Friday, June 29, 2012

How to survive a short Sale

Skip what is a short sale?  It is a process where a lender agrees to take less money for a mortgage than is actually owed.  In other words, let's say a homeowner owes $100,000 on their home, and for some legitimate reason, (job loss, health or under employment) they are unable to make their house payment.  On top of that, because of the reduction in home values over the past few years, the home on the open market is only worth $85,000.  The bank will sometimes agree to take less than is owed by the current homeowner to keep from having to go through the foreclosure process. Let's see if this video makes it more clear.

  
"Ok, so I understand what a short sale is, but what does that mean to me?" 

Let's start with our sellers out there who are unable to make their payments, or are maybe very close to that point.  Well, if you are the homeowner who is faced with inability to pay your mortgage, then keep in mind...there is hope.  You just need to get some good advice and move forward, so as to avoid a foreclosure.  Don't wait. Time is not on your side. You need to sit down with an agent, or a real estate attorney, so you can make the best desision.

"Well, Skip, I am not having a problem making my mortgage, and I owe less than my home is worth, so this doesn't affect me, right?"  Wrong!  If a home in your neighborhood is sold as a short sale or a foreclosure, your value WILL be affected. This means less money in your pocket when you decide to sell.  If you don't plan on selling, and you purchased your home more than five years ago, then I have to agree--you are only losing money on paper, and hey, your tax bill will just look better. 

"Hey wait, Skip, I am a buyer on the market, and I have noticed there are a lot of short sales on the market. They seem to be priced really good." Just keep in mind that a large percentage of these homes have not been approved by the lender.  Let's insert an example here to clear this up a bit.  Let's go back to our example, the seller has a home that they owe $100,000 and it will only appraise for $85,000.  Now let's just say our sellers have put this home on the market and they are asking $86,500 for it, and you go look at it and fall in love...it is the best home you have seen in your price range, so you make an offer for $85,000.  The sellers sign the offer, and the sellers' agent sends it off to the bank for their approval.  Much to your disapointment, a few weeks later the bank has countered your offer at $89,300.  "Skip....What?...they were only asking $86,500 to begin with!" Ahh, yes...the SELLERS were only asking the $86,500, but they had not yet received the approval from their lender, so the lender is now in the driver's seat and they have countered your offer. "Wait, Skip, you said the home would only appraise for $85,000."  Yes, and you can still counter the offer the bank sent to you and include a Current Market Analsis, or CMA, along with your offer to get them to reconsider your offer.  This will sometimes work as long as you don't need to get into a home in the next 30 or 45 days.  The process will usually take a couple of months from start to finish, then add on the usual 30 or so days to close. Also, keep in mind there are some short sales that are much longer.   You can stipulate in your purchase contract you are only going to give the lender a specific time frame to close, and if it goes any longer you will be released from you obligation to purchase.  Let's insert a video to illistrate my point.


     
 "So, should or shouldn't I buy a short sale home?"  The answer is yes...no...well, maybe!  Talk to a Realtor, and they can give you the best advice that will fit your unique situation.

Grace & Peace....




Skip Geiser
(850) 221-6442

The Geiser Team with Main Street Properties

Tuesday, June 26, 2012

If real estate was a candy bar it would be a...

I am conststantly being reminded how entailed the process is that we call real estate.  Whether buying, selling, renting or flipping we call it all "real estate".  Is this really enough to just call it real estate?  That is like just calling all the candy in the gas station...well...just candy bars!  You know what I mean, what if you were walking down the candy aisle and all the packages just said the same thing?   Think about the advertising that goes behind each type of candy bar. Twix...Two for me none for you; M&Ms...Melts in your mouth not in your hands, & Reese’s Peanut Butter Cups...You got chocolate in my peanut butter! I really think we could get a little more original here in real estate too!  How about for buying a duplex we use the twix slogan...Two for me none for you, or if the buyers want a home that is not in a neighborhood we use the Butterfinger slogan...Break out of the ordinary.  If you are selling, and have been on the market for a while, the slogan for a Tootsie Pop...How many licks does it take to get to the Tootsie Roll Center of a Tootsie Pop? The world may never know. Or if the seller gets a really low offer you can use the Kit-Kat...Gimme a break.  Let's move over to the renters who are not ready to buy yet they can use the 3 Musketeers...A lighter way to enjoy chocolate.  Even better yet, how about our investors who bought at the high in the market using the Whatchamacallit. It’s more than a mouthful! Or how about the investor who is really anxious to buy their next investment using Snickers slogan...Hungry? Why wait? Ok, ok, I'm done but I am sticking to my guns--we are way to boring in our verbiage!   I know we Realtors could use the Mounds and Almond Joy slogan....Sometimes you feel like a nut. Sometimes you don’t!

Grace & Peace...



Skip Geiser
(850) 221-6442
http://www.skipgeiser.com/
The Geiser Team with Main Street Property


   

Just Listed...500 Turnberry

 

Great, New Listing in Turnberry Subdivision!

