Florida Agents:
Florida Enhanced Short Sale Relocation Assistance
Florida homeowners may receive $5,000 to $20,000
in relocation assistance.
Bank of America encourages distressed homeowners to explore a short sale as a viable option for avoiding foreclosure. To that end, for a limited time we are offering enhanced relocation assistance to help motivate homeowners to engage with us on a pre-offer short sale. An additional benefit for these pre-offer programs - such as the Home Affordable Foreclosure Alternatives (HAFA) and Bank of America's proprietary program - is that deficiency may be waived for the homeowner.
Eligibility:
Homeowners with property in Florida
Short sales initiated without an offer between September 26 and November 30
The customer will have to be eligible for one of the without offer programs such as the HAFA program or our proprietary program (specific investor participation and eligibility criteria do apply to these programs)
Successful closing of the eligible short sale by August 31, 2012
Minimum relocation assistance is $5,000 and maximum is $20,000, with the specific amount calculated based on the unpaid principal balance
Exclusions:
Ginnie Mae, FHA, VA and USDA loans are ineligible for participation
Lot loans are ineligible for participation
Properties outside the state of Florida are ineligible for participation
Short sales initiated with an offer are not currently eligible for the enhanced relocation assistance
Frequently Asked Questions:
Q: How can I find out if my client/homeowner qualifies for this relocation assistance?
A: Call a Bank of America short sale specialist at 1.877.459.2852.
Monday - Friday 8 a.m. - 10 p.m.; Saturday 9 a.m. - 5:30 p.m. Eastern
Q: Do I have to do anything differently when initiating or completing the short sale?
A: No. As long as the homeowner's short sale is initiated between September 26 and November 30, 2011, and the property closes by August 31, 2012, they will be eligible.
Q: Will the relocation assistance funds be reported on the HUD-1?
A: Yes, they will be documented on the HUD-1, and a 1099-MISC will be issued.
Q: Can the relocation assistance funds be used to pay off existing liens?
A: Yes, if the investor approves it.
Q: Is the relocation assistance added to any other incentives, such as the HAFA or Bank of America proprietary program incentives?
A: No. A homeowner will receive the $5,000 to $20,000 in place of the typical incentive paid out by these programs. The relocation assistance is essentially an enhancement to the standard payout offered on these programs.
Q: Is the enhanced relocation assistance available for other programs?
A: Currently, the enhanced relocation assistance is only available to short sale programs initiated without an offer. However, as we gauge the success we may extend this incentive to other programs.
Questions?
Homeowners and agents may call 1.877.459.2852 to speak to a Bank of America short sale specialist about this exciting relocation assistance offering.
Visit the Agent Resource Center at bankofamerica.com/realestateagent for additional short sale education, news and resources to help you complete short sales at Bank of America.
* The relocation assistance payment is calculated based on the unpaid principal balance of the homeowner's loan and the type of short sale
that the homeowner completes, but will not be less than $5,000 or more
than $20,000. The payment amount will be calculated based on the
homeowner's loan balance as of August 2011 and the short sale program in
which the homeowner is eligible. The payment will be delivered at the
time of closing if the homeowner complies with all terms and conditions
of the Short Sale Agreement, including the satisfaction of all second
liens and presentation of clear title for the property (the relocation
assistance payment can be used to clear those liens). If the homeowner
does not comply with all terms and conditions of the Short Sale
Agreement, the homeowner will not receive the relocation assistance
payment. Even if the homeowner receives relocation assistance, Bank of
America, N.A., and their successors and assigns may reserve and retain
the right to pursue collection of any deficiency following the
completion of the short sale, unless otherwise prohibited by law. The
amount of the deficiency and relocation assistance will be reported to
the Internal Revenue Service (IRS) on the appropriate 1099 Form or
Forms. We suggest that homeowners
contact the IRS or their tax preparer to determine if they have any tax
liability. This offer is for Florida properties only. To receive the relocation assistance, the property must close by August 31, 2012.
Showing posts with label ft. myers. Show all posts
Showing posts with label ft. myers. Show all posts
Thursday, October 6, 2011
Thursday, July 7, 2011
Foreign Buyers Cashing in on Market
With affordability at an all time high, the number of investors and international buyers taking advantage of bargains has pushed the number of all-cash purchases to a record high, and some experts predict that number will only grow higher.
A record 33 percent of existing-home sales were made to cash buyers in the last month of record, according to the National Association of Realtors. The portion of cash deals could hit 40 percent by the end of this year, predicts Thomas Popik, research director for Campbell Communications in Washington, which conducts monthly surveys of 3,000 real estate brokers.
