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New Smyrna Beach Homes for Sale In Turnbull Bay Estates

by Michel Delos Santos

*  New Smyrna Beach Homes for Sale in Turnbull Estates *

  • 2818 Turnbull Cove Dr. , 3/2, 259K.
  • 2805 Turnbull Cove Dr. , 3/2, 239K.
  • 1847 Turnbull Lakes Dr. , 3/2, 248K.

If you are thinking about buying or selling a New Smyrna Beach property, please give us a call at (386) 689-4684 or send us an email to explore your options and to find out when is the best time for you to make a move.

Change Your Clocks

by Michel Delos Santos
 
Fall Back on First Sunday in November
This weekend, adjust your clocks back by one hour. Most people find it convenient to change their clocks before they go to bed on Saturday night.
   
Michel Delos Santos
Brandon Investment Properties
1376 Turnbull Bay Rd
New Smyrna Beach, FL 32168
(386) 689-4684

mikeytherealestateman@gmail.com
www.Brandon-NSB.com

   
 

 

New Smyrna Beach Homes for Sale in Pine Island

by Michel Delos Santos

*  New Smyrna Beach Homes for Sale in Pine Island *

  1. 819 Island Point, 2/2, 156K.
  2. 823 Island Point, 2/2, 139K.
  3. 812 Island Point, 3/2, 169K.

Click on the title to preview these properties and their pictures.

If you are thinking about buying or selling a home or condo, give us a call at (386) 689-4684 or send us an email to explore your options and to find out when is the best time for you to make a move.

New Smyrna Beach Homes for Sale in Tymber Trace

by Michel Delos Santos

* Homes for Sale in Tymber Trace *

 There is only one home available for sale in Tymber Trace as of 25-OCT-13!

  1. 655 Wellesley Ct, 3/2, 2,648 sq. ft., 72x111, 189K.

Click on the title to preview the MLS description and pictures.

 

  • If you are thinking about buying or selling a home or condo, give us a call at (386) 689-4684 or send us an email to explore your options and to find out when is the best time for you to make a move.

    Monthly Market Details - September 2013 - Homes

    by Michel Delos Santos

    10 Hidden Hazards When Buying Foreclosures

    by Michel Delos Santos

    10 Hidden Hazards When Buying Foreclosures

    Posted: 23 Oct 2013 04:00 AM PDT

     

    ForeclosureBuying a foreclosed home can seem like a dream. What could be better than getting a home for a fraction of the market value? Some may even say that the deals sound like they could be too good to be true. In some cases, those doubters aren't too far off the mark. There are some hidden dangers in buying foreclosure properties that, if you're not aware of them, could be disheartening and disappointing. If you are pursuing this route in buying your new home, be sure to look out for these hazards and hidden costs.

    1. Destruction of Property – A sad truth about foreclosure properties is that they have often been purposely destroyed. Sometimes the homeowners do this out of frustration over losing their homes, or out of simple carelessness when they realize their home is irretrievably gone after too many missed mortgage payments. If the homeowners have not destroyed the property themselves, there is also a chance that the home has been vandalized by other people because it has been left sitting empty.
    2. Poor Maintenance – If homeowners were unable to afford their mortgage payment, they almost certainly were unable to perform routine maintenance on the property. Problems can be as minor as a few leaky faucets, or as major as damaged roofing or central units.
    3. It May Be Unclean – A house being left unoccupied for a significant amount of time can mean it will be unclean, either through neglect on the part of the former owners or normal depreciation as the property is left uninhabited and not looked after. When a homeowner is selling the home, they will scrub the house clean or hire a cleaning service to entice buyers. A foreclosed home will not have this benefit. Depending on how long it was left and what condition it is in, there may even be vermin or termites to deal with.
    4. Undesirable Renovations – Sometimes homeowners were in the middle of a renovation when they lost their ability to pay their mortgage, so you can wind up with a half finished project on your hands when you purchase the property. There is also a chance that a garage or basement was turned into a living space to rent out in order to try and offset the cost of the mortgage.
    5. No Electricity – There is a good chance the electricity will be off in the foreclosed home, so you will have a hard time seeing what you are buying. Depending on the weather it may also be very hot or very cold in the house, and vacancy can take its toll on appliances left behind.
    6. Personal Property Left Behind – Many homeowners leave items behind, either because they now have no place to put them or because they were locked out of the house before they could retrieve them. You will now be left with the job of disposing of these items if you decide to purchase the property.
    7. Lack of Landscaping – More than likely, nobody has been maintaining the lawn of a foreclosed home. You may have a yard full of dead grass or a lawn so overgrown it seems like a jungle! Your foreclosed home will almost certainly require some degree of upkeep when it comes to to the landscaping surrounding the structure.
    8. No Disclosure – Because the owner of the property is a bank and the bank has not actually lived in the house, they have no idea what problems or issues there may be in the home and they have no obligation to tell you even if they did. You will have to get your own home inspection done to uncover potential issues.
    9. Stripped Bare – You may find your new foreclosed home completely stripped of appliances, copper piping, and anything else that might be worth money. Many times the previous owners do this to try and make back some money on their lost home. Other times, the home was broken into and robbed after the previous owners left.
    10. Judgments and Liens – Foreclosure properties can sometimes come with titles encumbered by judgments or liens that you may have to pay off to close on the deal.

