Dominic's Blog :
5/4/2010
Will Short Selling Save My Credit?
Is your mortgage worth more than your home?
With the increased rate of foreclosures over the past year or so, lenders
and home owners are forced to consider other options in order to save their
future, time and most importantly, money. One of those options to avoid
foreclosure and one that is becoming more and more appealing to both
homeowners and lenders, is doing a short sale.
Short sales are an incentive and make more economical sense for mortgage
lenders. Sometimes they much rather cut their losses than going through a
foreclosure which will potentially cost thousands of additional dollars.
http://www.rapidrescuerealty.com/images/short-sale-photo.jpg So what is a
short sale?
A Short sale in real estate means that the
lender will agree to sell the property for less
than what is owed. Because of the variation
in qualifications and requirements, not all
properties will meet the short sale profile.
Here are some qualifications that may need to
be met in order to do a short sale.
* You have to prove that you can't afford your
payment
* The lender has to see that the seller will not
make any money from the sale
* The lender must be willing to either cut
their losses or make a deal on the difference
that will be owed
Short sales can be extremely tedious, frustrating and time consuming if done
individually or without using a real estate professional that specializes in
short sales. Using a specialist for these types of sales is in your best
interest because of their knowledge in documentation and can ensure the
process will go as smooth as possible.
Here is a list of some of the documentation that you will be required to
present.
* Letter of Authorization or LOA.
You will simply state that you're giving the person who is negotiating your
sale permission to speak with your lender during the sale process. Make sure
you include in your letter the property address, loan reference number, your
name/s (whoever is on the loan), the date and your agent-s contact
information.
* Hardship Letter
Write an explanation as to why you are in your current financial situation
and why they should consider doing a short sale. Lenders understand
reasonable explanations, but will not tolerate dishonesty or find criminal
behavior a good excuse.
* Proof of Income and Assets
Truth and honesty! Make sure you disclose all income and assets to your
lender. They will want to know if you have any savings and/or checking
accounts, money market account, stocks or bonds, negotiable instruments,
cash or other real estate or anything else that may be a tangible asset.
Also be expected to provide at least two years of tax returns.
* Listing Agreement
Provide a fully executed listing agreement with dates and commission
information.
* Price History
As stated earlier in this article, one of the qualifications to a short sale
is to prove that you listed your home on the market for at least what is
owed on the loan. Lenders want to make sure that you have made every effort
to recover as much capital as possible. Some lenders are going as far as
requiring you to provide a price history chart. Keep track of the following:
* List date and dates prices were changed
* Number of days at each price
* Each price at which the property was offered
* The number of showings at each price
* The number of offers at each price
* The amount of each offer
* Comparative Market Analysis
The lender will want to see the market conditions that are contributing to
your difficulty to sell your home. They want to see what is for sale, what
is under contract and what has sold in your neighborhood.
What are the Results of A Short Sale?
Again, a short sale means the lender is agreeing to accept less than what
you owe. Now, that is not to say that the lender who agrees to the short
sale will not make you pay the difference in a lump sum or sign a promissory
note that requires you to pay back the difference in monthly installments.
They could also sue you for that difference and file a deficiency judgment,
which becomes public record, and will potentially cause additional
disruption to your credit report and quality of life. Even though a short
sale may affect your credit(approximately 80 - 100 point decrease) it will
not be as bad as a foreclosure or a deed-in-lieu of Foreclosure
(approximately 250 - 280 decrease).
In the past, the difference between the sale amount and the amount owed was
taxable which made a bad situation even worse for those completing the short
sale process. Lately, there was a new bill that was passed by President Bush
on December 20, 2007 called the 'Mortgage Forgiveness Debt Relief'.
Homeowners can now be ensured that any debt forgiven on a mortgage will not
be taxed.
April
Free HUD approved housing counseling. Is there a threat you may loose your
home due to lack of a job? Has your income decreased to a point where you
can no longer afford your mortgage payment?