But it's not just investors moving in: Many of these cash deals are also coming from a growing number of international buyers. About 55 percent of international buyers paid cash for their U.S. homes. according to a report by NAR.
*Old Republic National Title Insurance Co.
A record 33 percent of existing-home sales were made to cash buyers in the last month of record, according to the National Association of Realtors. The portion of cash deals could hit 40 percent by the end of this year, predicts Thomas Popik, research director for Campbell Communications in Washington, which conducts monthly surveys of 3,000 real estate brokers.
But it's not just investors moving in: Many of these cash deals are also coming from a growing number of international buyers. About 55 percent of international buyers paid cash for their U.S. homes. according to a report by NAR.
*Old Republic National Title Insurance Co.
Thursday, April 14, 2011
Can You Really Buy a HUD Home for $100?
Can you really buy a HUD home for a total of $100?
Absolutely not! But if you're a qualified buyer, you can use an FHA loan to buy one of HUD's specifically designated homes for sale -- with only a $100 down payment!
For a limited time, $100 down payments are available to owner-occupied home buyers when purchasing a HUD home for full price and using an FHA-insured new home loan.
This is a national program, and there are qualifying homes in every state. We showcase only a few homes here on our site; if your town is not listed, tell us about yourself on our pre-qualification page and we'll get back to you with a custom list of homes in your area.
$100 Down Payment Rules & Regulations
First, visit a Realtor that is licensed to sell HUD homes in your area. Below are the rules for buyers as specified by HUD:
The home you purchase must be your primary residence and you must live there at least one year.
You must offer HUD's full asking price.
You will have to obtain an FHA-insured loan that has a fixed rate for either 15 or 30 years.
Your debt to income ratio must be 31%/43% or less.
The maximum amount of the loan can't exceed $362,790.
You must have a credit score of 620 or higher and if you have had a recent bankruptcy, it must have been discharged at least 24 months prior to your HUD home purchase.
You must have two years of employment history.
FHA mortgage insurance must be rolled into your loan.
This offer is good on owner-occupied purchases only meaning you must use the home as your primary residence and can be used on single-family homes, condos, and town homes. This offer is not available for investors who wish to buy and rent out a HUD home.
For more information contact Jones & Company, Erik Elsea at 239-405-4063
Absolutely not! But if you're a qualified buyer, you can use an FHA loan to buy one of HUD's specifically designated homes for sale -- with only a $100 down payment!
For a limited time, $100 down payments are available to owner-occupied home buyers when purchasing a HUD home for full price and using an FHA-insured new home loan.
This is a national program, and there are qualifying homes in every state. We showcase only a few homes here on our site; if your town is not listed, tell us about yourself on our pre-qualification page and we'll get back to you with a custom list of homes in your area.
$100 Down Payment Rules & Regulations
First, visit a Realtor that is licensed to sell HUD homes in your area. Below are the rules for buyers as specified by HUD:
The home you purchase must be your primary residence and you must live there at least one year.
You must offer HUD's full asking price.
You will have to obtain an FHA-insured loan that has a fixed rate for either 15 or 30 years.
Your debt to income ratio must be 31%/43% or less.
The maximum amount of the loan can't exceed $362,790.
You must have a credit score of 620 or higher and if you have had a recent bankruptcy, it must have been discharged at least 24 months prior to your HUD home purchase.
You must have two years of employment history.
FHA mortgage insurance must be rolled into your loan.
This offer is good on owner-occupied purchases only meaning you must use the home as your primary residence and can be used on single-family homes, condos, and town homes. This offer is not available for investors who wish to buy and rent out a HUD home.
For more information contact Jones & Company, Erik Elsea at 239-405-4063
Tuesday, July 6, 2010
Deciphering a Good Faith Estimate
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5 Tips for Deciphering Your Home Loan’s Good-faith Estimate
Knowing how to read your good-faith estimate can help you save money on your home loan. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Wednesday, June 30, 2010
Fielding a Lowball Offer on Your Home
-
(New!)
Fielding a Lowball Purchase Offer on Your Home
Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Tuesday, June 29, 2010
Listing...Listening Presentations
Listing…Listening Presentations
As an agent in the Fort Myers Real Estate Market I meet with tons of sellers. Sometimes I am competing for their listing with other agents. I often wonder why they choose me to sell their home. I know the obvious. I have experience, a great listing presentation, quality charts and graphs. I know the Lee County Real Estate market. But aren’t the other Real Estate Agents showing them similar presentations? Don’t they have access to the same MLS information? I wanted to think it was just because I was better looking that the sellers chose to go with me to sell their home…but I know that is not the case.