    In short, buying a foreclosed property can be a great way to save money. However, be sure to look into all the potential costs involved before making a final decision. Do the math to determine if you will really wind up saving, or if the property will end up costing you when all is said and done.

    Resources: http://www.investopedia.com/articles/mortgages-real-estate/08/foreclosur... http://www.zillowblog.com/2012-08-17/buying-a-foreclosure-watch-out-for-...

    Monthly Market Detail - Townhomes & Condos - September 2013

    by Michel Delos Santos

    Forbes: Buy Now or Pay More Later?

    by Michel Delos Santos

    Forbes: Buy Now or Pay More Later?

    Posted: 22 Oct 2013 04:00 AM PDT

    Time is moneyEven though no one at KCM actively lists or sells real estate, some of our readers believe that there is an inherent basis toward the real estate community in our writing. For that reason, we want to quote a third party source today. Forbes, in their online edition last week, spoke to the importance of buying a home now rather than waiting.

    The article, Should You Buy a Home Now or Pay More Later?, explains:

    “With mortgage rates creeping up toward 5% as 2013 draws to a close, potential home buyers have some decisions to make — and soon.

    The danger for potential homebuyers isn’t that mortgage rates are nearing 5.00%; the real threat is that rates could go higher, to 5.50% or even 6.00% in 2014.”

    The article spells out the financials consequences a buyer would face by waiting. ($67,746 on a $300,000 mortgage).

    They gone on to identify four things a buyer should take into consideration before delaying a decision to purchase.

    1. Rates will likely rise — and soon with 5% interest rates right around the corner.
    2. The Federal Reserve will stop “tapering” causing rates to return to historically normal levels (6-7%).
    3. Home values are rising
    4. The autumn buying season is underrated as you can take advantage of year-end tax breaks and the fall weather makes it an ideal time to move”.

    Bottom Line

    The financial advice Forbes gave to their readers was rather simple. Buy now or pay more later!!

    Home Inspection

    by Michel Delos Santos

    Lower Anxieties/Improve Marketability

     

    Home inspection.jpg

    One of the anxiety highpoints during the sale of a home is waiting for the buyer’s home inspection report.  Most sellers willingly disclose what they know about their home to any potential buyers.  The concern stems from the inspector finding something that they’re totally unaware of and that it will either cost them a lot of money to correct or the buyer will simply use it to void the contract.

     

    If the inspection does reveal some unknown problem with the home, it’s probably as big a surprise to the buyer who is not as emotionally or financially invested as the seller.  It is human nature to fear what you don’t understand and when a report identifies defects, they may simply opt-out of the home.

    The solution to the situation may be for the seller to have the home inspected prior to putting it on the market.  There is still a risk of becoming surprised by an unknown defect which at that point, would have to be disclosed to potential buyers or repaired by the seller.  The advantage is that it creates a baseline to compare discrepancies that may arise when a future buyer has the home inspected.

    If the seller’s inspection report is made available during the marketing process, it could give buyers a sense of confidence about the home even though they may still choose to have the home checked by their own inspector.

    The cost of the inspection, possibly $500, keeps some sellers from taking this initiative when selling their home.  In an effort to minimize their expenses, they forego getting valuable, disinterested 3rd party advice that could help sell their home.  On a $175,000 home, the fee for the inspection will probably be less than 3/10 of one percent of the sales price.

    Another option to the seller to increase marketability of the property and bolster buyer confidence in the home would be to offer a home protection plan.  Generally, the seller doesn’t incur cost for this coverage until the home is sold and there may even be some coverage for the seller during the listing period.  The benefit to the buyer is avoiding unanticipated expenses for specific items that are covered during their first year of ownership.

    Contact me for recommendations of home inspectors or home protection plans.

    Why Borrowers Pay Different Rates

    by Michel Delos Santos

    Why Borrowers Pay Different Rates

     

    interest.png

    Lenders, like any business, have to make a profit.  The cost of acquiring the funds, the operating costs to service and the expected profit margin are easily identified.  The variable in pricing is the type of mortgage and the credit worthiness of the borrower. 

     

    A loan with a 3.5% down payment is riskier than a loan with 20% down payment.  If the lender has to take the property back to recover their expense, the margin is greater between what is owed and what the property is worth on an 80% mortgage. 

    Credit scoring is a risk-based pricing method that allows a lender to be competitive in the market for the best loans from different borrower groups.  Individual lenders set their own levels for what they consider “A” credit which is reserved for the best rates.  If good credit is approximately 710 to 740, scores below that are considered higher risk and will have higher rates.

    Risk must be assessed for both the borrower and the property that collateralizes the loan.  The borrower’s credit history and income stability are strongly evaluated by the lender but if a default should occur, the property must secure the loan to avoid a loss to the lender. 

    Mortgage pricing.png

    The challenge for some buyers is they are unaware of what their credit score is and how it will affect the interest rate offered by the lender.  It is to the buyer’s advantage to be pre-approved by a reputable lender prior to starting the process of looking for a home.  In some cases, the lender can actually improve the borrower’s credit score to help them qualify for a lower interest rate.

    Contact me for a recommendation of a trusted mortgage professional - mikeytherealestateman@gmail.com

    Displaying blog entries 1-10 of 14

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