There is help available for you ,FREE HELP ! Contact someone on this
list.They will do their best to keep you in your home
. Cape Coral Housing Development Corporation
824 SE 47th St. units 1-2
Cape Coral, Florida 33904
Phone: (239) 471-0922
Fax: (239) 471-0915
<http://www.capecoralaffordablehousing.com>
www.capecoralaffordablehousing.com
. The Home Ownership Resource Center
4040 Palm Beach Boulevard, Suite C
Fort Myers, Florida 33916
Direct Phone: (239) 768-2013 Fax: (239) 332-4070
<http://www.horcswfl.org> www.horcswfl.org
. Lee County Housing Devp
3677 Central Ave, Suite F
Fort Myers, Fl 33901
P:239-275-5105 ext 102/Fx:239-275-5920
<mailto:ecookslchdc@yahoo.com> ecookslchdc@yahoo.com
<http://www.leecountyhdc.org/> www.leecountyhdc.org
. The Housing Corporation
A HUD, DOJ & Neighborworks Certified Counseling Agency
4344 Laura Street
Port Charlotte, FL 33980
941-255-9454
941-624-3253 Fax
1-888-457-6402
<http://www.housingcorpcc.org> www.housingcorpcc.org
Second address
2605 Second Street #207
Fort Myers, FL 33901
1-888-457-6402
. HDC of SW Florida, Inc.
4779 Enterprise Ave, Naples, Fl. 34104
(239) 434-2397
<http://www.collierhousing.org> www.collierhousing.org
. Bonita Springs Area Housing Development Corporation
The Crexent Business Center, 27499 Riverview Center Boulevard,
Suite 112, Bonita Springs, Florida 34134
Phone 239-495-7100
Fax 239-495-7694
<http://www.bsahdc.com/> www.bsahdc.com
. Empowerment Alliance of SW Florida
750 S. Fifth St. Immokalee, Fl. 34142
Phone: 239 - 658 - 3315
Fax: 239 - 657 - 3084
<http://www.easfonline.org/> www.easfonline.org
. Consumer Credit Counseling Service
1211 Kenwood Lane, Suite 111
Fort Myers, Fl. 33907
Phone: 1.800.251.CCCS (2227).
<http://www.cccsinc.org/> www.cccsinc.org
Audubon Country Club One Of Naples
Finest
Audubon Country Club has one of the lowest densities among country club
developments in Collier County. At build out there will be a maximum of only
407 homes on 770 acres.274 acres of upland and wetland preserves can never
be developed.
The 28 lakes and natural areas are maintained by experts daily. Wildlife is
abundant and routinely is observed on the property.
Audubon's location offers unmatched convenience to Gulf beaches and the
nearest marina is a mere 5 minutes away.Shops @Mercado is a mere minutes
away with world class restaurants and shopping. Please contact Dominic
Pallini for a private tour of this luxurious community
239-949-2117 call or text dominic@pallinisells.com
www.pallinisells.com
www.naplesbankownedhomes.com
www.naplesbankownedcommercialproperties.com
www.audubonccofnaples.com/
.
The Reserve At Estero
Currently under construction in beautiful Southwest Florida is The
Reserve at Estero - a community of 494 single-family residences situated
among picturesque nature preserves and sparkling lakes. This private, gated
community features homes that range in size from 1,509 to 2,545 square feet.
The Reserve offers an extensive list of luxurious features which include a
clubhouse, resort-style pool, tennis courts, and an array of other
recreational amenities. With an ideal location midway between Naples and
Fort Myers, your new home at The Reserve at Estero will also provide you and
your family with access to the countless cultural and recreational
attractions of Southwest Florida's fabulous Gulf Coast.
Location,Location,Location ,this community has it all .Please contact me
Dominic Pallini for a private tour of the Community. 239-949-2117 text or
call
dominic@pallinisells.com
www.pallinisells.com
www.naplesbankownnedhomes.com
The Dunes North Naples Luxury High Rise
Condo's
The Dunes consist of 8 high rise buildings 12 floor plans and 640 total
units on the property. 4 of the buildings are full Concierge ,meaning owners
have the ability to have the on site receptionist make dinner reservations
and schedule appointments. Concierge units also have the ability to buy into
The Dunes Private Beach Club.
