Cape Coral Real Estate

(239) 542-8521

Susan@SusanMilner.com

Cape Coral Second Homes

Mon, 26 Jul 2010 11:11:49 -0400

Cape Coral Gulf Access homes make great second homes.

What will a second home in SW Florida cost?

As the prices of homes in SW Florida are, can we say, more than affordable, many people across the U.S. and abroad (especially Europe and Canada) are entertaining the possibility of a second home. The biggest question on everyone’s mind is “What will it cost me?” Obviously it is pretty easy to find the listing prices of Cape Coral homes online but to truly understand what the ‘cost’ will be can take doing some research. In this article I will go over the basic costs you can expect to pay when investing in a second home here in beautiful Cape Coral or Ft. Myers, Florida.

First to consider: Cost of Money

Are you planning to pay cash or do you plan to get a mortgage for some of the purchase price? If you plan to pay cash make sure that you are comfortable with the rate of return on your investment. You may wish to consider getting a loan for some of the purchase to keep more capital for other investments (more houses, or?).

If you are going to obtain financing make sure you determine which loan is best for you and your needs. Most investment properties will require 20-25% down. If you are Foreign National you must be prepared to put down at least 30% in most cases. You can also attempt to receive a loan from your country as well. The rates will be lower but you may have to put up your current home as collateral (borrow against your equity). Some second homes may be purchased with less money down. But your payments will be much lower with the more money you put down on your purchase.

For comparison purposes here let’s look at a sample waterfront listing. The current asking price is $375,000. Let’s assume that you plan to put down 25%. This means that you will be putting a down payment of $93,750. Here is an estimate of closing costs:

Taxes: $ 6,422.24*

Loan fees: $3,846
Prepaid taxes & insurance: $5,778

Total costs to close: $103,374.

from current 2009 tax bill – properties are reassessed every year here so this could change. Currently this home is assessed at $374,230. Please also note that taxes are NOT higher for non-residents. But full time residents are eligible for exemptions.

To find insurance companies who are still readily writing homeowners insurance in the state of Florida visit www.ShopandCompareRates.com

You can verify tax information online at www.LeePA.org

Next we need to figure maintenance. You will have an electric charge and probably a water bill as well. Let’s assume that you are not here full time and so we’ll estimate these charges on the ‘low’ side.

Monthly Bills
Electricity         $200-400
Water            $ 50-150
Lawn            $ 75-100
Pool            $ 75-100
Alarm            $    20-50

You may also wish to hire a maintenance company to handle all of this. They will have their own crews to handle lawn, pool, cleaning, repairs, etc. They charge anywhere from $50-500 per month above the charges listed above.

You can also have the property rented out during the months you will not be visiting if you’d like to offset the costs. Rental rates very depending upon location and whether we are talking about in or out of ‘season’. You can pay anywhere from 5-15% for property management assistance. This fee is generally deducted directly from your monthly rental income.

Keep in mind that these are estimates and that the real charges could be higher or lower.

Our professional real estate agents can walk you through this process and assist you in determining what makes sense for your needs and wants.

Ready to search for available homes now? Visit our Cape Coral real estate source!

We look forward to hearing from you! If you have any questions at all give us a call!

(239) 542-8521

(888) 764-6665

Yours in Success,

Susan Milner

Florida Future Realty, Inc

(239) 542-8521

Susan@SusanMilner.com

I hate dealing with idiots!

Wed, 21 Jul 2010 12:47:29 -0400

I cannot believe what that idiot did today!

Sound familiar? Do you constantly end up dealing with ‘Idiots’ in your real estate business? They don’t know what they are doing. They clearly haven’t read the new laws! They don’t even write up a contract correctly! Sheesh, we should all ‘Raise the Bar’!

It is funny that I am writing this. I have definitely had my moments dealing with ‘idiots’. Yep, I said it. But you know what? Looking back I clearly could have handled the situation differently, better even. Instead of allowing the initial frustrating thought to take over I should have stepped back and realized that EVERYONE makes mistakes.

We all have our moments of saying or writing something ‘stupid’. We have all messed up some document before. We have all misspelled something in our day! We have all done something completely incorrect.

