Category Archives: Ocala short sales

Ocala Market update First Quarter 2014|Ocala Home Sales

Marion County Florida Real Estate Market Quarterly Update
Due to the market fluctuations that we have recently encountered, casual conversation with the general public usually goes something like this. “So you’re a realtor, how’s the market really doing”. Follow by “The media says…”, or “I looked on Zillow the other day…” Tough question to wrap up in one tight little package answer. All that we can do is present the facts. Below we have given you a snap shot of what we like to refer to as a whirlwind first quarter.
First Quarter 2014 First Quarter 2013 First quarter 2010
Average number sold 528 447 343
Average List price $124,378 $121,583 $128,221
Average sold price $116,612 $113,359 $117,235
% difference Sale/List 136 147 219

Homes are selling and as you can see close to asking price. Looking at the big picture this is good. With bank owned home prices going up, and the decline of short sales due to the lack of cooperation from the lien holders, what we call normal sale prices should go up proportionally. Private property appraisers will tell you, they can only use comparable sales, regardless of where they come from. The only thing that makes your home worth the money that you need out of it, is for the appraiser’s to have sales to compare it to.
Other factors for home prices increases are supply and demand. Our inventory for quality listings is becoming slim. We are starting to see multiple offers on homes and in a lot of cases homes are only on the market a matter of days before the offers start hitting the email and fax machines. For all of you home owners that have endured the equity drought, in our opinion, it is slowly but steadily coming to a halt. For the home investors, now may be the time to get what you can while they are still out there. The days of the $50,000 to $60,000 fixer uppers are once more fading into the sunset.
As usual we hope that we have helped to keep you informed about the real estate market in Marion County. If you have any questions about the value of your home, or you just want to know if the latest rumor is true, we would love to hear from you, gives us a call, Rhonda 352-266-2637 or David 352-812-0127. Have an awesome second quarter, David and Rhonda.

Did you do a Short Sale?|What is Time you must wait to get New Loan?

Rules are changing! For everyone out there that had to sell their home as a short sale, you are being rewarded. New rules states that is you had a true hardship, like loss of income, loss of job, cut in pay, medical bills, and job transfer, then you could qualify for a new mortgage in as little as 1 year for you close date on the short sale.

The normal time frame is three years and 1 days before you can write application for a new loan. If you have waited that long then you would be qualified for First Time Home Buyers Program with $10,000 give to cover closing cost and down payments.

Now if you have saved 20% of the purchase price you can always get a conventional loan, with just a 2 year waiting period after short sale.
I hope this help you under stand what it will take to get a loan after a short sale.

When you are ready to purchase give Rhonda Buckner a call 352-266-2637 she has a reputation for result. As always, if you have any questions about real estate in Marion, Lake and Citrus County give us a call.

Buckner Homes Realty Inc
3200 SE 20 Ave
Ocala, Fl 34471
BucknerHomes@gmail.com

Ocala Market 2013| What is Really Selling

Ocala’s Real Estate
The truth about what has happened in our market

After taking some time to go through the numbers, I was able to get a clear picture of what we have recently experienced in our Real Estate market. The news media seems to be all over the board on this. One day we were riding on top of the economic wave the next we are rolling in the sand trying to dig our way out. This can be quite frustrating for us in the Real Estate business. We are left to try and convince those that want to buy homes or the people who want to list, that these are awesome times in Marion County Florida. With interest rates at 3.5% to 3.7%, and I’ve even had buyers getting as lows as 2.8%, there has never been a better time to buy a home. I am of the opinion that once these rates are gone we may never see them ever again. Now that the smoke has settled let’s take a look at the facts. In 2011, 301 homes sold monthly with average sales price of $102,353 with 164 days on the market and the average price per square foot was $53.00. That doesn’t sound like a bad year to me, hang on it gets better. In 2012 we had an average of 307 home sell per month with an average sales price of $103,567 and the average days on the market of 148 at an average price per square foot of $58.00. This means that we had steady increase across the board. The best news is that we are up substantially from 2009 where homes were stagnating at an average 160 days on the market. So far in 2013 we are holding steady with the average price per square foot at $63.00 and increasing monthly. It appears that Marion County has bounced off of the bottom and we are on the rise.
We are not completely out of the woods yet. There seems to be no end in sight for the foreclosures. Unfortunately our job market hasn’t been able to keep up with the Real Estate growth, and we still have those sellers who are having to short sale their homes. If you are upside down in your mortgage and you cannot afford the payments, then this is still a great avenue to take. A short sale will release you of the deficiency balance and a mortgage that you can no longer afford. If you have not missed a payment on your primary residence and would like to stay in your home then there is help. The U.S. Government has devised a program known as HARP (Home Affordable Refinance Program). In short they can refinance your existing mortgage at a lower interest rate. To sum this all up, whether you’re buying or selling, all indications point toward this. “Now is the perfect time to buy or sell a home”.
If you or someone you know has any questions concerning our Real Estate market just give me a call, I’ll make the time to talk. I am praying that you and yours have the most prosperous year ever. Thanks again for your loyalty, Rhonda. Give me a call 352-266-2637

