Tampa Bay Homes

Finding The Right Realtor

fnunez — Tue, 23 Nov 2010 16:10:35 +0000

Having a Real Estate agent in this market is essential if you want to have success in either buying or selling a home. This market is challenging enough with the number of distressed properties and mortgage scandals continuing to wreck havoc on the industry. With that being said it’s essential that you find the right Realtor to help you. How do you find the right Realtor you ask? There are a few things you probably want to look for when finding the right agent. One is does the agent listen to you? If you are looking for a 3/2 with a pool but the agent only shows you 2 bedroom because he insists it will be a better match for you. Then the agent just isn’t listening to you and you need to move on. Another thing to watch out for is if the agent seems to good to be true. There some agents that will tell you that they can sell your home for $200,000 when in fact its only worth $150,000. There are agents who will say anything just to get the listing. Those agents will waste your time and kill any chance of your selling your home. You need an agent who will not sugar coat the issues. You want an agent who will call it for what it is while protecting your interests. In this market, those are the most important qualities an agent must have if they are to help you buy or sell a home.

I’m Not God

fnunez — Fri, 29 Oct 2010 16:31:33 +0000

After pondering the idea for sometime now. I have decided to write a book on my experiences in Real Estate. The title of the book will titled, “I’m not God.” The title was inspired after an argument I had with another Realtor regarding terms on a sales contract. The goal of the book is to not only amuse readers but to share with them my experiences as a Realtor. Some of the stories on there will not only make you laugh but also shock at you at the some things that happen behind closed doors in the Real Estate industry. It is my hope that I can educate consumers on what to look for when it comes to finding the right agent and buying the right home. If you have any ideas on what you think I should add in the book. Just let me know.

When Will the Market Recover?

fnunez — Thu, 28 Oct 2010 15:14:04 +0000

Whenever I have a conversation with someone regarding Real Estate, the conversation eventually leads to this question? “When do you think the market will pickup?” I hate trying to answer that question, mainly because its too difficult to answer. There are so many variables that can sway the market either way that it makes it hard to determine if and when a recovery will occur. Instead of asking the question of when a recovery will occur. We should be analyzing what a Real Estate recovery will look like. In my opinion there are a few signs that can indicate a market recovery. One is an increase in home sales for several quarters or longer. If home sales have been increasing consistently for several years, then a recovery could be in the works. A consequence to increase home sales is a rise in home values due to decreased inventory, another possible sign of a recovery. Other indicators can include an increase in home builder activity as well as decrease in foreclosure and distressed property inventory. But even if all these factors come into play, it still may not indicate a recovery. You must also have to look at economic figures such as unemployment, the deficit, and the average savings rate. You also have to look at what policy decisions that lawmakers make that directly affect the Real Estate market. Currently the U.S. economy is struggling to stay on it’s on two feet. This Real Estate market was in the epicenter of the biggest financial crisis since the great depression. So as far as a recovery, it can be some sometime before we see a recovery. But if we look at the factors that I mentioned in this piece, then we at least know what to look for.

Can We Trust Banks Anymore?

fnunez — Fri, 22 Oct 2010 15:46:48 +0000

Since the collapse of the U.S. financial markets Americans have become weary of major U.S. banks, and rightfully so. With extravagant bonuses and billions of dollars of stimulus money still unaccounted for. Americans have grown extremely distrusting of banks. Now to add fuel to the fire, financial institutions like Bank of America and JP Morgan Chase are being accused of rushing through the foreclosure process by using Robo Signers. Individuals who sign foreclosure documents without even reading or understanding what they are signing. Shortly after the announcement of these allegations, Bank of America has decided to add additional charges for the use of checking accounts which were once free while even charging for the use of a bank teller. It’s any wonder how Americans can even trust banks anymore. Many Americans lost their homes because of the use of adjustable rate mortgages to purchase homes that were financially out of their reach. Homeowners who are at risk of losing their home are furious at banks who are not willing to work on re-financing their mortgage. Sometimes you seem better off just putting your money under a mattress. But with higher inflation looming on the horizon, putting your money under the mattress doesn’t seem to hold water either. The best alternative would be to use smaller local banks or credit unions. They can offer you competitive rates on savings accounts and loans while providing better customer service, at least compared to their larger counterparts. If you plan on sticking with larger banks, make sure you use the bare minimum of their services being just their basic checking account. The economic chaos that we are witnessing could be just the tip of the iceberg of what could be scandals that are beyond anything that we could imagine. These are sure to be interesting times.

