With interest rates at record lows and the stock market looking too perilous for small investors, many people are putting money in an asset they understand — real estate.

One of the best places to invest is in foreclosures and bargain residential real estate.  The current Pensacola market conditions make it a perfect time for a small investor to purchase one or more foreclosure properties for their private residence, rental or resale. During economic downturns, more upscale homes go into foreclosure, so the notion that foreclosure homes are only available in crime-ridden areas is inaccurate. Pensacola Beach waterfront homes and homes in affluent Pensacola areas are part of the mix of foreclosed properties available.

Pensacola (REO) bank-owned properties offer the safest deal for inexperienced foreclosure buyers,  a lender that’s eager to sell might be willing to offer attractive terms.  The lender might offer to finance the Pensacola Beach property at a below-market rate or with a lower-than-usual down payment.

REGISTER FOR OUR UPCOMING FORECLOSURE / SHORT SALE SEMINAR

CALL TOLL FREE 1-877-290-5392 EXT 444 FOR COMPLETE DETAILS!!

The FHA 203k loan program is the Department of Housing and Urban Development (HUD),  primary program for the rehabilitation and repair of single family properties.

Lenders have successfully used the FHA 203k loan program in partnership with state and local housing agencies and nonprofit organizations to rehabilitate properties.

HUD also believes that the FHA 203k loan program is an excellent means for lenders to demonstrate their commitment to lending in lower income communities and to help meet their responsibilities under the Community Reinvestment Act (CRA).

This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways:

· To purchase a dwelling and the land on which the dwelling is located and rehabilitate it.

· To purchase a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it.

· To refinance existing indebtedness and rehabilitate a dwelling

For additional information:

CALL/TEXT Cindy 850-393-5134 or

visit www.ParadiseFoundPensacolaBeach.com  

Short sales are not necessarily complicated but do require some work on your and Doc Cindy’s part.

1.  What is the true value of your property.  Doc Cindy can provide a “market analysis” and give you a good idea of what your Pensacola Beach home or condo might sell for.  

2.  Calculate your estimated closing costs. Items such as a title report, escrow, appraisal, attorney fees, agent commissions, unpaid property taxes etc. may add up to a substantial amount of money.

3.  How much you owe on your Pensacola Beach property? Include all loans on the property in your calculation. 

4.  Calculate your equity.  If your closing cost estimate plus your loan amounts are higher than the value of your property then a short sale is a possibility.   

5.  Contact your lender and explain your situation. Usually lenders have a ‘loss mitigation department’ that you can contact. Allow Doc Cindy to work with the lender, grant them access to your file.  Lenders are under no obligation to accept a short sale but many times it is in their best interests to do so.  

6.  Consider your tax obligations! Do not underestimate this! Many times there can be a substantial tax obligation after a short sale has occurred. 

 7. Let Doc Cindy work for you to find a buyer and sell your Pensacola Beach property. The lender will still have to approve the buyer’s offer but once they do you can sell your property.

For more tips about short sales / foreclosures on Pensacola Beach:

CALL/TEXT Doc Cindy 850-393-5134 

(Pensacola Beach Foreclosure/Short Sale Specialist)

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Pensacola Beach Short Sale

$329,900     3 Bedrooms / 2 Baths      1,100 sq ft

Motivated Seller! Reduced over $100,000, needs to sell! Best buy on the beach for a single family home with excellent sound views. Completely remodeled & freshly painted. Bright open floor plan with high vaulted ceilings, track lighting, tile flooring, seperate dining area, updated appliances including Whirlpool flat surface stove, built-in microwave, Frigidaire dishwasher & refrigerator, new cabinets & countertops, pantry, & indoor laundry with extra pantry space. Both bathrooms are like new with cultured marble coutertops, new cabinets, bathtubs, toilets, and tile floors. The master bedroom has an incredible view of the sound & balcony access. 2 car garage, hardi-plank siding, new roof, & partial fenced yard, and covered patio.

CALL/TEXT Cindy 850-393-5134  (Pensacola Beach Foreclosures/Short Sales)

Pensacola Beach Short Sale

$990,000     4 Bedrooms / 4 Baths     2,668 sq ft

Breathtaking views and just steps out the door to the Gulf from this recently built Pensacola Beach 4 bedroom 4 bathroom home. This wonderful home with its’ Gulf side location offers over 6600 feet under roof with over 3000 sqft of open porches to enjoy the incredible views of the beach. This Beach Getaway includes Granite countertops and custom Tile work in Kitchen and Bathrooms, 18″ travertine tile in living/dining room & kitchen, all three bedrooms on the third floor include their own private bathrooms, Owner’s Closets on 2nd & 3rd floors, and the Master Bedroom has a Gulf View. Kitchen has GE Profile appliances, Chocolate Glazed Custom Cabinets, Stile Stone deep sink, and huge Pantry. The living area has 6 French doors that access to the spacious wraparound deck–perfect for those evenings relaxing to the sounds of the waves washing up on the beach or enjoy entertaining a group of friends on your roomy deck. Master suite has access to covered porch with views of the Gulf with its’ bathroom including 2 walk-in closets, linen closet, whirlpool tub, double vanity and separate shower. Third floor wraparound porch extends off the Master Bedroom and a guest suite/bedroom w/ built-in Custom Cabinetry and both rooms provide views of the Gulf. No updating necessary for this jewel! Home was built in 2007 and has immediate occupancy.

