I spend a portion of each day searching for properties for my clients, I’ve read thousands of property descriptions and feel like I’ve looked at millions of photos.  One constant theme seems to run true, updates are being confused for upgrades.

I know the word ‘upgrade’ sounds luxurious, but how often is it used to describe the replacement of something that was worn out with something, well, that isn’t special, it’s just new.  Upgrades are “quality improvements” over and above what you expect to find.

I like to think of it this way…  Have you ever flown ‘First Class’?  it is definitely an upgrade.  It’s not just new upholstery on a coach seat.

No doubt in my mind that this is an ‘First Class’ kitchen, how about you? [photo Courtesy of Kitchen Art Design Center of Orlando].

I think much of the confusion started when Home Builder’s starting charging for items that should have been ’standard’, but instead they found a new revenue tool to increase profits.  Builder “Upgrades” are a high profit- low expense option…

What does this mean to you… a Lake Mary home buyer or seller?  In today’s market, where competition is fierce and home buyers are looking for the best ‘deal’, they won’t  pay more for updates, they have come to expect them.  The truth of the matter for homeowners is that upgrades often won’t fetch a high percentage return on investment in the current market climate, but they will help attract buyers and get the deal done.

Buying a Short Sale in Seminole County can be a Roller Coaster Ride…

Important factors to consider when buying a Lake Mary Short Sale…

Excitement, Frustration, Hope, Desperation, Anger, Disappointment, Disgust & Elation!  These are the feelings that a Lake Mary Homebuyer is likely to have during the 3rd party approval process of a home that is a short sale… And that’s during a sale THAT ACTUALLY ENDS UP HAPPENING.

Once you write a offer on a short sale you could be waiting weeks and often months for an answer from the seller’s lender. Should you consider writing an offer on a short sale?

Short sales are not for all Seminole County Home Buyers:

• If you have a specific timetable to meet… Don’t write a contract on a short sale.
• If you can’t accept the property in the condition that it is today… Don’t write a contract on a short sale.
• If you don’t have a backup plan… Don’t write a contract on a short sale.

If you are considering the purchase of a short sale…talk to a REALTOR.  Your REALTOR will advise you about the process and whether or not you are a candidate to purchase a short sale.  The process is often long and leaves many without a successful conclusion, be prepared for that outcome in advance.

Do the rewards often times out way the risks? Sometimes, but only you can decide if you are willing to wait, once you know all the facts.

Photography: An Integral Component to a successful Lake Mary Home Sale

Today’s lifestyle finds people busier today than ever before even though we have had huge advancements in technology.  If you are like me, you are always on the go and looking to make the best use of your time as possible.  Due to these busy schedules shopping for a new home has changed over the past decade with much of the work now being done online.

I find that buyers often skip over homes that only have one or two photos, discounting the property because they want to take a virtual look before they take the time to see it in person.

When you are considering selling your Seminole County home and you are researching real estate agents or if you have received a referral from a friend, be sure to ask the agent to send you a property listing or two from the MLS (Multiple Listing Service) before you decide that “there the one” and ask yourself these questions:

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If you have less than the 10% down payment required for Conventional Financing a FHA loan could be the right option for you.  The Federal Housing Authority (FHA) provides private mortgage insurance on loans made by FHA approved lenders.   For more information about the FHA, please click here to visit their website.

All information in this article is in reference to SunTrust Mortgage and each FHA approved lender has it’s own approval guidelines.

FHA Quick Facts

Current Seminole County Loan Limits:  $274,850

House Must Be Borrower’s Principal Residence

Down Payment Required:  3.5% of Purchase Price

Down Payment Gift Funds Allowed*

*Currently the home seller funded programs are no longer available, but100% Family gifts are allowed.

