Looking for a Gulf Access Home in Bonita Springs, Florida? Here are the newest listings that just came on the market in the past few days:
If you are interested in viewing other homes in Bonita Springs Florida click here for a full MLS search:
Monday, July 20, 2009
Naples FL Real Estate - First Time Homebuyer
CLICK HERE for a list of homes that just came on the market over the weekend in Naples FL.
If you are a first time home buyer the $8000 tax credit expires at the end of November.
Naples Florida also has down payment assistance funds available to home buyers. (income limitations apply)
Please contact me with any questions and for assistance in finding a home in Naples.
If you would like to search other listings for Naples Florida Real Estate click on the link below.
Franziska Smith
Broker
Coastal Elite Properties
239-940-2995
fran@coastaleliteproperties.com
Bonita Springs Real Estate - first time homebuyer - new homes on Market
CLICK HERE for a list of homes that just came on the market over the weekenbd in Bonita Springs or Estero FL. (one of them already closed).If you are a first time homebuyer the $8000 tax credit expires at the end of November.
Bonita Springs Florida also has down payment assistance funds available to home buyers. (income limitations apply)
Please contact me with any questions and for assistance in finding a home in Bonita Springs.
Franziska Smith
Broker
Coastal Elite Properties
239-940-2995
fran@coastaleliteproperties.com
Thursday, April 2, 2009
2009 Tax Credit for 1st Time Hombuyer $8K
President Obama signed into law a tax credit that will allow a first time home buyer to receive a tax credit of up to $8,000.00 in 2009.
You must purchase the home in 2009 by December 1, 2009.
With prices this low, this many homes on the market and a tax credit that does not have to be paid (with few exceptions) this is the time to buy.
One of my customers who purchased in 2008 with the old tax credit received the entire credit back as a refund and where able to remodel their kitchen.
What could you do with a tax refund?
Click on the below links for more information:
If you would like to get pre-qualified for a loan and/or start looking at homes please call me or send me an email.
Franziska Smith
Broker
Coastal Elite Properties
239-390-1150
franziskasmith@gmail.com
Sunday, March 29, 2009
Using a Buyers agent to buy a home in Estero, Bonita Springs, Naples, Fort Myers, FL
Most buyers start their home search either on the Internet looking at agent websites, national sites and/or driving through neighborhoods and calling the listing agent for the price.
The Listing
This is a good way to start for most buyers as they are not ready to commit to a real estate agent, and lets face it; to be bothered by one!
Once you are ready to seriously start considering neighborhoods and homes picking the right agent is critical.
Buyers Agent:
Choosing an agent who only works for you is the first step. An agent who only represents you has to look out for your interests and no one else.
The Listing
agent has a written contract with the SELLER and is working to get THEM the highest price at the best terms.
Conversely, a Buyers agent that YOU have a written contract with is working to YOU the lowest price at the best terms.
In addition, your interests need to be protected from proper writing and negotiating of a contract and making sure that all deadlines and contingencies are adhered right through to closing. This often includes:
- CMA of neighborhood to determine what recent properties have sold for, time on market and absorption rates
- Research of specific property you are interested in to check zoning, flood zones, open permits etc.
- Quotes from insurance companies to estimate what your insurance rates could be - during inspection period
- Addendum's to contracts at time of offer to place caps on insurance and repair costs
- scheduling and being present at home inspection.
- monitoring deadlines for inspection and termination deadlines, financing contingencies, condo review and more
- meeting with contractors to get quotes for work
- giving you options for insurance companies, mortgage companies, contractor's etc who have great service and are knowledgeable in their line of work.
- To request a copy of our buyer's agreement just send me an email at fran@coastaleliteproperties.com
NEW CONSTRUCTION:
Working with your own buyers agent for is just as important. The onsite sales rep is very knowledgable about thier community, however, they work for the builder/developer.Their job is to sell you on thier community, at the prices the builder wants to get.
Once you go into a community and "register" at the sales office or go on thier website and "register" you have officially given up your right to buyer representation. They consider the act of you contacting th
em without your agent (maybe you haven't even picked on yet) waiving your right to representation. For a report on "New construction Mistakes and how to avoid them" just email your request to fran@coastaleliteproperties.com.
