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Bounce Back from Foreclosure

Bounce Back from Foreclosure

Bounce Back from Foreclosure

Bounce Back from Foreclosure

5 bounce-back tips after a foreclosure or short sale

 

HIGHLAND, Calif. – Aug. 12, 2016 – Philip and Denise Powell lost their home in 2011 after Philip’s hours as a pastor were cut in half and Denise was sidelined by a surgery. But they were determined to become homeowners again, so they rolled up their sleeves and got to work.

The Highland, California, couple got financial counseling. They took control of their credit reports, tackled high-interest debts and cut spending. In 2015, they bought another home.

“We thought we’d never recover,” Philip Powell says, recalling the devastation they felt after losing their home. “No one in California was ready for the crash; it hit us hard.”

Their story is typical of the more than 9.3 million homeowners who lost a home through a distressed property sale from 2006 through 2014, according to the National Association of Realtors.

As rents rise, low mortgage rates persist and the economy gradually improves, some who lost their home in recent years will be able to re-enter the housing market. A 2015 study by the NAR found that 1.5 million previous homeowners might be eligible to buy within the next five years, based on the time it takes to boost credit scores and save for a down payment, as well as mandatory wait times to buy another house.

For those looking to put down homeownership roots once more, here are five tips:

1. Know your options: You no longer have to wait seven years after a bankruptcy or foreclosure to buy another home, says Ray Carlisle, president of the national nonprofit NID Housing Counseling Agency. For homeowners who had extenuating circumstances such as prolonged income loss or major medical expenses, Fannie Mae has shortened its waiting periods to two years after a pre-foreclosure sale – a short sale or deed in lieu of foreclosure – and to three years after a foreclosure. That’s down from the standard waiting periods of four and seven years, respectively.

To get a Federal Housing Administration loan after a foreclosure, the standard wait time is now three years – and as little as one year with extenuating circumstances, says April Brown, a spokeswoman for the Department of Housing and Urban Development.

2. Change your bad money habits: Focus on paying down debt, creating a solid savings strategy and avoiding new splurge purchases. Saving for a downpayment and closing costs is one of the biggest hurdles that homebuyers face. Start socking away bonuses, windfalls, tax refunds and other extra cash in a savings account. Setting up automatic deposits to your savings account is another way to grow your downpayment reserves, and it removes the temptation to spend money unnecessarily.

3. Repair your credit: The FHA’s minimum credit score requirement for maximum financing is 580. Some lenders offer loans at that minimum, Carlisle says, but other mortgage lenders require a FICO score of 640 or higher. Paying off high-interest debt on time each month and not taking out new loans or running up your credit cards will help build your credit score. Also, ask your utility providers or landlord to report your on-time monthly payments to the major credit bureaus to have those count on your credit report, too.

4. Beware of predatory lenders: If you encounter lenders that try to seduce you with “special” zero-down home loans or people who recommend rosy rent-to-own or land contract agreements, run the other way. Carlisle says that 80 percent of NID’s clients are minorities who are disproportionately targeted by predatory lenders. Never sign any contract you’re unsure of, and have a housing counselor, real estate attorney or different lender look it over to get a second opinion.

5. Seek help from the pros: Not only can housing counselors help you address credit issues and set up a savings plan, they can connect you with state, local and private resources that can ease your path to homeownership, Brown says.

Next steps: If you’re looking to buy again, reach out to a HUD-approved housing counselor before you begin. Also, the National Foundation for Credit Counseling provides help to more than 3 million people each year. Find an NFCC-certified housing counselor to discuss your options.

Related links

NerdWallet: Buying a House, the First Steps

HUD: Approved housing counselors

NFCC: Certified housing counselors

AP Logo Copyright © 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. This article was provided to The Associated Press by the personal finance website NerdWallet, Deborah Kearns.

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Grand Panama Gem!

11807 FRONT BEACH 1-503, Panama City Beach, FL 32407

11807 FRONT BEACH 1-503, Panama City Beach, FL 32407

Grand Panama Beach Resort is one of the newest and nicest Resorts on the Beach. This 5th level Gulf Front condo is absolutely gorgeous. A quick walk over from the crossover directly to your condo. No elevators in the busy season to worry about. Granite, counter tops, stainless appliances tile and a bunk area make this condo a upscale luxury condo. Perfect level off your balcony for the perfect Gulf View. If elected can be a rental machine.

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Sell your Real Estate Listing Quickly

Sell your Real Estate Listing Quickly

Sell your Real Estate Listing Quickly

 

Sell your Real Estate Listing Quickly

Try these words in your listing for a quick sale

 

WASHINGTON – Aug. 19, 2016 – Public comments provided by listing agents can give information about the property amenities, architecture and neighborhood information, and they can also impact the days a property is on the market, according to a new CoreLogic report.