Amenities include a resort style pool with a Tiki hut equipped with a full
bar and lunch menu. The property also has a restaurant/grill room for the
convenience of the owners. ,Fully Equipped Fitness Center and Tennis Courts.
Location ,Location, Location only short walk or bike ride to the emerald
green waters of the Gulf Of Mexico. Many units in the buildings have Gulf
and Bay views from their Lanai's. Delnor Wiggins State park is a short drive
with a beautiful beach and park for the enjoyment of the Naples Residents.
If you are looking for shopping and Night Life Mercado Shops and Restaurants
are just minutes away featuring Whole foods Market and the Blue Martini
night club
The Dunes has it all ,Beach,Dinning and Night Life all within your reach.
Call me for a Private tour of the property to see if it fits your lifestyle.
ATTENTION FLORIDA PROPERTY OWNERS AMMENDMENT 4 WILL
IMPACT YOU!
While November will be a busy election season, no issue on the 2010
ballot will be more important than Amendment 4. In this tough economy, the
last thing Florida needs is an irresponsible amendment that will cost jobs,
raise taxes and make it more expensive to live in our state.
But that's exactly what Amendment 4 will do.
Please click on this link (http://www.florida2010.org/home.php) and take a
moment to view this 2-minute video on St. Pete Beach, the first community in
Florida to adopt a local version of Amendment 4.
This impacts you directly. Moreover, it will permanently damage Florida's
economy and unique quality of life.
If you are asking the question, "What can I do to help educate Florida
voters on the threat posed by Amendment 4 Florida's economy and our quality
of life?", please take a moment to:
1. Share this video with at least 50 voters. Sharing this message with your
professional contacts will make a big difference.
2. Post this video (or a link to it) on your website, your LinkedIn page and
groups, or your Facebook page and groups.
3. Get more information at http://www.florida2010.org On this page, you'll
find a wealth of information on Amendment 4. Use the "Tell a Friend" button
or sign up to "Volunteer." This site is updated regularly so check back
often.
McLEAN, Va. – Nov. 25, 2009 – If you’re in the market for a home, the
world is your oyster. Interest rates are at record lows. Housing prices in
many parts of the country are still depressed. And you may be eligible for
a generous tax break, even if the home you buy isn’t your first.
On Nov. 6, President Obama signed legislation that provides a $6,500 tax
credit for some current homeowners who buy another home. The law also
extends the $8,000 tax credit for first-time homebuyers, scheduled to
expire Nov. 30, until next spring.
A lot of people are interested in taking advantage of this tax break, but
the expanded credit also has whipped up a lot of confusion. Here are some
answers to frequently asked questions:
Q: How do I qualify for the $6,500 credit?
A: This credit is available for homebuyers who sign a binding contract on
a new or existing home by April 30, 2010, and settle by July 1 (deadlines
that also apply to the first-time homebuyer credit). You must have lived
in your existing home for five consecutive years out of the last eight.
The home you purchase must be your primary residence. However, the law
doesn’t require you to sell your old home, says Bob Meighan, vice
president at TurboTax, the tax software provider. You can use it as a
second home or a rental and still claim the credit, he says.
Q: I sold a home I had lived in for more than five years and bought a new
one in August. Do I qualify for a tax credit?
A: No. For existing homeowners, the $6,500 credit is limited to homes
purchased after Nov. 6.
Q: Does the home I buy have to be more expensive than the one I own now?
A: No. While the real estate industry is hopeful that homeowners will use
this credit to buy a nicer place, there’s no prohibition against using it
to downsize, Meighan says. That makes this credit particularly useful for
seniors who are interested in moving into a smaller home.
If you are planning to move up, keep in mind that you can’t claim the
credit if the purchase price of the home exceeds $800,000. Unlike some
other tax credits, this one doesn’t slowly phase out once you exceed the
threshold, Meighan says. If you buy a home for more than $800,000 – and
that refers to the purchase price, not the assessed value or the amount of
your mortgage – you are ineligible for the credit, period.