I asked one of my sellers recently after we had built quite a bit of raport why he went with me over the other agents he had spoken with. He told me it was because during the presentation I did more listening than I did presenting. I asked questions. I found out what their motivation for selling was. The seller was impressed that I included them in the process and tried to get to know them. He said that other agents just came in with a fancy presentation and told them how they are Super Agent, blah, blah, blah. I was the only one who really sat down with them to develop a plan to accomplish their goals.
Someone once told me that you can’t learn with your mouth open. Make sure you are doing at least as much listening as you are talking the next time you are on a listing appointment.
TO FIND OUT WHAT YOUR NEIGHBORS SOLD THEIR HOUSE FOR GO TO: www.resuperstars.com
As an agent in the Fort Myers Real Estate Market I meet with tons of sellers. Sometimes I am competing for their listing with other agents. I often wonder why they choose me to sell their home. I know the obvious. I have experience, a great listing presentation, quality charts and graphs. I know the Lee County Real Estate market. But aren’t the other Real Estate Agents showing them similar presentations? Don’t they have access to the same MLS information? I wanted to think it was just because I was better looking that the sellers chose to go with me to sell their home…but I know that is not the case.
I asked one of my sellers recently after we had built quite a bit of raport why he went with me over the other agents he had spoken with. He told me it was because during the presentation I did more listening than I did presenting. I asked questions. I found out what their motivation for selling was. The seller was impressed that I included them in the process and tried to get to know them. He said that other agents just came in with a fancy presentation and told them how they are Super Agent, blah, blah, blah. I was the only one who really sat down with them to develop a plan to accomplish their goals.
Someone once told me that you can’t learn with your mouth open. Make sure you are doing at least as much listening as you are talking the next time you are on a listing appointment.
TO FIND OUT WHAT YOUR NEIGHBORS SOLD THEIR HOUSE FOR GO TO: www.resuperstars.com
Monday, June 28, 2010
Get Ready for Fourth of July- Gas Grill Info
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Outdoor Appliance Guide: Gas Grills
With models priced from $29 to $5,000 and up, outdoor gas grills offer convenience and ease-of-use to fit any budget. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Tuesday, June 22, 2010
Six Reasons to Reduce Your Home Price
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6 Reasons to Reduce Your Home Price
While you’d like to get the best price for your home, consider our six reasons to reduce your home price. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Thursday, June 17, 2010
Improve Your Credit
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7 Tips for Improving Your Credit
Here’s how to clean up your credit so you get the least-expensive home loan possible. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Wednesday, June 16, 2010
Understanding Real Estate Representation
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Understanding Real Estate Representation
Whether you’re buying or selling, it’s important to choose representation that meets your needs in the transaction. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Save Youself the Aggrevation
I read a blog post by another Realtor the other day about Lookie Lou’s. She was asking how to deal with people who just like viewing homes for fun. Apparently a lot of agents have spent countless hours, gas, mileage on their cars, and a few lunches taking people around to see houses that they have no intention of buying.
I won’t show a house to anyone who doesn’t have proof of funds or a pre-approval letter. This is a rule of mine. It is mandatory. If a potential buyer is willing to give you their bank statement or go through the trouble of getting pre-approved then they are probably serious.
I also make them sign an Exclusive Buyers Agreement. I don’t want to waste my time showing people houses all day long for them to call on a sign the next day and buy a house directly from the listing agent. I want them to be committed to doing business with me.
Why do so many agents have such a hard time asking for these things? Are you afraid you are going to lose a deal? Who cares? If potential buyers aren’t willing to make a commitment to you for all your time, research, expertise, then you don’t need them anyway. As soon as you stop worrying about losing a deal I promise your business will increase. Instead of spending all day Saturday taking Lookie Lou’s on a tour you could be prospecting for some real buyers.
I encourage you to put your own personal policies in place to make sure you have a real buyer. Make these stipulations required. No exceptions. It will save you a ton of aggrevation.
www.jonesandcorealty.com
I won’t show a house to anyone who doesn’t have proof of funds or a pre-approval letter. This is a rule of mine. It is mandatory. If a potential buyer is willing to give you their bank statement or go through the trouble of getting pre-approved then they are probably serious.
