales

notjustanagent — Wed, 13 May 2009 20:04:00 +0000

I have had some recent experiences that have inspired me to write a blog about, “The truth about short sales”. This is NOT a class, and I am a licensed Realtor, but NOT a Short Sale Certified Specialist. This is basically an ABC’s for Buyers and Sellers. This is also based on MY experience and professional opinion. I will cover Sellers first, because then Buyers will understand the process a little better.

What is a Short Sale? Basic definition is a Short Sale is when a home is being sold “short” of the liens and mortgages that is owed on it.

SELLERS: When entertaining the idea of selling your home as a Short Sale, Pahleeeeze…speak with a few Realtors (preferrably a Realtor that is a Certified Short Sale Specialist). Make sure they KNOW what they are talking about. Some clues…If they make sense to you, that means through the process, communication will be good. That is SUPER important! A Realtor that knows Short Sales, will also more than likely advise you to also speak with your CPA and or Attorney (to make sure this is the right decision for you). A Short Sale does not necessarily ruin your credit. It actually depends on each situation. A Certified Short Sale Specialist can give you a really good idea of all of your options. If a Realtor uses a “Mitigation Company” be hesitant (MY OPINION ONLY!). Here’s why…a knowledgable Realtor and Title company, can handle a Short Sale on their own. A Mitigation company charges a fee, which will NOT be paid by you (the Seller), or the BANK. Therefor it must be paid either by the Realtors or the buyer. This makes your property a bit less appetizing. I personally will list a Short Sale, but will partner with an Agent that is a Cert. Short Sale Specialist.

BUYERS: The MOST important thing for you to know about Short Sales…”PATIENCE IS A VIRTUE”. If you are in a rush to buy a home, a Short Sale is NOT for you. There are so many hoops for the Listing Agent to go through, it is a time consuming process. The second most important…A Short Sale in no way means…Garage Sale. A Realtor that knows what they’re doing, has priced the property to reflect closely what the Bank SHOULD approve. When making an offer, my opinion is to stay close to the asking price. The alternative is to make a low ball offer, wait a potential 4 months to get a “No”. You have then wasted 4 months of your life, that you can no longer get back. If you are ready to make a commitment to a home, and “feel that great love”, then the process is worth the wait. Lastly…be aware that you MAY be asked to pay a “mitigation fee” at closing. Make sure your Realtor makes you aware of that early on.

Well…that’s the “quick and dirty” of it. I may come back to add to this. I hope it somewhat helped or clarified some things.

Maureen Velilla
Realtor
727-710-4120
Century 21 East Lake Realty
www.NotJustAnAgent.com
MaureenVelilla@aol.com

First Time Home Buyers

notjustanagent — Mon, 20 Apr 2009 17:12:00 +0000

What a GREAT time for First Time Home Buyers (at least anyone who hasn’t owned a home in the last 3 years)! Here’s why:

FHA and VA are actually LENDING money. All you need is a credit score of 625 (right now) or higher, a job (obviously), and 3.5% down. Two different clients of mine just bought newer homes, in beautiful neighborhoods! Their monthly payments which include mortgage, taxes, and insurance is just over $1,200 per month! Not to mention the $8000 tax credit they’re going to get, and NOT have to pay back! Oh yeah…and most of the time the seller agrees to pay up to 6% of the buyer’s closing costs and pre-paids! Anyone who has what’s needed and doesn’t do it now, is craaaaazy!

FHA or VA Loans and Short Sales…

First and most important…make sure the listing Agent has the price approved by the bank. That avoids any unseen disappointment. Make sure the buyer’s Agent knows how to word the offer correctly, and uses a good pricing strategy in the offer. If all of the above is done correctly, it’s a win – win for both sides.

Makes me wish that I waited to buy my house! Talk about a “Buyer’s Market”! The Buyer not only gets the kitchen sink, but practically served up on a silver platter too!!!

Just remember…buying a new home should be a fun and happy occasion. If it’s not…something, somewhere in the process isn’t right.

Maureen Velilla
Realtor
Century 21 East Lake Realty
727-710-4120
www.NotJustAnAgent.com
MaureenVelilla@aol.com

Realtor or Matchmaker?

notjustanagent — Mon, 23 Mar 2009 13:18:00 +0000

This may seem kind of quirky, but I was thinking about it yesterday and thought I’d share it…

My buyers often tell me that my approach to real estate is different (in a good way), and quite refreshing. I thought about it and realized I approach it in more of the way of a “Matchmaker”. Most of my life I’ve been an Interior Designer, where I would “create home environments” for my clients. When finding a home for a buyer, I search for a home that they can have a “long term relationship” with. When there is slight interest, I ask them if, “the angels are singing”? I associate that with… when you meet someone, is there chemistry? Something goes off in your head, and lets you know. If there isn’t…move on to the next.

