Palm Coast Fl. Short-Sales, REO's & Foreclosures

Credit Scores, Uncover the Mystery

Wed, 01 Sep 2010 13:54:10 +0000

First, one must define exactly what a credit score is. According to the FCIC, a credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time. This is crucial when applying for a mortgage. What is actually considered a “good score”? When discussing your score, most lenders usually are referring to the FICO® score developed by Fair Isaac Corporation. FICO scores range from 30-850 with the average score of 650. There are three national credit reporting agencies (also called credit bureaus): Equifax, Experian and TransUnion that tally you score. In most loans a minimum of 620 credit score is needed. How is the score calculated? There are five areas of your credit that are reviewed. Your payment history is generally 35% of your score. Have you paid on time? How much you owe is 30% of your score. The more money you owe, no matter how well you pay, the lower your score. The length of your credit history is 15% of your score. This is often why younger people get turned down for loans, there simply was not enough history. New credit also effects your score 10%. The fifth and most ambigious area is the “other factors”. Basically this looks at your type of credit, lines of credit etc and can affect up to 10% of your score.

You got the basics on how your score is calculated but you wonder why you have three different scores! Keep in mind that each credit reporting agency calculates your score and each score may be different because the information sent about you is different. Most mortgage lenders will look at all three scores and toss the highest and lowest! If a buyer has the three scores 625, 730 and 650, the score used would be a 650.

There are some great tips that you can use when reviewing your credit score. The best and cheapest tip is to review your credit reports for accuracy. Mistakes on your report will affect your score. Check your credit report once a year, its free and a great way to spot identity theft.

Keeping your score high is also easy. Pay your bills on time, keep your balances low on credit cards and watch your debt. These three steps can maintain a high score and will allow you to get more mortgage for less money.

Your credit scores matter on how low your mortgage will be, how much interest you pay and even how much of a down payment you must make. Take matters into your own hands and clean up your report prior to looking for a home. Its a great way to start the search!

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Daytona Beach Affordable Bungalow

Fri, 27 Aug 2010 17:46:23 +0000

This is not a short sale or foreclosure. View the video and check out this nice affordable home in Daytona Beach. Elisha

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113 Burroughs Dr. Palm Coast, Fl 32137

Fri, 27 Aug 2010 17:27:37 +0000

This Short Sale has been approved by the bank at this price, $91,500!! Recent home inspection has been completed and available for review. Fast closing, great price! Call me at 386-569-3335

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A Little City Called Palm Coast

Fri, 20 Aug 2010 16:32:39 +0000

After numerous blogs on Real Estate, short sales and Foreclosures, I realized that there are no little tidbits about Palm Coast. Where the heck is Palm Coast, Fl and WHY would I want to live there? There are three GREAT reasons why Palm Coast is the place for you!

Location, location, location. Palm Coast has been labeled the “city by the sea”. Palm Coast is located 25 miles north of Daytona Beach and 25 miles south of St. Augustine with just an hours drive to Jacksonville. Palm Coast is minutes from beautiful, sandy beaches. The city of Palm Coast has a hint of the old with a new feel. Orlando and theme parks are just a short 90 minute drive away. Palm Coast is one of the best kept secrets in Florida!

Cost of living is low, low, low in Palm Coast. According to city data.com, Dec. 2009 cost of living index in Palm Coast was 89.3. This is less than the US average of 100. In terms of Real Estate, a four bedroom/two bath home in Palm Coast can go for thousands less than Daytona and St. Augustine. This means that your dollar goes further in Palm Coast. Taxes are great too! The tax base has a lower mil then nearby counties at 3.5.

Don’t forget lifestyle. The average temperature in Palm Coast is around 82. Walking, biking and jogging trails line the city with foliage in every direction. There are parks for fishing and nature walks. Golf and tennis are favorite hobbies of Palm Coast residents and there are several swim clubs. Fine restaurants and shopping are centrally located in the city for convenience and ambiance.

Palm Coast, Fl is in Flagler County, the number one growing county in Florida. Come take a peek at our little paradise!

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Pricing Your House in a Short Sale-Foreclosure Market

Fri, 13 Aug 2010 15:01:43 +0000

You are moving! Downsizing, relocating or moving up, it’s time to put your house on the market. Then the horror stories begin. It’s a buyers market, seller needs to price the house low to compete with short sales and foreclosures! This is all speculation and one of the main reasons why you need a Realtor. Realtors are trained to professionally evaluate your homes worth. Pricing your house is the most important factor in selling your home. You only get one chance to make a first impression and after 21 days, your home has lost that loving feeling. Below are four tips that will help you with pricing your home!

