Heather the Realtor - Orlando Area's Top Real Estate News

I know lenders and other Realtors are telling you it's not true you cant do it, they are WRONG. I wrote a blog the other day for First Time Home Buyers wanting to use their $8000 Tax Credit as their Down Payment. It's true it can be used as your minimum 3.5% down payment however very few people will have the opportunity to do so.

I have worked with Government agencies in Seminole & Orange County helping first time home buyers for years get assistance and this time it's no different. The State has granted local agencies throughout Florida a certain amount of funds for First time home buyers to use as their down payment. That means not everyone will be able to do so. These agencies will take applications only allowing 75 people to apply and with only about 50-60 of those people being able to get funds. 

Want to be one of those people? The key is having your team in place that knows the ins and outs of these programs and who to get your file to. That's the easy part I already have the team, all you need to do is hire us. Applications come out July xx, 2009, then August XX, 2009 you will have the opportunity to make application, I have the date which I will release to my clients, cant give all my hard earned secrets away. I know the tips on how to make your application stand out and get you approved. Out of the 40 families helped by Seminole County SHIP funds, 5 of those people were my clients. 

If you are a first time home buyer looking for down payment assistance in Seminole County you have come to the right place, contact me today to get started, you only have the next few weeks to get ready, dont miss out on this great opportunity to purchase a home with no money out of pocket!

Call or text me at 407-810-6304, follow me on twitter at LakeMaryRealtor or send me an Email at Heather@HeathertheRealtor.com

I have often asked this questions myself. During one of my last home inspection that I accompanied my buyer on the home inspector gave me the run down on what a wind inspection entails and how it can save you some money on your home owners insurance policy.

The reason you get a discount is because back in 2002 Florida came out with a ruling that stated insurers had to give discounts or credits for properties that reduce damage and loss in hurricanes and windstorms. Make sense to me.

So what does a wind inspection include and how do you get one? It's an inspection of the following 8 items:

1. Roof Covering

2. Roof Deck Attachment

3. Roof to Wall Attachment

4. Roof Geometry

5. Gable End Bracing

6. Wall Construction Type

7. Secondary Water Barrier

8. Door and Window Protection

All you have to do is add a wind inspection or your next home inspection and save upwards of $300+ a year on your home owners insurance.

Looking to buy a home in the Orlando area? Call or Text Heather Joubran at 407-810-6304 or follow me on twitter at LakeMaryRealtor or email me at Heather@HeathertheRealtor.com  Your Buyer's Agent Specialist

Ok there have been rumors, I have posted blogs and had to retract those blogs. I have spoken to local and state agencies as well as the Government agency on the national level that is handling the First Time Home Buyer tax credit and have the skinny.

The program is called Florida Home Buyer Opportunity Program. Phew, what a name, but yes if you are a qualifying first time home buyer you will be able to use your $8000 tax credit as your down payment. However the rule is it's up to  $8000 or 10% of the homes purchase price. IE: you buy a $75000 home you only get $7,500. The other rule is these funds will have to be repaid once you close on the home so it's a short term loan with no interest from the government. 

So here is how it will work. Ex: You qualify for a home loan for $150,000, but dont have funds saved for the 3.5% down payment or $5250. You will utilize county SHIP programs to get a down payment loan of $8000 to satisfy your down payment requirement. 30-45 days later you close on the home and can then amend your tax return or wait until you file your 2009 return. Once you have done that you will have to take the $8000 and repay the local SHIP office. 

The bill goes into effect tomorrow July 1. However the state agencies have not yet pushed out the funds to the local agencies with policies and procedures so the ability to use your $8000 tax credit to purchase your first home probably wont happen until August or September sometime. 

If you are looking for more information on purchasing a home around the Lake Mary area as a first time home buyer contact me at 407-810-6304 (text or call) or twitter me at LakeMaryRealtor or email me a Heather@HeatherTheRealtor.com

Looking for the finest home money can buy in Lake Mary, FL? Look no further then this stunning home located in Lake Club. You can be Dwight Howard's next door neighbor.

Impressive in stature and welcoming in feel, this home is sheer elegance with expansive two-story windows over-looking the lake. Designed for entertaining, majestic wet bar and wine room, gourmet kitchen, adjacent pub room with full gentleman's bar, theater room, outdoor living with fireplace and summer kitchen/ grill.