I also make them sign an Exclusive Buyers Agreement. I don’t want to waste my time showing people houses all day long for them to call on a sign the next day and buy a house directly from the listing agent. I want them to be committed to doing business with me.
Why do so many agents have such a hard time asking for these things? Are you afraid you are going to lose a deal? Who cares? If potential buyers aren’t willing to make a commitment to you for all your time, research, expertise, then you don’t need them anyway. As soon as you stop worrying about losing a deal I promise your business will increase. Instead of spending all day Saturday taking Lookie Lou’s on a tour you could be prospecting for some real buyers.
I encourage you to put your own personal policies in place to make sure you have a real buyer. Make these stipulations required. No exceptions. It will save you a ton of aggrevation.
www.jonesandcorealty.com
Tuesday, June 15, 2010
Keep Your Home Purchase on Track
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Keep Your Home Purchase on Track
You’ve found your dream home. Make sure missteps don’t prevent a successful closing. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
What Sells Homes?
What sells homes? Better yet...What sells anything? I was told since I was very young that something was only worth what someone was willing to pay for it. So when selling a home, the value of that home is only what someone is willing to pay for it.
Price sells homes. If you are in a gated community like many communities here in SW Florida then most of the homes are the same. There are very few differences between them. Sure you may have upgraded carpet or the nicer appliance package but for the most part they are the same.
The condition of the property is very important however I have found in most of our upscale gated communities here in the Ft. Myers area that most people take extremely good care of their properties. Staging your home properly can definitely add to the appeal when people walk through it. Staging a home properly will increase your chances of selling but ultimately it comes down to price.
If there are three very similar properties on the market in the same community the one with the smallest listing price will almost certainly sell first. If you are motivated to sell then you need to work with a Realtor and receive accurate information about the community and stay abreast of current pricing of competing properties within it.
Click here to see what your neighbors' homes sold for here in SW Florida!
Price sells homes. If you are in a gated community like many communities here in SW Florida then most of the homes are the same. There are very few differences between them. Sure you may have upgraded carpet or the nicer appliance package but for the most part they are the same.
The condition of the property is very important however I have found in most of our upscale gated communities here in the Ft. Myers area that most people take extremely good care of their properties. Staging your home properly can definitely add to the appeal when people walk through it. Staging a home properly will increase your chances of selling but ultimately it comes down to price.
If there are three very similar properties on the market in the same community the one with the smallest listing price will almost certainly sell first. If you are motivated to sell then you need to work with a Realtor and receive accurate information about the community and stay abreast of current pricing of competing properties within it.
Click here to see what your neighbors' homes sold for here in SW Florida!
Monday, June 14, 2010
Negotiate Your Best House Buy
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(New!)
Negotiate Your Best House Buy
Keep your emotions in check and your eyes on the goal, and you’ll pay less when purchasing a home. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Websites Suck!!
A year ago I attended a webinar called "Websites Suck, Squeeze Pages Rule." In developing our company website recently I was reminded of this information I learned. A typical real estate website consists of a bunch of information. We have information about our company, our associates, the local community, even our listings. What we lack however is a call to action.
There are thousands if not millions of real estate related websites that are all very similar. They have tons and tons of text. What they don't have is a compelling reason for a prospective customer to contact us or to enter their contact information. What good is it having tons of people looking at your site if you don't know who they are or how to contact them?
For those of you who don't know, a squeeze page is a website whose only goal is to get you to fill out a contact form in order to create a lead. You have all seen them, and most of you have probably filled one or two out in an effort to get the information you came to that site looking for. The squeeze page offers you something in return for entering your contact information thus creating a lead. Isn't that what we should be doing with our online marketing? Creating leads!
To do this you must have a compelling call to action! A couple examples would be:
Sign up here to receive a FREE Foreclosure List!
Search our MLS like a REALTOR!
These would entice a prospective customer to enter their information thus giving you a workable real estate lead. What other call to actions have you seen that really entice people to give you their information on your website?
Please share any really good results you have had with calls to action!
There are thousands if not millions of real estate related websites that are all very similar. They have tons and tons of text. What they don't have is a compelling reason for a prospective customer to contact us or to enter their contact information. What good is it having tons of people looking at your site if you don't know who they are or how to contact them?
For those of you who don't know, a squeeze page is a website whose only goal is to get you to fill out a contact form in order to create a lead. You have all seen them, and most of you have probably filled one or two out in an effort to get the information you came to that site looking for. The squeeze page offers you something in return for entering your contact information thus creating a lead. Isn't that what we should be doing with our online marketing? Creating leads!
