Cash Buyers Can Get Cash Back Quickly

icon_sellersGood news for cash homebuyers wanting to get their cash back shortly after purchasing a home. You can get a cash-out refinance almost immediately, thanks to a little known Fannie Mae program. The delayed financing program allows all-cash homebuyers to refinance and take equity out as soon as they close on the home purchase.

That’s good news for homebuyers in all-cash purchases, many of which are investors or baby boomers trading down to more manageable homes. The delayed financing program gives them the option to take home even more cash while enjoying historically low interest rates on a conventional home loan.

The program comes with rules such as the sale must have been “arm’s length” (no parents selling to children), the owner can’t have more than 10 financed properties and there can’t be any other liens against the property. Why would a homeowner use the delayed financing program instead of waiting the six months to tap equity?

  • A property may be in such disrepair that a lender won’t underwrite it. With this program, a homebuyer can buy the property, make quick repairs and take money out of it before six months elapse.
  • The chain of buyers and sellers might have irreconcilable timing issues.
  • It can be used as a tactical advantage in a hot market. Many sellers would rather accept cash offers over those with a financing contingency, sometimes even when the cash offer is lower. The program allows homebuyers to present a cash offer, then replenish their liquidity once the deal is done.

Source: Mortgage Daily

Is Buying or Renting Right for You?

Homeownership builds wealth

Learn more about building wealth through home ownership by entering to win this month’s real estate book.
Beginner’s Guide to Building Wealth Buying Houses.

Homeownership is not for everyone, but it may be the best way for most working families to build long-term financial security and independence. Here are three simple ways homeownership builds financial security for you and your family.

  • Equity: The principal amount included in your monthly mortgage payments reduces the outstanding loan building equity you would not have from monthly rent payments.
  • Appreciation: While real estate markets may experience temporary downturns, homes typically appreciate in value. Over time your wealth grows as your home becomes more valuable.
  • Tax Savings: You build wealth when you have a mortgage because the Federal government allows a tax deduction for all the interest you pay on your mortgage. You build wealth by paying less in taxes each year you pay mortgage interest.

Which route is right for you? Ultimately, the answer depends on your financial situation, your future plans and the lifestyle you wish to live.

Learn more about the benefits of homeownership enter draw for this month’s free book.
Beginner’s Guide to Building Wealth Buying Houses

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The Markets

orra_housing-marketRates rebounded in the past week but stayed near their lows for the year. Freddie Mac announced that for the last week in October, 30-year fixed rates rose to 3.98% from 3.92% the week before. The average for 15-year loans increased to 3.13%. Adjustable rates were also higher, with the average for one-year adjustables moving to 2.43% and five-year adjustables increasing to 2.94%.

IS FHA Home Flipping Waiver About to End?

That’s an important question for buyers, sellers, investors and realty agents who’ve taken part in a nationwide wave of renovations and quick resale using Federal Housing Administration-backedOD_Blogger loans during the last four years.

The answer is yes — get your rehabs done soon. The federal agency whose policy change in 2010 made tens of thousands of quick flips possible — is about to shut down the program.

In an effort to stimulate repairs and sales in neighborhoods hard hit by the housing crisis and recession, FHA waived its standard prohibition against financing short-term house flips.

Under the waiver of the rule, you could buy a house, fix it up and resell it as quickly as possible to a buyer using an FHA residential loan — provided that you followed guidelines designed to protect consumers.

According to FHA estimates, about 102,000 homes have been renovated and resold using the waiver. The program has done its job, stimulated billions of dollars of investments, stabilized prices and provided homes for families who were often newcomers to ownership.

Even though the waiver program has functioned well, officials say, inherent dangers exist when there are no minimum ownership periods for flippers. Officials say it’s time to revert to the more restrictive anti-quick-flip rules that prevailed before the waiver:

The 90-day standard will come back into effect after Dec. 31.

Source: Ken Harney, The Nation’s Housing

 

How to Fix a Slow-Filling Toilet — Home 101

Lowe’s Home 101 experts, Joel and Courtney, show what to look for if you have a slow filling toilet tank.

As part of Lowe’s REALTORS® benefit program we bring you some creative ideas for maintaining your home.  Be sure to visit often to view e-newsletters loaded with helpful home improvement tips, and more….

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Home For Sale In Winter Springs Florida

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New on market, desirable 4 bedroom pool home in Chelsea Woods Tuscawilla a residential community in the north east sector of Orlando. Tuscawilla a well established family neighborhood is considered one of Orlando’s top communities. Neighborhood features include highly rated schools, golf course, tennis courts, and walking trails, it is close to shopping professional centers and major highways.

Property is a single story ranch style home with 4 large bedrooms and 2 1/2 baths, located in a quiet cul-de-sac. The main living area features a large family room with wood floors, wood burning fireplace and large French doors leading to the screened pool area. The large kitchen has custom counter tops and stainless steel appliances including a microwave.

 

For more information on this wonderful property please click links on our listing widget to the left. You may also use contact the seller link on this widget to make direct contact with the seller’s agent, or contact our office directly for additional information on any special rebates presently offered with the purchase of this showcase home. You are also welcome to call our office at 800 699-4841 any time during or after your tour to speak directly with one of our agents.

Check out iRealtyServices Rebate Programs.icon_search_croped
We help you with your home buying, and selling, needs, while saving you thousands of dollars in transaction costs.

