Using our custom MLS search tool
I just want to mention our custom MLS search tool. I find that it is the easiest search tool on the internet for properties and real estate in the Florida Keys, You can narrow down your search to a specific island or city in the Florida Keys. You can set your own parameters as to price, bedrooms, construction and on and on. When a new listing comes on the market, you will automatically be set an update. No need to talk to a realtor unless you want to. I love the flexability it provides. If you haven’t tried it….I would recommend taking a look. No cost, no hasssle.
Enjoy the historic Sloppy Joes in Key West. This Key West landmark has been on the cormer of Greene and the famous Duval Street since 1937. The original 1933 location was just a few doors down and to the west and is currently callled Captain Tony’s. Among the most famous patrons of Sloppy Joes were Ernest Hemmingway and Habana Joe. It is a well known tourist attraction with live bands and slushy drinks as well as the the site of the Ernest Hemingway look-alike contest, started in 1981.
Buying a Short Sale Property
I was reading the Orlando Sentinel today July 12, 2011 issue and found some great information about the basics of short sales purchasing:
What is a short sale?
According to foreclosureuniversity.com, “a short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Instead of buying from a seller, you are purchasing the property directly from the lender for a discount. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $300,000. You write an offer to the lender for $220,000, which is accepted as full payment for the loan.”
Pros and cons of short sales
Pro: Getting the property for less than what it would cost for the owner to reinstate the mortgage can be a windfall.
Con: Short sales can require more work on the part of the buyer who must also qualify for the transaction — and often be able to pay entirely in cash.
Did you know?
– Frankie Orlando, the author of The Pre-Foreclosure Real Estate Handbook, says that Fannie Mae and Freddie Mac will accept 85 to 90 percent of the fair market values in a short sale, and HUD will accept as low as 82 percent.
– To make a case for the short sale, the buyer needs to compile paperwork to prove to the lender that the homeowner qualifies for a short sale payoff.
– While a first mortgage will be satisfied in a short sale, buyers also need to consider any secondary liens against the property.
– Lenders will more seriously consider short sale offers that are entirely in cash, with a 30-day-or-shorter closing and no contingencies.
– The seller or property owner cannot profit from a short sale.
The Key Deer in Big Pine Key in the Florida Keys
I spent the day previewing real estate properties for my client and was suprised to see so many key deer in Big Pine Key. Key deer are a minature version of the white tail deer and these are known to only be found in the Florida Keys. Big Pine Key has them virtually roaming freely everywhere in the neighborhoods. No wonder as this is the home of the Key Deer Refuge.