Dramatic, two- story master bedroom with morning vestibule and kitchen with Frenh doors spanning the back wall. Adjacent to the master is a private library with spiral staircase leading to cozy retreat. Sweeping onyx leads to the second story, but no worry the elevator wil work just as well. Sophisticated music room over- looking the living room and grand fireplace. Children's room adjoined by a Jack-n-Jill bath.

Separate quarters ideal for nanny or housekeeper. The creative learning center includes art area, study station and performance stage. Graceful arches lead to the pool and expanisive outdoor living area. A unique firepit, statues and tiered gazebo encases the spectacular spa with an unparalled view.

Featuring new technology, the Smart House System will not only turn the lights on and off, adjust your temperature, videap survellaince, but you can even order dinner to be delivered. The myPad system connects the home to local resources, smart living at it's finest. This home was designed, so that you can enjoy life! 

This home is the last street of dreams home available.

Listing Courtesy of Custom Builder Realty, LLC

If you are looking for a truly lavish lifestyle then contact me today to schedule your private tour of this estate.  Heather Joubran  heather@heathertherealtor.com 407-810-6304

Lake Mary's Certified Luxury Home Marketing Specialist by the Institute for Luxury Home Marketing

Every wonder what Tiger Wood's house looks like or maybe Chris Kirpatrick from NSync? Here's a quick tour of some of Central Florida's celebrity homes. About 5 years ago I did hang out at Chri Kirkpatrick's house I will say he has a great below grade walk out bar area, pool and view of the lake.

Enjoy!

Annika Sorenstam

John Travolta

JJ Redick "Orlando Magic"

Chris Kirkpatrick

Joey Fatone (has a large theme park style pool) Jealous

Grant Hill - Orlando Magic

Rashard Lewis

Ken Griffey Jr

Carrot Top

Dwight Howard - Orlando Magic

A few weeks ago I was approached by a reporter Amy Hoak who had done a google search on First Time Home Buyers and she felt by reading my information that I was knowledgable about the topic. We scheduled a time to speak and she conducted an interview. I am proud to say that I was featured in last Sunday's Wall Street Journal and had the closing statement.

Please read the article below, it's very helpful for those thinking about selling to First Time Home Buyers in the Orlando area.

A federal tax credit of up to $8,000 is nudging many Americans into buying a home for the first time -- good news for those trying to sell one.

Still, selling a home isn't easy in most markets today. To get the typical first-time buyer to bite and submit an offer, a house has to stand apart from the competition -- and there's a lot of it, including foreclosure homes that are selling at hefty discounts.

One big thing working in favor of the traditional seller: A lived-in, maintained home is easier for buyers to imagine themselves living in than a vacant foreclosure. That has great appeal for someone buying a home for the first time, for practical and financial reasons

"First-time buyers are skeptical of buying homes that need improvement. Sellers certainly don't need to remodel the kitchen, but they want to make sure that their home showcases very well," said Eric Mangan, a spokesman for ForSaleByOwner.com.........

While foreclosures that are in severe disrepair can be a huge turnoff for a first-time buyer, some banks will make improvements to their foreclosure stock, fixing them up so that they meet FHA standards and a buyer's needs, said Chuck Whitehead, of Coldwell Banker Associated Brokers in Southern California. These homes can be stiff competition for the rest of the for-sale inventory.

Never fear; there are still ways to outshine other homes on the market. Assuming you've priced the home correctly, here are five ways to lure a first-time buyer:

1. Maintain and stage.

A home that has been taken care of throughout the years will offer a stark contrast to a vacant, empty foreclosure. "If someone is living there, the landscaping is not dead," Mr. Whitehead said. "There is warmth in the home," and that can go a long way in selling a property. "It's all about the emotion, of having the ability to see what they can have."

As with any home, a fresh coat of paint, decluttering and the removal of unpleasant odors can go a long way to making a good first impression. But be careful not to over-improve the home, because the investment might not be worth the cost.

2. Mention that you'll help pay closing costs.

Whether it's in the marketing material or in the listing, this could be an extra motivator to reel in a buyer. Generally, there's a good chance they'll ask for closing cost help anyway, but it might pay off to be proactive and offer it at the beginning, said Heather Joubran, a real-estate agent with Re/Max Central Realty in Lake Mary, Fla.

If rising mortgage rates have your buyer spooked, consider paying mortgage points to bring the rate down, Mr. Mangan said. But consider a buyer's timeline for staying in the home before deciding if this is the most effective way to help; paying points generally makes sense for those staying in a home for more than a few years.

