If you’ve been struggling to make your payment and have maybe considered getting help with a loan modification or deed-in-lieu of foreclosure, then read this first!  There are many companies claiming to help but in the long run they take your money and get you no results.  The FTC has passed new rules to protect you, but you need to know what they are!  READ HERE

Andy’s Foreclosure Interview Reunites a Family After Years & Years!

Wow, this is a story you probably don’t hear every day. Yesterday I was contacted by email by someone stating she was a relative of someone I had interviewed about losing her Seminole County home to foreclosure. Through some back searching I found the article she was referring to, and it wasn’t me that had interviewed the lady, I just happened to be interviewed in the same article. I never met her relative. In several emails back and forth though, I explained that I had never met her, but did a quick Google search and sent her a link with some local contact info including an email address and place of employment (all public records here… not disclosing any secret info!).

Well, today I just got this email:

Andy
You have just been used by God to help two sisters fine each other and to discover that there are two more sisters My daughter and her sister are so happy right now it is unbelievable. They are both Managers and have two children thanks thanks and more thanks
My The Lord bless your life and family
Pastor Nissi

Isn’t that unbelievable?

Out of the tragedy of losing her home, a single mom and her 2 kids are now reunited with their family because of the story that was written about her.

And I had the honor of bringing them all back together.

Wow.

That’s all I can say right now. Wow.

Don’t let it get this far… if you or a family member is having a problem paying their mortgage… call me right away! You do have options but the longer you wait the fewer options you’ll have.

Is it safe to buy a foreclosed home?

Right now that is what’s on most of America’s minds… Is it safe to buy a foreclosure home?  Several of the large lenders have frozen foreclosure proceedings because of possible mis-steps in the filing of the foreclosure case file.  Some people argue that the entire foreclosure might be invalid, even on some homes that have already been resold to a new homeowner!

Last week I was interviewed by the New York Times for an article on this very topic!  Writer Ron Lieber asked me what were some of the things that someone thinking of buying a home needs to be aware of when buying a bank owned home.  Here’s some things to watch out for:

£     Right now in Central Florida there are about 400 homes that were recently pulled and coded as “temporarily off the market” in our MLS system.  I can’t say they were all a part of the freeze, but it’s probably a good guess!  If the home you’re interested in was NOT pulled off the market, it’s most likely not one that is affected.

£     There is often a lot of damage to the homes, both from neglect and being vacant for so long and from vandalism and even sabotage.  Some people take their anger out on the house and you might be buying the result of their anger.  Make sure you hire a good home inspector to check the property out thoroughly before closing.

£     If you are getting a mortgage to buy a home, a bank owned home may have challenges in the condition of the house.  If it needs repairs it may not be financeable by a traditional loan and you may need an FHA 203K rehab loan that allows for the repair money to be included.

£     The seller, in this case the bank, has the right to dictate the terms under which they will sell you their house.  The banks are taking this to the extreme and will put numerous restrictions on you such as:

o       You can’t resell or refinance YOUR house within a certain time frame

o       They won’t pay certain closing costs that a seller normally pays.  This means you will pay more to buy the house

o       If you don’t close on time they will charge you $50-100/day for an extension

o       If you don’t close they can keep your deposit (which by the way THEIR attorney will be holding)

o       They won’t even give you a written contract… you will need to start your inspections and other costs based on a verbal acceptance… the written will follow in a week or two.

o       With your written acceptance, they will send you the “bank addendum” which changes all of the terms of the original offer.  These can be a few pages to over 20 pages long.  You must review this very carefully before signing.  Once you’ve signed it you’ve accepted it.

£     Often the properties are priced very low to drive competition and after you put in an offer you’ll be told that there are “multiple offers” and they are asking you to come back with your “highest and best” offer.  Often these properties will sell at or above the asking price, sometimes even 20-30% OVER asking price!

£     Make sure you buy title insurance to cover any possible mistakes in the title.

I don’t want these things to scare you from buying a foreclosed home.  Many of my clients AND myself have bought foreclosed homes and have had no problems with them.  It is intended to just make you aware of some of the things to watch out for before buying a bank owned home.

As you can see it is very important to have a Realtor® working for you that knows the ins and outs of buying a foreclosure home.  Ask them how many buyers they’ve worked with and how many years they’ve been buying foreclosures.

If you’re in the Central Florida area, I’d love to answer any questions you have about buying a bank owned home, either as a home to live in or as an investment property.  Call me at 407-260-8800 ext. 107 right now!

