Freddie Mac: Short sale process cut in half or more

Rhonda Buckner with Buckner Homes Realty
3200 SE 20 Ave. Ocala, Florida 34471
352-266-2637

Read this just published article

WASHINGTON – Jan. 24, 2013 – Short sales are getting much shorter, Freddie Mac says. The mortgage giant launched a Freddie Mac Standard Short Sale program on Nov. 1 that sought to speed up the short sale process and make it easier and more transparent.

“We estimate that the time to complete a short sale will decrease by approximately 50 percent to 75 percent,” as a result of the changes, writes Tracy Mooney, Freddie Mac’s executive vice president in her recent blog post. “We worked with our regulator, the Federal Housing Finance Agency, to remove obstacles and streamline the process, so we can help more borrowers and reduce costs for the company and taxpayers. The end result is a shorter short sale process that’s long in benefits for borrowers.”

Among the Nov. 1, 2012, changes:

• Mortgage servicers have 30 days to make a decision on a short sale once they receive an application. If they need to negotiate with a third party, they have 30 additional days. A final decision on the short sale must be made within 60 days.

• Mortgage servicers must acknowledge receipt of a short sale application within three days of submission. Servicers must provide weekly status updates if they need more time to review the application past the initial 30-day period.

• Mortgage servicers have the authority to approve short sales when qualifying financial hardships for homeowners who are past due or current on their mortgage payments.

• Mortgage servicers may also approve short sales without a separate review by the mortgage insurance company.

Following a short sale, homeowners may be able to qualify for up to $3,000 in relocation assistance.

Rhonda Buckner is Ocala’s short sale specialist! Give here a call at 352-266-2637 and just say… Help.. Help.. Me Rhonda!

Fla.’s housing market continues positive track in Dec. 2012

Rhonda Buckner with Buckner Homes Realty
3200 SE 20 Ave. Ocala, Florida 34471
352-266-2637

Great things are happening according to Florida Realtors enjoy

ORLANDO, Fla. – Jan. 22, 2013 – Florida’s housing market had more closed sales, higher pending sales, higher median prices and a reduced inventory of homes for sale in December, according to the latest housing data released by Florida Realtors®.

“Florida is an international destination: Owning a home here appeals to people of all ages from all over the world,” said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “Realtors from across the state are reporting increases in home sales and median prices. As a result of rising demand from investors and other buyers, there’s a shortage of inventory in many markets, and it’s putting pressure on prices.”

Statewide closed sales of existing single-family homes totaled 18,031 in December, up 15.8 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 39.7 percent over the previous December. The statewide median sales price for single-family existing homes last month was $154,000, up 14.1 percent from the previous year.

I feel this is great news for both buyers and sellers here in Florida

December marks the 12th consecutive month of higher statewide median sales prices for both single-family homes and for townhouse-condo units year-to-year, according to Florida Realtors’ data.

The inventory for single-family homes stood at a 5.5-months’ supply in December; inventory for townhouse-condos was at a 6-months’ supply, according to Florida Realtors.

“The market continues to improve, and it’s doing so in all parts of the state,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Of note is the fact that inventory levels are now clearly consistent with a sellers’ market. When the final year-end statistics are compiled, expect that sales in 2012 will be more than 10 percent higher than they were in 2011. Once again, all the positive indicators are up significantly. The Florida real estate market is rapidly improving.”

The interest rate for a 30-year fixed-rate mortgage averaged 3.35 percent in December 2012, down from the 3.96 percent averaged during the same month a year earlier, according to Freddie Mac.

Give Rhonda a call to help you find that perfect home and to discuss the options that buyers have. As always you can search for homes in Florida at www.BucknerHomes.com . I am always here to help you.
Just call and say Help Help me Rhonda 352-266-2637

$65,000 Single Family Home for Sale in Ocala, FL

Rhonda Buckner with Buckner Homes Realty
3200 SE 20 Ave. Ocala, Florida 34471
352-266-2637

$65,000 Single Family Home for Sale in Ocala, FL

Real Estate for Sale, ListingId:22113197, location: 734 SE 11 St Ocala 34471

DOWNTOWN OCALA Great home close to historic district. Completely remodeled with hardwood floors and new kitchen. Great schools and close to everything. $65,000 MLS# 734.