7 banks foreclosing on the most mortgages

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

“The banks foreclosing on the most homes may not directly own the bulk of the mortgages,” 24/7 Wall St. explains. “Rather, they often service them for other entities, which means collecting payments from homeowners and foreclosing on those properties when they become delinquent.”

24/7 Wall St. determined the banks foreclosing on the most home loans by reviewing RealtyTrac data from February of this year. The company identified the following banks as foreclosing on the most homes:

1. Bank of America (which includes Countrywide’s portfolio from its acquisition)
Loans in foreclosure: 96,319
Percentage of loans underwater: 61

2. Wells Fargo
Loans in foreclosure: 84,903
Percentage of loans underwater: 56

3. JPMorgan Chase
Loans in foreclosure: 53,325
Percentage of loans underwater: 54

4. U.S. Bancorp
Loans in foreclosure: 44,881
Percentage of loans underwater: 62

5. Deutsche Bank
Loans in foreclosure: 33,608
Percentage of loans underwater: 63

6. Bank of New York Mellon
Loans in foreclosure: 31,821
Percentage of loans underwater: 67

7. Citigroup
Loans in foreclosure: 27,697
Percentage of loans underwater: 54

Source: “Banks Foreclosing on the Most Homes,” 24/7 Wall St. (March 12, 2013)

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

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!

Ocala Foreclosure Rate at all time High | Area foreclosure rate for November highest in 28 months

Rhonda Buckner with Buckner Homes Realty
3200 SE 20 Ave. Ocala, Florida 34471
352-266-2637
Check out this article from Ocala Star Banner

The Ocala area had the dubious distinction in November of having the second highest foreclosure rate among metropolitan areas throughout the United States.

