I want that condo, it’s cheap, but I can’t afford it?

July 5, 2011 By Leave a Comment

There are TONS of condo steals in Orlando. I’ve seen gorgeous updated units going for $50,000, and some for as low as even $28,000. During the “boom” of the market, condos became a popular choice among people who wanted to invest in real estate but could not afford a single family residence. There are certain condo communities I remember once selling upwards of $300,000. Today, those same units are listed now for $50,000 or less. Developers were quick to turn apartment communities into conversions. They promised tenants a “great deal” before “prices got too high”, and even presented packaged deals to foreign investors. When the economy started to collapse so did the rental market. Landlords started to become more competitive with pricing in hopes to allure prospective tenants into their units, taking a monthly loss on their typical rental income. During this time it was typical for an investor-landlord to have purchased multiple units in a complex. If they could not afford to lease one of their units to offset their mortgage, they easily fell victim to foreclosure. This was a leading contributing factor to the Orlando condo crisis.

Today, to protect potential buyers from making a poor investment the Federal Housing Administration has put strict rules on the type of complexes that are qualified for what is commonly known as an FHA loan. With an FHA loan borrowers only need 3.5% down to purchase a property. These properties must be in “livable” condition with no exposed wiring, missing flooring, broken windows, etc. You also cannot purchase a home with an FHA loan that exists in a community that the Homeowners Association has a first right of refusal. This is the #1 reason why those beautiful $30,000 condos are left unpurchased (it is also why they are so cheap)! Since the HOA may ask for a credit and background check they are not allowing anyone and everyone the ability to purchase inside their development. This usually makes most of these units only available to conventional buyers (with anywhere from 7% to 20% down) or cash only buyers.

The fact you can’t buy condos FHA is not always because of HOA guidelines either. If a condo development is less than 51% owner-occupied there is a good chance FHA will not be allowed in that community. Insurance coverage and the number of units for sale also plays a factor as well.

Don’t get discouraged. YOU CAN find FHA approved condos in Orlando. Guidelines are always changing for FHA approved developments. That’s why it’s important not only to get pre-approved but to pair yourself with a good Realtor and Mortgage Professional who’s experienced with working the FHA condo market. At $50,000 that’s less than $1,800 you’d need to put down in order to buy your own home. I’ve had many buyers purchase these condos inexpensively and for much less than rent. If you like out more information, fill out the form below!

Looking to buy or sell? Do you just need some Real Estate advice? Have a question for me? Please fill out the form below and I'll contact you as soon as possible.

Kase C. Ellers, REALTOR, CDPE, ILHM
Prudential Florida Realty
Direct: (407) 463-9315
Office: (407) 406-5300
Fax: (407) 406-5301

OFFICE HOURS
Mon - Fri: 8:30 am to 6:00 pm
Weekends: By Appointment Only
Showings: By Appointment Only

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IS IT FHA APPROVED OR IS IT NOT … ?

Filed Under: $0 to $99,999, $100,000 to $199,999, $200,000 to $299,999, Condos, Kase's Blog Posts, Orlando Tagged With: , , ,

Greenbriar at Tuscawilla – Single Family Villas & Single Family Homes in Winter Springs (Orlando), FL

June 15, 2011 By Leave a Comment

Driving through the streets of the Tuscawilla Country Club you will find a variety of different homes to choose from. This is why Tuscawilla is so desirable because there is nothing cookie cutter about it. Greenbriar at Tuscawilla is located off Greenbriar Dr. which runs through the Country Club from Northern Way to Winter Springs Blvd.

Entering the community you will think that you are not even in Florida. The entrance due to it’s higher than normal elevation will remind you of communities located in San Fernando Valley, California. Weeping Oaks and Spanish Moss make for an elegant “welcome home” to this great subdivision.

Homes in Greenbriar at Tuscawilla were built from the 1980′s to late 1990′s. The two primary home builders was LeCesse Development Corporation (a national home builder based out of Altamonte Springs, FL) and the more well known D.R. Horton. Both these builders build a great product. The barrel tile roofs and exterior stucco give the homes in this community a Southern Florida esthetic which is rare to find in older communities in Seminole County.

