Bank of America launches Test-and-Learn Program

Florida has become a testing ground for a new pilot program from Bank of America. This program offers extra incentive payouts to homeowners to agree to (and complete) a short sale on their homes.

Incentives range from $5,000 - $20,000 and the program is offered on a limited basis. Because Florida sees a higher percentage of foreclosures than any other part of the country, Bank of America finds it to be the perfect place for launching its "Test-and-Learn" Program.  If the program is successful in Florida, it could be expanded into other states.

Florida homeowners who qualify for the program will receive a mailer from BofA or can learn more about the program from real estate agents who handle the pre-approved short sales for BofA.

To find out if you qualify for the program, you can contact a Bank of America specialist at 877-459-2852, or for more information on the current market and opportunities, visit my website!


Source: DSNews

South Florida Trends - Fall Update

The housing market is always fluctuating. Check out this information about how the market is looking right now!

-Average Home Price - $280-$340,000

-Average Price Compared to Last Year - Up 10-15% or more

-Average Time on Market - 0-30 Days

-Prices As % of Asking Price - 95-100%

-Buyers' or Sellers' Market - Active seller's market

-Multiple Offers on Homes - Yes

-Housing Inventory - Limited

-Greatest Activity - Move-up and relocating buyers. Single-family homes; condos and townhomes

-Reason to Buy/Sell - Single-family homes sell quickly. Condos and townhomes are hard to find.

-Nearest Metro Area - Miami, Fl

-Housing Hot-Spots - Anything on waterfront

For more information on the current market in your area, give me a call or visit my website! 


Source: HouseHunt

Real Estate Vocabulary - F

 

• Federal Housing Administration (FHA) - An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing. 

• Fee simple estate - An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building (the unit) and is an owner in common with respect to the land and other common portions of the property. 

• FHA mortgage - A mortgage that is insured by the Federal Housing Administration (FHA). Along with VA loans, an FHA loan will often be referred to as a government loan.

• First mortgage - The mortgage that is in first place among any loans recorded against a property. Usually refers to the date in which loans are recorded, but there are exceptions.

• Fixed-rate mortgage - A mortgage in which the interest rate does not change during the entire term of the loan. 

• Fixture - Personal property that becomes real property when attached in a permanent manner to real estate. 

• Flood insurance - Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas. 

• Foreclosure - The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt. 

Stay tuned for more important real estate vocabulary or visit my website for more help on your home search!


Source: RealEstateABC

Real Estate Vocabulary - E

 

• Earnest money deposit - A deposit made by the potential home buyer to show that he or she is serious about buying the house.  

• Easement - A right of way giving persons other than the owner access to or over a property.

• Encroachment - An improvement that intrudes illegally on another's property. 

• Equal Credit Opportunity Act (ECOA) - A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs. 

• Estate - The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death. 

• Eviction - The lawful expulsion of an occupant from real property. 

• Executor - A person named in a will to administer an estate. The court will appoint an administrator if no executor is named. "Executrix" is the feminine form.

Stay tuned to my blog for more real estate vocabulary and visit my website for more information on finding your dream home! 


Source: RealEstateABC

Make the Right Green Changes!

Many homeowners have decided to start making green changes to their homes. While this can be beneficial, making the wrong green changes can end up costing you more.

If you're looking to make green changes to manage your energy costs, look into these three things to help you get the most for your money:

1. Seal and insulate duct-work that runs through unheated spaces. By insulating rooms like the garage or the attic, you can improve your heating system by 20%!

2. Invest in a programmable thermostat. You can save an average of 8% on your energy bill by having your thermostat programmed to certain temperatures throughout the day, especially when you aren't home.

3. Seal air leaks. Air can leak out of your doors and windows if they aren't sealed and caulked properly. This lost air can cost you an extra 10% on your energy bill.

Remember, these home changes will come at some expense, but done properly they will save you tons of money in the long run!

As always, I thank you for visiting my blog! Visit my website for more great information on available homes and properties in the South Florida area!

Housing Affordability at Record Highs

It's no secret that many people have been waiting for just the right time to invest in a home, and right now seems to be that time. Housing affordability was at a record high through the second quarter of this year, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

Although tight credit conditions and our sluggish economy are posing roadblocks for potential buyers, many cities across the country are seeing stabilization and even recovery in their housing markets.

Among the most affordable housing markets in the US are in:

-Syracuse, NY
-Indianapolis, IN
-Dayton, OH
-Lakeland, Fl
-Winter Haven, Fl

Conversely some of the least affordable housing markets in the US right now are in:

- New York, NY
- San Francisco, CA
- Redwood City, CA
- Los Angeles, CA
- Honolulu, HI

Do your research when searching for your new home to learn as much as you can about the housing market in your area. And remember, I am here to help!

Let's Be Fair...

Today's Real Estate vocab lesson is brought to you by the keyword fair.

Fair Credit Billing Act : A federal law that governs credit and charge card billing errors. If a credit or charge card company violates any provision, consumers can sue to recover damages.

Fair Credit Reporting Act. : A federal law passed in 1971 that regulates the activity of credit bureaus. It is designed to prevent inaccurate or obsolete information from staying in a consumer's credit file and requires credit bureaus to have reasonable procedures for gathering and maintaining information.

Fair Debt Collection Practices Act. : A federal law passed in 1977 which outlaws debtor harassment and other types of collection practices. The act regulates collection agencies, original creditors who set up a separate office to collect debts, and lawyers hired by the creditor to help with collections.

Fair Housing Act : Landmark federal law passed in 1965 and amended in 1988 that makes it illegal to deny rent or refuse to sell to anyone based on race, color, religion, sex or national origin. The 1988 amendment expanded the protections to include family status and disability.

Stay tuned for more and visit my website for all of your home buying and selling needs!

Source: Housing Trends