CoreLogic researchers looked at more than 1 million single-family transactions controlled for listing price, geographic variations, and physical housing characteristics and found that certain phrases in public comments helped sell a home faster.

Which words had the biggest impact? Researchers found that words like “fenced backyard,” “open concept,” “natural light,” and “updated kitchen” tended to reduce days on the market for a property.

“For those selling a home that happens to have these features, they should make sure to ask their listing agent to include these words and phrases in the public comments,” writes researchers Bin He and Matt Cannon at CoreLogic’s Insights blog.

Fences appeared four times in the top word pairs, such as backyard fence, full fence, or a fence in the yard. The researchers say that the appeal of “fence” may indicate that privacy is a top priority for buyers.

On the other hand, researchers pinpointed some words that seem to make a listed property linger on the market, such as “golf course,” “gourmet kitchen,” “ceramic tile,” and “granite countertop.”

“While granite countertop has been popular, there is a recent surge in quartz’s popularity,” the researchers say. Also, “it appears two-story homes are going off market slower than one-story homes nationwide. Evidently, ‘two story’ is one of the word pairs that could increase days on the market, and ‘single story’ is one of the word pairs that could reduce days on the market for a listed property.”

Researchers were stumped on why properties with “gourmet kitchen” would stay on the market longer, however.

“One possibility is that this luxury feature would lead to a higher property value,” He and Cannon suggest. “Homes that have higher prices relative to their neighbors may have less demand than lower-priced, more affordable homes, and hence it takes a longer time to sell.”

Source: “Say What?! Public Listing Comments Can Have an Impact on Days on Market?” CoreLogic Insights blog (Aug. 12, 2016)

© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688

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Panama City Beach Best in US for Investment

Panama City Beach Best in US for Investment

Panama City Beach Best in US for Investment

Panama City Beach Best in US for Investment

 

PANAMA CITY BEACH, Fla. (WJHG/WECP) – A recent study named Panama City Beach the best place in the U.S for people to invest in vacation rentals.

The website Rented.com just published a report on the best U.S markets for people to invest in vacation rentals. Panama City Beach topped the list at number one, beating out 120 other destinations.

Local real estate brokers told NewsChannel 7 they aren’t surprised.

“In the panhandle we are by far the most affordable place to come and stay,” Krista Navarro, a broker with Gulf Real Estate, said. “We’re also an affordable place to invest. Investors can still get a bang for their buck here. You can buy on the beach front or off the beach front and we have a strong clientele of people who want to come and spend their time here.”

Navarro said affordable property prices aren’t the only attraction to the area.

“Thanks to our TDC, Panama City Beach is a year-round destination,” she said.”

Turning Panama City Beach into more than a summer vacation hot-spot has been one of the Tourist Development Council’s top priorities.

“You look at what we’ve done, where we used to be primarily a summer destination and now fall is building, we’re doing well in late spring and now winter as well,” David Demarest, the spokesman for Panama City Beach, said. “So there is room for more year round investment.”

Aside from the year-round attraction, the study also took into consideration state and local tax laws.

“When you buy in Panama City Beach, you’re looking at not having to pay income tax because we’re in Florida so that’s a great thing,” Demarest said. “You’re also, in Panama City Beach, not paying an ad valorem tax. Tourism powers a lot of what we do here, it means we don’t have to pay a lot of taxes.”

There is also the attraction of the beach itself. With 58 beach access points within city limits, the sugar white sand is never far away.

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Immaculate with Spectacular Views!

Condos For Sale Panama City Beach

11800 Front Beach Road 2-901, Panama City Beach, FL 32407

Price Reduced $75,000 !!!! Now — $305,000!!! Motivated Seller! Least expensive 3br 3ba in Grand Panama Beach Resort , This 3 Bedroom, 3 Bath corner unit with bunk area has gulf views from every bedroom. This newly refinished unit has granite counter tops and stainless appliances. This beautiful condo is not on a rental program.

The views from this corner unit are spectacular with both east and westerly views along with the coastline and down Front Beach Road. Grand Panama has many luxury amenities to compliment the beautiful beach including: a large Gulf Front pool with hot tubs, a poolside Tike Bar and Grill, a fully appointed fitness center, a snack bar, onsite Rental Office, north tower sky pool, walking and jogging areas, all inside the 35 acres of the Resort grounds. The unit at Grand Panama will make an excellent second home and/or investment property.

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Areas hit hard by downturn now see highest gains

Areas hit hard by downturn now see highest gains

MIAMI – Aug. 18, 2016 – The markets hardest hit by the real estate downturn have been registering the sharpest increases in home prices for more than a year.

A decade after becoming the epicenter of the crash, Miami’s property market is seeing the highest price jumps since 2006 – the peak of its last housing boom.