Home buyers Save an average of 1.5% of the purchase price, when iRealtyServices represent you in the purchase of a home of $100,000 or more. Rebates credited to buyers at closing and may be use towards payment of any lender approved closing cost.

Find your Florida dream home.
Use our Property Search to access over 70 thousand available MLS properties in the mid-Florida region (updated daily), plus additional Florida properties listed For Sale By Owner (FSBO).

Calculate your rebate.
Once you have found a property of interest, you can request information on our rebate packages or calculate rebate using our rebate calculator.

Easy to use website tools.
Request Buyer Rebate Information or use our Rebate Calculator to see how much you can save! Find a home using Florida property search or check out iRealtyServices home buyers special offers.

 

Oviedo Florida Important Roadway Bulletin

Oviedo Home Search

Public Works is installing sidewalk on the south side of Mitchell Hammock Road between SR 434 and Clara Lee Evans Way. Concrete will be poured today between 9:30am and noon. Therefore intermittent single lane closure on eastbound Mitchell Hammock Road will occur. Maintenance of traffic (MOT) will be in place.  

As always, If you are driving in the area please be aware of your surroundings and traffic. Thank you!

Seminole County FL – Home Buyer’s Resource

OD_BloggerResidential Solid Waste Management ……..

Seminole County provides collection, recycling and disposal services for residential solid waste throughout the unincorporated area of the county. These services are funded by assessments collected annually via property tax bills. The annual assessment for collection and disposal services is billed in advance of the service calendar year.

Collection and recycling services are provided through contracted service providers [referred to as “Haulers”]; disposal services are provided at facilities owned and operated by Seminole County.

The Solid Waste Management Division of the Department of Environmental Services provides management of collection service contracts and the day-to-day operation of the disposal facilities. For collection & disposal related information and customer service, contact:

The Department of Resource Management facilitates the financial management of these services, including the levy of assessments and service option record management. For service rates, service options, and other assessment related information and customer service, contact:

Collection services for New Residential Dwellings begin when the construction is completed and a certificate of occupancy issued. Specific collection days and routes are established for each area of the county.

Depending on the route assignment, household garbage is collected either Monday & Thursday or Tuesday & Friday for service options that include two collection days per week. For options with one collection day per week, collection is either Thursday or Friday. Yard Waste collection is Wednesday for customers with service Options 1 or 3. Recycling collection day varies throughout the County.

For more information visit http://www.seminolecountyfl.gov/envsrvs/solidwaste/index.aspx
call 407-665-2260.

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Use this widget to add a free For Sale By Owner property to Owner Direct Realty real estate marketing network.

After adding your Free FSBO property listing to our service, visit our Website at iRealtyservices.com to access many other free and marketing tools to promote your property.  FSBO sellers can upload multiple photos, add or edit listing information, print flyers and to grab our free For sale by owner Listing widget for to promote property for sale.

It is easy to use our FREE widget to distribute your property photo and information to your social networks and blogs or to send to others by e-mail.

The For Sale by Owner listing widgets displays the main photos and basic information of For Sale by owner properties posted on iRealtyServices.com Websites. They also provide links to a pop-up slideshow to view additional photos on each property. Need more information! Click Contact The Seller buttons to contact home Sellers directly using a secured e-form, or Listing Details to access all the detailed listing information added by Sellers.

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Home sales dipped in June

National Association of Realtors’ data shows existing home sales fell 1.2% in June. In spite of the slip, NAR chief  economist Lawrence Yun said there is still market momentum, even as interest rates climb.

The nations tight housing stock rose by 1.9 percent in June to 2.19 million equivalent to 5.2 months supply, still well below the 6 months supply considered a normal healthy market.  Due in part to the limited inventory of existing properties for sale many single family homes are selling above asking price and there is strong expectation of continued increase in home prices. In spite of the rosy picture pointing to higher prices and continued recovery, there are signs of concern.

First time homebuyers accounted for only 29 percent of  home buyers in June 2013 compared with 32 percent in June 2012. Low inventories of available homes, combined with rising home prices and interest rates plus tight mortgage qualification conditions are definitely limiting the number of first time homebuyers entering the housing market.

To sustain what is still a fragile housing  recovery, interest rates and rising home prices must be normalized to enable the entry of more first time home buyers into the market place.  First time homebuyers are the engine that drive the housing market, without them there is only stagnation.

Distressed homes,  foreclosures and short sales accounted for 15 percent of June sales down from May’s 18 percent recording the lowest market share since monthly tracking began in October 2008. The average sale price of foreclosures and short sales in June was 14.5 percent below market price. The declining  number of foreclosures and short sales within the market place will be another factor contributing  to the upwards pressure on home prices.

The national median existing single-family home price was $214,700 in June, which is 13.2 percent above a year ago. The national average mortgage rate of a 30 year fixed rate conventional loan is presently 4.375% up from 3.375 in May.  So how will this 1 percent rise in interest rate affect homebuyers?

One percent rise in interest rate cost homebuyers an additional  $57 for every $100,000 borrowed. Homebuyers buying an existing single family home at the national median price of $214,700, using a conventional loan with 5% down payment at a rate of 4.375%,  would have monthly payments of $1,018.37 P&I approximately $117 more than in May before the rate increase.  

The past months rapid increase in mortgage rates could delay many first time buyers entry into the housing market in this slow recovering economy.