Florida Homes and Condos for Sale

Types of New Construction Loans

Wed, 17 Mar 2010 07:44:58 -0500

This is some very useful infromation for those look at new construction financing.

Via Frank & Sharon Alters, CDPE-Short Sales Jacksonville-Orange Park-Fleming Island (Watson Realty ):

TYPES OF NEW CONSTRUCTION LOANS

Building a new home can be a very exciting experience. Knowing the right questions to ask and what to expect can help remove some of the uncertainty about whether to move forward with new construction.

What types of loans are available for new construction?

There are two general categories: Construction Perm Loans and End Loans

CONSTRUCTION PERM LOANS

Construction Perm Loans are a type of loan where the Buyer first buys the lot from the Builder, then begins the building process. The Buyer is carrying the cost of building the house, and monthly payments begin immediately, increasing each time the Builder draws money from the bank, until the last draw when the loan is converted to a permanent loan at the fully amortized payment for the term of the loan.

Prior to the lot purchase, the plans for the house are decided, and an appraisal is done to determine the value of the home when built, to arrive at a final loan figure. There is generally room for overages in the loan amount.

The number of draws and the work that must be completed with each draw is noted on a Schedule given by the bank. The bank should send an inspector to verify that the work has been completed before the draw is given. The Buyer should sign off on each draw, along with the bank representative.

Types of Construction Perm Loans

Conventional financing is the only type of loan for construction perm. Expect a 20% down payment plus closing costs.

Who uses Construction Perm Loans?

Custom homes and homes built on the buyer's own lot are usually construction perm loans.

Pros and Cons of Construction Perm Loans

Pros ~ The Buyer actually owns the land and the house as it is built. They have more control in the building process and are free to ask the builder to make changes, since they are paying for everything. The house costs the buyer less because the builder is not paying to carry the house during the building process.

Cons ~ There have been instances when builders have taken draws and not finished the work. If subcontractors have not been paid, they file liens against the house that the owner is responsible for, even though the builder received the money.

END LOANS

End loans are a type of loan where the Buyer's loan takes effect at the end of the building process, when the closing takes place and the Buyer moves in. Most new construction loans are end loans.

Types of End Loans

End loans can be FHA, VA, USDA, or conventional. Expect a deposit of $5000 or more to begin construction on a new home, even if it will be refunded later in the case of VA or USDA financing. An experienced new home sales Realtor® can help you negotiate the deposit, especially if there are special circumstances.

Who uses End Loans?

Most Production Builders in new home communities use End Loans. They realize that the Buyer is more comfortable with this type of loan and they have more control over the building process.

Builders typically have relationships with preferred lenders, or their own in-house lenders. There will be special incentives to use their lender. TIP: Buyers can let builder's lender know they are getting quotes from other lenders to keep them competitive.

Pros and Cons of End Loans

Pros ~ The Buyer has more choice for loans. FHA and VA loans are end loans. USDA is also an end loan that qualifies in some circumstances. The Buyer has no responsibility for the house until it is finished.

Cons ~ The Builder owns the house and therefore has control over the house during the building process. The Buyer has limited or no input regarding changes in construction. In some instances, the Builder can void the contract with the Buyer and return their deposit monies if the Buyer is making demands the Builder does not want to meet.

If you are considering building a new home, we strongly recommend having an experienced new home sales Realtor® by your side during the process. They know the situations when builders will negotiate and can help you get the best deal on your brand new dream home.

Click here for our Series on Buying a New Home in Jacksonville Florida.

To reach us, call or text us at 904-673-2308 or e-mail - sharon@teamalters.com

Original Photography, All Rights Reserved.

Disclosure of Material Connection: cmp.ly/0/zzf0wh

You can also find us here!

Gary L. Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region. Whether your interest lies in a 55+ community such as Heritage Isle, a golf course community such as Baytree National Golf Links or water front, give me a call!

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

Why Would Anyone Want to Live in Viera Florida?

Sun, 14 Mar 2010 08:16:31 -0500

Viera is a very popular area of central Brevard County, Florida, just east of Orlando on the Atlantic coast. Many of my clients end up buying their new home in the Viera area. Why?

What is so great about Viera?

It is new. Seems people like new. New homes, new parks, new streets, new shopping, new churches, new restaurants, new golf course, new schools, new hospital.
Viera offers choice. Choice in home prices (mid-$100K to several million dollars). Choice in type of community whether gated, on the water, on the golf course, 55+ communities, condo communities, townhouse communities, single family home communities.
Location is ideal for commuting. With I-95 running through the Viera area, commuting is a breeze. Major employers in Melbourne as well as Cape Canaveral are within an easy drive! Likewise, Orlando is only about 45 minutes away!
Beaches are only 20 minutes away!
Prices are attractive now! When the housing crunch is over, who knows where they will be.

