REO’s Soar to Record Level in July
August 16, 2010 by Jon Tipton · Leave a Comment
REO stands for real estate owned within the real estate/banking industry.
Before the banks take full ownership, the homes and home owners go through what is a lengthy process called foreclosure. The number of homes entering the foreclosure process fell sharply in July compared to a year ago, but homes continued to flow out the other end of the foreclosure pipeline in the form of sales to new owners.
Lenders repossessed 92,858 homes in July, up 9 percent from June and 6 percent from a year ago figures show. It was the eighth month in a row where bank repossessions were at a higher level than the same time a year ago.
The monthly tally of homes becoming “real estate owned” (REO) has been higher only once since May of this year. But the number of homes beginning the foreclosure process when lenders served their owners with default notices was essentially flat from June to July, at 97,123. That’s a 28 percent decline from the same time a year ago, and a 32 percent reduction from the April 2009 peak. Read more
Beautiful Country Home with Spacious Yard
August 10, 2010 by Rick Frissell · 2 Comments
We're sorry, but we couldn't find MLS # T2431983 in our database. This property may be a new listing or possibly taken off the market. Please check back again.
For additional information, or to see this home up close, please give me a call.
Rick Frissell ~ Florida’s Beautiful Homes™
813-340-6828
Is Your Child Going Away To College?
August 9, 2010 by Jon Tipton · Leave a Comment
Have you considered a purchase instead of renting for four+ years?
This is not a new trend but many parents are not taking advantage of the current market. Rents for apartments and homes have gone up while at the same time real estate prices have come down.
If your budget permits, I would like to suggest a way to provide a place for your child to live while in school and position yourself in a market that is more attractive for buyers at this time. Read more
The Importance of Pre-Approval ~ Fourth in a Series for First Time Home Buyers
August 6, 2010 by Jon Tipton · Leave a Comment
The Importance of Pre-approval
Pre-approval can be a very valuable step towards purchasing a home. Many home buyers get pre-qualified for a home loan early on, and then become pre-approved before beginning a serious home search. By completing your mortgage application prior to choosing a home, you can get a pre-approval letter stating how much home you can afford. Try our preferred lender.
Your pre-approval letter lets you know exactly how much you can spend, and it shows home sellers and real estate agents that you’re serious about buying a home. This may give you leverage in the negotiation process. Many sellers actually prefer to work with pre-approved buyers, especially in hot real estate markets. Read more
First Time Homebuyer’s Tax Credit Forms Available
August 4, 2010 by Rick Frissell · Leave a Comment
If you were a first time homebuyer in 2009 then you want to make sure you read the IRS Rules for the 2009 First Time Homebuyers Tax Credit.
You will want to download and prepare your own or take to your tax professional who prepares your taxes the 2009 the new IRS 5405 form for claiming your portion of the tax credit.
Many first time homebuyers are under the impression that they are automatically qualified for the full $8000 credit. The credit is for 10% of the qualifying home purchase so a $300,000 home has a potential tax credit value of $3000. It isn’t too late to take advantage of the extension to the tax credit. You have until April 30, 2010 to have your new home under contract and you need to close by July 1, 2010 in order to qualify.
If you are active duty military and were stationed outside the U.S. for over 3 months in 2009 you have an extension until November 1, 2010 to take advantage of the tax credit. If we can be of assistance, please contact us today.
Rick Frissell. Realtor- Florida’s Beautiful Homes™
813-340-6828
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