The rate was the highest it has been in the past 28 months, according to data from RealtyTrac, an online company that analyzes foreclosure trends.
One in every 199 Marion County homes during November had a foreclosure filing against it, leaving the county behind only the Florida metropolitan area of Palm Bay-Melbourne-Titusville, which had one foreclosure for every 158 homes.
Marion County’s November foreclosure rate was the fifth consecutive monthly increase and a 44 percent hike compared with November 2011.
Wayne Archer, director of the University of Florida’s Bergstrom Center for Real Estate Studies, said it is difficult to say what is behind the November increase, but it could be due to an increase in bank foreclosures previously held up by the courts and the robo-signing scandal.
That scandal included false affidavits in thousands of foreclosure cases made by bank representatives during the past few years. When the problem came to light during the past two years, many banks froze foreclosure procedures until proper documents could be obtained.
Archer said the freeze is thawing and that the new foreclosure trend could be the result.
But, Archer said, the local foreclosure spike should be balanced with the recent good news for housing sales in which prices have consistently risen during the past several months, along with the growing number of homes being sold.
Despite the improving housing sales market, Archer predicts that the high number of foreclosures won’t subside much any time soon.
Other Florida cities ranked in the top 10 for highest housing foreclosure rates in the country included:
— Jacksonville, one in 253 units
— Miami-Fort Lauderdale-Pompano Beach, one in 260 units
— Sarasota-Bradenton-Venice, one in 277 units
— Port St. Lucie, one in 278 units
— Gainesville, one in 283 units
All seven Florida metro areas in the top 10 posted annual increases in foreclosure activity.
The other three cities with top 10 metro foreclosure rates were in California:
— Riverside-San Bernardino-Ontario, one in 248 units
— Stockton, one in 265 units
— Modesto, one in 270 units
Foreclosure filings include default notices, scheduled auctions and bank repossessions.
Foreclosed properties often sell for less than conventional home sales, pushing down home prices. They also typically are not as well maintained, potentially creating blight in neighborhoods.
Foreclosures nationwide decreased 3 percent compared with October and were down 19 percent from November 2011. That was due in large part to big year-over-year drops in California, Georgia, Michigan, Texas and Arizona, RealtyTrac concluded.
Foreclosures increased from a year ago in 23 states and the District of Columbia. Nine states posted 12-month highs in foreclosure activity in November, including Florida, New Jersey, New York, Ohio and South Carolina.
Marion County’s foreclosure rate was the highest since August 2010, when one of every 163 homes was in some form of the foreclosure process.
Judy Ray, president of the Ocala/Marion County Association of Realtors and owner of Legacy Realty and Associates in Belleview, said the area’s foreclosures are linked to the community’s unemployment rate. When people have no jobs or are under-employed, they can’t make their mortgage payments, she said.
“There are people who can’t find jobs, companies closing,” Ray said. “I know people who haven’t made a (mortgage payment) in two or three years.”
Marion County’s October unemployment rate was 11.8 percent, but some people think it is higher because many unemployed people accepted part-time work or jobs paying significantly less than what they earned before losing their jobs. Many also are no longer looking for work.
In addition, Ray thinks that following the problems with robo-signing, banks held off foreclosing, until now.
“There are limits for the banks. They put up with it, but that’s changing,” Ray said. “And you had to be five, six months behind before the banks even took notice.”
As for the future, Ray said, “It’s going to stay the same. They’re not going to go away. I see more bank foreclosure filings.”
Contact Fred Hiers at 352-867-4157orfred.hiers@starbanner.com.

Rhonda Has helped many home owners facing foreclosure, give her a call at 352-266-2637 to assist you with your foreclosure and short sale needs

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

It Is Time to Buy a New Home in Ocala |5 Real Estate Resolutions for 2013

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

At the end of every December, people make all kinds of resolutions for the coming year. Typically, these are things they want to improve about themselves, ways to make their day-to-day personal or work life better or ideas to put them on track for a change. Many times these surface as a result of mistakes made in the past 12 months.

When it comes to real estate, resolutions don’t necessarily apply as it’s unlikely that you do a real estate transaction each year. Furthermore, you can’t actually resolve to buy your neighbor’s house or sell your $350,000 home for $1 million. Well, you could, but you’d probably be setting yourself up for disappointment right from the start.

Some things are simply out of a would-be buyer or seller’s control. But, as a would-be buyer or seller, you can learn from and make resolutions based on those who have gone before you. There exists a former buyer who, if he could, would resolve to have done more legwork before buying. Conversely there’s a current seller who resolves to take the next under-asking-price offer from a buyer more seriously.

Whether you plan to buy or sell, there are some real estate resolutions that buyers and sellers can — and should — make. Here are five to get you started.

Buyers: Resolve to get your financial house in order

Planning a home purchase takes time and effort, so you should consider meeting with a mortgage professional early in the year. Know your credit score and understand what your financial situation looks like from a lender‘s perspective. If you have credit issues, identify what they are and the necessary steps to correct them. Sometimes, it can take six months to see your FICO score move up the much-needed 20 points to get you a better mortgage rate. A good real estate agent can recommend an experienced, local mortgage processional. Local is always important, because many real estate deals are made on relationships, and being able to meet face-to-face with your mortgage professional can be a big plus.

Sellers: Resolve to think of your home as a product

When it comes time to sell, your home becomes another product on the market. Buyers will compare it and its price to competing properties. You must put your best foot forward, because the properties that are priced right and show well sell the quickest. Pricing will get worked out once you’re ready to list, but showing well can start way in advance. A home that shows well is free of clutter, clean and as up-to-date as possible.