But you say, “I take responsibility for my actions”. Or even “No, I don’t make mistakes”. You are crazy if you think you haven’t made mistakes. We all do! Great, you take responsibility for your negative actions but you don’t think others do? Well maybe you could respond with kindness and actually HELP them out instead of ranting about what they do.

For instance, in this current market we are dealing with a LOT of bank owned properties, short sales and investors. Some of the real estate professionals around here have been handling short sales and/or bank owneds for years. Others are just now starting to take these kind of listings. It appears that the ones who have been handling it for longer are (from the newbies mindset): Rude, non-responsive, even unprofessional
While they are: so much more professional. They would of course answer their phone and most certainly return all phone calls promptly, take more photos of the house, be nicer to agents who ‘are trying to sell this house for the listing agent’!

Funny thing is though on the flip side of the coin these listing agents are “tired of all the stupid questions”, “exhausted with the low ball offers”, “too busy to explain to every buyer’s agent how to write up an offer properly”, “knowing the property is priced so low it will sell fast & don’t need to take 10 photos of it - it is a foreclosure after all’.

Sound familiar? See the problem? Everyone is too worried about everyone else and not worried enough about themselves. We all need to focus more on our own professionalism, our own friendliness, kindness and ethics. We will never force someone else to be something they are not but being rude to them will not help - in fact that will make it worse! (i.e. viscous cycle)

Next time you are thinking about ‘ranting’ about some ‘idiot’ agent/any other person rethink it. Think about being kind and doing something way more productive with your time! Like maybe ‘helping’ someone out!

And please, don’t convey your opinion to the public or your customers. It will only make you look like the loser. People want to be around happy, kind people - not jerks.

So leave your negative attitude, huge ego and BS at home and come out and be positive, have fun, be professional and be more successful!

No one is perfect but we can all make a better effort to be ‘better’. And ‘better’ is not telling someone else how to do their job. It is being better at your own!

My 2 cent rant for the day ;)

Make it a GREAT one!!!!! And wouldn’t you rather be HAPPY than RIGHT?

(and the photo is there to help you RELAX :))

Yours in Success,

Susan Milner

Florida Future Realty, Inc

(239) 542-8521

Susan@SusanMilner.com

Cape Coral Hurricanes

Tue, 01 Jun 2010 15:24:14 -0400

June 1, 2010

Cape Coral, Florida

June 1 is the first day of Hurricane Season.

This year is predicted to be a busy hurricane season. The official NOAA predictions are as follows:

“We estimate a 70% probability for each of the following ranges of activity this season:
14-23 Named Storms,
8-14 Hurricanes
3-7 Major Hurricanes
An ACE range of 155%-270% of the median.” (from http://www.cpc.noaa.gov/products/outlooks/hurricane.shtml)

NOAA is clear to state that they DO NOT make landfall predictions. They are unable to predict landfall until a few days out.

It is always best to be prepared as you never know exactly what may happen in your neighborhood/area. The good news with Hurricanes is that they give us plenty of warning. We are notified of their formation SEVERAL days before they are even close to United States in most cases. This gives you plenty of time to prepare. Whether you plan to board up and stay at your house or board up and leave is up to you. Depending upon the strength of a Hurricane you can make the best choice for you and your family.

I remember when Hurricane Charley hit our area in 2004. Most people didn’t even make the necessary preparations because they had never experienced a storm this large. They were used to small storms that caused minimal damage. We knew it was headed our way as at least a category 2 storm well in advance. However, as it approached it reached a category 4 Hurricane status. Many older homes sustained minor to major damage and many other homes sustained minor roof, pool cage and tree damage. We lost power through most of the area for several days. Charley was definitely a wake up call for our area.

The following years were mild for us including last year which was also pretty mild in and around Cape Coral.

I wrote the article below in the past to remind people of other natural disasters around the US and World to put Hurricanes ‘in perspective’.

Being in SW Florida, I hear concerns from people about Hurricanes from time to time. We usually end up discussing historical data, newest hurricane codes & then I typically go into ‘natural disasters elsewhere’.

Honestly, I cannot think of a single place to live that there won’t be something weatherwise to concern yourself with. Basically it comes down to picking the ones that least annoy you, or maybe are least likely to kill you.