Give Rhonda a call to help you find that perfect home and to discuss the options that buyers have. As always you can search for homes in Florida at www.BucknerHomes.com . I am always here to help you.
Just call and say Help Help me Rhonda 352-266-2637

Great News for May Homeowners |More Homeowners Are Mortgage-Free Than Underwater

Rhonda Buckner with Buckner Homes Realty
3200 SE 20 Ave. Ocala, Florida 34471
352-266-2637

The market has gotten so much bad press in the last few years. But this article from Zillow should bring some optimism to home owners!

In recent years, we’ve heard a lot about homeowners’ mortgage debt and how it is impacting the housing market as a whole. In particular, we keep hearing about persistently high levels of negative equity, which happens when a homeowner owes more on their mortgage than their home is worth.

But there’s a flip side to that coin. Yes, a large number of homeowners are struggling to manage their mortgage debt. But, perhaps surprisingly, even more homeowners have no mortgage debt at all.

Almost 21 million Americans, or 29.3 percent of homeowners, own their homes outright, unencumbered by a mortgage, according to a recent Zillow® analysis of mortgage data. Analyzing data through the third quarter of 2012, Zillow found that 20.6 million homeowners nationwide own their homes free and clear of mortgage debt.

Using the same data, Zillow found that slightly more than 14 million U.S. homeowners with a mortgage were in negative equity, or underwater, in the third quarter.

Similar to negative equity, the free-and-clear homeownership rate is largely driven by home values – but in a different way. Underwater borrowers are pulled to the surface as home values rise. But we found that in areas with proportionally lower overall home values, free-and-clear homeownership rates are likely to be higher. This makes sense – smaller loan amounts are easier to pay back more quickly.

Demographic factors including the age and credit rating of primary borrowers also influence free-and-clear homeownership rates. Zillow found that 65- to 74-year-olds are most likely to be free-and-clear (20.5 percent), followed by 74- to 84-year-olds (17.9 percent). This is attributed to the fact that the longer someone owns a home, the longer they have to pay off their mortgage. Interestingly, when examining free-and-clear ownership rates as a percentage of homeowners in various age groups, Zillow found 34.5 percent of 20- to 24-year-old homeowners are free of mortgages.

Among homeowners who own their homes outright, 44 percent have a high VantageScore – representing their credit rating – between 800 and 900. Only 15.5 percent of homeowners with the highest credit rating of 900-990 are free-and-clear.

“So far we have used our unique data on how much homeowners owe on their homes primarily to identify underwater and delinquent groups of homeowners,” said Zillow Chief Economist Dr. Stan Humphries. “But looking at those homeowners who are free-and-clear is important, too. Homeowners unencumbered by a mortgage may be more flexible than indebted homeowners, and therefore more apt or willing to list their homes or enter the market for a new property. By determining where these homeowners are located, we can also gain insight into potential inventory and demand in those areas, as well.”

Give Rhonda a call to help you find that perfect home and to discuss the options that buyers have. As always you can search for homes in Florida at www.BucknerHomes.com . I am always here to help you.
Just call and say Help Help me Rhonda 352-266-2637

Want to be a rental property owner? I have some good and bad news for you.

Rhonda Buckner with Buckner Homes Realty
3200 SE 20 Ave. Ocala, Florida 34471
352-266-2637

Want to be a rental property owner? I have some good and bad news for you.

There are several tremendous opportunities out on the market right now own rental property, Investors need to realize all that they are getting into.

The bad news is that contrary to all the TV shows about flipping houses and people making money, or turn-key hassle-free rental properties, real estate is actually really hard work, it’s time-consuming, and it is a pretty risky place to invest your money.

I would like to share this by professorbaron.com

The good news is that most people, with hard work and determination, can earn a fairly substantial amount of wealth over their lifetime if they educate themselves and make better decisions when purchasing property.
Long-term ownership is the key to real estate wealth. If you buy decent properties and hold them forever, that’s going to provide the highest likelihood that your real estate will have significant equity down the road.