Picking the RIGHT agent:
Many people believe that all a real estate agent does is open doors to houses. Unforunately, that may be true in some cases. I actually listed a home that the seller was convinced was of concrete block construction. The home was stucco (typically seen on CBS homes) and their buyers agent assured them they were only showing them CBS homes, the listing agent stated in the MLS (multiple listing system) that it was a CBS home and thier home inspector stated that it was a CBS home.
At the listing appointment I went over the listing information on their home and informed them that thier home was wood frame. (one of the clues is the windows and how they set in the wall) and a disagreement e
nsued. After contacting the permitting office I gave them documentation showing a permit for a wood frame built home. Needless to say they were very angry and felt victimized. They have since tried getting recourse from all parties involved, but of course the MLS to the inspection all have disclosures stating they are not liable for errors.
Their buyers agent "just opened doors to houses". They did not protect thier stated interests, check county records, recommend a good home inspector and the list goes on.
It could COST you money to assume all real estate agents are the same.
For a list of references call or email me at 239-940-2995 or fran@coastaleliteproperties.com
Franziska Smith
Broker/Owner
Coastal Elite Properties
239-390-1150 office
239-940-2995 cell
franziskasmith@gmail.com
www.LeeCollierHomesMLS.com
Saturday, March 28, 2009
Estero, FL Foreclosures
Click on the links below to view foreclosure listings in Estero, FL.
SINGLE FAMILY HOMES and VILLAS:
CONDO'S:
If you are interested in more information or a showing of any of these listings please send me an email or give me a call.
Franziska Smith
Broker/Owner
Coastal Elite Properties
239-390-1150 office
fran@coastaleliteproperties.com
www.CoastalEliteProperties.com
www.LeeCollierHomesMLS.com
Bonita Springs Foreclosure Listings
Click on the links below to view foreclosure listings in Bonita Springs, FL.
SINGLE FAMILY HOMES:
ATTACHED AND DETACHED VILLAS:
CONDO'S:
If you are interested in more information or a showing of any of these listings please send me an email or give me a call.
Franziska Smith
Broker/Owner
Coastal Elite Properties
239-390-1150 office
fran@coastaleliteproperties.com
www.CoastalEliteProperties.com
www.LeeCollierHomesMLS.com
Thursday, February 19, 2009
SW Florida Real Estate Insider - Bonita Springs FL Home-foreclosure
Bonita Springs, FL Home with Gulf Access
JUST REDUCED TODAY!!!
JUST REDUCED TODAY!!!
TO $209k
WAS $259!!!! Gulf Access
Foreclosure -Bank Owned.
Link to listing
Hurry! Fantastic Home on Imperial River with Direct Gulf Access and less than one mile to the Beach!
Enjoy Canal Views from the 30x12 Lanai, the upper 22x8 upper level deck or your 14x8 additional deck (approx.)
Boaters Dream. Fishing from your dock.
Lower level of home is enclosed with many room possibilities.
Pics
Call or email me for more information or to schedule a showing on this home.
Franziska Smith
Coastal Elite Properties
239-940-2995
franziskasmith@gmail.com
www.LeeCollierHomesmls.com
www.CoastalEliteProperties.com
WAS $259!!!! Gulf Access
Foreclosure -Bank Owned.
Link to listing
Hurry! Fantastic Home on Imperial River with Direct Gulf Access and less than one mile to the Beach!
Enjoy Canal Views from the 30x12 Lanai, the upper 22x8 upper level deck or your 14x8 additional deck (approx.)
Boaters Dream. Fishing from your dock.
Lower level of home is enclosed with many room possibilities.
Pics
Call or email me for more information or to schedule a showing on this home.
Franziska Smith
Coastal Elite Properties
239-940-2995
franziskasmith@gmail.com
www.LeeCollierHomesmls.com
www.CoastalEliteProperties.com
SW Florida Real Estate Insider - Bonita Springs, Estero, Naples & Fort Myers new listings
President Obama released information on his new plan to help homeowners stay in their homes.
It may have a different name than the plan put in Place by President Bush;
Homeowner Affordability and Stability Plan (Obama) vs. Hope for Homeowners (Bush) but them both seem fairly similar.