3. Offer a home warranty.

First-time buyers are often coming from a rental, and they are used to calling a landlord when there's a problem. To help them more easily transition into homeownership, provide them a warranty that covers major systems when problems arise, Ms. Joubran said.

4. Offer a buyer mortgage protection.

In some cases, it might make sense to address buyers' fears by purchasing insurance so they can keep up with their mortgage even if after losing a job. Coldwell Banker has such a program through its parent company, Realogy.

Basically, the plan will make several months of mortgage payments in the event that the buyer becomes unemployed. "There are people with secure jobs who are still nervous. This can give them just a little more comfort," Ms. MacKenzie said.

5. Don't snub low offers

Buyers know prices have fallen, so they're being aggressive in their offers -- sometimes extremely aggressive. But even if they come in with a shocking lowball offer, don't scoff at it.

"My rule of thumb is every offer deserves a counteroffer," Ms. Joubran said. "At least counter them back. It gets the conversation going."

You heard me right, you dont need a Realtor, if your a buyer. Why would a Realtor be saying such a thing. I mean isnt that what the commercials are always telling us how much you need a Realtor. Well it's true you dont need a realtor to pull you listings of houses and to see what's on the market. You dont need a realtor see how much the previous owner paid for the house or how much they owe. You dont need a Realtor to see the interior of the home with today's photos and virtual tours or to drive you around to the neighborhoods and point out the nifty little things. You dont need a Realtor for crime statistics or to find the nearest sex offender to the home you like. Heck you dont even need a Realtor to comp up with a fair market value for the homes you are interested in.

If you are currently working with a Realtor and that is what they are doing you have nothing more then a Tour Guide. In todays techonology drivin world you dont need an agent to perform all these tasks they are right there are your fingertips as a potential buyer. I recently had a client leave his Realtor and start working with me because that is what he Realtor was doing.

However, you do need a Realtor to educate you on the pitfalls and financial rewards of home, to negotiate the contracts, to educate you properly on the current state of the market and where it's heading. How a 10% decrease in price but a 1-2% increase in interest rate can effect you. You need a Realtor to efficiently represent you you in a transaction and ensure that you get the best possible price and terms for the property. There are many reason you do need a Realtor but none of them have to do with the first paragraph.

If you are ready to work with a professional who truly specializes in working with buyers, then call me today. I have a list of references of past and current clients in the Orlando area that can tell you the pros and cons of working with me.

The topic of hot debate, what's the difference between a short sale and bank owned property (REO)?

This is a great question. There are two big differences. A property being sold as a Short Sale is still owned by the current home owner. They are in default on their mortgage and instead of being foreclosed on and ruining their credit more, they ask the bank to accept a sale and take less then what is owed to bank, it's the banks choice to take this or not and some banks are not offering this option anymore. A Bank owned property or REO (Real Estate Owned) is a property that has already been foreclosured on and has been taken back by the bank and being sold by them.

I have put together a pros and cons list of purchasing a bank owned and short sale property in and around the Orlando area.

Short Sale PROs:

From my stand point there are very few pros

1. These homes are often times in move in ready condition (home owner often times still live there)


Short Sale Cons:

1. Average time frame it takes to just get a response to an offer: 3 months but can take well over 6 months

2. The price you see has nothing to do with the price the bank is williing to accept. Hopefully the agent did their home work, but if an appraisal comes back $70,000 higher then the list price, be sure the bank will want that appraised value, they have no incentive at this point in the game to sell the property for less then what it's worth.

3. There are often times more then one loan on the property meaning that the short sale process involves more then 1 bank, double the time and work.

4. Since we are in a declining market the average depreciation right now is 1% a month. So lets say it takes 4 months to get a response to an offer you made back in February. You cant change your offer price and now the property might worth 4% less then what you offered. Not such a good deal anymore.

5. Sellers usually have no money to make repairs to a home and the bank isnt going to either.


Bank Owned Pros:

1. Response time. Banks normally respond to your offers in 24-48 hours.

2. Price is generally below market value, sometimes way below, meaning you truly get an outstanding deal.

3. Most times your appraisal will come back at asking price or sometimes $30,000 higher, meaning instant equity.

4. Even though properties are AS-IS you can still get new roofs put on and major FHA items taken care of before closing.

5. The price on the listing is a price the bank will accept no guessing.


Bank Owned Cons:

1. Some bank owned homes need TLC - New flooring, paint or missing appliances and fixtures that were taken out by angry home owners.