Number one: Have your Realtor do a CMA (Comparative Market Analysis). This pulls all of the listings that have SOLD in the last 6 months within a one mile radius that are comparable to your home. Looking at what is currently on the market can be useful but not as important as what has actually closed. This is what appraisers and banks look at when handing out the money for the buyers home loan. Even it’s a cash deal, cash buyers will not spend more on a house than what it’s worth.

Number two: Remember that housing markets are local. What your cousin sold in Boca Raton will not work in Palm Coast. Even neighborhoods have pricing differences. A house in a gated community on a golf course will sell higher than that same house across town. This is why it is imperative that you look at homes sold within one mile of your house.

Number three: Factor in improvements, age and curb appeal. If you have updated your kitchen, added a bedroom and have a pool- this adds to the value of your home. Just be aware that just because you spent $30,000 in improvements does not mean you will increase the value but that amount.

Number four: Take your emotions out of it. Your home has memories that could never be priced but yet sellers try to do this all of the time. To a buyer, your home is only a house. It’s a business transaction and as a owner, you must take a step back and price your home with logic and statistics NOT emotion.

Beach Bum Realty understands how difficult it is to price a home. Let one of us show you how smooth the transition can be from seller to buyer.

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Getting the best deal vs Getting the best house

Mon, 02 Aug 2010 16:10:07 +0000

As the market continues to evolve and more short sales and foreclosures hit the market, uncertainty and fear take hold. Is this the best time to buy a house? Should I wait until the market stabilizes? All good questions but not relevant to whether or not you need to buy or sell your home.

Many feel that you can get a house at bargain prices, paying more the 20% less what the homes are worth. This window of opportunity has faded. The market is stabilizing itself. This doesn’t mean that you cannot get a great deal. This means that the price you pay for your home will be closer to its actual (not inflated) worth. Which is a good thing. The deal you will be making is in your financing. The interest rates are the lowest in years. There are loans where you still can put zero down, with an interest rate under 5%. Not only are you paying for what the house is actually worth but you are paying less in interest. PLUS, do not forget the tax benefits of owning your own home.

Investors can also celebrate in the deal. True, one may not be able to turn over a home in 90 days but rentals are a plenty and this can keep the cash flowing until equity has been built.

Have Beach Bum Realty help you find a house in Palm Coast that suits your needs. Think of size, location and budget. Beach Bum will calculate how much the house is worth in the market. Giving low ball offers will often get you frustrated and without a home. You want a fair price and everyone wins. Realize that you want to pay for what the house is worth, no more, no less and that the benefits of owning a house in Flagler County will come with time, as Real Estate was meant to be. Real Estate is an investment, NOT a get quick rich scheme. Invest in your future, get benefits today by having low interest rates and tax write-offs. Most importantly, you have a house that wil be worth more in the future.

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FHA Loans and Short Sales- Say YES!

Tue, 27 Jul 2010 17:08:50 +0000

FHA Loans and Short Sales- Say YES!

When looking at homes that are in a short sale or foreclosure, some buyers fear that FHA will not finance the loan. FHA loans have increased in popularity because of the Foreclosures and Short Sales!

How do you qualify for an FHA loan? These are the key bullet points: Steady Employment (number one preferably with the same employer). Two years income with either the same pay or increase in pay. 620 credit score or higher with minimal 30 day or more late notices. Bankruptcy must be at least two years old and foreclosures, minimum three with perfect scores after. Mortgage payments should be about 30% of your gross income. According to the government: ” FHA is the most flexible lender regarding debt ratio’s”.

For those homes that are “handyman specials” there is an FHA program called HUD 203 (K). This program allows a buyer to purchase a fixer-upper and has some niffy quirks like protection for the borrower should the repair or renovation process cost more than anticipated. There are some additional steps to getting a 203 (K). The buyer must have a detailed list of the repairs needed for the home. The home needs to be repaired by a licensed contractor. Because you may not be able to live the home while the work is being completed, you can choose to include up to six mortgage payments added to the cost of doing the rehab work!

FHA rates are at an all time low. Depending on your credit, you can get a rate as low as 4.2 percent! Don’t forget that your down payment can be as low as 3.5%! Take advantage of the short sales in Palm Coast while utilizing FHA! For more information, contact Beach Bum Realty. It’s time to buy a house!

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Coolest House on the Block!

Tue, 22 Jun 2010 17:49:20 +0000

Summer is here and it’s HOT, HOT, HOT! How do you keep your house COOL? Below are FIVE powerful tips to keep your home cool without breaking the bank.

Palm Coast Real Estate Foreclosures

Tip #1- Check your thermostat and adjust the settings. Keep the thermostat at 77 degrees or higher especially if using ceiling fans. You can cut your AC costs up to 7% for each degree you raise your thermostat! If you will be away from home for more than 3 hours, set the thermostat to 82 degrees or turn it off. It’s not economical to turn off your AC if you are going out for an hour.