Both plans make it voluntary for lenders to participate, Obama's plan offers financial incentives for the lender to do so. Neither plan reduces the principal balance owed on the loan, and this is the core of the problem as far as the homeowner is concerned.
When I listen to the media they talk in very broad terms and say that millions of people will be helped and on the surface it sounds good. However, when I am talking to people who own homes in Cape Coral, FL and Lehigh Acres, FL they do not just want to refinance their home into a lower fixed rate payment, they want their principal balance reduced.
One family I know who lives in Cape Coral, FL built their home several years ago, before the real estate boom, they refinanced in 2005 and took lots of equity out, built a pool, bought a business. They now owe $200,000 on their home and the homes around them in N. Cape Coral are selling for $50-$60K. They can afford their payments, they just don't want to keep the house. So they are choosing to walk away and either rent or borrow money from relatives to buy another home cash. This is the reality of the situation for many homeowners in the hardest hit areas of the country. I heard 5 versions of this same story this week alone. People do not want to keep paying for something that is upside down in value.
The new plan allows you to refinance your first mortgage if you owe up to 105% of the value on your first mortgage loan. If you have a second mortgage, that lender has to agree to remain in second position. It does not appear to modify that loan or reduce the principal.
They key to the sucess to this program will be the desire of the homeowner to keep a home that they are upside down on, which I fear isn' t very strong for many.
Lee County, FL (Cape Coral, Fort Myers, Lehigh Acres, Bonita Springs, Estero, Sanibel, Captiva) has a large backlog of foreclosures and the court system has put a plan in place to push thru this case load so expect to see many more foreclosure homes listed on the market in the months to come.
Lee County Rocket Docket (click for article)
If you have any questions or would like a customized search of listings sent to you just send me an email or give me a call.
Franziska Smith
Broker
Coastal Elite Properties
239-390-1150 office
239-940-2995 cell
Saturday, February 14, 2009
SW Florida Real Estate - Short Sale F.A.Q.
What is a short sale?
A short sale describes a situation where the lender agrees to take less money than they are owed on a property at time of sale. There may be more than one lender with a lien on the property.
Who is the seller in a short sale?
The individual owner is still in title, they have not been foreclosed on. In some cases foreclosure is imminent. In other cases the seller may not be behind. In all cases the seller owes more to the bank than they are trying to sell it for.
How come some short sales are so much less than other homes on the market?
If a seller is in a "short sale" listing, there is no equity in the home and they are not going to make any money. Many short sales listings continue to lower their price in order to attract an offer. There is no guarantee that the bank will agree to the list price.
When does the bank get involved?
The bank does not get involved until there is a offer on the property. In some cases there have already been offers on the property that the bank turned down, in many cases they gave the seller and listing agent an indication of what price the offer would need to be for them to accept the short sale. The property will then be placed back on the market, sometimes at or around the price stated by the lender. If a new offer comes in the process starts from the beginning.
What is the short sale process?
The seller needs to provide the bank with :
Listing Agreement
Purchase Contract
Hud1 or Net Sheet
Hardship Letter
Financial Application
2 Current Pay Stubs (if self employed please provide Profit and Loss Statement)
2006 and 2007 Tax Returns w/ W-2’s
2 Current Complete Bank Statements (For All Accounts)
Authorization to speak with all third parties
It is basically a mortgage application in reverse. The seller needs to disclose all income and assets to prove why they can no longer afford to make the payments.
This application will be assigned to a "negotiator" who will process this paper work, order an appraisal of the property and determine if the price offered is close enough to the current appraised value and if the seller meets the hardship guidelines. In some cases they may have to send it to a board to review, to an outside investor and/or a mortgage insurance company.
How long does this process take?
This could take anywhere from 1 months to over 6 months depending on the lender.
Does the lender have to accept the offer?
No, and often times they do not. If the offer is close enough to the current market value and the seller meets the hardship requirements there is a good chance.
Does a seller of a short sale home have to pay any taxes?
If it is a seller's primary residence the answer is no. The Mortgage Relief Debt Act of 2008 does not permit lenders to issue a 1099 to a borrower for a deficiency balance on a primary residence.
If it is a second home or an investment property the seller will receive a 1099 for the deficiency balance and it will be treated as income on the seller's tax returns.
Will A Short Sale Destroy the seller's Credit?
Yes and no. The short sale may not show up on your credit. In fact, most mortgage trade lines report “Mortgage Paid” after a short sale. Any late payment history will still appear, as will any Notice of Default filings. What won’t report is an actual foreclosure. A promissory note may prevent the lender from reporting the mortgage as a loss. In today’s credit market, a foreclosure may prevent you from obtaining a mortgage for at least 5 years, longer than a bankruptcy.
Will a seller owe any money after the short sale?
In some cases the lender may determine that a seller has sufficient assets and/or income to contribute towards the loss. They will ask the seller to sign an interest only promissory note for a set amount paid back over a set period of time. If the seller does not agree and this can not be negotiated, the lender will not accept the short sale.
If you have further questios on the short sale process please do not hestitate to call or email me.
Franziska Smith
Coastal Elite Properties
239-390-1150
franziskasmith@gmail.com
www.LeeCollierHomesmls.com
www.CoastalEliteProperties.com
A short sale describes a situation where the lender agrees to take less money than they are owed on a property at time of sale. There may be more than one lender with a lien on the property.
Who is the seller in a short sale?
The individual owner is still in title, they have not been foreclosed on. In some cases foreclosure is imminent. In other cases the seller may not be behind. In all cases the seller owes more to the bank than they are trying to sell it for.
How come some short sales are so much less than other homes on the market?
If a seller is in a "short sale" listing, there is no equity in the home and they are not going to make any money. Many short sales listings continue to lower their price in order to attract an offer. There is no guarantee that the bank will agree to the list price.
When does the bank get involved?
The bank does not get involved until there is a offer on the property. In some cases there have already been offers on the property that the bank turned down, in many cases they gave the seller and listing agent an indication of what price the offer would need to be for them to accept the short sale. The property will then be placed back on the market, sometimes at or around the price stated by the lender. If a new offer comes in the process starts from the beginning.
What is the short sale process?
The seller needs to provide the bank with :
Listing Agreement
Purchase Contract
Hud1 or Net Sheet
Hardship Letter
Financial Application
2 Current Pay Stubs (if self employed please provide Profit and Loss Statement)
2006 and 2007 Tax Returns w/ W-2’s
2 Current Complete Bank Statements (For All Accounts)
Authorization to speak with all third parties
It is basically a mortgage application in reverse. The seller needs to disclose all income and assets to prove why they can no longer afford to make the payments.
This application will be assigned to a "negotiator" who will process this paper work, order an appraisal of the property and determine if the price offered is close enough to the current appraised value and if the seller meets the hardship guidelines. In some cases they may have to send it to a board to review, to an outside investor and/or a mortgage insurance company.
How long does this process take?
This could take anywhere from 1 months to over 6 months depending on the lender.
Does the lender have to accept the offer?
No, and often times they do not. If the offer is close enough to the current market value and the seller meets the hardship requirements there is a good chance.
Does a seller of a short sale home have to pay any taxes?
If it is a seller's primary residence the answer is no. The Mortgage Relief Debt Act of 2008 does not permit lenders to issue a 1099 to a borrower for a deficiency balance on a primary residence.
If it is a second home or an investment property the seller will receive a 1099 for the deficiency balance and it will be treated as income on the seller's tax returns.
Will A Short Sale Destroy the seller's Credit?
Yes and no. The short sale may not show up on your credit. In fact, most mortgage trade lines report “Mortgage Paid” after a short sale. Any late payment history will still appear, as will any Notice of Default filings. What won’t report is an actual foreclosure. A promissory note may prevent the lender from reporting the mortgage as a loss. In today’s credit market, a foreclosure may prevent you from obtaining a mortgage for at least 5 years, longer than a bankruptcy.
Will a seller owe any money after the short sale?
In some cases the lender may determine that a seller has sufficient assets and/or income to contribute towards the loss. They will ask the seller to sign an interest only promissory note for a set amount paid back over a set period of time. If the seller does not agree and this can not be negotiated, the lender will not accept the short sale.
If you have further questios on the short sale process please do not hestitate to call or email me.
Franziska Smith
Coastal Elite Properties
239-390-1150
franziskasmith@gmail.com
www.LeeCollierHomesmls.com
www.CoastalEliteProperties.com
Wednesday, February 11, 2009
SW Florida Real Estate Insider - Bonita Springs, Estero, Naples & Fort Myers Market
As a real estate agent I often get asked my opinion on home much longer it will be until we hit the bottom of the market. I sooooo wish I really had the answer to that!
I do however have a general opinion or guess. I have always thought that history repeats itself, and has alot to teach us if we would only take the time to look back.
Historically, as soon as common sense goes out the window, we are in trouble! Well we all know where common sense went in 03, 04 and 05. So here we are, in trouble.
For those who currently own a home - don't panic. Real Estate is not supposed to be about flipping and making money quickly (unless the property was distressed and it was remodeled). Real Estate is long term and should increase with inflation.
For those who currently own a home - don't panic. Real Estate is not supposed to be about flipping and making money quickly (unless the property was distressed and it was remodeled). Real Estate is long term and should increase with inflation.
Click on the link for graphed data:
I also came across another good article that tries to answer the question.
It was written by Chris Kaucnik is the director of marketing for Home Warranty of America, Inc.
Where are we in this cycle?: Here is their opinion:
If you are considering buying, I believe that 2009 will be a good year to buy real estate.
If you would like help navigating the maket with all of it's inventory, foreclosures, short sales and yes old fashioned owner occupied homes (not in a short sale) just call or email me.
Franziska Smith
Broker/Owner
Coastal Elite Properties
239-390-1150 office
239-940-2995 cell
www.LeeCollierHomesmls.comwww.CoastalEliteProperties.com
Friday, February 6, 2009
SW Florida Real Estate Insider -Homebuyer Tax Credt
HomeBuyer Tax Credit
There is a current law, signed by President Bush that allows for a first time homebuyer tax credit up to $7,500 for those who bought homes on or after April 9, 2008 thru July 1, 2009.
The House and Senate are currently involved in trying to bass changes to this bill to beef it up somewhat. The House wants to keep it to first time homebuyers and keep it to $7,500.00. The Senate would like to open it up to ALL purchasers and increase the credit to $15,000.00.
Of course all versions, including the current bill do contain a repayment feature. That differs depending on what version you are looking at as well.
Only time will tell which bill will end up being signed by our current President or if the current bill will stand.
I have attached a link to the realtor.com posting that features the current bill as well as the House and Senate Versions.
If you are looking to buy or sell property in SW Florida: Fort Myers, Estero, Bonita Springs, Naples, Marco Island or the Beaches please give me a call at 239-940-2995.
Sincerely,
Franziska Smith
Broker/Owner
Coastal Elite Properties.com
franziskasmith@gmail.com
Saturday, January 31, 2009
SW Florida Real Estate - Mobile MLS search for Bonita Springs, Estero, Cape Coral, Fort Myers and the Beach, Naples and Marco Island
I know that many home buyers are in the preliminary stages and are not quite ready to start working with a real estate agent. There are many reasons to get me involved right at the beginning of your home search (will talk about this in future post) but for now, here is a mobile tool that will help you get some information on homes while you are out driving around.
My website MLS search has a mobile phone version:
(click on the link to see live version of software or type this direclty into your phones web browser) http://idxpro.cisdata.net/AR160706/Search/mobile
IDXPro Mobile may not display well on all devices.
This program was designed for iPhone and Blackberry devices, however, devices with a wide screen (340 pixels or more) may display and function nicely.
Smaller display screens will not display well with this version.
Smaller display screens will not display well with this version.
Features Include:
- Search by MLS Number, Street Address, City, Zip
- View full listing details and up to 10 photos
- While viewing a listing, find comparable listings nearby
- iPhone - view map location of properties
-ability to schedule a showing with me right from the property (just like my computer MLS search)
- Search by MLS Number, Street Address, City, Zip
- View full listing details and up to 10 photos
- While viewing a listing, find comparable listings nearby
- iPhone - view map location of properties
-ability to schedule a showing with me right from the property (just like my computer MLS search)
Searching for listings - From the main search page enter a street name, address, city, zip code or property type.
The less information you enter, the broader the search results. For example just entering a street name will return all listings on the street name.
Refine results by specifying bedrooms, bathrooms, minimum price and maximum price.
Click "GO" to get search results.
If you have any questions please do not hesitate to contact me.
I look forward to working with you!
Sincerely,
Franziska Smith
Broker/Owner
Coastal Elite Properties
239-940-2995 cell
www.LeeCollierHomesMLS.com
Monday, January 26, 2009
SW Florida Real Estate Insider - Developments
I have recently started a new blog that will focus
on communities in SW Florida.
My first posting showcases some new construction opportunities from Sarasota to Naples.
You will be re-directed to the builders website, some of which will not let you click back to this blog post to get to the other sites. So make sure you know how to get back here!
The easies way to avoid this is to hover over the link with your mouse, then RIGHT click on the link, and choose "open in new window". This way this original blog post will always be open.
If you are interested in more information or would like a community tour either call or email me or simply register on the development site that you are on.
Link to Developer Websites
Franziska Smith
Broker
Coastal Elite Properties
239-940-2995 cell
franziskasmith@gmail.com
My first posting showcases some new construction opportunities from Sarasota to Naples.
You will be re-directed to the builders website, some of which will not let you click back to this blog post to get to the other sites. So make sure you know how to get back here!
The easies way to avoid this is to hover over the link with your mouse, then RIGHT click on the link, and choose "open in new window". This way this original blog post will always be open.
If you are interested in more information or would like a community tour either call or email me or simply register on the development site that you are on.
Link to Developer Websites
Franziska Smith
Broker
Coastal Elite Properties
239-940-2995 cell
franziskasmith@gmail.com
Wednesday, January 21, 2009
SW Florida Real Estate Insider -Short Sales
Short Sale Guidelines
As most people know, there have been an unprecedented amount of short sales. This is where a seller is selling thier home for less money that they owe the bank. It is not a foreclosure, but the lender is still taking a loss on the property and has to agree to loss they are taking and the sale to the new buyer.
This of course reflects negatively on the sellers credit. In many cases the seller is behind on their payments during the time they have been trying to sell the home and can be very close to foreclosure.
Suntrust Bank - Wholesale division has just issued new guidelines to use when assisting borrowers who have had a short sale on a previously owned property.
This policy becomes effective on or after Monday, January 12, 2009.
Here are some of the highlights:
• A minimum, of two (2) years must have elapsed since the short sale occured and all of the following re-established credit guidelines must be met:
• A minimum of three (3) credit references (one must be a traditional credit reference and one must be housing related)
• No more than two (2) 30 day late payments in the 24 months preceding the loan application,
• No late payments on housing debt since completion of short sale, and
• No new public records for bankruptcies, foreclosures, deeds-in-lieu, unpaid judgments, unpaid collections, garnishments, liens, etc. since completion of short sale.
In summary, a homeowner who sold their home via a short sale process only has to wait 2 years to try to obtain new mortgage financing, but must keep thier other credit as stellar as possible.
I would be a good idea to have a two year plan to monitor your credit and make sure that you do not have any collections, liens or judgements showing up on your credit report.
If you have any questions about this or any other real estate topic just call or email me.
Sincerely,
Franziska Smith
Broker
Coastal Elite Properties
239-940-2995 cell
franziskasmith@gmail.com
Wednesday, January 7, 2009
SW Florida Real Estate-New Construction deal in Estero
Lennar has some great deals on homes nearing completion!
Currently in the Manors section of Bella Terra is a Sabal Palm model that will complete in March 2009.
This home has a natural preserve & lakeview home site and was just reduced from $329,990
to $311,000, which is a great price for a home with all the upgrades this one has, plus the excellent location.
Specs:
Sabal Palm - E2 $311,000
4 bedroom, 2 bath
Living, Dining, & Family Room Design, 3 car garage
2463 SF Living Area ~ 3356 SF Total Under Roof
Home is loaded with upgrades including granite countertops, raised panel maple cabinets, 18" tile throughout all living areas, laundry room sink & cabinets,and much more
Here are some pictures of the model:
If you are interested in viewing this home, Bella Terra or other listings in SW Florida please give me a call or send me an email.
Sincerely,
Franziska Smith
Broker
Coastal Elite Properties
a division of Bonita Estero Realty Corp
239-940-2995 cell
www.CoastalEliteProperties.com
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