Along with lakes you can enjoy great views of the Tuscawilla golf course. A community pool will serve great to relax during the long Florida summers.
This community is zoned for highly desirable Seminole County schools.

LOOK WHAT’S ON THE MARKET IN GREENBRIAR AT TUSCAWILLA ………..



LOOKING TO SELL YOUR GREENBRIAR AT TUSCAWILLA HOME? CONSULT A COMMUNITY EXPERT! CONTACT KASE BELOW ….

Looking to buy or sell? Do you just need some Real Estate advice? Have a question for me? Please fill out the form below and I'll contact you as soon as possible.

Kase C. Ellers, REALTOR, CDPE, ILHM
Prudential Florida Realty
Direct: (407) 463-9315
Office: (407) 406-5300
Fax: (407) 406-5301

OFFICE HOURS
Mon - Fri: 8:30 am to 6:00 pm
Weekends: By Appointment Only
Showings: By Appointment Only

*(denotes required field)
Filed Under: $100,000 to $199,999, $200,000 to $299,999, Kase's Blog Posts, Single Family, Winter Springs Tagged With: , , , , , , , , ,

Parc Du Lac – Single Family Executive Homes in Winter Springs (Orlando), FL

June 8, 2011 By Leave a Comment

French for “Park by the Lake,” Parc Du Lac is a quaint subdivision of 15 Executive Homes in Winter Springs right by the corner of Lake Dr. and Tuskawilla Rd. To give even more legitimacy to it’s name you will find that it is located across the street from Little Lake Howell.

It’s location could not be anymore convenient. You are right off Lake Dr. which connects to Seminola Blvd. in Casselberry. That means you have easy access to common access roads such as S.R. 436 and US 17-92. If you were to utilize Tuskawilla Rd., you will find that you are also very close to S.R. 434, Red Bug Lake Rd. and S.R. 426. Not to mention you are seconds away from the well known Tuscawilla Country Club, shopping and highly desirable Seminole County schools.

Engle Homes (Tousa) was the builder for this community. Engle has always ranked high on my list (and my customers) for single-family residential homes. The only drawback to their construction is you can find similar floor plans across Central Florida. Despite a possible lack of “uniqueness” the overall aesthetic of this community is great. The fact you are in such a small subdivision means low turnover and a tight knit community that is hard to come by nowadays.

LOOK WHAT’S ON THE MARKET IN PARC DU LAC ………..

Due to the low turn-over in this community and it’s exclusivity there are currently no available listings through IDX. Please contact Kase below to learn about any offerings in this community.

LOOKING TO SELL YOUR PARC DU LAC HOME? CONSULT A COMMUNITY EXPERT! CONTACT KASE BELOW ….

Looking to buy or sell? Do you just need some Real Estate advice? Have a question for me? Please fill out the form below and I'll contact you as soon as possible.

Kase C. Ellers, REALTOR, CDPE, ILHM
Prudential Florida Realty
Direct: (407) 463-9315
Office: (407) 406-5300
Fax: (407) 406-5301

OFFICE HOURS
Mon - Fri: 8:30 am to 6:00 pm
Weekends: By Appointment Only
Showings: By Appointment Only

*(denotes required field)
Filed Under: $300,000 - $399,999, $400,000 to $499,999, Kase's Blog Posts, Location, Single Family, Winter Springs Tagged With: , , , , , , , , , ,

Georgetowne at Tuscawilla – Courtyard Homes in Winter Springs (Orlando), FL

May 30, 2011 By Leave a Comment

Georgetowne at Tuscawilla is an enclave of approximately 229 homes located inside the highly desirable Tuscawilla Country Club in Winter Springs, FL. Georgetowne is a deed restricted community with low monthly HOA dues that provide residents with a low maintenance lifestyle. Front lawns and shrubbery care is included with your HOA dues as well a community pool.

Depending on your liking there are two types of homebuilders you can choose from in this community. Future homeowners have the opportunity to choose between homes built by The Ralph Nader Corporation (Phase I) or newer construction built by Morrision Homes/Taylor Morrison (Phase II).

In the 1980′s Nader was known for designing semi-custom single family homes far different from the typical cookie cutter homes you see across Central Florida. The only drawback to these homes is due to the era of their construction you often will find they have smaller Kitchens and less of an “open-layout”. Overall, the quality of construction and unique design of these properties usually make up for these minor inconveniences.

Of course, everyone has different needs and likes when choosing the right type of home for them. If you prefer a newer home with more of an open-layout the Taylor Morrison built homes are the better choice for you. These homes typically feature large Kitchens with breakfast nooks and spacious bedrooms. Most of these homes were built in the 90′s which means they are less likely to need cosmetic renovation. Taylor Morrison is well known for their high quality tract homes across the United States. You will see examples of their homes in local communities such as Alaqua Lakes in Longwood, Veramonte in Longwood and Crestwood Heights in Ocoee amongst others.

These properties are zoned for highly desirable Seminole County schools.

 

LOOK WHAT’S ON THE MARKET IN GEORGETOWNE AT TUSCAWILLA ……………

LOOKING TO SELL YOUR GEORGETOWNE AT TUSCAWILLA HOME? CONSULT A COMMUNITY EXPERT! CONTACT KASE BELOW ….

Looking to buy or sell? Do you just need some Real Estate advice? Have a question for me? Please fill out the form below and I'll contact you as soon as possible.

Kase C. Ellers, REALTOR, CDPE, ILHM
Prudential Florida Realty
Direct: (407) 463-9315
Office: (407) 406-5300
Fax: (407) 406-5301

OFFICE HOURS
Mon - Fri: 8:30 am to 6:00 pm
Weekends: By Appointment Only
Showings: By Appointment Only

*(denotes required field)
Filed Under: $100,000 to $199,999, $200,000 to $299,999, Kase's Blog Posts, Single Family, Winter Springs Tagged With: , , , , ,

The Foreclosure Process – A Brief Synopsis

January 20, 2011 By Leave a Comment

The number of homeowners who elect to go into foreclosure on their home without truly understanding the process of the consequences is highly alarming. While in some cases foreclosure is inevitable, there are many cases in which it could of been prevented. Here is a brief synopsis of process:

STEP 1 NON-PAYMENT

-Anytime a home is foreclosure upon it must be because the homeowner is delinquent on their mortgage payments for a certain period of time.
-Foreclosure can also be pursued by banks, local government and homeowner’s associations.

Step 2 LIS PENDIS NOTIFICATION

-The party actively pursuing foreclosure must directly serve papers to the homeowner to inform them of their intent to foreclosure on their property.

Step 3 SALE DATE

-Homeowner will be informed on the sale date and will be given the option to appear in court.
-The foreclosing party will take possession of the property after it has been foreclosed upon.

Filed Under: Foreclosure, Kase's Blog Posts Tagged With: , , , ,

SOLD – 3401 Fernlake Pl. Longwood, FL (Alaqua Lakes)

May 28, 2010 By Leave a Comment

A Dave Brewer exquisite custom home in Alaqua Lakes,large private lot situated on over 1 acre.  Expanded Veneto floorplan added square footage to bonus room and her master closet – truly a dream home! Award winning floorplan with 5086 sq. ft. on one level, 2 bonus rooms! New wood floors in study and bedroom, $30K in landscape upgrades, custom draperies and motorized blinds – all added in last six months.  Summer kitchen with built in vented grill, 4 car garage, gorgeous hand crafted custom cabinets throughout home, built-ins in family room, study, butler’s pantry, bar in bonus room with beverage refrigerator and ice maker, the list goes on and on.  Situated in the back of the community on a cul de sac street with little traffic, this  home is spectacular and priced to sell in today’s competitive market!  COME LIVE THE GOOD LIFE IN ALAQUA LAKES IN THIS DAVE BREWER CUSTOM MASTERPIECE and enjoy the 7 acre park, Pavilion, recreation field, 5 tennis courts, basketball court, sand volleyball and pool, all included in the reasonable HOA dues- because YOU DESERVE IT!


LISTING COURTESY OF KELLER WILLIAMS CLASSIC REALTY

Filed Under: $900,000 - $999,999, Kase's Blog Posts, Luxury Homes, Property Price, Single Family Tagged With: , , , , , , , , ,

Windsong – Luxury Estates in Winter Park, FL (Orlando)

February 3, 2010 By Leave a Comment

Windsong is a premiere community located in historic Winter Park, Florida. This luxury home community encompasses three of Winter Park’s most beautiful lakes Mizell, Berry and Virgina. Named after the “Windsong Estate” which was built in the early 1900′s by Elizabeth Morse Genius and her husband, this community to this day has kept it’s old world charm and appeal. Typically homes in this community are mediterranean in their design and range from the $500,000 price range to well over $8,000,000 dollars. Potential homeowners who enjoy the outdoors and water related activities will greatly enjoy everything this community has to offer. Living at Windsong will give you exclusive access to the Chain of Lakes from a private boat dock, where you may use a  neighborhood pontoon boat, ski boat or canoes or kayaks. There are two resident pools and many waterfront parks, including a Residents Club Water Park. There you have private access to a children’s water playground, as well as a baby pool and a family pool.

LOOK WHAT’S ON THE MARKET IN WINDSONG …………… 

Filed Under: $500,000 to $599,999, $600,000 to $699,999, $700,000 to $799,999, $800,000 to $899,999, $900,000 - $999,999, Kase's Blog Posts, Luxury Homes, One Million+, Single Family, Two Million+, Winter Park Tagged With: , , , , , , , ,

Will U.S. Treasury Guidelines Help Short Sales?

January 21, 2010 By Leave a Comment

Will U.S. Treasury Guidelines Help Short Sales?

The Miami Herald recently published an article that claims in April 2010, 83 Banks within Obama Administration’s Home Affordable Modification Program will have to adhere to strict guidelines in regards to short sale approvals. Right now our market is swamped with Short Sales and Bank Foreclosures. Since the start of the First Time Homebuyer Incentive, it has been the great relief to Realtors such as myself that the market has been seeing an upturn. Properties that are priced well are being shown often and typically receive multiple offers. Don’t get me wrong, there is still much needed room for improvement but even small signs of improvement are big in my eyes. Most Short Sales sit on the market for a period of at least 3 to 6 months if not longer. These new guidelines dictate that these 83 banks must have a Short Sale approval on all offers within 10 days. Of course we are not sure if this means 10 days after a negotiator is assigned to the file or 10 days after the offer is received. Either way, holding banks accountable to the time it takes to get pre-foreclosure homes off the market will spur a much needed “push” to get these homes off our inventory books faster. So what about all the numerous other banks? According to this article it’s true that not ALL banks will have to abide by these new rules. This could prove problematic to Sellers with notes held with these other banks. I’m also curious to see how these rules apply to properties with second mortgages. What if one bank is covered under the new guidelines and the other is not? It’s probably safe to say no one, including myself, will have a clear answer until April rolls around. Despite understandable scepticism from others in my field I still see this as a great opportunity to help more struggling homeowners and another step to the recovery of the real estate market. You can read more about this article by clicking here.

Filed Under: Foreclosure, Kase's Blog Posts Tagged With: , , , , , , , , , , , , , , ,

Casa Jardin – Luxury Villas in Winter Park, FL (Orlando)

January 18, 2010 By Leave a Comment

Developer Doug Trovillion wanted to create a multi-residential property retirees who wanted a more “care-free” lifestyle could enjoy. Seeing a need in the Orlando market for more upscale multi-residential properties, Trovillion built Casa Jardin, one of the most desirable and unique properties near historic Winter Park. Fortunately, Casa Jardin is not exclusive to the retirees. Anyone who desires a maintenance-free lifestyle with the added convenience of living in one of Orlando’s most prestigious communities would love to call Casa Jardin their home.

Completed in early 2008, these Old-World Spanish village style homes feature private atriums, a rooftop terraces, large storage rooms, concrete poured balconies and two-car garages. Interior features include Brazilian hardwood floors, custom cabinetry with granite countertops, glazed porcelain tile floors, a solid wood spiral staircases and balustrades and optional elevators.