Here are some I can think of:

Hurricanes
Tornadoes
Mudslides
Blizzards
Avalanches
Fires
Floods
Draught
Extreme Heat
Wind
Earthquakes
Tsunamis
Sink Holes
Volcanic Eruptions
Solar flares, meteors, etc…

So, what natural disasters do you have to explain in your area?
Oh, I almost forget Florida is also the lightning Capital of the World
But I can’t see myself living anywhere else!

Read the remainder of this article on my webiste: Cape Coral Hurricane preparedness

Yours in Success,

Susan Milner

Florida Future Realty, Inc

(239) 542-8521

Susan@SusanMilner.com

Cape Coral Lease Option

Fri, 21 May 2010 09:53:18 -0400

Cape Coral lease options are a great idea again. Florida Future Realty, Inc. has been receiving a high number of requests for purchasing homes in Cape Coral via lease options. We are in need of more inventory to fulfill the needs of these buyers in Cape Coral. Many of these buyers have unfortunately lost a home in the past few years to a short sale, foreclosure or deed in lieu. They are good people who want to purchase a home they can afford but banks aren’t lending them money, yet. They want a place to call home and are sick of moving every 6-12 months from homes that are also going into default! We need your help. If you have property in Cape Coral that is paid for and you’d like to receive income on this property we have a great plan for all. Lease options were very big several years ago and they are big again.

There are 2 parts to a lease with option to buy. The first part is the lease. The lease agreement is set up for anywhere from 1 to 3 years. There is first & last month’s rent included to get started. Rent rates on lease options are slightly higher than standard rental rates because the tenant/buyer will be receiving part of their monthly rent towards the purchase price.

There is also a contract for sale and purchase. This price will be based upon projected market value at the time the lease ends and the sale is to take place. The tenant/buyer will also put a non-refundable deposit down as well. This is generally 3-5% of the sales price but can always be negotiated to fit the needs of all parties involved. This amount will also be credited towards the buyer’s closing costs at the actual sale of the property. If the tenant/buyer fails to purchase the property then they deposit is completely forfeited to the owner of the property.

Our lease option program guidelines: Cape Coral Lease Options

Yours in Success,

Susan Milner

Florida Future Realty, Inc

(239) 542-8521

Susan@SusanMilner.com

Cape Coral Lease Option

Sun, 15 Oct 2006 16:52:07 -0400

If you have been waiting on the sidelines to see what the local Cape Coral real estate market may do & you are not in a position to start making offers to buy, a lease option may fit your needs well. If you are not familiar with a lease option, it is fairly easy to understand. I'm going to take you into the lease option now.

First of all, there is a considerable down payment required. Many sellers are requesting 3-5% down (of the purchase price) but we have seen many negotiate lower amounts. This deposit will go towards the purchase price or down payment and/or closing costs when the home is purchased at the end of the lease option term. If you do not follow through & purchase the home, the seller keeps this deposit. It is NON-REFUNDABLE.

The purchase price is locked in at the time of signing the lease option. No one can predict for sure what the house will appraise at in the next year but this is the price regardless of whether the market goes down or up considerably.

Monthly payment. The monthly payment is going to be more than average rents but less than a normal mortgage payment in most cases. Let's just assume the house is $149,900. A mortgage payment with PI (principal & interest) would be around $1250/month. Renting the same house would be around $900/month. The lease option price is $1100/month with $100 of that being credited each month to the purchase price. Again, if you do not purchase the home at the end of the term all monies paid are non-refundable.

What do you have to do to qualify for a lease option? Well, it is based upon the seller's criteria. Most of my sellers like to see a credit history, rental history & verified employment. Some do not ask for these things though. Most sellers in this current market also understand that many have lost their own homes due to foreclosure or short sale and will still work with them.

How else does this plan differ from a rental lease? Well, you would be acting as the home owner. You'd be responsible for repairs & upkeep on the home. The seller is NOT your landlord. They are not responsible for thse items. Since you will be buying the house at the end of the term it would behoove you to take excellent care of it regardless.

If you'd like to see properties that are available on a lease with option to buy contact us below and we'll be glad to provide you with more information.