I like to report what’s going on in the Seminole County foreclosure market (which includes short sales and bank owned).  Whether you’re considering selling your home or you’re looking to buy a home (first homes AND investment properties) The knowledge our office has of the Seminole County market can help you meet YOUR goals!!!

In the first quarter of 2010, there have been 1,210 sales, of those, 282 were short sales (23%), 445 were bank owned (37%), and 483 were “regular” sales (39%).  Also, median home prices are broken down the same way: Median Home price in Orlando Area was $110,000, short sales were $115,000, bank owned was $74,000 and “regular” was $166,500.

Ready to see for yourself?  Here’s the link to see the 729 homes: Click Here

What’s Homeownership REALLY Worth in Central Florida

Homeowners have seen a decline in their homes value in the last few years. That’s a fact.  If you bought your home in 2004-2008, it’s probably worth less than you paid. However how is homeownership in the LONG RUN?

The National Association of Realtors has just released statistics that go back and show you how your net worth has been impacted by home prices if you had bought your house 5, 10, 15, and 20 years ago.  It’s kind of interesting!  Here’s the links:

Orlando Area Report

Link to see other area reports

If you’re in the market to purchase a home, whether it’s your first home or you’re adding an investment property… call me for a no-obligation appointment to see if we can work together! 407-260-8800

FOR IMMEDIATE RELEASE

Orlando Foreclosure Expert Andy Tolbert Gets “Foreclosed on” by Obama

Orlando’s Premier Foreclosure Expert Andy Tolbert Asked to Appear on Good Morning America but Gets Bumped by Presidential Candidate Barack Obama.

Orlando, Fla.- October 30, 2008- In a twist of fate, Orlando foreclosure expert Andy Tolbert got “foreclosed on” herself by two powerhouses, Barack Obama and Sara Palin. Tolbert had been selected by ABC Producers to appear on Good Morning America this morning to give her advice and opinion about the Orlando housing market and foreclosures, which have accelerated. Unfortunately, at the last minute she got a call from the shows producers advising her she had been bumped by Obama and Palin who had their own news to tell.

Although interviews with Presidential Candidate Barack Obama and Vice Presidential Candidate Sarah Palin took priority, Tolbert was still excited by the whole event. “It was fun and exciting while it lasted and it’s still a great opportunity that I was even considered for the show! I was hoping I was going to get my 15 minutes of fame as well as help some people understand what’s going on today in the Orlando market with foreclosures but that didn’t happened this time. What can you do? If you’re going to get bumped who better than a couple of Presidential and Vice Presidential Candidates!” Andy Tolbert said.

Andy Tolbert, a real estate agent and expert in foreclosures, was found through her website, a CelebritySite™ designed by Dicks Nanton & Glass Celebrity Branding Agency, when ABC Producers were searching for guests for Good Morning America. Tolbert, a 10-year veteran in the real estate market, speaks around the state on foreclosures helping those being affected.

“I guess good website promotion can really pay off” Tolbert added.

For more information about Andy Tolbert and her foreclosure seminars visit http://www.AndyTolbert.com.

About Andy Tolbert:

Andy Tolbert has been in the real estate industry for over a decade. She has been in the mortgage business since 1995, holds an active real estate license since 1998, has been training others for over six years and has personally been investing in real estate for nine years. Andy Tolbert’s specialty is investor financing and restructuring to maximize profitability and cash flow. She and her husband Tim have a combined 22 years of mortgage experience and owned their own FHA approved Correspondent Lender for almost six years. Andy Tolbert is founder and immediate past president of Investors Resource Center, Orlando.

About CelebritySites™

CelebritySites™ specializes in creating Online Celebrity Platforms™ for business experts. Their unique Online Celebrity Platforms™ are based on the philosophy that people buy people and are designed to be personality driven. Through the use of a proprietary system of tools for marketing, public relations and search engine optimization, they turn websites into sales and marketing machines allowing their clients to leverage online content to create new income streams and maximize revenue. CelebritySites™ not only improves website exposure but helps develop brand recognition for their clients. For more information about Dicks Nanton & Glass’ Celebrity Branding Agency or CelebritySites™ visit http://www.celebritybrandingagency.com or http://www.celebritysites.com.

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Contact:

Lindsay Glass

407-215-1739

Dicks Nanton & Glass Media Group

Lindsay@DNGMediaGroup.com