I get a lot of emails about Viera. I sell Viera because I like Viera which makes it easy to show and tell!

For information on Viera, email me at agent@moving2brevard.com!

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

Is a Condo the Right Choice for Your Lifestyle?

Thu, 11 Mar 2010 07:58:06 -0600

A few days ago I wrote about condo living in which I discussed the positive points of condo living.

Here I would like to point out a few "cons"-iderations before purchasing that Florida condo. Your real estate agent will probably have a few more as well!

A major consideration these days is the number of vacant units in the complex. Lenders are especially concerned before handing over a loan. This should be one of the top concerns of any prospective buyers as well!
How many units are up for sale at the present time? How many of these units are bank owned/foreclosure properties? How many of these units are short sales?
How many of the units are rented and what percentage may be rented should you decide to move and keep your unit.
What are the monthly assessment fees? When was the last time the assessments were changed?
What about the condo association's financial status? When were the books audited and what is the financial stability of the association? How much is the association reserves? What is the current budget?
What about the covenants, restrictions, bylaws?

As a condo owner you have ownership rights in the common areas. Likewise, as a condo owner, you have responsibilities when it comes to maintaining the entire complex.

The bottom line - every owner is on the hook for the association responsibilities and liabilities so know where you are headed!

Depending on the location checking with a real estate attorney may just be the right choice for you.

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

Is a Condo on the Beach in Florida Right For You? What About on the Golf Course or...

Tue, 09 Mar 2010 08:01:30 -0600

In Florida we all do not live in conods on the beach although we are never really too far from it!

And one other thing.... Florida condo living is not all older folks running around in pastel colored shirts, Bermuda shorts, and sipping on mimosas!

I will admit there are a few like that but you usually can spot them as the slow drivers with their right turn signal on for miles! [I am kidding, lighten up...you'll spill your drink on your pink shirt!]

Many prospective home buyers in central Florida consider condos and town houses as possible alternatives to purchasing a single family (detached) home. Many single professionals consider condos as it seems to mesh better with their active lifestyle.

Who should consider a condo purchase? There is no checklist you must be on to buy a condo but some who may be right for condo living include:

If you are not the handyman type and don’t like to spend your off hours grooming the landscaping then condo living may be right for you.
If you like having a pool, a spa, exercise facilities but don’t want to worry with upkeep, then a condo can be a good fit.
If you don’t mind being close to your neighbors then a condo may be right for you.
If you don’t mind being bound by the often strict condo association rules, then a condo may be right for you.

There are condos available on the beach, on the golf courses, on the river, in 55+ communities….wherever you may desire to live (and in all price ranges)!

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

Having a Toyota Moment...

Thu, 04 Mar 2010 08:18:46 -0600

I can “recall” [pun intended] the good old days when houses were selling in a month or two…and Toyota cars were the talk of the auto industry. My how times have changed!

Wait a minute.

Toyota is still the talk of the auto industry and houses are selling.

Could it be the good old days have returned?

Pricing your house competitively, realistically and preparing it for the market will result in your house being sold.

Naysayers will always say it can’t be done.

Who are these naysayers?

They are those who insist on pricing properties too high and then sit back and complain about not getting any offers. They are the sellers who are hiring real estate agents who lack the motivation, skills and knowledge to get the job done right!

Price your house right and you will be as busy with buyers as Toyota is with fixing their recalls!

You may even have to take a brake [pun intended, again]!

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

Even overpriced listings serve a purpose in the real estate market!

Tue, 02 Mar 2010 08:59:23 -0600

There are several tenets of real estate that we frequently pass along to sellers including the old standby "Location, Location, Location," and "the market sets the price."

While these are true I think we should add one more to tell sellers: "Even overpriced listings serve a purpose in the real estate market!"

When you place your house or condo on the market, you want to get clients for your real estate agent, right?

Of course the main only client you want to attract for your real estate agent is a buyer for your house, right?

I see a lot of overpriced residential listings in the Brevard County real estate market - still. Perhaps yours is one of those overpriced proeprties in Viera Florida that has been on the market for a long time.

If you are not priced competitively for the market you will accomplish two things:

Not get a buyer for your house
Get calls (clients) for your real estate agent so he can sell others homes.

You do not want to have a billboard (sign) in your front yard while your own house gets ignored by the buyers!

Real estate listings are the life blood of the real estate business - even the overpriced listings serve a purpose in the business!

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

Spring is Almost Here – Now Off the Couch!

Fri, 26 Feb 2010 15:45:32 -0600

In the fall and winter I find people do two things...