LOOKING TO SELL YOUR CASA JARDIN HOME? CONSULT A COMMUNITY EXPERT! CLICK HERE TO CONTACT KASE!

LOOK WHAT’S ON THE MARKET IN CASA JARDIN ……………

Filed Under: $300,000 - $399,999, Casa Jardin, Kase's Blog Posts, Luxury Homes, Townhomes, Winter Park Tagged With: , , , , , , , , , , , ,

Short Sales – Frequently Asked Questions

December 29, 2009 By Leave a Comment

What is a Short Sale?

 A short sale is when you sell your home for less than what you owe on it and your lender(s) give a special approval to sell your home at a reduced price. Am I still responsible for closing costs, commissions, etc. if I short sale my home? Surprisingly no. All commissions, title fees, closing costs are paid by your lenders. Remember most lenders would rather pay these minimal costs than foreclose on your home, pay attorney’s fees and the expense of maintaining your property until they can sell it.

How do I know a short sale is my best option?

Typically a short sale will end up costing your lender less money than if they foreclosure on your home. Unless you have equity in your home to refinance, can afford to pay a cash difference at closing or would rather let your home go back to the bank, a short sale is the best option for you. Everyones situation is different so please submit your information in the “Contact Us” area and we can schedule a phone call or meeting to discuss the specifics of why you are considering a short sale. Do all lenders approve short sales? The biggest downfall of short sales is that not all of them close. The national average is only 23%! That is why its so extremely important to make sure you hire a professional who is experienced not only in real estate but high volume short sale transactions. Our team has closed 87.5% of all short sales we have listed in the past 12 months.

 How do I know if I qualify for a short sale?

Typically homeowners sell their home as a short sale due to a financial hardship. Unfortunately, unless you can prove to your lender a hardship is evident you will not be able to short sale your home. Hardships include but are not limited to: Illness or injury, job loss, forced relocation, divorce or unforseen adjustment in living expenses. If you’re not sure if you qualify feel free to call me at 407-463-9315 and I will be happy to qualify you. All this takes is a moment of time and there is no cost to you. What if I have multiple loans? There are a lot of people who have multiple loans on their homes. We will work with both your lenders to get them to cooperate and settle your liens.

 I’m not deliquent on my payments can I still short sale?

 There are some lenders who are allowing to short sale before you become late on your payments. Unfortunately most of them require for you to be late in order to consider you a candidate. The best way to find out is to speak with your lender before to see what their requirements are.

 How does this affect my credit?

Remember the purpose of a short sale is to avoid a foreclosure. A foreclosure on your credit report will make a severely negative impact, not to mention it will stay on your credit report for at least 7 years. A short sale does affect your credit negatively but typically only for about 2 years (many have had their credit repaired in only a few months). There are now a few lenders offering home loans to Buyers right after doing a short sale. What percentage of Short Sale Listings do you successfully close? We are proud to have closed 87.5% of our short sales over the past 12 months. The national average is only 23%!

What is the motivation for the banks to do a Short Sale?

There are several reasons a Bank will prefer a short sale over a foreclosure. The most obvious is that the bank’s lose an average of 57% on a foreclosure property where short sale’s have an average loss of 36%. Will I get a big Tax Bill by doing a short sale? This is question we get all the time. We are not Accountants and recommend to all of our clients to get advice from one prior to doing a short sale. However, if you are selling your primary residence as a short sale there has been federal legislation implemented to protect homeowners doing a short sale. It is called “The Mortgage Forgiveness Debt Relief Act 0f 2007″. This law went into effect to essentially make short sales possible for sellers that are selling a “primary residence” and protect them against the negative financial implications or tax consequences of doing a short sale. Again this is good news but I urge you to get specific advice from a certified public accountant prior to doing a short sale. Read more on the IRS website: http://www.irs.gov/individuals/article/0,,id=179414,00.html

Filed Under: Foreclosure, Kase's Blog Posts Tagged With: , , , , , , , , , , , , , , ,
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