Palm Coast Foreclosures

Tip #2- Check your windows. Add some window dressing;white window shades, blinds and drapes reflect heat away from the house. Keep the shades closed during the day to keep the cold air in.

Tip#3- Insulation is not just for winter! Add insulation around AC ducts in attics and garages. Insulate your attic. The difference between three inches of insulation to twelve inches can cut expenses by almost 10%!

Palm Coast Short Sales

Tip#4- Change your AC’s air filters every month. Dust can reduce air flow by almost 1% every week. Don’t forget to dust the ceiling fans! Particles of dust floating in the air can make anyone sneeze and your fan works twice as hard with dust.

Palm Coast Real Estate Foreclosures

Tip#5- Spray your house down! Take the hose and right before dark, give the house a refreshing shower. Spray the concrete and external walls. Evaporation is a glorious thing that takes the heat away from your home.

It’s HOT outside but with these tips, your house can be cool and so will you!

Life is a Beach ~sand included!

Elisha J Heebner
Realtor, Short Sale Specialist
Beach Bum Realty
Cell: 386-569-3335
Fax: 386-445-9823

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How to sell your home…fast!

Sat, 12 Jun 2010 13:09:37 +0000

Your house is on the market! As a seller, you want the best price you can get for your home. These four basic steps will help sell your home at the maximum amount of value.

Palm Coast Real Estate Foreclosures

Step number one; mentally prepare to sell your house. This means that your home is now only property. Disregard the memories, focus on your goal of getting top dollar for your property. Once your frame of mind is in “selling” gear, it is time to take everything personal out of your home. Buyers look at a home using their own furnishings. If your home is cluttered with pictures and personal mementos, it is difficult to visualize other memorabilia. Buying and selling a house involves psychology. The more clutter in the home, subconsciously you are stating that you really do not want to sell the house.

Palm Coast Real Estate Foreclosures

The second step is pretty basic. Clean, toss or pack it! Your house should be clean and organized. Don’t use an item regularly? Pack it! Kitchen counters should be bare;cabinets should be in order and closets need to be clean. Buyers are curious, you want your home to be seen and remembered favorably.

Step three is often ignored. Do not get lazy! Make minor repairs to your home. Make sure the lights all work and patch any holes in the wall. A great trick is to paint your house a neutral color! Buyers remember hot pink and purple (and not in the best light), change the decor to be able to fit any buyer!

The fourth step involves your homes curb appeal. The grass needs to be mowed, the house number needs to be visible and the bushes need to be trimmed. This is the first impression of your home, make it POP!

It’s clear that a little TLC can bring a higher return on your home and a happy seller!

A Realtor will be helpful in showing you the best way to highlight your home. Show your family and friends your house and ask for their opinion. Get cracking and start packing!

Life is a Beach ~sand included!

Elisha J Heebner
Realtor, Short Sale Specialist
Beach Bum Realty
Cell: 386-569-3335
Fax: 386-445-9823
http://short-sale-reo-palm-coast.com/

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Financing on a Foreclosed Home in Palm Coast:

Wed, 09 Jun 2010 15:57:47 +0000

You found the house, and it’s a fantastic deal! It’s also a foreclosure. Does this mean that your financing has to be different? The answer is maybe.

There are different loans and as many programs through the government, brokers, bankers, credit unions and finance companies. Some lenders will not lend money for condos. Some lenders ONLY loan funds for condos. The best way to navigate through the fields of mortgages is to get educated!

Palm Coast Real Estate Foreclosures

The Internet is an easy way to get the kind of information you need along with your Realtor! Regardless of how the home is sold there are steps that you must do to make sure that you can afford the home. Pick out a mortgage payment that will fit your budget. Remember that just because you qualify for a loan amount does not necessarily mean that you can afford that same loan amount. This is how many home owners get into trouble.

Make sure that you review all of your options. In this market, there are so many ways to finance, you need to consider what is best for you. Be sure to include application fees, appraisals, and loan terms. Once you have made your decision on the type of loan you need, apply. The application is as easy as you make it. Be willing to gather all the documents that you may need including income, assets, household expenses, mortgages etc. Once you have all of this in place, the application can be remarkably easy. Inform the lender if this is a foreclosed home or a short sale as there may be other documents that will be needed.

Palm Coast Foreclosures

Once you are approved, sit back, relax and let your Realtor guide you through the process of buying your home. Don’t forget to order an inspection especially on foreclosed properties. Always remember buyer beware. House are priced to sell, mortgage rates are the lowest in years. Do the research, spend the time and you can own a piece of the American Dream.

Life is a Beach ~sand included!

Elisha J Heebner
Realtor, Short Sale Specialist
Beach Bum Realty
Cell: 386-569-3335
Fax: 386-445-9823
www.elishaheebner.com

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