We all know when football season begins and cool weather arrives many find themselves watching TV and becoming a bit more sedentary.

And then some add their “winter weight!”

Also, during this time we ( I, as well) seem to neglect the exterior appearance of the house and yard!

Here in Florida you must still mow the grass throughout the winter while most of the country gets a bye! But for most, that is the extent of work!

As spring arrives, even if you are not selling your home, get off the couch, go outside and work on the landscaping, the curb appeal, add some paint and flowers.

You may not be selling but the guy next door or the lady down the street is…so help them out.

Who wants to buy in a neglected neighborhood?

By the way the picture of the guy is not me! I don't smoke!

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

Have you seen this?

Thu, 18 Feb 2010 10:27:56 -0600

This lady could teach us a lot about routine maintenance. If folks cared for their houses and condos in the same manner! If you cared for your customer in the same manner, as well!

Via Kenneth Cole Licensed Real Estate Salesperson (Appleseed Homes Realty):

An 89 year old lady with over 540,000 miles on her 1964 Comet. Check out the video below.

A job well begun, is half done!

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

Why is the Listing Price so Different From the Offering Price?

Mon, 15 Feb 2010 10:54:59 -0600

Real Estate Appraisers don’t give a hoot about statistics. They care about only two things - the most recent sales and closest properties that most nearly match the subject of the appraisal. Black and white numbers and characteristics.

Real estate agents and their sellers use basic statistics (numbers, factual) to determine list prices. (They should use "sold prices" in their calculations as list prices are "hoping to get" prices!) Likewise, real estate agents and buyers use statistics (numbers, factual) when they determine an offer price.

These two prices, listed and offer, are rarely the same. Why?

Because, even if they use the same methodology, they don’t necessarily use the same data – thus the results offer received is can be different than the offer expected!

There are other reasons such as buyers always see the condition of a house as less than the seller views the condition.

I have found some buyers will start nitpicking and criticizing a house when they are setting me up (as their buyer's agent) to justify a low ball offer they are considering!

Some buyers see the see the market as still in decline and they don't want to over pay. Perhaps they still have questions about potential short sales and foreclosures in the neighborhood.

Prices - list price, offer price, and sale price - must all be based in logic and numbers - not hope alone!

If buyers and sellers (and their real estate agent) use the data and logic, the offer and list price should be within a "negotiable range!"

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

Pay it off and lower your payments....yeah, right!

Sun, 14 Feb 2010 07:07:03 -0600

Pay it off and lower your payments...

Pay it off and lower your payments....

You have seen them I am sure. The commercials, usually from car dealerships, promising to pay off your loan and reduce your payment on a new car....if you purchase a new one.

Of course they leave out the new purchase will increase your debt load or length of obligation!

This brings back some (bad) memories of banks offering to "give"folks a home equity loan a few years ago.

Take the cash out of your investment, etc

Problem was your house, if it is your primary residence, is, first of all, your house.

It is not a primary investment and should not be treated as such.

Unfortunately some have learned that lesson too late!

If you are upside down, lost your job, had a change in your family situation or fo some other reason have lost your ability to pay for that house in Viera or Rockledge, Florida, a short sale may be a way to get you back on track.

Give me a call and lets discuss your situation and how we can help you avoid a foreclosure!

Originally posted on my blog Moving to Brevard County Florida.

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

Viera East Home Sales Trend - 13 Months

Sun, 14 Feb 2010 06:44:14 -0600

Viera Florida, located in north Melbourne, Florida, has two distinct areas separated by I-95 in Brevard County.

Although the separation is not as distinct now that a flyover opened over Interstate 95, the newer homes and greater green space in Viera West still differentiates the two areas. With golf, shopping, excellent newer schools and marks, Viera offers its residents a superior, relaxing lifestyle.

While most of the homes in Viera East were constructed from the mid 1990s to the early 2000s the homes (and condos) in West Viera were constructed from around 2004 to currently under construction homes.

Over the past 13 months the average sales price for a single family home was about $195,000 with about 28 homes being sold each month (about 360 in 13 months). The price is less than the average for Viera as a whole since the newer homes west of I-95 are larger, more gated communities with some million dollar+ subdivisions.

A snapshot (13 month sales data) of Viera East single family home sales reveals a dip between May and November 2009 which I believe is reflective of short sale activity.

Gary Waters, Florida licensed real estate agent, Bucci Realty, Rockledge Florida working exclusively with the Realtors of Century 21 Baytree Realty. Email me or call me directly at 321-693-3850.

Read my blog Florida Homes for Sale for more information on Brevard County Florida's real estate market.

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

How to Choose a Brevard County Real Estate Agent...