Yours in Success,

Susan Milner

Florida Future Realty, Inc

(239) 542-8521

Susan@SusanMilner.com

Cape Coral Short Sale Update

Sun, 16 May 2010 12:13:09 -0400

2010 Short Sales are still highly prevalent in and around Cape Coral, Florida. This year we have noticed more and more Cape Coral real estate agents get involved in assisting buyers and sellers with either purchasing or selling short sales. We've been successfully negotiating short sales since 2006. In some aspects the process is becoming easier but in some ways more challenging as well. With new government programs available homeowners are opting to participate in either loan modifications or a short sale when faced with a hardship. We suggest all primary home owners to attempt a loan modification first, prior to attempting a short sale. If a loan modification doesn't work then your lender will most likely even advise you to seek out a short sale. We have much first hand experience in short sales and can assist sellers in and around Cape Coral and Fort Myers with their short sales.

You can read more from our past short sale customers to get an idea of our services.

Cape Coral Short Sale

Our website also goes over many common questions you may have in regards to a short sale on your home. We have also successfully assisted investors and non-primary residents in short selling their properties as well. At times lenders, investors or mortgage insurance companies will require some cash at closing or a promissory note on these type of properties.

If you would like help now with a short sale please go ahead and fill out the form below and we'll be in touch shortly.

Yours in Success,

Susan Milner

Florida Future Realty, Inc

(239) 542-8521

Susan@SusanMilner.com

Cape Coral HUD registered Broker

Tue, 23 Feb 2010 12:57:59 -0500

As a registered real estate broker with HUD I like to keep up to date on the newest listings (see below). We also have lists of Foreclosures from other sources. There are a lot of great opportunities out there for buyers still.

CAPE-CORAL

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 092-902427 1020 SE 25TH LN
CAPE CORAL, FL 33904 $60,000 3/2 02/19/10 02/23/10 Owner Occupant
(Investors bid on 2010-02-24)
View Map View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-043800 1820 SW 39TH ST
CAPE CORAL, FL 33914 $57,000 3/ 2 02/19/10 02/23/10 Owner Occupant
(Investors bid on 2010-02-24)
View Map View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 092-935962 1111 SE 8TH TER #3B
CAPE CORAL, FL 33990 $23,000 2/2 02/12/10 Daily All Bidders
View Map View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-008683 5210 CORONADO PKWY #10
CAPE CORAL, FL 33904 $27,500 2/2 02/05/10 Daily All Bidders
View Map View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 098-008295 3917 COUNTRY CLUB #102
CAPE CORAL, FL 33904 $59,000 2/2 02/05/10 Daily All Bidders
View Map View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 092-922688 702 SW 11TH AVE
CAPE CORAL, FL 33991 $133,000 3/2 01/22/10 Daily All Bidders
View Map View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-028607 1022 SE 46TH ST #2C
CAPE CORAL, FL 33904 $85,500 Price Reduced 2/ 2 01/22/10 Daily All Bidders
View Map View Property Details

Yours in Success,

Susan Milner

Florida Future Realty, Inc

http://www.susanmilner.com/

(239) 542-8521

Susan@SusanMilner.com

What kind of Investor Are You?

Wed, 06 Sep 2006 11:31:37 -0400

What kind of an investor do you want to be? I am currently reading The Millionaire Real Estate Investor by Gary Keller.

As an investor myself I am constantly looking at ways to increase my investment portfolio & learning about what other real estate investors are investing in & how is a great way to enhance your current situation as well. Why re-invent the wheel as they say? Exactly. And maybe youve been successfully investing & your way works but maybe there is an easier or more lucrative approach out there? Im sure if you are reading this that you are the type of person that is always looking to find great advice out there though.

By continuing to educate yourself through books, tapes, seminars, etc you are becoming more & more of what you ultimately seek to be.

One part of the book Id like to share with you that I personally found very insightful was the following:

The Four Investment Profiles

Investor loves opportunity & buys the right thing!

Collector loves ownership & buys something!

Speculator loves the action & buys anything!

Observer loves ideas & buys nothing!

So where do you want to be? Looking over these 4 characters I see that a lot of my clients are currently the speculator or collector instead of the investor. I want to help my clients reach the investor level for ultimate success. Dont you want to be an investor too? Im sure that the collectors & speculators like to THINK that they are investors but in reality are they? No, they really arent. While some speculators get very lucky & have huge returns that is the exception & not the rule.

When investing in real estate you have to know what you are doing & make your money going into the project, not hoping for appreciation after the fact. This is exactly why I worry about speculators who want to buy & flip properties. While several clients made a lot of money doing this over the past couple of years we all knew it couldnt go on forever. And it has stopped. We all know that the market has shifted & a lot of that was fueled by the speculative investors. Some of them are looking at other soon to be hot markets & some are waiting it out. Some have had to cut their losses and get out now & hopefully will be able to return later.

Now many true investors are seeing opportunities in our area & are looking at adding properties to their portfolios. These properties may even have cash flow & the investor plans to hold them for a while.

Real estate isnt a liquid asset so if you cant afford to hold the property you better not buy it.

Some things that real estate are as Gary Keller points out as well: Attainable, appreciable, leverage able, rentable, improvable, deductible, depreciable, deferrable, stable & livable.makes it quite able doesnt it?

Id be more than happy to speak with you about real estate investing & help guide you to properties that are a fit for you. Its a buyers market here.

Which means you should be buying, but not just buying anything, but rather buying smart. I look forward to working with you in the near future.

To buy Gary's book online at amazon.com just click this link: The Millionaire Real Estate Investor It's selling used for about $11 & new at $14 - not much at all for what you get!

Yours in Success,

Susan Milner, e-PRO REALTOR

(239) 218-2229

Yours in Success,

Susan Milner

Florida Future Realty, Inc

(239) 542-8521

Susan@SusanMilner.com

Cape Coral short sale process / Re-visited ;)

Tue, 08 Sep 2009 14:16:42 -0400

Cape Coral short sale process / Re-visited ;)

I previously wrote the response below to a fellow active-rainer who apparently handles short sales completely different than myself, or any other agents who I've known to actually close them. She has since DELETED my comment so I felt compelled to post this on my page.

Her blog post was all about multiple offers and even suggested that our fiduciary responsibility was with the bank, instead of the seller.

As a potential short sale seller, wouldn’t you rather have an agent looking out for YOUR best interest, and not your lenders? Obviously you’d want to bring the BEST offer to your lender as to not have to worry about as much potential monies or taxes owed. But most importantly you want to get the property sold and move on with your life. Methods like sending in multiple offers will not only confuse the lender and make their work much more difficult but it could potentially lead to NO Approval ~ and who wants that?

Elizabeth,
I read your post and most of the comments; I have to say this is so upsetting to me. As a prominent short sale agent in Florida, I have to say that your way of thinking is completely OFF.

First of all, our listing agreement is with the SELLER, not the bank. We owe it to our seller to assist them in obtaining the best offer possible. In our listing agreements here in Florida we have a check box that asks if the seller is to receive offers after they have accepted one and we check that as a NO. Why would a seller obligate themselves to sell their property to multiple people/times any way?

There can only be ONE buyer for each HOUSE/Seller. If you are having your seller sign multiple offers then you are opening yourself up to extreme liability as any one or ALL of those buyers can sue your seller for specific performance.
The bank is not a party to the contract therefore they cannot make the rules. The seller is still the seller. The bank is a third party authorization required to release the lien.

We have agents in our area doing the same thing you are doing and they are not closing many short sales. It is confusing, misleading and improper.

Short sales should be treated like a regular sale, that's what you said. So in a regular sale would you allow your seller to accept multiple offers? Of course not, so why would you allow your short sale seller to accept multiple offers?

Price the listing correctly, present all offers and have the seller pick the best one!
The multiple offer game makes no sense at all. We have an obligation to present all offers, Yes. But the seller should not be accepting multiple offers, ONLY 1! Then that CONTRACT goes to the seller's lender for their approval.

Also, from a buyer's standpoint why would they wait around to see who's offer is going to be the lucky one to be picked after 30-60 days of sitting at the bank? Not in our market, too much other inventory to put in legit offers on.

I really hope that others read my comment before they decide to do business in the same fashion as you are proposing. It only muddies up the process for all involved.

Today I read another article written by another Florida real estate agent. He also says he works on many short sale files. He claims that it will take 6-9 months for an approval on a short sale. I find that an excessively long time to wait. When we first began handling short sales the first few took us 60-90 days for an answer. This was due to 1) our inexperience & 2) the banks not having systems in place for short sales.

Within a few months of handling short sales our approvals were coming in on an average of 40 days. Some came in within days; others took 30-45 days. Within the past several months, we’re seeing these numbers RISE. We are now seeing it take 45-60; and in rare cases 90 days for an answer. Why? My thoughts are 1) banks are inundated with short sale packages 2) banks are waiting to see what the government & potential bail outs will be 3) banks are changing their guidelines

What can we do? We can help by properly educating ourselves, our peers & our sellers & buyers. We can start by pricing short sales correctly. Marketing them frequently & handling offers as we would ANY sale. We can create short sale packages that include every document that the lender may need in a concise and easy to navigate assembly. We can follow up often to make sure documents are received and being looked at. We can update the buyer’s agent or buyer frequently as to keep them involved & interested. It will take much longer if we have to go through 2-3 or more buyers.

I’ve written other articles on this topic as well. It just seems like there is still so much misinformation out there that I felt compelled yet again to address this.

If you are in need of a real estate agent who truly works short sales & understands the process please give me a call. I have been able to help many homeowners with this process and I can help you too. Remember, there should be no charge to you ~ upfront or at closing if handled correctly.

We look forward to working with you.

Yours in Success,
Susan Milner
Florida Future Realty, Inc.
239-542-8521
Susan@SusanMilner.com

www.The-Extreme-Team.com

www.FloridaFutureAgents.com

Yours in Success,

Susan Milner

Florida Future Realty, Inc

(239) 542-8521

Susan@SusanMilner.com

FORECLOSURE DEFICIENCY JUDGMENT or SHORT SALE PROMISSORY NOTE or BANKRUPTCY? - REVISITED

Wed, 22 Jul 2009 08:55:44 -0400

Facing foreclosure or deciding to do a short sale? This article was written by a Florida attorney and goes over the differences of a deficiency judgment and promissory note. You should defintely read this if you are facing either. We handle many short sales here in Lee County and get asked these questions quite often. While we are not attorneys we can not give legal advice. We always suggest a potential short sale seller speak with an attorney to go over their specific situation before they list with us. We can be reached at (239) 542-8521 or on my cell phone at (239) 218-2229. http://www.The-Extreme-Team.com. We look forward to hearing from you.

Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. ):

Whether to agree to a negotiated promissory note in a short sale or allow the house to go to foreclosure is one of the most discussed topics around. It deserves a simple comparison.

My previous article on this subject can be found at Negotiated Payback or Foreclosure Judgment Deficiency? Compared.

A negotiated promissory note is ALWAYS better than a deficiency judgment resulting from a foreclosure. Here is why:

Deficiency Judgment -

1. You have a foreclosure judgment against you and if you fill out most applications about your background you will have a question on if you had a property foreclosed upon you.

2. You have a deficiency judgment which is a money judgment against you which means ANYTHING you buy is subject to attachment by the creditor, be it a car, a toaster, or a new swing-set for your kids.

3. Your wages can be garnished.

4. Your bank accounts can be frozen and attached - without any notice in advance to you.

5. You will be subject to periodic depositions in aid of execution and have to provide copies of all of your financial matters - several times a year. If you repeatedly don't show up the court can hold you in contempt of court and even put you in jail (YES - JAIL!!) until you comply.

6. In Florida (check other states) you can enjoy each of the above for 20 full years before the judgment is no longer enforceable.

7. The judgment usually carries interest. Check your state for the rate. For judgments rendered in 2009 the Florida statutory rate is 8%.

8. FANNIE-MAE underwritten mortgages cannot be obtained until 5 years after the foreclosure judgment.

Negotiated Promissory Note -

1. You pay an agreed amount according to the promissory note, which is usually monthly and often at no interest.

2. If you no longer can pay you may be able to negotiate a new payment amount or abate payments for a period of time.

3. You may be able to re-negotiate the terms of the promissory note in the future.

4. The promissory note is not a judgment so it does not show up on the credit report.

5. If a foreclosure suit was entered, even if it went to a foreclosure judgment (but not a sale), the lender will likely dismiss the suit and vacate the judgment, clearing your record - even before you start paying on the promissory note.

6. If you stop paying on the promissory note the note holder can then seek a money judgment for the unpaid amount.

7. FANNIE-MAE underwritten mortgages can be obtained after a short sale in just 2 years.

8. Once you repay the promissory note the lender should remove degrogatory credit report postings regarding the payment of the mortgage for "less than the agreed amount", instantly repairing your credit score.

Bankruptcy -

Many people speak to me about Bankruptcy as the better option. It is an option - but when it should be used is a big issue.

Declaring bankruptcy is a LAST RESORT. In a chapter 13 (personal reorganization) you are effectively "betting the farm" that you can perform for the 5 or so years of planned payments. If you default you revert to either a dismissal or a chapter 7 total liquidation- and you cannot refilefor many years. Bankruptcy also is a final chapter so to speak. There are no further remedies available to you for protection from creditors. It is like one bullet in a pistol - you need to decide when is it absolutely, positively without any doubt necessary to pull the trigger. You need to expand your horizons to not just today, but tomorrow and maybe thousands of tomorrows (days) before you can walk back into bankruptcy court. Chapter 13 and Chapter 7 have their useful purposes but they must be used prudently and carefully. A bankruptcy is the worst hit you can give your credit report.

If a promissory note just does not work out and the lender is relentless and THEN gets a judgment for payment of the note amounts, you will then be in no worse situation than if there was a deficiency judgment. In my opinion you will be in a better position if you weigh the positive and negatives of each position and work your way slowly and methodically through the available remedies step by step. If at the end of the line it did not work out, then you have the bankruptcy alternative remedy. But without giving each step an opportunity to work for you makes no sense - don't throw your self overboard!

Copyright 2009 Richard P. Zaretsky, Esq.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com. See our easy to find articles at Need Short Sale Information? - These Articles Probably Answer Your Question

Yours in Success,

Susan Milner

Florida Future Realty, Inc

(239) 542-8521

Susan@SusanMilner.com

Red, White & BOOM! Yes, Cape Coral's July 4th Celebration is here again

Thu, 02 Jul 2009 13:22:57 -0400

Cape Coral holds an annual Red White & BOOM! Fourth of July event near the foot of the bridge. This year is no different. So grab your friends and family and prepare for a good time. This year will feature similar features of the past. You'll find loads of great food, great vendors, local business sponsors, fun for kids, music & don't forget the FIREWORKS!

See you this Saturday ~ July 4, 2009!

All this excitement for just a $1.00 entry fee.

We're expected to be there - hope to see you as well! Enjoy the photo from previous years!

Yours in Success,

Susan Milner

Broker of Florida Future Realty, Inc.

(239) 542-8521

Search Cape Coral real estate anytime - day or night online!

Yours in Success,

Susan Milner

Florida Future Realty, Inc

www.Florida-Future-Realty.com

(239) 542-8521

Susan@SusanMilner.com

Cape Coral Short Sale Offer

Mon, 15 Jun 2009 09:17:39 -0400

Placing an offer on a short sale

Ready to make an offer on a short sale? Here are the steps to make sure your offer stands a chance. Remember, a short sale simply means that the seller is upside-down on their mortgage. Their lender may, or may not, know that they are even trying to complete a short sale. The house may or may not be in some level of pre-foreclosure. The bank has no obligation to approve or even respond to a short sale offer. There are many documents that must be submitted with a short sale offer for it to be considered. As a buyer, you don't a lot of control but here are some basics that will help you with your short sale purchase.

* Please note, this is my opinion (a short sale listing agent) for the highest chances of success. Many listing and buyer’s agents will handle it differently. We have much experience with short sales and this is how we’ve been successful. *

Good luck!

Have a pre-approval letter (if obtaining a loan) or proof of funds letter (if paying with cash) ready. Make sure the proof of funds letter or bank statement is recent. Also make sure it shows enough funds to cover the purchase price you are offering. If you have a pre-approval letter make sure it was written in the last 30 days.
Hire a REALTOR who understands the short sale process. If they claim that ‘short sales never close’ or that ‘short sales are a waste of time’ or something similar find another agent to work with. It is true, not all short sales close. But, if you work with a listing agent who does successfully close short sales you have at least a 90% chance of it closing.
Look at houses that are priced correctly and in your price range. In this market you cannot look at homes well above your budget. Houses are selling at, over, or very near listing price. Also make sure the house is listed near market value. Not sure what market value is? Make sure your agent pulls comparables for any listing you consider making an offer on. If the house has a market value of $75,000 and the listing agent has it listed at $50,000 WALK AWAY. This agent doesn’t know how to price a listing. If on the other hand, they know they priced it low to entice auction-style bidding, put in your highest & best.
Make sure that before you put in an offer your agent has shown you comparables. I know I just said that but this is critical. If the offer is not within market value the bank will most likely decline, or not respond to, your offer.
Make sure that your agent speaks with the listing agent to see if they've had any communication with the seller's lender. Make sure that they have had experience with actually closing short sales. Make sure that they have the seller's documents ready for submission or already submitted.
Make sure your agent asks the listing agent how they are handling offers. You want to be sure that the seller is going to sign the winning offer. And sign only ONE offer. Short sales can take 30-90 days for an answer and you certainly don’t want to wait for 90 days to find out that there was a higher or better offer they were working on also. Make sure that they are only going to accept one offer. If it is yours then make sure you have a signed copy of it. If it is not yours move on to the next.
Some listing agents have special documents they require in order to submit the offer. Make sure all of these documents are including. Here are the must haves & below are the might ask fors.

As-Is Contract for Sale & Purchase - filled out and signed (if FHA or VA then add that addendum)
Short Sale Addendum - FAR has one we use - make sure checkboxes are checked & this is signed
Pre-approval letter or proof of funds
Escrow deposit or terms describing when the escrow will be deposited.
Additional addendums or disclosures (real property disclosure, chinese drywall disclosure, lead-based paint disclosure, hoa disclosure - are some examples)

Your offer is submitted through your agent to the listing agent. The seller responds. Remember, the seller is still the owner. They must sign the offer for it to become a contract. The bank will NOT sign the offer. The bank will send a letter of approval if they approve the sale.
You should receive a signed copy of the offer, now a CONTRACT. This is a legally binding contract subject to third party approval (the seller’s lender).
You wait. Depending upon the terms agreed upon. We usually suggest a 45 day window for approval. Sometimes this takes longer. Sometimes it is a short time frame. 45 days is a good starting point though.
The listing agent will update your agent. Usually updates should be weekly; more frequently near the end when additional addendums may need to be signed.
Once the approval is received you need to make sure your funds or loan is ready to go. Sometimes the bank only gives 20-30 days to close. You must be ready. Get your inspections out of the way & be ready to close.
You close just like any other purchase. The closing should take place at a Title Company or attorney’s office. You will get a Title Insurance policy. The buyer should, in most cases, not be responsible for any outstanding fees, liens or bills, unless otherwise negotiated.
Congrats. You just made it through a short sale closing.

I know this is an awful lot of information. Especially if you have never purchased a home or if you have but have never been exposed to short sales. Having a real estate professional on your side who truly understands short sales is critical.

Our office closes many short sales each month. Our agents understand the process and know the right questions to ask to make sure there is a chance of the short sale making it to closing.

For more information on the short sale process or to speak with one of our agents about how we can be of assistance please call our office at (239) 542-8521 or Toll-Free at 1(888) 764-6665.

We look forward to hearing from you.

Good luck & make it a GREAT day!

Yours in Success,

Florida Future Realty, Inc.

2816 Del Prado Blvd. S Unit 2

Cape Coral, FL 33904

Search for Cape Coral real estate online 24/7 :)

(239) 542-8521

(888) 764-6665

Susan@SusanMilner.com

Yours in Success,

Susan Milner

Florida Future Realty, Inc

Cape Coral short sales

Fort Myers short sales

Lehigh Acres short sales

E Ft. Myers short sales

N. Ft. Myers short sales

Estero short sales

(239) 542-8521

Susan@SusanMilner.com

Fort Myers HUD Homes | HUD Registered Broker

Sat, 06 Jun 2009 08:49:44 -0400

We get calls all of the time from buyers looking for HUD homes in and around Ft. Myers, Florida. Our office is a HUD registered broker. We have been pretty much since our opening. We have several real estate agents who can assist you with your search. Below is a list of the current Fort Myers HUD homes. We also list & sell many different bank's REO (real estate owned) or sometimes called Bank Owned of Foreclosed. If you'd like to view the list of foreclosures let us know. We can send you an updated list as frequently as you'd like: Ft. