Real Estate

I saw on their website nice house/condo or apartament for 20k and up, I’m from NY and I’m planning to go in Orlando to buy a home vocation for my family but I’m little concern I spoke with one of my builders that I Work for and he said that is not really that price sometimes take up to 6 months to close or the bank accepts your offer , even you buying cash, What is the car Fax for home??? lol lol , wher I can see who really owns the property, Please if anybody out there in orlando and can give a help I Appreciatte.

Manny
Long Island NY
English/Portuguese

You are blurring issues here.

First, a short sale is the most complex of your options, that is the one that can take months and months and months, even if you are paying cash.

Next, if you are looking at foreclosure websites, it is highly unlikely that $20,000 is the price, it is probably the amount the owner is in default. The foreclosure sites put up ‘teaser’ information in an effort to get you to put your credit card information in there. Foreclosures sits are notoriously inaccurate. There are houses on a foreclosure site that have been sold months ago, but they still appear there. Typically, a foreclosure home will process as quickly as any other transaction, there are going to be additional forms you have to sign, but the transaction is essentially the same.

I have never heard of a car fax for a home. Your local tax assessor will have information about who owns the home. But in the case of foreclosures, some lenders are using asset management companies to sell their REO properties, so who is handling the transaction might not necessarily be the lender.

My suggestion would be to contact an Orlando Realtor that specializes in vacation homes and let them guide you.

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According to the national Realtor association home sales are up 17.4% in the last two months.

–quote–
November home sales leap –

NEW YORK (CNNMoney.com) — After surging 10% in October, sales of existing homes jumped again in November, growing 7.4% compared with October to an annualized rate of 6.54 million units, according to the National Association of Realtors.

"This clearly is a rush of first-time buyers not wanting to miss out on the tax credit," said NAR’s chief economist, Lawrence Yun.

November was originally going to be the last month in which sales to first-time homebuyers would qualify for a federal tax credit of up to $8,000. However, that deadline was extended through June.

In addition, the tax credit was expanded to cover people who already own a home. They can qualify for a $6,500 tax credit if purchase a new house before the end of June. That should encourage "trade-up" buyers.

The strength of sales in November surprised the industry. A panel of experts compiled by Briefing.com had forecast month-over-month sales growth of just 2.5% to 6.25 million from 6.1 million a month earlier.

The sales total was also a huge improvement over a year ago. Sales rose 45.7% over the paltry annualized rate of 4.49 million units during November 2008.

The contribution made by first-time buyers is evident in a separate survey NAR conducted of its members. They estimate that 51% of sales in November were by newcomers to the market, up a point from 50% in October. Normally, first timers account for about 40% of sales.

Also propelling sales higher were rock-bottom interest rates. The average for a 30-year, fixed-rate loan during the month was just 4.88%, down from 4.95% in October and 6.09% a year ago.

With rates that much lower, homebuyers can save more than $150 a month on a $200,000 mortgage.

The industry expects home sales to slacken December, partially because of the tax credit’s originally scheduled demise. That caused some buyers to push up their closing, stealing sales from December.

However, sales will not fall off a cliff, though, according to Walter Molony, a NAR spokesman. "The psychology seems to be turning around," he said. "Potential buyers, who had been staying on the fence, now believe we’re at or near the market bottom."

One X-factor, however, is the vast numbers of homes that may come to market over the next few months. There is a large "shadow inventory" — homes owned by banks and mortgage companies — that have not yet been put up for sale. It could be as many as 1.7 million units, according to First American CoreLogic.

In addition, another spate of foreclosures could be hitting the market as a number of option-ARM mortgages are set to default.

All that may drive prices down, according to Shari Olefson, author of "Foreclosure Nation: Mortgaging the American Dream." And the impact of these renewed price declines could again alter the market psychology.

"People think that prices have bottomed," she said. "I don’t think they have. People will see price declines and that will discourage them from buying."

Mike Larson, a real estate analyst with Weiss Research has preached all through the bust that price declines are what will "fix" the housing crisis.

"We needed to see prices fall to make ownership competitive with renting again, and to restore the normal relationship of house prices to income," he said. "That has now happened and you’re seeing buyers come out of the woodwork as a result."

Still, they will have to come out in large numbers to offset the inventory overhang in some of the worst markets, according to Olefson. In the Florida condo market, for example, there is a 35-to-40 month supply of units at the current rates of sale, she said.

Prices still almost certainly have further to fall

–quote–

source:
http://money.cnn.com/2009/12/22/real_estate/november_existing_home_sales/index.htm

home sales were down again in November – and there are millions more homes that will probably be foreclosed in the next yr or two, which will keep house prices down – the real estate market has years to go before most homeowners (including me) have positive equity again

Please no contact info.
If you don’t have the answer is there a website you could send me to to find the answers??
My bf and I are trying to find
A. Something in our price range in one of the most expensive places in the U.S because we happen to live here and can’t leave for another two years, and don’t want to throw our money away on renting!
B. Have been looking at CONDOS and TOWN HOMES because they are the ONLY thing in our price range ANYWHERE near his work…
C. The FEW homes for sale near by are in weird places, and only have 1bedroom… is that a bad idea??
D. Are interested in "flipping" or fixing up a place and selling it with in the next year.
There are some town homes that are under foreclosure or REO whatever that we are interested in BUT one of the real estate ppl. we called said the HOA fees were going up to 2,000 a MONTH??? is that REAL or was he making it up so we wouldn’t call him (the home we asked about had been sold) and there is NO website for the town home facility we don’t know who to call!!
the other problem we are having is that there are other condos but the buildings that they reside in are kind of ugly, would this be a HORRIBLE investment?
NEXT what about mobile homes, I know they are not the best investment, but if we were going to basically "flip" it and fix it up would it still be a bad idea??
THANKS!!!

You are using verbage that you know nothing about when you start talking flipping in this or even the next 2 year economy.

Find yourselves a buyer agent cost you nothing, but read the contract and make sure the seller pays not YOU.

Home Owner Assn. fees can be horrendous but 2000 is probably for the year unless you are looking at multimillion dollar areas.

Lawrence stated it well you do not need to be buying right now if you plan to leave in the next 2 years.

I do not know why people continually say renting is a bad idea. In some case it is NOT a bad idea nor throwing good money after bad if you factor in the costs of buying then not being able to sell for months past your need.

1 bedroom places are a worse investment than two bedroom 2 bath units, easier to sell when you get ready too.

Have you prequalified to see what your EXACT range is? See you need a buyer’s agent and an Attorney who will draw up a contract between you and bf detailing EXACTLY what will happen should you break up. Who gets the profit, who pays the mortgage, will it get sold immediately etc. Please do not be so foolish as to say "that will not hppen to us" all you have to do is read the myriad of posts here asking what to d after such a breakup. With marriage their is some protections, without, few.

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I bought my condo in June 2007 and paid pro-rated taxes for that year based on the building which was a new conversion. I asked my agent about taxes for 2008 and was told the city would need to reassess the building as 3 units instead of single family and they were notorious for taking a year or more to do reassessments. My mortgage company doesn’t escrow so I waited through 2008 and never received a tax bill. I just assumed the city hadn’t gotten around to the assessment as a condo. I decided to sell my condo in April 2009 so called the city to find out if they had done the assessment and what the taxes were so I could give the info to my selling agent. I was told the taxes would be $2661. A month later (yesterday) I got notice in the mail that my condo is being offered for tax sale by the city on July 30 of this year. It says the taxes were assessed December 31, 2008. I never received a tax bill from the city, nor did I receive any deliquency/late warnings or a warning saying my home was in danger of going to tax sale. When I called the city to get the number a month ago they didn’t say the payments were late or delinquent or that the property was heading to tax sale! I’m totally freaking out as I got the notice yesterday (Friday) after business hours and can’t talk to the city until Monday. If I pay my taxes will this all go away or is it too late to tstop my home going to tax sale. Surely I must legally receive notices before they can just seize my home. The other condo owners do escrow their taxes and tell me their mortgage companies have been paying theirs but that they never received a bill, just the mortgage company. I’m wondering if the city has been sending my tax bills to my mortgage company. In which case I’d expect my mortgage company to contact me but who knows? How can I stop this from happening? Help! I’m a responsible citizen, a teacher, and not an idiot. I realize now I should have called in 2008 to ask if the condo had been re-assessed but my agent told me it could take a year or more for them to get to it and that I’d get a bill when they did.

You have more than a month to go.

Get the money together (and plan on double until you actually see the bill) and get down and pay it. The taxing authority wants the money, not a sale.

When you file your taxes only the property tax is deductible in the year paid. You cannot deduct penalties or interest.

PS, when you call on Monday, keep it short.

"My condo is going into a tax sale. If I pay today, can this be stopped? What do I owe?" The drama is meaningful to you, but no one else.

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I have listed my home 4 sale..I purchased it with my own money from the sale of my condo just before I got married. We can no longer afford the payment and are currently behind in the pymt. Does my husband have to sign the closing papers for the sale of the home? what are my legal rights to make him sign if he does not want to?

If your name alone is on the title, you can do whatever you want with your property.

When I first moved here realestate prices were going up so fast and buyers were putting in bids higher than the value just to get a home. Now prices are going down and more steady, there are a lot of homes (townhouses, condos) for sale now and they are staying on the market longer. Even though interest when up a bit, would this be a good time to invest?

Not knowing the future… what is your time horizon and how much return do you need? The longer the horizon… the time always now.

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