Jacksonville Real Estate Ramblings

Need room? This spacious home has the room for you! 4 bedrooms, 3 bathrooms, 2138 square feet. Formal living and dining room. The large kitchen features beautiful tile and lots of cabinet space and overlooks the family room. The fireplace is perfect for the cool winter evenings. The backyard is perfect for the nature lover. Relax on your covered patio overlooking the huge backyard with view of the pond. NOT a short sale!!!!!!

 

SOLD 05/18/2010 for $172,000

 

 

Well, besides not buying a home ever again, we need to take an honest look at what got us into this mess in the first place. Blaming the market or blaming your lender , but not taking any responsibility yourself isn’t going to make your situation better. Really. You need to be honest with the man or woman in the mirror. What could you have done different that would have made your situation better?  

 

Now, before you ask me who am I to judge, let me just say that I know where you were, I know where you’re at now, I’ve been there and you won’t get any judgmental attitude from me.

 

I’ve decided to make this post into a series because once I started writing more and more ideas just started to flow, that one post would be 10 pages long!!! So, let’s begin!

 

Part One: GET RID OF YOUR CREDIT CARDS!

 

I’m starting with this one because credit card companies really tick me off! You’re one day late paying your bill and you get this nice notice letting you know that your rates are going up. The government slaps their wrists by requiring CC companies to “do the right thing” and guess what? We pay the price by them raising the rates before their “do the right thing” deadline.

 

The good news is, we don’t have to put up with it! Pay them off and GET RID OF THEM! We absolutely do not need a credit card to make it in this world! I know we’ve been told we can’t live without them but the truth of the matter is, if we go back to what our grandparents did, like save money and not buy what we can’t afford, we won’t need them.

 

Here’s a personal example for me that I’m dealing with right now. My flat screen tv died, 12 days after the warranty expired. OUCH! My husband is still going through withdraw. We had to bring our 19” from our bedroom to our family room. Personally I’m glad the tv is out of our bedroom! If, I’m honest tho, I do miss the flat screen and it would be easy to use a credit card to buy one. BUT, I hate being in debt even more and I HATE credit card companies too. Although it may be months before we get another flat screen, the day we pay cash for it with no interest fee, late fees and such, will feel so much better than getting it now, making our monthly payments with more going to interest than principle and end up paying more than double if not triple in interest!

 

Using debit cards is a great way to keep yourself in check. You can use them to rent a car and to check in at a hotel. No need to have a credit card!

 

What has helped me put my finances in perspective is when a friend of mine suggested the book The Total Money Makeover by Dave Ramsey. I don’t want to sound like a commercial so go check out the link for yourself!

 

Next in the series is: What is an Emergency fund and why you can’t survive with your sanity intact without one!

 

 

 

 

Seller Alternatives To Foreclosure

So, your house is in foreclosure…Now what? Try to look at the situation without attaching your emotions. I know, easier said than done!

One very important thing to remember: Time is of the essence, so take quick action in order to allow yourself enough time to complete the chosen process.

Do Nothing – If a homeowner does nothing, they most likely will lose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this damaging information.

Payoff/Refinance – Completely paying off the entire loan amount plus any default amount and fees. Usually accomplished through a refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penalty because of the recent default. With this option, there should be equity in the home.

Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.

Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan. This may allow the homeowner to catch up at a more affordable level if they qualify. More lenders are agreeing to a loan modification . Sometimes you may see a reduction in the interest rate either temporary or for the remaining life of the loan.

Forbearance – Lender may be able to arrange a repayment plan based on the homeowner’s financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.

Partial Claim – A loan from the lender for a second loan to include back payments, costs and fees.

Deed in Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing. This process can be much faster than a foreclosure. Most loan applications ask if this has ever happened.

Bankruptcy – This option can liquidate debt and/or allow more time. I can refer you to a qualified bankruptcy attorney.

Chapter 7 (Liquidation) To completely settle personal debt.

Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3 – 5 years.

Chapter 11 (Business Reorganization) A business debt solution.

Sale – Homeowner may sell the home without lender approval for a conventional home sale. If the property has equity (money left over after all loans and monetary encumbrances are paid), the homeowner will get cash from the sale. At the other end of the spectrum, a short sale, also known as a pre-foreclosure sale, can be negotiated with your lender by your real estate professional if what is owed is more than the property’s value.

 

 

The 4 steps you can take to make sure your Jacksonville Florida Home

  will stand out from the competition

The Jacksonville Florida real estate market is showing signs of improvements, but with short sales and foreclosures flooding the market, what chance does a “normal” seller have? Below is a list of tips for sellers contemplating putting their house on the market.

1)Take a complete and HONEST assessment of your situation.

Do you want to move or do you have to move? Do you need the equity from your current home, to purchase the next home? What if you don’t have enough equity in your current home to use as a down payment, do you have the funds in savings? What if you don’t have enough equity to even break even? These are questions you need to ask yourself.

2)Study the market place.

If the funds for your new house are dependent on the equity from your current house, this could be the single step that puts your plans to a complete halt! To get a snapshot of the market, you’ll want to do a little research. Find out what has sold in your neighborhood in the past 3-6 months. What is currently under contract? What is your competition?

3)Price your home a hair below the competition.

