Foreclosure Sales In Hernando County- Landing The Deal

Market Preparation Helps Hernando County Foreclosure Buyers

Foreclosure Wave Could Also Signal Opportunity

 

If you are organized and willing to put in some serious spadework, buying a Hernando County foreclosure can save you thousands of dollars. A new wave of foreclosures could be heading our way later this year. According to RealtyTrac, the leading source of foreclosure statistics, one in every 665 national housing units received a foreclosure filing in June. More foreclosures mean more opportunities; but it also means that more buyers will begin to think seriously about going after them. In other words – more competition.

If you have never looked into what is involved in snagging one of the foreclosures in our area, a few basics will greatly improve your chances for success:

 

Do Your Research So You Can Act Quickly.

The foreclosure market performs differently from the traditional market. Arming yourself with accurate comps and knowledge of Hernando County trends will enable you to recognize the right opportunity as soon as it arises – ideally, before other buyers catch wind of it. Working with a knowledgeable agent who keeps you informed is the quickest way to get up to speed. It will help you avoid being dragged into bidding wars with other deal-shopping buyers. Since under-bidding will cause you to miss the best opportunities, and over-bidding will defeat your whole purpose, up-to-the-moment market knowledge is essential for formulating a canny offer.

Weigh in With Cash.

Time is an important factor in buying a Hernando County foreclosure. Your goal is the same as the seller’s: to close the sale as quickly as possible. Naturally, paying cash up front is the simplest route to a speedy closing. If you are buying as an investment, that means targeting only properties that are within your financial reach. As Ron Peltier of HomeServices of America puts it, “A cash buyer who can close in 10 days can certainly get the best deal.” Since closing on a house via traditional mortgage can take anywhere from 30 to 60 days, it is clear which route sellers prefer.

3. Create Clean Offers.

If, like many of my clients, you can’t really afford to propose an all-cash deal, you can still create an offer that lands your foreclosure. Writing a clean offer – one with simple terms and serious cash down — can bring a favorable reaction. Let’s face it: bank officers don’t want to fuss with complicated terms or repairs. A buyer with 20% down, a confirming loan and an “as-is” offer will get a lot more consideration than a buyer with an FHA loan and a minimal deposit. Success means targeting foreclosures at a price point where you can afford to put as much down as possible…then being ready to get dirty and make any needed repairs yourself.

As with any vigorous market, participants need to play by the rules or else be stuck on the sidelines. If you are considering buying a Hernando County foreclosure and are looking for an experienced agent to stand by your side, call me — and let’s get to work!

 

Residents Protest Sink Hole Rate Increases

New Port Richey, Florida — Protesters lined the streets in New Port Richey, targeting a new law that would allow insurance companies to raise their rates for sinkhole coverage by thousands of dollars a year in some cases.

Even if you don’t own property, they warn this will affect you too by crippling Florida’s already fragile economy.

Facing a massive sink-hole insurance rate increase in the thousands of dollars, retiree John Haun says he’s worried he’ll be forced from his home. “My neighbor just got his bill and he got a $5,000 increase in his,” said Haun.

In a room filled with similar worry, The Florida Association for Insurance Reform (FAIR) brought in a bipartisan panel of local politicians, promising to do what they can to repeal the new law that removed the cap on sinkhole insurance premiums.

Sen. Mike Fasano, a Republican representing the 11th District, says he’ll ask state lawmakers to repeal Senate Bill 408.

“That bill was signed into law by our Governor. It has barely gone into effect and we already see the consequences the people of this area will pay,” said Fasano.

State Representative Robert Schenck, a Republican representing the 44th district, actually voted for the original House bill, hoping it would reduce fraud. Now, he says, he’s worried too many people will be hurt.

“Seventy percent of all sinkhole claims that have been paid out, that money has not been put in to fix that property,” said Schenck, explaining his original position on the issue. “So if you guys want to know why we have  so much trouble with sinkhole coverage in Hernando County, that’s why. It’s the rampant fraud.”

Rose Rocco, a Democrat and former Hernando County Commissioner, said fraud should be addressed by the insurance companies and not pushed onto consumers.

“It’s up to the insurance companies or whoever is supplying that service to make sure that they’re paying a claim that’s reasonable and just,” said Rocco. “And to put the blame on people now is unconscionable.”

A mortgage expert also told the crowd it’s not just a concern for current homeowners. People considering purchases of property may be told by banks that they must carry the insurance, which could put a chilling effect on an already depressed real estate market. That could have a ripple effect on the overall economy. Steve Fingerman, with E Loans Mortgage Inc says people will have less money in their pockets.

You’re all of a sudden gonna be faced with a massive payment increase of $300, $400, $500 a month,” said Fingerman.

Realtors say it’s already having a chilling effect on business, even before the state’s insurance commission decides whether to grant the request from Citizens Insurance to raise the rates.

Some clients, even some from other countries, are already aware of the sinkhole issues, and say they don’t want to take a chance that other insurance companies will quickly line up to follow suit.

Lawrence Sanek, who owns Castle Dream Real Estate, says it’s a problem.

“I have international people saying ‘Tell me about the sinkhole problem. What’s it gonna cost us?'”

The insurance commissioners are not expected to rule on Citizens rate hike request until mid-October, but before then, on September 13 at the Tampa Convention Center, the same commission will be taking public comment in the center’s main ballroom.

The hearing is expected to draw hundreds, perhaps thousand of people.

 
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For More Information Contact

Steve Fingerman

Branch Manager

E Loans Mortgage Inc

Office 352-688-7949

Cell    727-946-0904

(original article writtnen by Eric Glasser at 10news WTSP)