Think Long Term (Skip Get-Rich-Quick Schemes)

Long-term ownership is the key to real estate wealth. If you buy decent properties and hold them forever, that’s going to provide the highest likelihood that your real estate will have significant equity down the road.

Also, if it sounds too good to be true, it always is — especially in real estate. Drop the idea that there is fast and easy money to be made in real estate. It’s just not true. Sometimes people get lucky, but you don’t have to worry because that “lucky” person will never end up being you.

Cash Flow Positive Properties

A significant portion of investors buy properties that are cash-flow negative or have very low investment returns. That means the buyer puts in their equity cash capital when they purchased the property, and they are still investing additional funds each month, which could go on for decades depending on how bad of a deal they purchased.

The better way to invest is to buy properties where the rents minus all the expenses, including the mortgage payment, provide positive cash flow that you can deposit in the bank. So if you collect $1,200 in monthly rent, then subtract expenses of ($400) and a mortgage of ($500) you will have $300 per month left over. Nice job!

Simple Analysis Tool – The 1% Rule

A simple way to do a quick analysis is to take the conservatively estimated monthly rental income and divide it by the purchase price of the house. You still need to pencil out your deal with rents and actual conservatively estimated expenses, but this back-of-the-napkin test is a quick and easy test to see if it makes sense.

• Example of a good deal: If you can collect $1,600 per month in rent and you paid $200,000 for the property, you are collecting rent that is .8% of the purchase price (.8% = 80 basis points in financial terms). And that’s probably a really fair deal.
• Example of a bad deal: If you can collect $1,600 per month in rent and you paid $400,000 for the property, you are collecting rent that is .4% of the purchase price, or 40 basis points. And that’s not a really good deal.

Find Good Quality Properties

Smarter investors work hard up front to find the good areas where the rents provide a nice positive cash flow and investment returns, low crime rates, better schools, and decent amenities nearby like parks or retail. Coupled with good tenants who have excellent credit, you also create low vacancy rates.

Smart investors also buy properties that are in decent shape, although every property needs paint, carpeting and some plumbing and electrical work from time to time. Do that hard work upfront and spend the money to put your properties in very good shape, you’ll get a little more rent and probably have a bigger pool of interested tenants from whom you can then choose.

Lastly, do your homework, talk to other investors, read guides and books, shop properties, pencil out deals and have a long term ownership plan. Hopefully it will translate into a nice cash flow retirement picture.

Give Rhonda a call to help you find that perfect home and to discuss the options that buyers have. As always you can search for homes in Florida at www.BucknerHomes.com . I am always here to help you.
Just call and say Help Help me Rhonda 352-266-2637

Great investment property

Rhonda Buckner with Buckner Homes Realty
3200 SE 20 Ave. Ocala, Florida 34471
352-266-2637

Check out This Great Opportunity!

Real Estate for Sale, ListingId:21141951, location: 3834 SW 137 PL Ocala 34473

Great investment property. Home … is close to the entrance of Marion Oaks & features a split bedroom floor plan, & a privacy fenced back yard.
MLS# 380820

Give Rhonda a call to help you find that perfect home and to discuss the options that buyers have. As always you can search for homes in Florida at www.BucknerHomes.com . I am always here to help you.
Just call and say Help Help me Rhonda 352-266-2637

Buying a Your First Home in Ocala? | Using Gift Money for a Down Payment

Rhonda Buckner with Buckner Homes Realty
3200 SE 20 Ave. Ocala, Florida 34471
352-266-2637

After reading Justin McHood’s article I thought many first time home buyers would find it very useful

It’s not uncommon for first-time home buyers to ask: “Can my mom and dad give me money to help me buy this house?”

The good news is yes, you can receive a gift from your parents to buy a house, but the way that you actually receive the gift is very important. Mom and dad can’t just leave money under your pillow like the Tooth Fairy did when you were younger.

The process of accepting a gift for your down payment isn’t complicated, and by following these simple rules, you can be sure that the underwriter who is reviewing your file will look at it with an approving eye.