Sun, 14 Feb 2010 06:59:30 -0600

How to choose a Brevard County (or any other!) Real Estate Agent ..

There are lots thousands of real estate agents out there.

Some work best with clients who want to act right now- get it bought or sold yesterday!

Some are real estate agents are methodical, extremely patient and willing to educate the first time home buyer, show multiple properties and spend lots of extra hours with you.

There are some real estate agents out there who specialize in short sales. A short sale is a situation where the sales price will be less than the mortgage owed and will require lender approval.

Short sales are very demanding but can be done with the right real estate agent!

There is a real estate agent for every buyer and every seller. Finding the right Brevard County Florida real estate agent is not like playing the lottery!

I work with some of the best real estate agents in Brevard County, Florida. They all have different skill strengths and personality types.

In real estate estate, it is not a one real estate agent fits all!

If you are a buyer or seller in Viera and Suntree Florida and need a real estate agent, give me a call. Let me help you choose the right Realtor for your needs.

Please read my blog Florida Homes for Sale for tips on buying and selling real estate in Brevard County, Florida.

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

Heritage Isle - Viera Florida 55+ Community offers Condo living at its Best!

Sun, 14 Feb 2010 06:50:19 -0600

The Heritage Isle community in Viera (Melbourne, Florida) - long known in the central Florida region as the 55+ community - offers several choices of housing for those relocating to central Florida.

Although most look at the single family detached houses as well as the patio/villa style homes, there are excellent condos available as well.

Priced between $135,000 and $162,5000, these waterfront condos are situated next to the 21,000 club house facility and tennis courts. Many of these units overlook the fairways of the exclusive Duran Golf Club to the east...an amazing sunrise! All units are two bedroom two bath with square footage ranging from about 1,100 to 1,400.

In January 2010 there was one unit that closed in the condo complex for $149,000.

For information on Heritage Isle or any of the Brevard County Florida 55+ communities, please give me a call or email me at agent@moving2brevard.com.

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

The Only Useful Feedback: Sellers want to know - Tell them!

Mon, 01 Feb 2010 08:10:57 -0600

People come, people go. When you place your home on the market and ee folks coming to check it out, you are happy. In the words of Ren and Stimpy (old cartoon characters) you experience "joooooy!"

Some stay 5 minutes, some twenty minutes. When they all leave you wonder what they thought.

Thus your real estate agent asks for feedback. She (or he) may get a response about 25% of the time (my experience).

Sometimes it is verbal.
Sometimes it is written.
Sometimes it is useful.
Sometimes it is fluff.

Sometimes it is so generic it could have been sent to all six or eight real estate agents for houses they saw that day in your neighborhood!

Sometimes it is extremely negative. Some folks are so negative that if the sun is shining they complain of a sunburn! Sometimes negative feedback can be useful...like that ticket from the policeman (feedback on your driving skills!).

I have found that the only feedback that is reliable includes:

Traffic. The number of buyer prospects means your price is competitive for the market.
Whining. I have found that many agents will start nitpicking or finding fault so as to prepare my mind for a low offer!
An offer. The ultimate useful feedback!

If you are considering selling your house, the effort you put in getting it ready for the market may very well be the thing that gets it sold....

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.

Florida Remains in Top 20 Markets with Highest foreclosure Rates

Fri, 29 Jan 2010 11:47:44 -0600

The short sales are still in the pipeline and providing buyers opportunities in Florida. Hopefully, lenders will act rather than ad to the foreclosure backlog.

Via Troy Fowler (Auction Generation):

Florida and California cities accounted for 17 of the top 20 cities with housing facing foreclosures in the US. Unemployment is now creeping up as a primary reason that these numbers are increasing and the forecloses have now shifted away from speculators who are turning over properties to banks to primary homeowners who can no longer keep up with monthly housing costs.

It is now widely believed that we are entering a new wave of foreclosures that will be driven by pure economic hardships and unemployment than what initiated it, otherwise known as subprime loans that started the downfall in 2007.

Las Vegas remains at the top where 12% of households have received a notice of default, auction or repossession in 2009, more than 5 times the national average. Cape Coral-Ft Myers had the second highest rate of foreclosure filings.

Other Florida cities with very high filing ratios included Orlando, Port St Lucie, and Miami- Ft Lauderdale and Pompano Beach, all at the top end of filings.

These statistics definitely reinforce the need for a much more proactive approach to sell property including short sales, auctions and banks taking a more aggressive approach to getting bad loans off the books by selling REO inventory.

To learn more about non traditional sales methods that can make a difference in selling your property, Pease visit www.Auction-Generation.com

Troy Fowler Lic. Real Estate Broker & Lic. Real Estate Auctioneer #AU3595

Read my blog Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.