CALL/TEXT Cindy 850-393-5134
(Pensacola Beach Foreclosure / Short Sale Specialist)

Subscribe for weekly “HOT PROPERTY DEALS” in upper left corner of blog!

Portofino Gulf front 01 unit. Granite kitchen and baths, tile and crown moulding throughout, ceiling fans in living room and bedrooms and stainless steele appliances.Extremely clean. Property situated on 28 acres of beachfront land. Amenties include indoor olympic pool and beachside pools in each tower. The Lifestyle center has 2 lagoon pools with a full restaurant and outdoor grill, Rubicio tennis courts, hottubs, spa and fitness center.

CALL/TEXT Cindy 850-393-5134

(Pensacola Beach Foreclosure/Short Sale Specialist)

Pensacola News Journal, Kris Wernowsky, December 14, 2008

……….Homeowners, renters and investors are the faces of the foreclosure crisis.  Florida has one of the highest foreclosure rates in the country, and the problem steadily is getting worse.

Escambia County ranks 37th, and Santa Rosa County ranks 42nd among the state’s 67 counties in percentage of foreclosures, according to RealtyTrac.com, which collects national foreclosure data.

Gov. Charlie Crist and representatives of mortgage lenders recently put a 45-day holiday moratorium on new foreclosures.  Meanwhile, the U.S. Treasury is considering a plan to lower fixed-rate mortgages to 4.5 percent, and many hope that plan will be extended to existing mortgage refinancings.

But in mid-January, when the moratorium is over, local real estate experts say there’s every likelihood of a tidal wave of new foreclosures.  “It’s safe to say the pace of foreclosures will not abate for probably another 12 months,” said Rick Harper, an economist at the Haas Center for Business Research and Economic Development at the University of West Florida.

The grim prediction is backed by grim statistics:

• In Escambia County, 724 foreclosure suits were filed in 2005. In the first 11 months of this year, 2,248 were filed.

• In Santa Rosa County, 292 suits were filed in 2005. Through November of this year, 1,332 had been filed.

• Last month, 196 homes in Escambia County sold. Meanwhile, 120 homes went into foreclosure proceedings.

• Family Promise of Santa Rosa, a nonprofit organization that provides housing assistance, reported one instance of a renter displaced by foreclosure in 2006. Now, the organization gets at least three requests a month from displaced renters, said director Debbie Laird.

Foreclosures hurt the whole community, not just those foreclosed upon.

“Foreclosures are a true barometer of what’s going on in the overall economy,” said Al Muller, co-owner of Metro Market Trends Inc., which collects local housing data.

“It’s hurting Realtors, appraisers, title companies, lawyers, home inspectors — anyone whose business depends on the housing market.”

Pensacola Foreclosure Trends
Road to Foreclosure
Foreclosures by Zip Code

Click on links to download .pdf information.

Contact Cindy 850-393-5134 or EMAIL Cindy@Move2FLA.com

If you want to know how the 2008 presidential election was won you need to look no further than the nation’s biggest foreclosure centers.

Seven of the top 10 foreclosure states voted Republican in the 2000 and 2004 presidential elections, while three states went Democratic. This time around the Democrats captured eight of the top 10 foreclosure states.

The difference in terms of electoral votes is significant. In the 2000 and 2004 presidential elections today’s 10 leading foreclosure states produced 97 electoral votes for George Bush and 87 votes for Al Gore (2000) and John Kerry (2004). In 2008 the top-10 states generated 159 electoral votes for Obama — and just 25 for McCain.

Read the entire article – CLICK HERE!!

CALL/TEXT Cindy 850-393-5134 or EMAIL  Cindy@TheParadiseHomeTeam.com for more information.

A short sale is the sale of a house where the sale price is less that what the current homeowner owes on the mortgage.  Lenders may agree to a short sale and take a loss on the loan instead of going through the lengthy foreclosure process.  If the lender does agree to a short sale, in most cases they will sale the house for less than it is worth and forgive the rest of the loan that is owed.

A short sale can be a great opportunity for everyone involved.  The seller gets out from under a mortgage liability that they can no longer afford.  The buyer gets a house at a reduced price.  The lender minimizes their loss without going through the long foreclosure process and possibly be stuck with an unsalable property.  The congressional Joint Economic Committee found earlier in 2008, that foreclosures could cost lenders as much as $50,000 per foreclosure.

Buyers should work with real estate agents who are familiar with the short sale process.  The process itself can be a lengthy, frustrating one.  Experienced agents can help with the negotiating process and also inform the buyer what type of paperwork they are going to need in order to convince the lender that a short sale foreclosure is the best option for that piece of property.

If you are considering a short sale, make sure you get everything in writing.  If the lender agrees to take a short sale get it in writing that you will be absolved of all debts associated with the mortgage. 

Contact Cindy 850-393-5134 or email Cindy@TheParadiseHomeTeam.com for a short sale expert.