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Home Buying: Negotiate from Strength
You may not be the only one who recognizes a good deal. When the right home comes along there may be multiple offers. A pre-qualification letter must accompany every offer, regardless if you are looking at bank owned foreclosures, short sales or traditional sales in the Tampa Bay area.
While pre-qualification offers leverage during pricing negotiations, a pre-approval letter goes a step further by verifying a lender has made a commitment to finance your home choice up to a certain price. If you wait until after you find the right home to obtain a letter, it may be too late. We strongly recommend that you obtain a pre-approval or pre-qualification letter in advance to ensure that all options are open to you.
Having a comprehensive letter from a recognizable lender will put you in a stronger negotiating position. Still hesitant to have a lender run your credit history? Worried the credit inquiry might drive down your score? Here are a few points to consider:
#1) If you already have a recent credit report, one of these lender can use that report without running it again. Reports are valid for 90 days and no additional pulls are usually required.
#2) The 3 credit reporting agencies have advised that if your credit is pulled by mortgage companies multiple time within the same 30 day period, it will only count as 1 pull. This is done to allow a client to be able to shop for a mortgage. The one pull should only effect the credit score by a couple of points.
#3) If you elect to run your score again, the lender will give you a copy of the report. You can use it wth any other lender. This is the very report will likely be used for the underwriting process. The borrower should review the report with the lender to explain the details and look for errors. If we spot a minor error we can remedy the situation in advance.
#4) It is important to not generate unnecessary inquiries as that indeed can drive down a credit score. However, the very reason one protects ones credit score is for this moment, when one is seeking to qualify for what is probably one’s largest single investment. Knowledge is power, and the first thing a borrower should learn is where they stand on their credit Score. “If you want to bake a cake, you need to break some eggs”.
For help selecting the best loan, the Lender Evaluation System and our Home Buying System, contact Doug & Dale Bohanon at Coldwell Banker (813) 979-4963.
Rap Video of New Tampa?
As 2009 comes to a close and we consider the 2010 marketing campaign, should we make a Gangsta Rap video of New Tampa that might go viral like this one about Northern Arlington? Funny, ironic and worth the click: http://bizy.be/QV2ZT
Short Sales: A Win-Win Scenario or a Minefield?
The average Tampa Realtor sells less than 1 home per month and has ZERO training negotiating short sales with banks. I am selling 10 homes per month in the Tampa Bay area, and have successfully implemented CDPE (Certified Distressed Property Expert) training to negotiate with dozens of banks. Check out this article for more details on some perspective on short sales. As the Sacramento Bee states:
”Short sales are a financial tactic that appears only in real estate downturns. Such sales are supposed to be a win-win that gets the seller out of a tight spot, a buyer a good deal and the bank off the hook….But what sounds like a logical alternative to the usual outcome of defaults – foreclosure – can be a minefield. Critics charge banks with being shortsighted and a menace to neighborhood home values. Banks say they have obligations to their investors. Some say inexperienced real estate agents forward irrational offers and incomplete paperwork, then expect fast miracles from their inundated staff members.
The result inside this real estate downturn has often been frustration for sellers, buyers and banks. Banks have been resistant, operating in a new financial landscape that requires permission from global investors and other parties. Many real estate agents simply avoid short sales, steering buyers to bank repos. And sellers have become frustrated by complications and 60- to 90-day timetables.”
- by dale bohannon
Looking to Relocate to Tampa Bay? Cory Lake Isles is the New Tampa Community For You
In Cory Lake Isles you can have it all, quality of life, seclusion and waterfront living near the heart of Tampa Bay. Cory Lake is Tampa’s largest lake and Cory Lake Isles is set along its ten-mile shoreline. Directly abutting Cory Lake Isles is 17,000 acres of protected forest preserve which will never be developed.
Cory Lake Isles has two gated entrances, both of which are manned 24 hours a day, creating privacy and security at New Tampa’s most exclusive address. The grounds are exquisitely landscaped and filled with lush tropical plants. Cory Lake Isles has its own exclusive island retreat, Chachet Isle, surrounded by Cory Lake and accessible only by bridge.
If you are interested in looking at Cory Lake Isles conatct me, Annette Bohannon, at (800) 373 4708. Cory Lake Isles offers the best in exclusive Tampa Bay real estate.
Home Sales Up, Home Prices Down, Equates to Great Time to Buy in Tampa Bay
With home sales on the rise and home prices down, Tampa Bay real estate appears to be rebounding. It couldn’t be a better time for buyers to look at real estate in Tampa Bay. There are are a lot of homes on the market, giving the buyer a lot to choose from as well as a great bargaining position to be in. If you are looking for a primary residence, a second home or an investment property no is a great time to look.