Start clearing out old stuff now. If there are things deep in your closets that you don’t think you’ll use between January and the time you move, consider a storage locker or making space in the garage. Does your real estate agent suggest that the basement needs a paint job? Get some painting bids now. Have you always hated how the bathroom vanity takes up so much space? Consider changing it now so buyers will perceive your bathroom as bigger. This will also help you spread out the costs of home repairs and changes over several months.

Buyers: Resolve to start feeling out the market early

You may think you only need to go to open houses once you’re ready to buy. But in reality, a buyer needs a couple of months learning the marketing, understanding home values, the prices per neighborhood and the market in general. Going to open houses in the neighborhoods where you want to buy will allow you to start feeling out the market. It may also be the best way to meet your future real estate agent. Many agent/buyer relationships are forged at open houses.

Once you engage an agent, you may make several offers before you get into your dream home. Having your agent along for the ride will allow you to compare and contrast homes you’ve visited to the home you eventually buy. The homes you see and your experience feeling out the market will serve as the building blocks toward becoming an informed buyer and making your best offer.

Sellers: Resolve to understand your timing and exit strategy

One of the biggest stresses on a seller is trying to plan a purchase and a sale at the same time. Can you afford to close on the new home before selling? If so, for how long? Do you need to sell the property first? If so, will the potential sale price support a home purchase in the neighborhood you want to be in? If not, what other areas should you be looking in? Selling and buying at the same time brings up all kinds of financial, emotional and physical stress.

Uprooting yourself from your home is not easy. What if you have to go into short-term housing? How will you get that set up and how long would you need to commit for? If you can afford to purchase and then sell, do they need to happen quickly? Are there things you can be doing in your current home so that once your new home closes, you’ll be ready to list? It’s a lot to think about and plan for, and it helps to have a strategy in place well before you have to take action.

Buyers and sellers: Resolve to engage a real estate agent now

Planning a home purchase or sale takes time. Engaging a real estate agent early in the process will allow you to have an expert on hand as you start to put the pieces together. A good real estate agent doesn’t just show and sell homes: They can be your strategic adviser, even well in advance of any actual transaction.

On the seller side, if you pulled a permit to install some new windows or replace some dry rot in 2005, likely the contractor issued a permit. But did he close it out? A good agent will figure that out and clean it up before it becomes a transaction issue. You should use your agent to literally get your house and listing in order.

For buyers, having an agent with you from the start is like having an experienced, second set of eyes and ears. Having so many transactions under the belt and years of market knowledge in their head, a real estate agent’s opinions, thoughts and ideas can save you a lot of time and money. What’s more, they can keep you on the right path toward identifying the best home, and they’ll see you through the process all the way to the closing.

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

Live in Ocala? Are You A Boomerang Buyer: Buying Again After a Foreclosure or Short Sale

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

Storms never last.

And so it is with many families across America who have gone through either a short sale or a foreclosure in the past few years. Sure, going through a foreclosure or a short sale can be a little stormy, but after a period of time the storm will clear, and it will be time to buy a house again.

Recently, the Wall Street Journal popularized a catchy name for people who have gone through the storm of a foreclosure or short sale and are now ready to buy a house again — boomerang buyers. According to the WSJ, 729,000 foreclosed borrowers are now eligible to apply for an FHA mortgage, up from 285,000 in the same quarter in 2011. This number is expected to rise to 1.5 million by the first quarter of 2014.

Which means it is safe to say that millions of people in the next few years are going to ask the question: What is required in order for me to get a mortgage after a short sale or foreclosure?

Some lenders have special financing programs for people who fall into the boomerang buyer group, but the most common types of financing are FHA, VA and Fannie Mae/Freddie Mac conforming loans. Here are the requirements for these popular types of loans if you have been involved in a short sale or foreclosure:

Buying a house after a short sale

If you went through a short sale and are ready to buy a home again, there are different rules depending on which type of loan you are considering, how much you are planning to put down as a down payment and whether or not you had late payments on your old mortgage before the short sale was completed.