Write a gift letter

If someone is going to be gifting you money to help you buy a house, you’ll first need a gift letter. The gift letter needs to be a short, sweet letter that is hand-signed by you and the person giving the gift. It needs to contain the following:

The relationship between the home buyer and the person giving the gift.
The amount of the gift.
The address of the home being purchased.
A statement that the money is a gift and not a loan that must be paid back.
Establish a paper trail

Next, you’ll need to create a paper trail. This is important because underwriters will look for where the money came from and where it went. In simple terms, they will look for proof that the money came from your parents’ account and went into yours.

Each situation will be slightly different, but be ready to provide paper proof of your parents’ account having money in it, money coming out of that account, a deposit into your account and proof that your account now has the money in it. Accuracy matters when creating this paper trail, so make sure each transaction is for the exact amount of the gift.

Write a gift letter and use this shortcut

Creating a paper trail correctly has proven to have its fair share of hassles. Getting copies of transactions is time-consuming, and underwriters seem to question every little thing in the process (“where exactly did the $10,000 transfer that I see coming into mom and dad’s account come from?”).

The good news is that there’s a shortcut when it comes to gift letters — one that makes the entire process easier.

Simply add one sentence to the letter that says: “Will wire the gift directly to escrow at time of closing.”

If you add this line to your gift letter, you can avoid all of the paper chasing that most underwriters will require. A day or two before closing, you can get wiring instructions from your escrow agent for mom and dad to wire the exact amount of the gift directly to the escrow company working on your transaction.

Give Rhonda a call to help you find that perfect home and to discuss the options that buyers have. As always you can search for homes in Florida at www.BucknerHomes.com . I am always here to help you.
Just call and say Help Help me Rhonda 352-266-2637

$170,000 Single Family Home for Sale

Rhonda Buckner with Buckner Homes Realty
3200 SE 20 Ave. Ocala, Florida 34471
352-266-2637

Real Estate for Sale, ListingId:21028716, location: 5567 SW 83 LN Ocala 34476

METICULOUSLY KEPT CONCRETE BLOCK HOME On a large lot in a great neighborhood. Close to shopping & schools. Features include beautiful landscaping, a grand entry that leads to a huge great room with tall vaulted ceilings, a den, a formal dining room, an eat in kitchen, a breakfast nook with butted glass that overlooks an enormous screened in lanai, a spacious master suite with tray ceilings, his & hers walk-in closets, double vanity sinks, a separate shower, tub, and toilet room and much more. THIS IS NOT A SHORT SALE OR A BANK FORECLOSURE.

MLS# 379519

This Real Estate is Featured in Homes & Land of Ocala Marion County

ID# 21028716

Give Rhonda a call to help you find that perfect home and to discuss the options that buyers have. As always you can search for homes in Florida at www.BucknerHomes.com . I am always here to help you.
Just call and say Help Help me Rhonda 352-266-2637

Ready To List Your Ocala Home? | 5 Cheap and Easy Fixes Before You List Your Home

Rhonda Buckner with Buckner Homes Realty
3200 SE 20 Ave. Ocala, Florida 34471
352-266-2637

With The real estate market perking back up check out this article by
SAMANTHA DEBIANCHI, she has some fabulous and easy ideas! If you are ready to list your house call Buckner Homes Realty!

Thinking of listing your home? Of course, you’ll want to get the best possible price. Before you call a major renovation squad for a TV-style home makeover, try these cheap and easy fixes to increase your home’s appeal.

Declutter

Start with the easiest fix of all. Pack up and hide or store some of your possessions. Stash your collections of porcelain dolls or “Star Wars” figurines; the less of your stuff potential buyers see, the more likely they will be to envision themselves — and their stuff — in the home.

Add curb appeal

Next, take a look at your home from the street. Could it benefit from a little landscaping? Clear away any dead plants, trim back limbs and bushes, and check out your local home improvement store’s garden section. Small flowering plants and other foliage is very affordable and easily adds instant charm.