Call me, Annette Bohannon, at (813) 979-4963. I can help you find the Tampa Bay property you are looking for. Whether you are looking for ocean front luxury Tampa Bay property or something away from the ocean and more secluded, a condo, a single family home or a high-rise apartment I can help you find what suits your needs. Team Bohannon offers you the expertise you need to make an educated real estate decision.
Increase in Home Sales Makes Tampa Bay a Buyers Market
Despite home sales in the South dropping over 18% in July, home sales were up 5% in the Tampa area during the same time period. While single family home prices are still going down, it is uplifting to see home sales rising especially when home sales have dropped significantly elsewhere in the country. Approximately one third of homes sold in the Tampa area have been bank foreclosed properties, which definitely affects the overall price average of the homes selling. People looking to buy have more leverage in price because they can easily purchase a foreclosed home at a lower price, making Tampa Bay a buyers market.
If you are looking to buy real estate in Tampa Bay, look no further. Call me, Annette Bohannon, at (813) 979-4963. Team Bohannon offer expertise in the Tampa Bay real estate market and will keep you well informed and educated. Call or visit our web site today.
Living in Tampa Bay Puts You Next to the #1 Ranked Beach in the US
This year Caladesi Island was ranked as the best beach in 2008 on an annual list of “Best Beaches”. Caladesi Island beat out beaches in Hawaii and California to get the top ranking this year. What makes Caladesi’s beaches so fantastic is its remote location, beautiful water and amenities. Caladesi offers restrooms, showers, kayak and beach chair rentals, as well as a snack bar where burgers and beer are available. The Caledesi amenities make hitting the beach here easy and effortless. In addition the fine, white quartz sand and the typically low waves make Caledesi Island very family friendly. Caledesi island is very near Tampa, most people take a 15 minute ferry ride over unless they are traveling by their own boat.
Caledesi Island is yet one more feature which makes Tampa Bay such a desirable place to live. If you would like to look at real estate near Caledesi or any where else in the Tampa area contact me, Annette Bohannon, at (813) 979-4963. Let Team Bohannon find you the property you deserve in an area that is desirable to live in.
In Tampa Bay Real Estate Prices are Directly Related to Location
Certain areas of the real estate market are more affected than others in the Tampa Bay area. For example, Pasco had the worst decline when it comes to home sales, showing a 45% drop in Value compared to the height of the market in 2006. Pasco was an area where investors were gobbling up properties, a much higher ratio than other parts of the Tampa area. Now many homes are being foreclosed and because many of these houses were pre-fab and are significantly older, say 40 years on the average, they are selling as low as $56,000. The banks holding on to properties in the Pasco area are not holding on and helping their lenders but selling as cheaply as they can and getting out.
In the same respect areas like Seven Oaks, Zephyr Hills and Dade City are only seeing declines of 9% to 18%. It definitely makes one sit up and take notice. Research the area where you think you want to live. Certain areas will definitely hold their values better than others. Good construction, good neighborhoods, and good schools all equate to stronger market values.
If you would like to explore real estate in Tampa Bay contact me, Annete Bohannon, at (813) 979-4963. My team and I have an extensive knowledge of the Tampa real estate market and can help you find a property that fits your needs.
Get Into Real Estate in Tampa Bay, It’s a Buyers Market
Real Estate has switched from sellers market to a buyers market in Tampa Bay and it’s a great time to get in the game or buy the home that you had your eye on a year or two ago. Homes are more of a “bargain” this year than they have been in the past four or five years and that makes buying a home much more attractive. Whether you are looking to buy a primary residence, a secondary residence or a rental property, the Tampa Bay real estate market is a must-see.
If you would like to explore the Tampa real estate market give me, Annette Bohannon, a call at (813) 979-4963 . My team and I have an extensive knowledge of real estate in Tampa Bay. Team Bohannon has the expertise necessary to make your real estate transaction smooth and your decision an informed one. Call or visit our web site today.
Florida Foreclosures Offer Real Estate Bargains
The rising number of foreclosures, while devastating for those involved, presents more and more bargains for those looking to buy homes. From June to July the number of foreclosures in Florida grew by 14%, a significant amount by any standard. Currently Florida is working hard to help those in foreclosure, making now the time to act. Purchasing foreclosure properties will be easier now than after legislation is passed to help others avoid foreclosure.
If you are looking to purchase a home in the Tampa Bay area, contact me Annette Bohannon. Team Bohannon can help you find the real estate bargain that you, as a buyer, have been looking for. With real estate on four year lows now is a great time to buy. Give me a call at (813) 979-4963. My team and I will work hard to find the ideal property for you and make your real estate transaction and easy one.
