Monthly Archives: August 2008
Just a few short years ago waterfront condos in South Tampa were some of the hottest properties in the nation; now even luxury beachfront condos have experienced dramatic downturns as borderline buyers default.
Rising foreclosure rates impact more than just those the original owners; it impacts the entire community. Before purchasing a Tampa condo or other luxury real estate take time to perform a bit of investigative work to make sure you are buying into a reputable area able to withstand the current downturn. Here are the most common pitfalls to avoid and what to do to protect your investment:… Continue reading
Although Tampa foreclosures present a very real buying opportunity there is risk involved especially for those unfamiliar with the local market. Learn how to avoid potential pitfalls with these timely Tampa foreclosure facts and tips.
1. Title Troubles. The Internet is filled with methods on how to delay foreclosure due to title problems; while that may not interest you as a buyer, the basic fact remains – many mortgage companies failed to properly document transfers and other essential information when packing/reselling loans. The resulting delay is used as a tactic to delay foreclosure for those in financial trouble but Tampa home… Continue reading
Home buyers and investors interested in purchasing Tampa real estate should carefully examine the most recent “Senior Loan Officer Opinion Survey” released by the Federal Reserve last week.
While the title of most Federal Reserve reports remain as elusive as their speeches, one thing is certain – credit is positioned to undergo major restrictions….soon. As the saying goes; the devil is in the details. No truer words have been spoken. If you have been sitting on the sidelines waiting for the real estate market to recover before buying then now is the time to act – here is why…
1. Obtaining… Continue reading
Homes in Hyde Park combine old world charm with modern day convenience in style all within a relatively unknown zip code of 33606. Located within the Tampa city limits, Hyde Park is one of the oldest communities in the area; dating back to the 1870’s. The beautiful Bayshore Boulevard and Hyde Park Village shopping district are popular favorites with the locals but there is more to Hyde Park than what meets the eye including a strong sense of community and history. Find out if Hyde Park is the right area for your family to call home by comparing the predominant… Continue reading
Every buyer and investor wants to learn how to locate under-priced real estate in Tampa, Florida but you don’t need to buy expensive programs or software if you simply know where to look. Finding below market value condo’s, homes and even raw land is as easy as 1, 2, 3.
Find a good agent. Not just any agent will do…find one you can work with and who takes the time to listen and understand your needs. You do NOT want an agent that will compete with you for the best deals nor someone that is simply after a quick… Continue reading
When it comes to buying or selling a condominium in Tampa or other real estate then dealing with contract clauses is part of the equation. While a reputable and experienced real estate agent can help navigate the often complex – and always uncertain – waters of legal language, the sad fact is – not all real estate agents are equal. Learn how to use and recognize common real estate clauses with these quick tips:
Work with an experienced Realtor. Insist upon a proven track record of buying and selling the type of real estate you are interested in. For example,… Continue reading
Tampa Florida real estate exploded from 2001 to 2005 as homeowners and investors bought every flocked to beach front condos, popular areas like New Tampa or even outlying areas like Lutz to enjoy the fun and sun.
In the urgency to beat the ever rising prices, buyers used creative financing techniques that allowed little to no money down in exchange for future appreciation. In fact, some markets were rising so rapidly that buyers were willing to carry a negative cash flow in anticipation of reaping major profits when the home or condo sold.
In the past year, the question has… Continue reading
According to media reports released on August 12, 2008, one third of new home owners owe more than their home is worth with markets in California and Florida leading the pack. Should homeowners of Tampa, Fla condos be concerned? Yes and No. Take time to analyze the facts behind the headlines then make an informed decision about buying or selling real estate in Tampa Bay.
Fact: The much touted report was released by Zillow.com, a popular Internet home valuation site. (Although Zillow widely proclaims to be a home valuation site, the fine copy clearly states they are merely… Continue reading
Many home sellers look at what they bought the house for and then add the cost of upgrades and repairs plus commission and closing cost to determine an asking price. Unfortunately that isn’t always a good place to begin. Work with a reputable Realtor in Tampa to determine comparable values of recently sold homes in the area. Make sure the data is up to date since prices have fallen in some areas.
Tampa home owners will likely welcome most of the provision contained in the newly passed Housing and Economic Recovery Act of 2008. The Title IV – HOPE for Homeowners provision of the act provides continued support designed to address the needs of existing homeowners in need of financial assistance to avoid foreclosures. Unfortunately, the bill is unlikely to help those currently in the midst of foreclosure on their homes and does nothing to alleviate the financial risk to investors or those who purchased non-owner occupied properties.
About the HOPE for Homeowners Program
The purpose of the HOPE or Homeowners Program… Continue reading