To do this you must have a compelling call to action! A couple examples would be:
Sign up here to receive a FREE Foreclosure List!
Search our MLS like a REALTOR!
These would entice a prospective customer to enter their information thus giving you a workable real estate lead. What other call to actions have you seen that really entice people to give you their information on your website?
Please share any really good results you have had with calls to action!
Friday, June 11, 2010
7 Steps to Take Before Buying a Home
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7 Steps to Take Before You Buy a Home
By doing your homework before you buy, you’ll feel more content about your new home. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Consistency is Key
I work with Realtors all the time who seem to be going in so many different directions that they really aren't going anywhere. They try one type of marketing for a short period of time and then if they don't see immediate results they start trying something new. They seem to always be searching for the next gimmick that is going to fill their in box with fresh new leads. If their latest letter to expired listings doesn't land them a few new listings they switch tactics completely and start marketing on Craigslist.
While both of those methods are fine you need to do them with consistency. One expired post card typically won't win you a new listing. You should follow up with multiple letters or cards and of course a phone call.
Posting listings on Craigslist is a wonderful way to generate buyers leads. But you have to do it over and over again to keep them fresh. I know a young lady who got in this business with very little start up capital. She posted 10 Craigslist adds before breakfast and 10 before lunch four days a week. That was the only advertising she could afford. In her first year she made nearly six figures. Her key to success was she picked doing one thing and doing it consistently.
My suggestion is that you sit down a create a plan of action. Block out time in your schedule to implement your plan and stay the course. Make sure you set goals that are realistic and achievable. Then track your efforts and measure your results. Make small adjustments to your plan as needed. But don't just throw up your hands and go in a completely different direction because you didn't get instant gratification
Search the SW Florida MLS just like I do! Get a free Listingbook account:
www.resuperstars.com
www.erikelsea.com
www.jonesandcorealty.com
While both of those methods are fine you need to do them with consistency. One expired post card typically won't win you a new listing. You should follow up with multiple letters or cards and of course a phone call.
Posting listings on Craigslist is a wonderful way to generate buyers leads. But you have to do it over and over again to keep them fresh. I know a young lady who got in this business with very little start up capital. She posted 10 Craigslist adds before breakfast and 10 before lunch four days a week. That was the only advertising she could afford. In her first year she made nearly six figures. Her key to success was she picked doing one thing and doing it consistently.
My suggestion is that you sit down a create a plan of action. Block out time in your schedule to implement your plan and stay the course. Make sure you set goals that are realistic and achievable. Then track your efforts and measure your results. Make small adjustments to your plan as needed. But don't just throw up your hands and go in a completely different direction because you didn't get instant gratification
Search the SW Florida MLS just like I do! Get a free Listingbook account:
www.resuperstars.com
www.erikelsea.com
www.jonesandcorealty.com
Wednesday, June 9, 2010
How Much Mortgage Can You Afford?
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4 Tips to Determine How Much Mortgage You Can Afford
By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Monday, June 7, 2010
Home Buying Tips
-
7 Steps to Take Before You Buy a Home
By doing your homework before you buy, you’ll feel more content about your new home. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
The Numbers Don't Lie
My focus in the SW Florida Real Estate market is to go after listings. Competing with all these short sales and foreclosures has made it difficult for conventional sellers to get what they want out of their properties. The market determines value. My father used to always tell me something is only worth what someone is willing to pay for it. So arming my sellers with accurate information on market conditions is the only way I can show them what the market is doing.
Even though most of the foreclosures in this market are distressed properties and it shows in their condition they are usually priced to reflect that. Explaining this to my customers can be difficult but with the online tools I use I can show them real up to date accurate information. This makes my job of getting the listing and subsequently a sale much easier.
A CMA used to be a really good tool for doing this but having a cyber CMA to give my sellers updates and reports for the ever changing market not only keeps them informed constantly but makes my job easier when it comes to price adjustments.
An educated seller is the best kind of seller to have!
Even though most of the foreclosures in this market are distressed properties and it shows in their condition they are usually priced to reflect that. Explaining this to my customers can be difficult but with the online tools I use I can show them real up to date accurate information. This makes my job of getting the listing and subsequently a sale much easier.
A CMA used to be a really good tool for doing this but having a cyber CMA to give my sellers updates and reports for the ever changing market not only keeps them informed constantly but makes my job easier when it comes to price adjustments.
An educated seller is the best kind of seller to have!
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