The $800,000 cap also applies to first-time homebuyers, but only those who
purchase a home after Nov. 6. First-time homebuyers who bought a home for
more than $800,000 between Jan. 1 and Nov. 6 can still claim the credit,
assuming they meet the other criteria, Meighan says.
Q: I’m an existing homeowner, and would like to build a new home. Can I
claim the credit?
A: Yes, but make sure your builder is good at meeting deadlines. You can
claim the credit as long as you have a binding contract in place by April
30 and close by July 1. In the case of a new home, the closing date is the
day you move in, Meighan says. If your home isn’t habitable by June 30,
you won’t be able to claim the credit, he says.
Q: I bought a home in 2008 and claimed the old $7,500 first-time
homebuyers credit, which must be repaid over 15 years. Did the new law
change that rule?
A: No. That credit, which was available for homes purchased between April
9, 2008, and Dec. 31, 2008, must still be repaid.
The $8,000 first-time homebuyer credit, available for homes purchased
after Dec. 31, 2008, doesn’t have to be repaid as long as you remain in
the home for at least three years. Existing homeowners who qualify for the
$6,500 credit don’t have to repay that money, either, as long as they meet
the three-year requirement.
Q: We have a rental home and would like to sell it to our son, who has
never owned a home. Would he qualify for the first-time homebuyer credit?
A: No. The legislation specifically prohibits taxpayers from claiming the
credit if the sale is between “related parties,” Meighan says. A home sale
to a parent, grandparent, child or grandchild would fall into that
category.
Q: I sold my home this year and have been renting since. If I buy a new
home, do I qualify for the expanded credit?
A: Yes, as long as you meet all of the other requirements, says Mel
Schwarz, partner with Grant Thornton in Washington, D.C. The eight-year
period used to determine eligibility ends on the day you buy your new
home, he says.
Copyright © 2009 USA TODAY. All rights reserved
.Belle Lago In Beautiful Estero Florida !
Posted Under: In My Neighborhood in Estero | March 18, 2010 2:40 PM | 48
views | 1 comment .Belle LAGO --" Beautiful Lake " There are nice lakes
in this community. Lakes surrounded by gorgeous homes built by Toll
Brothers, a community of award winning home designs invites you to enjoy
luxurious living in a private, gated community. Offering first class
amenities with a Grand Clubhouse, Tennis, Basketball Courts, Swimming &
Fitness Center. This private community of 447 Single Family villa & estate
homes is nestled among nature preserves with picturesque lakes, parks &
walking trails. Conveniently located between Naples & Fort Myers.
Location Location Location -- 3 new malls ,SW Florida International
Airport and Florida Gulf Coast University all within a 10 minute drive. Find
your place in the sun at Belle Lago. Please call me for a private tour of
the community and an overview of available properties. Dominic Pallini
239-949-2117
BELLE LAGO Virtual Tour --- http://vt.realbiz360.com/Listing-292551.html
.Work With A High Performance Realtor
Posted Under: In My Neighborhood in Naples | March 18, 2010 10:49 AM |
28 views | No comments .Let actions speak louder than words Dominic
Pallini with RE/MAX ESTATES has the transactions to prove that his marketing
plan works. In the first quarter of 2010 we have sold 5 homes and rented 4
condo units.
JUST SOLD !
226 AUDUBON BLVD.NAPLES 1-27-2010
28743 XENON WAY BONITA SPRINGS 2-2-2010
5365 DAVID BLVD. PORT CHARLOTTE 2-22-2010
728 CANE ST. LEHIGH ACRES 2-12-2010
10101 VILLAGIO PALMS WAY ESTERO 3-17-2010
JUST RENTED !
10115 VILLAGIO PALMS WAY ESTERO 3-3-2010
20221 ESTERO GARDEN CIR. ESTERO 3-1-2010
20240 ESTERO GARDEN CIR. ESTERO 3-17-2010
20260 ESTERO GARDEN CIR. ESTERO 1-27-2010
We have the systems to get your property SOLD or RENTED quickly. Work with a
realtor with proven results. We get the job done ! Contact Dominic Pallini
NOW.