Deep clean

The next easy fix is to clean. No, really clean. Pressure wash the driveway, and have your tile and carpets professionally cleaned. Clean your window treatments and remove scuff marks around the baseboards. All the little things that may go unnoticed from day to day will make the home look much better when they are all sparkly-clean.

Go neutral

Watch about 20 seconds of any real estate reality show and you’ll surely hear a prospective buyer lament about the owner’s poor choice in color. “Oh, it’s so … blue.” This is like nails on a chalkboard to real estate professionals because it is literally one of the easiest things to change. The solution: Repaint some of your boldest walls a good old off-white or beige neutral. It will also help you start to detach emotionally from your home as you enter the sale process.

Kitchens and bathrooms

Kitchens and bathrooms are the two rooms that really sell a home. Give them a quick mini-makeover by making a few inexpensive hardware changes; towel racks, accent shelves, even light switches and utility plate covers are cheap and easy to fix. Also, refer to No. 1 and stash your family photos on the refrigerator and deep-six the extensive pile of magazines in the restroom.

With these five tips, you can give your home a major makeover on a budget in the hundreds versus the thousands and get it ready to list for top dollar.

Give Rhonda a call to help you list your home and to discuss the options that sellers have. As always you can search for homes in Florida at www.BucknerHomes.com . I am always here to help you.
Just call and say Help Help me Rhonda 352-266-2637

Decisions..Decisions.. Decisions.. |Is Homeownership a Good Choice for Young People?

Rhonda Buckner with Buckner Homes Realty
3200 SE 20 Ave. Ocala, Florida 34471
352-266-2637

Decisions.. Decisions.. Decisions..
Today young people have much more to consider! Read this article from Zillow, if you have any questions please feel free to contact me.

if there’s anything we’ve learned in the past few years about real estate, it’s that property doesn’t always go up in value. And because it doesn’t, you shouldn’t just buy property and assume that you’re going to earn equity and wealth from that ownership.

Instead, buying a home should be a personal decision based on your life and financial situation.

So if you are young, should you buy real estate? The answer, as with many things, is that it depends. But for the vast majority of young people, the answer is probably no. Here’s why.

Real estate is long-term

We buy real estate in order to hopefully earn wealth and improve our lot in life. The most likely way that you will earn real estate wealth is by owning property for long periods of time, preferably a decade or greater. This long-term ownership does not coincide with the habits and traits of most young people. So if you’re not very sure you will own a property for a long time, let a landlord deal with the inherent risks, pains and issues of real estate ownership.

Here are some reasons why, as a younger person, you might not own property long term.

Not settled in a career

At a young age, you rarely know whether you’ll be living in the same area for a long time. People are very mobile these days, including switching jobs, getting job transfers, changing careers, going back to school, etc. If you buy a property and have to sell it due to a career move in a few years, you’re most likely going to lose money on your real estate ownership.

Can’t afford a place you love

Additionally, you might not have the financial resources to afford a place that you really love, and you’ll end up buying in anticipation that you’ll earn equity and trade up in a few years. Now you probably will trade up in a few years, but you probably won’t earn any equity. In fact you’ll likely lose money — primarily due to steep transaction costs. The better way to go is to save your money for several years and buy a place you really love when you have the savings and income to be a homeowner.

Not settled in life

You finish school, get a job and work a few years. Then you realize you’ve got to move somewhere else, “see the world,” if you will! That house you bought would hinder your ability to relocate, and if you did move, you’d probably lose money.

So if you are young, wild and free — and not sure of your 5- to 10-year plan — you’ll probably do better as a renter.

When might it make sense to buy young? If you’re sure you’ll own the property a long time, then it’s probably a good idea to buy. Just make sure you can comfortably afford the payments along with all your other bills. Also if you want to be in the landlord business and plan to convert the property from a personal residence to a rental, then buying at a younger age would be a smart move for you.

Just ask yourself before you decide whether to buy real estate, “Am I sure my ownership will be for the long haul?”

Give Rhonda a call to help you find that perfect home and to discuss the options that buyers have. As always you can search for homes in Florida at www.BucknerHomes.com . I am always here to help you.
Just call and say Help Help me Rhonda 352-266-2637