 
 
JUST LISTED
 
 

Profile Image

Courtesy:

SKIP GEISER

Main Street Properties, Inc.

850-221-6442

skipgeiser@live.com

Licensed In:
Florida

 
 

500 TURNBERRY RD

CANTONMENT, FL 32533

Bedrooms: 4

Bathrooms : 2 (2 full)

List Price: $155,000

Living Area Approx : 2194

 
 

Great, New Listing in Turnberry Subdivision~~where it`s often difficult to find a home for sale! Take a look at this home, ready for its new family! There is plenty of room to spread out in this almost 2,200 square foot home! This four-bedroom home has the versatility that is needed, and the front bedroom has vaulted ceilings and a gorgeous arched window that makes it perfect for an office! Each of the four bedrooms are generously-sized as well. The master suite is the perfect place to relax after a long day! The master bedroom is large with plenty of room for all of your furniture (and more)! The master bath has a upgraded, high end garden whirlpool tub for that end-of-the-day relaxing soak! There is also a separate shower and a double vanity for convenience! The floor plan is inviting and functional. With two dining areas, this home makes entertaining a breeze. The kitchen is warm and has a modern feel--pleasing even the choosiest of chefs. The back yard has a nice, open deck great for those summer BBQ`s, and the back yard is privacy-fenced, making a great place for the kids or pets to play! The home has a sprinkler system (on a well) making lawn maintenance a breeze, and the large, corner lot gives great curb appeal. The side-entry two-car garage makes parking a cinch, and the security system gives peace of mind! There`s so much that this home has to offer~~along with the convenient location, it`s hard to beat! Make an appointment today to get the ball rolling on making it yours!

 
 

Feature List:

MLS#: 428401

PropertyType: Residential

PropertySubtype: Single Family Detached

Lot Size: 0.32 acres

Appliances: Dishwasher, Garbage Disposer, Microwave

ArchitectureStyle: New Traditional

IsNewConstruction: No

ParkingTypes: Garage

 
 
 

 
 
L2L


Monday, June 25, 2012

Just Listed...4991 Bellview Ave

 

Make this your new home! As

 
 
JUST LISTED
 
 

Profile Image

Courtesy:

SKIP GEISER

Main Street Properties, Inc.

850-221-6442

skipgeiser@live.com

Licensed In:
Florida

 
 

4991 BELLVIEW AVE

PENSACOLA, FL 32526

Bedrooms: 3

Bathrooms : 2 (2 full)

List Price: $120,000

Living Area Approx : 1676

 
 

Make this your new home! As you walk through this home, you will quickly decide that this is the home you`ve been looking for! Very modern and tastefully decorated, you will be proud to call this one yours! Walking in, you will notice the light and bright feel making for a very pleasant atmosphere. The floor plan is very versatile and functional and flows well, and makes entertaining a breeze! There have been many updates and upgrades to this home that will make home ownership carefree! Take a look at the pictures to see the quality of lifestyle that this home affords! The location of the home is very convenient as well. It is within walking distance to school, and is very close to eating and shopping. Note the great features you will enjoy once this home becomes yours! Newer heat pump (9/11)~~newer appliances (including a smooth-top convection range)~~Two pantries in the kitchen for easy organization~~great built-in nooks to display your prized possessions~~cozy fireplace~~whirlpool tub in master bath (plus separate shower)~~large, privacy fenced back yard~~open patio great for BBQ`s~~two-car garage for easy parking~~great curb appeal~~plus so much more! Take a look at this home today, and let`s get started on getting you in your new home!

 
 

Feature List:

MLS#: 428399

PropertyType: Residential

PropertySubtype: Single Family Detached

Lot Size: 0.23 acres

Appliances: Dishwasher, Garbage Disposer

ArchitectureStyle: New Traditional

IsNewConstruction: No

ParkingTypes: Garage

 
 
 

 
 
L2L


Thursday, June 21, 2012

Tips to help you sell your home...But don't take my word for it!

Here are a few helpful videos I found that will help you sell faster and  put a few extra dollars in your pocket!

1.) Let's start with pricing....


2.) Condition and Staging....



These videos give us a great starting point to work from.  As you may have noticed we started with price and condition and then moved into the area of items that will help your home sell with the least amount of days on the market.  I know that every home is unique and require specialized attention when going into the selling process.  Let us use our experience to help you sell your home.


Grace and Peace...


Skip Geiser
(850) 221-6442
The Geiser Team with Main Street Properties



 




Wednesday, June 20, 2012

First Time Home Buyers...Stepping Stone or Home of my Dreams?

Home of your dreams is the 5 bedroom 4 bath  home on the lake you picture yourself in when you close your eyes and see the perfect Christmas. Mmm the smell of fresh baked cookies!  The stepping stone home is the 2 bedroom 2 bath home in town that is a little less than perfect. Aah the fresh smell of paint!
As I look at homes with first time home buyers I find that usually the expectation is set at the home of our dreams. 