Call or Text @ 239-949-2117
E Mail dominic@pallinisells.com
www.pallinisells.com
www.naplesbankownedhomes.com
Dominic Pallini,RE/MAX Estates, Broker Associate,CRS,GRI,ABR,E PRO,SFR,AHWD
Visit my web site for information on all my listings. www.PalliniSells.com
or
Call: 239-949-2117
Office FAX : 239-236-4444
CRS District 5 Vice President
Naples Area Board Of Realtors
2010 RPAC Chairman // 2009 Leadership Development Graduate
Receive a FREE market evaluation of your property.
www.yourSWFLhomesVALUE.com
Find Foreclosed Homes at---www.naplesbankownedhomes.com
Condo Financing can be a real challenge in South West Florida. I recently
spoke with some Loan Officers at some large banks and what they said was
not very encouraging. Large financial institutions have taken the position
with Fannie Mae Guide Lines. Here are the rules of the road.
New projects require 70% to be presold - established projects require
70% owner occupancy.
· All projects require fidelity insurance - this covers the value of the
association's reserve and active funds.
· No more than 10% of the project can be owned by a single entity.
· No more than 20% of the project can consist of non-residential space.
· Dues delinquency rates can be no more than 15%.
· Borrowers must have individual insurance on their specific portion of
the project.
· The condo association must have at least 10% of its budgeted income
designated for replacement reserves and adequate funds budgeted for the
insurance deductible.
· Payment abatement's (HOA dues paid by seller or other concessions) are
not allowed
· The minimum down payment required for a primary residence in an
established condo project is 10%. Credit score, purchase as an investment
or second home or other factors could increase this requirement.
• Some of these can be modified on a case by case basis
WOW !! With that said will your client get Condo Financing ?
"SAY NO TO AMMENDMENT 4"
www.Florida2010.org
We're Citizens for Lower Taxes and a Stronger Economy, Inc.
We know that Amendment 4 - a statewide "Vote on Everything" initiative -
is a grave threat to Florida's economy.
Amendment 4 - which would impose a referendum requirement on all local
comprehensive plan changes - subverts a well-established, open,
accessible, and democratic planning process. With the Vote on Everything
amendment, many Sunshine State voters - not the representatives they
elected - will be expected to decide 200 to 300 intricate land-use
planning amendments every year.
The interests promoting the amendment have failed three times to qualify
for the ballot. However, they have now paid for all the signatures
required to place their amendment on the November 2010 ballot. Citizens
for Lower Taxes and a Stronger Economy, Inc. has been established by our
State's business and community leaders to combat this dangerous amendment.
Citizens for Lower Taxes and a Stronger Economy, Inc. was founded to alert
voters to this extreme amendment and the hazards it will bring to every
Floridian's daily life. Every citizen, working family, teacher, health
care provider, community leader, elected official, and mainstream
environmentalist - every Florida voter - needs to know that our unique
quality-of-life is at stake. If they succeed in changing our State
Constitution:
THE DISRUPTION of local communities and the daily lives of Floridians will
be extraordinary. Cities and counties will be required to hold elections
for each proposed comprehensive plan change - not just major projects, but
even minor technical details. In the last four years alone, this amendment
would have required an average of over 10,599 additional local votes per
year in Florida. In fact, had Amendment 4 been in place in 2006, the
voters of Carrabelle - a small Franklin County town - would have seen 617
separate questions in a single ballot!
THE DISORDER will further disenfranchise Florida's already-fatigued
electorate. Voters will be deluged with highly technical background
materials prepared by the local government planning staff. The legalese of
proposed comprehensive plan changes, often puzzling for expert engineers
and attorneys, will further dampen voter turnout. Lines at voting booths
will grow as Floridians attempt the virtual impossibility of voting on
hundreds of separate and often confusing ballot questions.
THE COST will be astronomical. Every city and county in Florida will be
burdened with the time and cost of holding additional elections to vote on
proposed changes to comprehensive land use plans. Each of these elections
will be costly. And with smarter growth stalled, Florida's robust economy
will taper off to a recession while property taxes skyrocket to pay the
bills.