Benefits of FHA Financing

In the past 2 years 90% of the home purchases that I have been involved in with, both buyers and sellers have succesful been completed using FHA financing.  If you are considering buying a home in Seminole County and think that you might be a candidate for FHA financing talk to a REALTOR who understand the requirements not only for you the buyer, but also the home you would like to buy in Seminole County, the property must meet the program guidelines.  If you would like to talk to me about buying a home with FHA financing please email or call me @ 407-758-1020, I’m always available to help.

Debbie Summers – Lake Mary REALTOR 

Lake Mary Foreclosures – What’s Going To Happen When You Can’t Make Your Mortgage Payments…

How much time do I have before I have to be out of my house?  That is one of the first questions that I’m asked by Lake Mary Homeowners who can no longer make their mortgage payments.  Please don’t hesitate to ask questions when you are facing financial difficulties, there is a lot of misinformation on the internet about Foreclosures and Short Sales.  I’m asked at least once or twice a week about Lake Mary Short Sales – Please click here for more Short Sale information.

The following is a brief timeline of the Seminole County Foreclosure Process:

• Notice of Default typically occurs after 3 payments have been missed.  For example if your payment is due on January First and you miss that payment and do not pay February and March, you will be in default on March 15th or after 110 days.
• The lender typically files a Complaint with the court to file a notice that they are seeking foreclosure of the property.
• The homeowner has 20 days to answer the complaint of Foreclosure
• If no answer is received, The Default of Mortgage will be filed after the 20 day answer time preriod.
• The Final Judgement of Foreclosure 20 to 60+ Days after the Lis Pendis is filed – This filing order the Judicial Sale of the property on the courthouse steps by the clerk of the court.
• The Judicial sale occurs 25 – 35 days after the Final Judgement (This terminates the Owner’s rights to property)

This is only a guide to the general process and the timeline will vary based on the mortgage lender and the property.  Please consult an attorney for legal advice regarding how a Foreclosure will affect you.

The entire process can take as little as 6 months to more than two years.  If you have questions about selling your home prior to foreclosure, please give me a call.  I can also provide you with an attorney’s name for legal questions regarding foreclosure – I am not an attorney and can not give legal advice, but I’m hear to answer questions and help provide you with the resources so that you can make the decision for your situation.

Debbie Summers – Lake Mary REALTOR

Real Estate is local, what you read about happening across the country has very little bearing on what’s selling on your street, in Lake Mary, Florida.  The first lesson is to “think local” and focus on your community.   Each week I report the local home sales in Lake Mary neighborhoods, keeping you current on what’s selling, how long it’s taking and whether the home is a short-sale or foreclosure.   A few minutes a week will keep you informed of the number of homes sales and current home prices, homes that are just like yours.

Are you a Lake Mary Home Buyer?  Shop for your Lake Mary Home online - sign up for a free service that will deliver up to the minute information about homes on the market in Lake Mary, Florida. 

Lake Mary Real Estate 101 is a new series of articles specifically for Lake Mary Home Sellers, Lake Mary Home Buyers and Lake Mary Homeowners. 

Each week you will find a new post specifically written for the Lake Mary Real Estate Market.  Topics and information that will help you be “In The Know”.  What do you have to look forward to?  Just a few of the upcoming articles… 

Lake Mary Real Estate 101:

• The Absorption Rate and What It Means To You
• First-Time Home Buyers Tax Credit & You
• New Home Communities in Lake Mary, Florida
• Top Tips For Selling Your Lake Mary Home in A Buyer’s Market
• Lake Mary Short Sales
• Lake Mary Foreclosures / REO – Bank Owned Properties

Check back next week to learn all about Absorption Rates and how they are used determine if we are in a buyer’s market or a seller’s market.   Do you know where we are in the real estate cycle?

Do you have a question about Lake Mary Real Estate?  Please contact me with your questions and I’ll provide you with the answers and information that you are looking for and you never know, you might just be the inspiration for my next post.

- Debbie Summers, Lake Mary REALTOR, Blogger, ALHS, e-PRO