A hair? What in the world do you mean by a hair you ask? 5% below the competition? 10%? 15.6%? Every market is different and every neighborhood is different, so it’s impossible to throw the pricing strategy in a nice, neat little box. Let’s take 2 different neighborhoods. Let’s say neighborhood # 1 is a highly sought out neighborhood and neighborhood #2 is farther out and gets overlooked because it’s perceived to be too far away. If your competition in neighborhood #1 is listed for 200k, then you could start a little lower let’s say 190k-195k. People are looking there already and a slightly lower price should get you activity. Now let’s go back to neighborhood #2 that is a little farther out. Let’s say the competition is listed for 175k, a 5% difference is probably not going to get you the activity you need, but pricing your house under 150k may bring in people who for the right price would be willing to travel a little farther. As you can see, each neighborhood has unique pricing strategies.

4)Make sure your house is in good repair.

This point would apply to any market, but with the large amount of short sales and foreclosures out there, most of those properties can’t pass your typical FHA or Va inspections, so making sure your house will pass those inspections is a huge benefit.

I’ll tell you, with the difficulties of getting short sales to close due to lien holders taking months to give an approval, buyers are getting tired of waiting! A just listed house in good condition, priced well and can close without requiring lender approval is a welcome change. Don’t make the mistake of continuing to think in terms of the 2005 real estate market, that market is long gone! Take advantage of buyers wanting/needing to close as soon as possible!

You may be wondering, where do I start? Let me help you with that! I offer a complete Home Selling Analysis completely free of charge. Here’s what it entails:

1. Market analysis showing what has sold, under contract and currently available.

2. Seller expense sheet showing you what you will net once it’s all said and done.

3. A Maximum Home Value Audit, showing you room by room, tips on how to have your house in top showing condition.

Now I know what you’re thinking, what’s the catch and if I let that real estate agent in, will she ever leave! Yes I’ll leave and without sucking the life out of you! If you’re thinking of selling, I offer this free service that will help you to determine if selling is the right thing for you. If it’s not, then it’s not! I hate pushy salespeople, so I refuse to be one myself. If you find that it is the right time to sell, all I ask is that I get an opportunity to interview for the job.

Want to move forward? Just pick up the phone and call me at 904-910-3516 or you can email me at pam@pamgraham.com.

Originally published on: Jacksonville Florida Real Estate

Current real estate market conditions for Jacksonville, Florida

Here's what Jacksonville Florida Real Estate in September 2008 looked like:

Current # of listings available September 2008	7598
Average # of sales per month (homes that went under contract not sold)	607
Ave days on market (under contract homes, not sold)-	138.67
Remaining # months inventory	12.52
Selling price % of list price (original list price) (these were homes that sold and closed in September 2008)

Continued at: Jacksonville Florida Real Estate

 

Pam Graham

904-910-3516 

Vanguard Realty, GMAC Real Estate

3168 Highway 17,s

Orange Park, FL 32003

Licensed Real Estate Agent in Florida 

   

Current market conditions for Orange Park, Fleming Island, Middleburg and Green Coves Springs

Here's what Clay County Real Estate in September 2008 looked like:

Current # of listings available September 2008	1836
Average # of sales per month (homes that went under contract not sold)	148
Ave days on market (under contract homes, not sold)-	141.33
Remaining # months inventory	12.41
Selling price % of list price (original list price) (these were homes that sold and closed in September 2008)	86.13%

Continued at: Orange Park Real Estate

Pam Graham

904-910-3516 

Vanguard Realty, GMAC Real Estate

3168 Highway 17,s

Orange Park, FL 32003

Licensed Real Estate Agent in Florida 

   

SOLD FOR $105,000

This home is a great starter home with all the big ticket items done. New roof, HVAC and hot water heater in 2006. New tile in the hallway and both bathrooms. Carpet is original to the house and needs to be replaced. Owner is licensed real estate agent and offering home for only $115k. Short sale requiring lien holder approval.

Pam Graham

904-910-3516 

Vanguard Realty, GMAC Real Estate

3168 Highway 17,s

Orange Park, FL 32003

Licensed Real Estate Agent in Florida 

           

This wonderful 3 bedroom 2 bath home has tile throughout, no carpet. Remodeled kitchen with new cabinets and counter tops. The large backyard is completely fenced. The 2nd bathroom has new cabinets, sink and re-tiled around the tub. Currently being offered for only $139,000

Pam Graham

904-910-3516 

Vanguard Realty, GMAC Real Estate

3168 Highway 17,s

Orange Park, FL 32003

Licensed Real Estate Agent in Florida 

           

Current market conditions for Jacksonville, Florida July 2008 & 2007

Here's what Jacksonville Florida Real Estate in July 2008 looked like:

Current # of listings available June 2008	7635
Average # of sales per month (homes that went under contract not sold)	663
Ave days on market (under contract homes, not sold)-	155.67
Remaining # months inventory	11.52
Selling price % of list price (original list price) (these were homes that sold and closed in July 2008)	88.9%

 

Continued: Jacksonville Florida Real Estate

 

Pam Graham

904-910-3516 

Vanguard Realty, GMAC Real Estate

3168 Highway 17,s

Orange Park, FL 32003

Licensed Real Estate Agent in Florida 

           

Current market conditions for Orange Park, Fleming Island, Middleburg and Green Coves Springs

Here's what Clay County Real Estate in July 2008 looked like:

Current # of listings available July 2008	1968
Average # of sales per month (homes that went under contract not sold)	159
Ave days on market (under contract homes, not sold)-	60.5
Remaining # months inventory	12.38
Selling price % of list price (original list price) (these were homes that sold and closed in July 2008)	88.19%

 

Continued: Jacksonville Florida Real Estate

 

Pam Graham

904-910-3516 

Vanguard Realty, GMAC Real Estate

3168 Highway 17,s

Orange Park, FL 32003

Licensed Real Estate Agent in Florida