THE RESULT will be a system that is far worse, not better. That's why
respected environmental leaders refuse to support the amendment. They know
this amendment will not put a stop to all development, but will make
well-planned, smarter growth impossible - thereby encouraging sprawl that
reduces green space and makes effective growth management unachievable.
Bank Of America Short Sales:
Your Guide to Nagivating SHORT SALES
Declining property values, unemployment and increased expenses are just a few of the concerns facing homeowners. Tough economic conditions have taken a toll on customers as they are unable to make their mortgage payments.
Bank of America remains committed to working with customers to find solutions enabling home retention and foreclosure avoidance whenever possible.
What is a Short Sale?
A short sale allows a borrower to sell the home for less than the total amount due on the mortgage loan secured by the home. It helps the borrower avoid foreclosure and reduces some of the lender's loss by avoiding or minimizing foreclosure activities. The borrower does not receive any of the proceeds of the Short Sale.
When Should a Short Sale be Considered?
Bank of America is focused on helping borrowers retain their homes and avoid foreclosure, whenever possible. However, when the borrower does not have sufficient income. a Short Sale should be considered when there are no other options.
Examples for consideration: when a borrower is no longer interested in retaining the property: when a borrower is unable to make the monthly mortgage payment: or when the borrower is unable to qualify for a loan modification.
A Short Sale is a cooperative process versus a legal resolution ( no foreclosure sale or eviction) that allows the borrower to retain some control and dignity throughout the process.
How do I get started?
As soon as possible, the borrower should contact Bank Of America at 1-800-669-6607 to discuss his or her financial situation and determine whether a Short Sale is necessary. If after that conversation the Short Sale is the best option, the borrower should contact the Short Sale Team at 1-866-880-1232 to request information about initiating a Short Sale.
Short Sale support representatives are there to assist borrowers and will be their primary contact through the process. The Short Sale Team also offers convenient service via the web. During the initial call with the Short Sales Team, borrowers will be provided with a tempoary password to log into the Short Sales interactive Web site. Once the borrower has created a more permanent user name and password, and answered the security questions, he or she will be asked to update their hardship reasons and financial information on the Web site. The borrower can authorize you - their real estate agent - to represent him or her in the transaction and give them access to the site.
1- The borrower will upload supporting financial documentation.
2- The real estate agent will upload the purchase contract, listing agreement and preliminary HUD-1
3- Additional borrower information that may be required:
Verification of borrower's income
Copy of most recent bank statement
Signed and dated copy of most recent year's tax return
How long does a Short Sale process take?
The Short Sale process can take considerable time. Bank of Amercia must obtain its own appraisal of the property, review all of the documentation submitted by the borrower, and in most cases seek authorization from the investor and/or insurer on the loan. For this reason, a real estate agent is urged to contact Bank Of America as soon as possible if you are comtemplating assisting in a Short Sale, especially if the borrower is in default on their mortagage loan.
How can I check on the staus of a Short Sale?
Once the Short Sale Web site setup is complete - and assuming the borrower authorizes the agent during the sign up - the borrower and the agent can check the status of a Short Sale any time at www.reotrans.com . This Web site offers the agent and the borrower the ability to:
Communicate directly with the Bank Of America associate processing the Short Sale.
Upload documents and negotiate the offer.
Manage every step in the Short Sale process.
KEEP IN MIND:
Each Potential Short Sale is reviewed on a case by case basis.
A borrower whose mortgage loans are current ( not delinquent) WILL NOT be considered for a Short Sale unless there is sufficient documentation to demonstrate imminent hardship.
Possible tax implications to the borrower should be reviewed by their real estate attorney or accountant.
The property may not be sold to anyone with close personal ties to the borrower. This includes business and personal relationships.
It is important that you understand, some investors and mortgage insurance companies with an interest in the mortgage loans being serviced by Bank Of Amercia may require the borrower to sign a promissory note or make a cash contribution for some or all of the differences between the net proceeds and the total amount due on the loan.
