Archive for December, 2007
Warning: If You Plan on Buying a Pinellas County Home and Need 100% Financing - You’ve Only Got 17 Days Left to Get Under Contract - or You’ll be Waiting for Years
December 13th, 2007 categories: Mortgage Updates
You will not be able to get a 100% home loan with most major US banks after January 2, 2008, or ANYWHERE effective January 15, 2008.
It was just announced that there’s a very important change in the US mortgage industry that will be taking place. Fannie Mae (FNMA) lending guidelines are changing, and most most major banks are implementing the change at the 1st of the year before the January 15, 2008 deadline.
In just a few short weeks the standard 30 Year Fixed will now require at least a 5% down payment. FNMA will implement a 5% reduction in Loan to Values (LTVs) for all loans in a “Declining Market”. They are eliminating 100% financing through FNMA’s Flex 100 and My Community Loans. Currently FNMA is the only 100% financing loan in the market.
See Housing Wire’s Fannie Mae Introduces “Adverse Market Fees’ for other treats we have in store.
The Tampa Bay Market is affected by this change. If you’re in the market for a Palm Harbor Home or Dunedin Home - you’d better hire a Realtor today to help you get you approved and under contract now.
This news is yet another sign that the mortgage industry is altering how they do business.
If you want to buy a home…
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If You Don’t Buy Your Ozona, FL Home now, You’ll Hate Yourself Later
December 13th, 2007 categories: Pinellas Real Estate Market Updates
If you’re like most people, you want a “great deal” and want to buy a home at the bottom of the market.
Warning! Don’t let holiday fun blurr your vision. It’s time to save yourself from that 3-martini real estate hangover
. For once, steer clear of Molly Goodhead’s in Ozona this Friday night.
Timing the real estate market is like playing with fire, just as is the case with the stock market. Just ask Suze – she knows. Are we at the bottom yet? That’s probably not the case if you’re in the market for a Pinellas County Home.
That being said, Tracey Thomas, a Realtor from Calabasas, CA gives us a slam dunk blog post on why trying to time the market and postponing the purchase of that Palm Harbor luxury home that you’ve always dreamed about is a huge mistake in her Pin The Tail on the Bottom of The Market.
Many of the Pinellas County investors in ‘04 and ‘05 tried to time the market, too, and that’s why most of them are belly up now … or are on the verge of it. Why not cash in on their mistakes?
There are some absolutely incredible homes on sale now - and we aren’t
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Who Else Wants to Know Where to Find the Best Greek Salad? It’s at an Ordinary Palm Harbor Restaurant.
December 10th, 2007 categories: Eat A Peach Restaurant Reviews
One of the many joys of living in Tampa Bay, and in and around the Tarpon Springs Sponge Docks in particular, is the abundance of great Greek food. The docks are surrounded by an array of dining choices, but let’s face it, while the Tarpon sponge docks aren’t the zoo that Clearwater Pier 60 can be, sometimes I just don’t feel like dealing with the tourists or the parking.
Sometimes a gal just wants a quick bite on the cheap - and it can be found in a very ordinary restaurant, very popular for it’s great breakfasts. Emily’s Family Restaurant at 2609 Alt. 19 in Palm Harbor, just south of Alderman Road. In fact, if you’re in town searching for that Crystal Beach, FL home, Emily’s is right on the corner of the road into Crystal Beach. If it’s a great cheap no-frills meal you’re after, drive right past the Lucky Dill and bee-line it to Emily’s and slide into a comfy red-leather booth.
Emily’s Greek salad is, hands down, the best salad for miles. Steve, the proprietor, says he has a couple of secrets - only a few of which he has shared.
Get a load of this!!! First, they chop the lettuce, wrap it in paper towels, and freeze it for a few minutes. Bizarre? Huh? Then they
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If You’re Hunting for a Pinellas County Home, You Can Pay 10% to 30% BELOW Market Value Buying a Pinellas Short Sale
December 9th, 2007 categories: Buy Pinellas Foreclosures
In our earlier post, we told you how to save huge money buying your next Pinellas home with the best-kept investor secret - short sales!
A short sale occurs when a lender agrees to accept a motgage payoff amount that is less than the full amount due. The seller saves his credit from a full-blown foreclosure proceeding. The bank saves substantial money in carrying costs, repairs, attorney fees and maintenance. You get a fantastic deal on that Pinellas short sale!
Here’s are a few quick tips:
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Tampa Bay Investors know that true short sale homes only last on the market a few days.
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You’ve got to have a source for finding the short sale homes
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You need a game plan and an experienced team to make that home yours!
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Buying a short sale is a better investment than a foreclosure property.
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Foreclosures are often not such a great deal because they have lots of hidden costs that the bank has already absorbed, and the banks pass those costs to you.
How do you buy a Pinellas short sale or a Pasco Short sale?
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