Call " The Best Realty Team" for your private showing today~~~    239-671-3300

A short sale can be an excellent solution for homeowners who must sell and owe more on

their homes than they are worth. Unfortunately, a number of myths about short sales have

developed, and it is important to understand the reality of this process should you find it meets your current needs.

qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive

Myth #1 The Bank Would Rather Foreclose than Bother

This is one of the most common misconceptions. The reality is that banks do not want to

foreclose on your property because the foreclosure process is incredibly costly. Banks,

investors, and even the federal government have all publicly stated that if a person is

more on their investment through a short sale than a foreclosure.

with a Short Sale

Myth #2 You Must Be Behind on Your Mortgage to Negotiate a Short Sale

While this may have previously been the case, today lenders are looking for verifiable

hardship, monthly cash flow shortfall, or pending shortfall and insolvency.

If you meet these three requirements and believe that you soon may be unable to afford

your mortgage, act immediately. Any delay could limit your options. Do not wait until the

countdown clock to foreclosure has started and you have even less time left.

Myth #3 There is Not Enough Time to Negotiate a Short Sale Before My Foreclosure

Foreclosure is a process, and that there is time to make decisions that may result in better outcomes.

the process. Today, many lenders will stall a foreclosure with as little as a phone call from

you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with

This is a myth that probably hurts homeowners the most. Many do not realize that

The foreclosing party in most cases a lender can stall a foreclosure up to the final day of

the process. Today, many lenders will stall a foreclosure with as little as a phone call from

you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with

a legitimate contract. For Shortsale Specialists who understand foreclosures and short

sales, there is always time to STOP THE FORECLOSURE SALE.

Are you looking for a short sale specialist?

The Best Realty Team has a new member who is a Short Sale specialist, Beth Rivera.
Beth has been negotiating Short Sales successfully for her clients and has a great track
record. Over the years she has dealt with almost 75 Short Sales and has a 98% success
rate.

If you feel lost and have questions please feel free to call The Best Realty Team for your Short sale needs. 

They don't call us " The Best Realty Team' for nothing!

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• Housing: Transform distressed public and assisted housing into energy efficient, mixed-income housing that is physically and financially viable over the long-term.

• People: Support positive outcomes for families who live in the target development(s) and the surrounding neighborhood, particularly outcomes related to residents "health, safety, employment, mobility and education."

• Neighborhood: Transform poverty neighborhoods into viable, mixed-income neighborhoods with access to well-functioning services, high quality public schools and education programs, high quality early learning programs and services, public assets, public transportation and improved access to jobs.

To receive the HUD grant, communities must have a comprehensive neighborhood revitalization strategy or Transformation Plan in place. This Transformation Plan must guide the revitalization of public and/or assisted housing units, and simultaneously oversee a transformation of the surrounding neighborhood.

Choice Neighborhoods Implementation grants are available for public housing authorities, local governments, nonprofit organizations, tribal entities and for-profit developers that apply jointly with a public entity.

Last August, HUD awarded its first-ever Choice Neighborhoods Implementation grants, a combined $122 million, to stimulate neighborhood revitalization in Boston, Chicago, New Orleans, San Francisco and Seattle.

Applicants have until April 10, 2012, to apply for FY 2012 Choice Neighborhoods Implementation grants. HUD anticipates awarding four to five grants with a maximum award of $30,000,000 each in December 2012. Applicants must submit their applications electronically through www.grants.gov.

© 2012 Florida Realtors®

MLS # 201149434

There are many benefits of owning a home.  Yet some first-time buyers are skeptical of purchasing with the uncertainty surrounding the housing market.

The uncertainty many reference when speaking about the housing market involves a specific date when home values will increase. Since no one can pinpoint this date, the word uncertainty (when paired with the housing market) often reveals a negative connotation.

There are some factors we can be certain about in this housing market such as home values rebounding.  This is true; the housing market often moves in cycles.

It's safe to assume that many Americans harbored the same uncertainty during the George H. W. Bush administration in the early 1990s when the national homeownership rate fell from its previous historic high of 64.4 percent in 1980 to a low of 64.1 percent in 1991.

In the 1960s Lyndon Johnson illustrated a correlation between homeownership and accountability by stating "owning a home can increase responsibility and stake out a man's place in his community...The man who owns a home has something to be proud of and reason to protect and preserve it."

This statement is still true more than 50 years later.  There are many reasons to take pride in homeownership such as:

• Appreciation - Buying a home now (at the current rates) can almost ensure your home's appreciation in the future.  Mortgage rates are near historic lows and home prices in many parts of the country are down.  This is the perfect recipe for home appreciation.  Additionally, many foreclosed homes are available for a fraction of the original cost.  This can translate to a higher profit if you decide to sell once the market rebounds.

• Property Tax Deductions - For income tax purposes, real estate property taxes for a vacation home and first home are fully deductible.  The IRS (Publication 530) provides detailed tax information for first-time buyers that may answer many questions about what deductions homeowners are eligible for.

• Preferential Tax Treatment - If you own your home for more than a year and receive more profit than the allowable exclusion after the sale of your home, the profit will be considered a capital asset.  Capital assets are given preferential tax treatment.

• Equity Building - Many factors such as credit qualification, loan flexibility, and annual percentage rate (APR) contribute to the final decision of what type of mortgage loan best fits your goals.  Yet, a new trend being used by some homeowners is to actually add money to their monthly payment to decrease the principal balance of their loans at a much faster pace.  This trend is called equity building.  Equity builders usually select a home loan with a lower interest rate (and a shorter term loan such as a 15-year fixed) to help build equity faster.  This rapid payment process allows borrowers to:

• Pay off the principal balance faster
• Lock in near-record-low interest rates
• Shorten the length of their home loan
• Own their home faster
• Pay substantially less mortgage interest

Equity building is a beneficial trend that's becoming more and more popular with fiscally responsible homeowners.  Also, home equity is the largest single source of household wealth for most Americans.

• Pride - Homeownership offers many benefits to many different types of people.  For some homeowners, playing your music as loud as you want and painting the walls the color of your choice is a perk.  For me, homeownership will permit me to build an NBA regulation size basketball court on my own property.  For my coworker Joel Jarvi, home ownership may allow him to build the indoor slide of his dreams.  No matter who you are, homeownership is a purchase, commitment, and journey that's sure to bring you pride.

Furthermore, when the uncertainty surrounding the housing market fades and the market rebounds, homeownership may in fact transform that pride to profit through a home sale.

Jonathan Slappey on January 6, 2012 in Home Buying 

Jonathan Slappey is a writer for Quicken Loans, a company whose clients believe it's Engineered to Amaze.