Let's meet these first time home buyers...I usually find they are a young couple who have a child and are thinking they will be having more.  They may even be thinking mom may be staying home to raise the children.  As they drive up, our young first time home buyers get out of a three month old minivan, still equipped with that "new car" smell.   Our young couple tells me they are looking at some where around the 2000 square foot range and they will have to have four bedrooms with a big back yard.

Keep in mind real estate is usually the largest investments you will ever make, so planning and consulting is a great move before you purchase.  In our example above we find that this young couple is "ready" to take the next big step...buy a home!  As I step back and look I can see we need to asses our goals and sharpen our view to keep the final goal in mind..."The dream home".  Every long journey starts with a step and sometimes there are a lot of steps on our journey. Here is where there seems to come disappointment in the eyes of our young couple, though there need not be.  They find  they need to back down to that 2 bed 2 bath home and make it a stepping stone on the road to that dream house on the lake.  A few points we mentioned earlier, they really want to have mom stay home and raise the kiddos so there may soon be a loss of income, getting into a big mortgage is very likely to kill that dream.  They have also already obligated themselves to a "new car smell" payment.  This in and of itself my not be a bad thing but you must keep your dept to income ratio in check, ie enough money at the end of the month to meet your obligations and still have money for the grocery store.

So Skip what are you saying they can't have their dream home?  No, not at all...they just have to wait a little bit so they can save up and maybe even use the equity they are gaining in the starter home to step up to a little bit better home in a few years. Knowledge is the key...So if you are a first time home buyer or maybe just stepping up give me a call, lets take the next step together!


 

Grace and Peace...


Skip Geiser
(850) 221-6442
The Geiser Team with Main Street Properties
             

Friday, June 8, 2012

Why a forclosure may NOT be for you...


"Skip, we have decided to buy a house and we want to get the best deal, so should we buy a foreclosure?"

Yes they should be considered...just a couple of things to note.  Foreclosures typically are sold as is where is.  This means you need to keep in mind what type of financing you are trying to use to purchase the property with.  Quite a few of your lenders are going to expect the property you are purchasing to be move-in ready. Does the home have flooring? i.e. carpet, tile, etc., a stove, and lighting fixtures.  Has the exterior AC unit been stolen?  Are there any broken windows?

We can ask the lender to provide the missing items and to get the repairs done before closing.  However, I have found in the past it is a better plan to get a loan type that will allow you to close on the property with all it defects and then get the repairs done after you close. Typically the repair costs are rolled into the price of the new loan.

If you are under a time crunch and need a short close time, a foreclosure may not suit your needs because many are now typically taking a minimum of 45 days to close.  If you run into a issue it may take even longer.  We are not dealing with time frames of short sales here, but they have a history of taking much longer.  If you have the time and an experienced agent, I would recommend foreclosures.   

 Grace & Peace


Grace and Peace...



 
Skip Geiser
(850) 221-6442
The Geiser Team with Main Street Properties



Monday, June 4, 2012

Top five things a Buyer wants in an Agent....maybe six?


In a recent article I read online from Trulia, they said according to a poll they did, the top five things a buyer wants in a Realtor are as follows.

"What do home buyers want? Recently they told us! Trulia Staff sat down with a user group and had a discussion on what they look for when hiring a real estate agent. Here’s what they had to say (in order of importance):"


1. Honesty and Credibility
Win them over with the truth!
2. Area Familiarity
Do your neighborhood homework!
3. Good Follow Through
You say it, you do it.
4. Organization
Keep it in order.
5. Good Listener

Guest Blogger: Cassy Rowe, Lead Mobile Interaction Designer at Trulia.com

As a practicing agent, I must say that is a great list.  Experience has shown me that there is one more area that I would add to their list....answering the phone!  Many a time I have called to set showings for my buyer clients and found that the other agent neglects to call me back. (Keep in mind also that if you're selling your home, consider how easy it will be for another agent to be able to set up a showing on your home if your agent isn't available to call to set it up.) I also have clients who call me after finding they can't get the agent on the sign to call them back. I recently had a buyer call me after they were in contact with an agent who promised to "get back with them"  and never did. Keep this in mind as you are choosing an agent to work with. If you call them and they take two weeks to call you back you may want to consider changing agents. Your home is usually the largest purchase you will ever make don't you think you deserve a quick call response?
Grace and Peace...


Skip Geiser
(850) 221-6442
The Geiser Team with Main Street Properties

Friday, June 1, 2012

Skip I am new to the area...how do I prepare for a hurricane?


Great question. The key is get prepared BEFORE the storm is getting water in your back door.  Here is a starter video as to why we need to get prepared.



Here in this forum I am including a few resources to help you "get ready". This is just meant to be a launching place, remember get prepared and stay prepared. There will be years we don't have any storms, so if you let your guard down, you will be one of the "lucky" people standing in very long lines trying to get what you should have already had!

Lets start with a few really good starter Youtube videos...






  Ok so lets move to some good resources to be found on line...

Weather Tracking (Small List)

Preparedness List

Grace and Peace...

Skip Geiser
(850) 221-6442
The Geiser Team with Main Street Properties
With...