Fannie Mae/Freddie Mac Mortgage VA Mortgage FHA Mortgage
Wait Time 4 years with 10 percent down or 2 years 3 years or
2 years with 20 percent down or * Immediately
2 years with 10 percent down and extenuating circumstances
You may be wondering about the *Immediately part of this grid. Yes, it is possible for someone to buy a home with an FHA loan right away if they were current on their mortgage payment at the time of their short sale or if they went into default for reasons beyond their control.

While it is possible to buy again after a short sale immediately depending on the above circumstances, the more common scenario is to wait for two years and get a Fannie Mae/Freddie Mac loan with 20 percent down or waiting three years and getting an FHA loan with 3.5 percent down.

Buying a house after foreclosure

As with a short sale, the waiting periods are different when buying again after a foreclosure based on which type of financing you are seeking.

Fannie Mae/Freddie Mac Mortgage VA Mortgage FHA Mortgage
Wait Time 7 years or 2 years 3 years
3 years with extenuating circumstances
For most lenders, an extenuating circumstance is a non-recurring event that was beyond an applicant’s control that resulted in a sudden, significant and prolonged reduction in income or extreme increase in financial obligations. Such events are unpredictable, temporary in nature, out of the borrowers control and unlikely to happen again.

Using that definition as a guideline, it will be up to an underwriter to decide whether your particular situation qualifies as an extenuating circumstance.

Credit considerations

When it comes time to apply for a mortgage after a short sale or foreclosure, the waiting period required by FHA, VA or Fannie Mae/Freddie Mac guidelines is one thing — having the credit score to qualify is another, and you need to meet both requirements.

A short sale generally has less of an impact on someone’s credit score than a foreclosure. The biggest impact is caused by late payments, and the foreclosure process usually will take longer than a short sale — so there are more late payments for the credit bureaus to count. Also, how the foreclosure or short sale shows up on your credit report can make a difference. If your loan was “settled,” it will not be as harmful to your credit as if it was recorded as a “default.”

There are a few simple things you can do to clean up your credit after a foreclosure or short sale — including paying off your credit card debt, making all of your other monthly payments on time and keeping records of your on-time payments and monthly budgets showing that you have cut back on spending.

The good news is that storms never last, and depending on what kind of storm you have been through, there is a pathway to follow where you can buy a home again.

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

BENEFITS OF FHA 203K|Financing for Renovations.

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

There are a lot of homes out there for sale as foreclosures and short sales. There are good homes that do not need any work usually go very quickly. That leaves the homes that need work left. Many homeowners that want to purchase, have little money. There is a loan program out there that can help you buy that home and fix it up and roll all the costs into a loan. Get your home and have it customized for you as soon as you move in.

BENEFITS OF FHA 203K RENOVATION LOANS
YOU CLOSE NOW…..WE’LL RENOVATE LATER
Buyer Benefits
Obtain loan covering mortgage and remodeling work with historically low interest rates
Regardless of scope of work, ONLY 3.5% down payment required
Create your DREAM home WITHOUT huge out-of-pocket costs
Take advantage of “as-is” properties priced below market value
Anything from appliances to complete STRUCTURAL renovations available
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

Fiscal Cliff Matters To Housing | Mortgage Debt Forgiveness Extension

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

Rhonda Buckner with Buckner Homes Realty3200 SE 20 Ave. Ocala, Florida 34471352-266-2637

The much feared ‘Fiscal Cliff’ matters big time for housing.
Why?
Wrapped deep within the ongoing negotiations on now to avoid the ‘Fiscal Cliff’ is the extension of the Mortgage Debt Relief Act. Short sales, REOs, Loan Mods….basically the entire housing market would be seriously gut punched if the Mortgage Debt Relief Act isn’t extended.
But, don’t worry. Its getting extended.
From what I have read, folks I have spoken the 2007 Mortgage Debt Relief Act WILL be extended. My contacts in D.C. have told me that neither political party is debating the necessity of extending the Mortgage Debt Relief Act

What I am concerned about is the Mortgage Interest Tax Deduction. Don’t be surprised if the final agreement has in it a limit as to how much you can deduct and limit the deductions based on your income.

Rhonda Buckner Ocala’s Short Sale Specialist 352-266-2637 Sells Short Sales Quickly