Several critical factors are separating this property rise in South Florida from the last one, however. Condominium buyers are putting up bigger deposits, for example – generally 50 percent of the purchase price, compared to 10 percent to 20 percent deposits during the last buildup.

Banks are also beginning to fund more projects in South Florida, but they’re asking developers for a larger financial stake, typically a substantial level of pre-construction sales.

“People are calling this another boom in Miami, but this is different,” says Gil Dezer, president of Dezer Development, which is developing the Residences by Armani/Casa project in Miami’s Sunny Isles Beach in partnership with Related Group. “Today’s buyers have learned from the last boom – and so have developers.”

It’s not just Miami. The same higher-price trend can be seen in Las Vegas and in parts of Arizona and California. In Phoenix, one of the U.S. cities hit hardest by the real estate crash, home values have risen 29 percent from their previous low point.

Source: Washington Post (DC) (08/18/16) McMullen, Troy

© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688

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Building a home in Florida

Building a home in Florida

CHICAGO – Aug. 17, 2016 – The average time it takes to complete a new single-family home is seven months in Florida and nationally, according to recent Census Bureau data. That completion time includes nearly a month for getting the permit to start the project – 27 days in Florida – and then another 6 months to complete the construction.

Houses built for sale took the shortest amount of time – 6 months to complete after obtaining building permits. On the other hand, homes built by owners averaged the longest time at nearly a year. Homes built for rent averaged about 9 months from permit to completion, the data shows.

Homebuyers generally have the longest waits for a new home in the New England area, which had the longest time from permit to completion at 10 months. On the other hand, the Mountain region had the shortest amount of time at 6 months. The region also has the shortest waiting period from permit to construction start.

Breakdown by region of the average months from permit to completion of a new single-family home

  • Pacific: 8 months
  • Mountain: 6 months
  • West North Central: 8 months
  • West South Central: 7 months
  • East North Central: 8 months
  • East South Central: 8 months
  • New England: 10 months
  • Middle Atlantic: 10 months
  • South Atlantic: 6 months

Average days by region from permit to start on a new home

  • Pacific: 31 days
  • Mountain: 15 days
  • West North Central: 20 days
  • West South Central: 35 days
  • East North Central: 23 days
  • East South Central: 25 days
  • New England: 28 days
  • Middle Atlantic: 27 days
  • South Atlantic: 27 days

Homes in metro areas took, on average, nearly 7.5 months to complete – about 2 months shorter than homes started in non-metro areas.

The 2015 Census data also found that 66 percent of single-family homes sold while under construction, 32 percent sold before construction started, and 12 percent sold within one month of completion.

The percentage of single-family homes completed last year that were not yet sold was only 6 percent, the same percentage as the first quarter of 2016.

Source: “Time to Build a Single-Family Home in 2015,” National Association of Home Builders’ Eye on Housing blog (July 20, 2016)

© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688

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3 Bedroom Bargain!

11800 FRONT BEACH 2-308, Panama City Beach, FL 32407

11800 FRONT BEACH 2-308, Panama City Beach, FL 32407

LEAST EXPENSIVE 3 bed 3 bath w/bunks in Grand Panama Beach Resort. One of the finest properties on PCB. This condo will not disappoint with it’s views of the city and Gulf of Mexico. Stainless Appliances, Granite Counter-tops,tile flooring in the main areas, and carpet in the bedrooms. The carpet was professionally cleaned in June. This unit also comes with a dehumidifier to keep the moisture down. Air condition Units were owner and friends and family used only so little wear and tare on them. This complex has 2 really nice pools, 2 spa’s and 1 kiddie pool. Fitness center and conference room. Parking is located under this condo for convenience. Don’t miss this opportunity to own the best!

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3 Bedroom Grand Panama!

11807 FRONT BEACH 509, Panama City Beach, FL 32407

11807 FRONT BEACH 509, Panama City Beach, FL 32407 

Beautiful 3 bed 2 bath East facing corner unit on the 5th floor! The 5th floor park and walk to your condo no elevators to deal with. The most desired floor in Tower 1. This unit has never been on a rental program. Grand Panama Beach Resort is one of the most desired and newest resorts on the Beach. Fitness Center, business center, event center, tiki bars, 2 pools.

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Lowest Priced Unit In Grand Panama!

11800 FRONT BEACH 2-302, Panama City Beach, FL 32407

11800 FRONT BEACH 2-302, Panama City Beach, FL 32407 

LOWEST PRICED – 1bed 2 bath Condo in Grand Panama Beach Resort. Grand Panama is one of the nicest most in demand Resorts on the beach. The 3rd Floor level has the large party deck the only floor that has one. Luxury at its best. Hardwood Floors, granite counter tops, tile floors,stainless appliances, 2 pools, fully equipped fitness room, 2 hot tubs, Tiki bar, This a great condo with a great layout.

Pictures coming soon!