Robots Work For Bank Of America

fnunez — Thu, 14 Oct 2010 18:44:19 +0000

We’ll it’s been a while since I have written a blog, especially about Real Estate. But too much has happened since I’ve been gone so I figure it’s a good time to make a come back. Now the typical news that we have been getting about the Real Estate market is the increasing number of foreclosures that sill are effecting the industry. This isn’t really big news since we have been dealing with this problem for the past few years. But what is big is that some of the large banks, Bank of America, JP Morgan Chase, GMAC, and several others are caught in a foreclosure debacle that is prompting the attorney generals of all 50 states to investigate the matter. The banks are being accused of rushing through foreclosures by hiring what is being labeled as robo signers. People who have very little to no knowledge of the foreclosure process yet sign off on documents without even reading or understanding what they are signing. According to Yahoo Finance, many of these robo signers were Walmart floor greeters and assembly line workers who were not even able to define what a lien was according to one deposition. Yet they signed documents that lead to the foreclosure of thousands of homes. Many of the loans that these signers signed off on may not even have been owned by the bank conducting the foreclosure! This will surely create more of a mess of a already difficult market. I was able to get in touch with one of the these robo signers. She’s in in the youtube video above singing karaoke.

Mortgage Rates Jump to 5.21%

fnunez — Thu, 08 Apr 2010 18:41:58 +0000

Home buyers are scrambling not only to take advantage of the first time buyers credit but to obtain a mortgage before mortgage rates increase further. Freddie Mac announced Thursday that 30-year fixed rate mortgages rose to 5.21%, the highest since August of 2009. What may discourage home buyers from purchasing a home are due to short sales which make up a large chunk of the real estate market. Short sales on average are taking several months to close, getting buyers very frustrated with the process. Bank owned properties and regular listings will be in high demand as we move forward in the year.

Cash is King

fnunez — Thu, 01 Apr 2010 13:33:11 +0000

As the housing market continues to slide, buyers are having a more difficult time acquiring financing compared to the days of zero money down loans. This especially applies to condos as new FHA rules and a risky condo market keep lenders away from such properties. Now many buyers and investors are resorting to cash. According to the National Association of Realtors, cash was the currency of choice in 27 percent of all homes purchased in the United States in March. Thats a big number, and indicates that financing is more difficult to come by combined with the fact that Americans are hesitant to accumulate debt during tough economic times. With distressed properties, cash is king as banks will take cash over financing even if the cash offer is less than say a higher priced financed offer. The problem is nobody knows when the housing market will bottom. Investors are looking for a return on investment. But if they plan on purchasing the home and expect to re-sell in a year and make a profit, they may be in for a surprise. With a number of exotic mortgages still outstanding whose interest rates are ready to reset. It’s possible for home values to continue to decline further in the coming year. But if your going to purchase a property and you have the cash, use it.

Another Year in Real Estate

fnunez — Wed, 13 Jan 2010 20:33:57 +0000

2009 is in the history books. It was year marked by record foreclosure and plummeting home values that wrecked Real Estate markets across the country. What will happen in 2010? Most likely we will continue to see more foreclosures and short sales make up a chunk of the market. Investors and first time home buyers will continue take advantage of plummeting home prices. As far as home prices, values will still decline but at slower rate then in earlier years. But from looking at the current market trends, expect more of the same in 2010.

The Threat of Option Mortgages

fnunez — Wed, 09 Dec 2009 19:30:40 +0000

With home sales creeping back up due to the first time buyers credit, it seems that the housing market is somewhat recovering. However there is still the threat of option mortgages. During the boom years. Option mortgages were extremely popular with higher income borrowers. With these mortgages, borrowers can choose how much interest they can pay plus the principle. Obviously most borrowers chose the latter. What these borrowers seemed to forget is that the interest would accumulate once the teaser rates rest after 4-5 years. Now we approaching 2010 where many of these interest rates will reset forcing many homeowners to make huge payments. Will this be another bubble bursting? That depends if what you call the so-called recovery as another bubble.

Nick Cage Goes Through Foreclosure

fnunez — Fri, 20 Nov 2009 18:30:45 +0000

It seems that in this bad economy even award winning movie stars are suffering economic woes. Actor Nicolas Cage who has starred in such films as National Treasure and The Rock is losing several of his homes to foreclosure. His French Quarter home has been purchased by regions banks for 2.3 million. Cage’s other New Orleans home in the garden district was purchased by regions for 2.2 million. Cage is suing his former business manager Samuel Levin. Cage claims that Levin took over 20 million dollars since 2001. Currently cage owes over 6 million in back taxes in properties in California and Las Vegas. It seems like the economy is not playing favorites. Even those with million dollar back accounts are feeling the wrath of the new economy.