Yesterday I showed property in Trinity, FL. My clients are a young couple, first home buyers, just starting their “next phase” in life. Anyway…we saw 3 perfect (in different ways) homes.

The 1st one is perfect in every way…3 bedrooms, 2 baths, 2 car garage, wood floors, pool, manicured lawn, and move in ready. The price is in their range, but is less negotiable. “Perfect but inflexible”

The 2nd home is a bit smaller and was a rental, but could be a diamond in the rough. Needs some cosmetic work (outdated), but has a beautiful view, offers more of a fun environment, and is waaaay under their price range. “Not worldly but good and solid”

The 3rd is a really large, recently foreclosed home in a gated more prestigious neighborhood. This home has everything the 1st one does, and then some. BUT…it has a broken window (former homeowner may have had to retrieve some belongings, and couldn’t get in), the pool is green, and some holes in the walls. This one is the same price as the 1st one, but is more negotiable. “Recently divorced”

Years ago owning a home was a sense of accomplishment. The home was valued, protected, and cared for as a member of the family. I am not sure which home my clients will choose, but I believe my approach to real estate, will help them value it more.

In this new market will we as Realtors continue selling houses like commodities, or will we be more like Matchmakers, connecting homes with owners for the “long haul”?

Maureen Velilla
Realtor
Century 21 East Lake Realty
www.NotJustAnAgent.com
MaureenVelilla@aol.com

Inspirational Story

notjustanagent — Sun, 08 Mar 2009 19:41:00 +0000

So today was a WONDERFUL day!
I was meeting with a client that I had met via the internet. Showing her homes in a WONDERFUL family neighborhood (Woodfield). We immediately connected. One of the homes we were looking at was her absolute dream home. Perfect layout, pool, great price, etc! She and her daughter were (are) soooo excited.
Here’s why I loooove what I do…my client is a single Mom and this is her 1st home. She’s worked her entire life for this, and I am truly blessed to be a part of it! She has not only accomplished her dream, but the best part is she is such a strong example of strength for her daughter! THAT is priceless!
Hopefully we will close in a month or so. My client will have the home of her dreams, and her daughter will ALWAYS know that ANYTHING is possible!
Really good stuff!

Maureen Velilla
Realtor
Century 21 East Lake Realty
www.NotJustAnAgent.com
MaureenVelilla@aol.com

Community Charity Event

notjustanagent — Fri, 27 Feb 2009 02:27:00 +0000

Hi everyone! I was just reading an email from the American Heart Association. They reminded me that the month may be over, but raising money and awareness doesn’t have to.

I was thinking maybe having a “fun fundraiser” event at the clubhouse. Does anyone have any ideas?

Another great charity is the SPCA of Tampa Bay in Largo. They are always involved in rescues all over the Country.

I would LOVE to hear about everyone else’s favorite charities, and some ideas on some “fun fundraisers”. We have an AWESOME clubhouse! We should put it to good use, have fun, and do some good at the same time!

Maybe we can do something monthly, for different charities. Just something to think about, Blog about, look forward to.

Does anyone know if we have a gardening type club? I could use one! It’s almost that time of year, and most of my plants died in the frost…. Karen…any ideas?

Hope to hear from everyone soon!
Maureen
1087 Kingsway

Media … "Calamity Jane" or "PollyAnna"?

notjustanagent — Fri, 16 Jan 2009 16:25:00 +0000

The Media has focused it’s attention on the Government’s involvement. Isn’t the Government’s involvement in the “Housing Crisis”, what helped get us into this in the first place? By that I mean some of the deregulation, and turning a blind eye to what was seen coming long ago.

Now they created this possibly false “Light at the end of the tunnel”. But is it possible while we’re looking at that “light”, there is a snake behind us getting ready to bite us in the butt?

I personally feel that if the Government stayed out of it, Banks and Homeowners would be FORCED to work together QUICKLY. Now we have all these “middle people” muddying the waters. The longer it takes to get to a solution, aren’t we digging ourselves in deeper?

The other side of it is…the opportunities that haven’t been around in the longest time. Due to low pricing homeownership has opened up for so many, like never seen before! The higher priced homes will move again, as soon as the proverbial dust settles. There are amazing deals there too!

I have to give props to the State of Florida also. The local Government here really has stepped up to the plate, by taking a pro-active stance. Other States should really take some notes, and work on their issues at home. Governors don’t WAIT for the Fed to fix your problems at home. Everything takes time, and your citizens need help NOW!
Fact is…It is up to US to fix!

Maureen Velilla
Realtor
Century 21 East Lake Realty
www.NotJustAnAgent.com
MaureenVelilla@aol.com