2. Since the prices are great there are often times bidding wars, so be ready. Homes normally have multiple offers on them within the first few days of entering the market.

Im sure each agent will have their own take. I started with short sales back in 2006 when very few of them were being done and things were different but as the market started to slide so did the process and my view point of them, so I got into listing REO properties for the bank and selling them to my buyers. I have the knowledge and experience of working both sides of these transactions and feel I come from a point of experience and not just perception

Heather Joubran at 407-810-6304 or send me a text or write me an email  Heather@HeatherTheRealtor.com   or if you are bored twitter me the message LAKE MARY REALTOR

As a full time buyers agent here in Orlando I have worked with just about all types of buyers, from the first time home buyer to the seasoned veteran. I have assisted clients who are Orlando natives and those that have come as far as Denmark. One thing remains true patience is needed when purchasing a home.

As a professional in my field of Real Estate my job is to educate home buyers and make the process as easy as possible. With the market being flooded with bank owned properties and short sales this becomes especially true.  It's a whole different beast then a regular resale.

Here are some common concerns and questions my buyers have had recently that may just help you when it's time to purchase a home.

1. The bank has verbally approved my offer but we haven't received the executed contract back yet, are they trying to get a better offer?

This is very common for most buyers to feel this way. They become upset and frustrated with the bank and the process and it can leave a bad taste. Please know that no deal is final until you have both signatures on the contract, but bear in mind that generally on a bank owned property if the bank says they are taking your offer, they are taking your offer. They aren't holding out for more money, they have a process they must go through to get the contract signed. Once the offer is verbally approved it often times goes from the Asset Manager that the listing agent deals with to an upper level manager who has the authority to sign contracts to get signed. This person may have 100 or 1000 of contracts just like yours from around the US, so it can take sometimes 2 weeks to get the contract back. In the meantime the listing agent has to leave the property active on the market, because without the signed contract they cant put it pending.

2. Why would the bank come back with almost a full price counter to my low ball offer?

Banks price their homes with a value that would sell the home in 30 days or less. Meaning these properties are generally below or at market value. If the home just entered the market the bank has no intention of just giving it away. Now if you want to get a low ball offer accepted wait til the house has been on the market 90 or 120 days and doesn't qualify for anything but cash and you have a good shot of being able to low ball the bank. Otherwise realize that if the home is new on the market it's priced where it needs to be and there are probably other people in line to purchase the home at full price or even over. (most my buyers dont have this scenario, they are fully educated and prepared for today's market and getting their offers accepted.)

3. I am told I have to have things done in 24 hours or quickly, why can the bank and their title company take so long to do their job?

Unfortunately the only actions we can control are those of our own. As a buyer of property you never want the default to fall on your shoulders. You dont want to not have something done because of your actions, it can cost you 100s or 1000s of dollars. The bank on the other hand sometimes has free reign and if it's their fault we are late they cant come back on you as the buyer. So it's better to do what we are suppose to quickly and try to understand that the bank is servicing 1000s of others just like you every day and is doing the best they can, patience is the key here. I promise as your Realtor I will do everything in my power to ensure your deal closes smoothly and on time.

If you are a buyer around the Orlando area and are ready to purchase a home remember a little bit of patience is needed, especially in this market, but a skilled professional in the Real Estate Industry can increase your chances for a stressfree transaction.

Heather Joubran at 407-810-6304 or send me a text or write me an email  Heather@HeatherTheRealtor.com   or if you are bored twitter me the message LAKE MARY REALTOR

You heard right, you can now use your First Time Home Buyer tax credit as your down payment on a home .

WHAT? I heard that you couldnt do this. Well now you can.

Beginning July 1, those who quality for the federal $8,000 first-time homebuyers tax credit will be able to apply for downpayment assistance before they close on the purchase of their home, and then repay the amount borrowed when they get their tax refund. The program will operate through local county housing administrators, though details are still being worked out

Great news for Seminole County First Time Home Buyers looking for down payment assistance. SHIP maybe out of money but that doesnt mean you can't get DPA.

If you have been thinking about purchasing your first home but didnt have the down payment now you don't have an excuse. If you are ready to work with a professional who knows the ins and outs of the Orlando home market as well as down payment assistance programs then call me,

Heather Joubran at 407-810-6304 or send me a text or write me an email  Heather@HeatherTheRealtor.com   or if you are bored twitter me the message LAKE MARY REALTOR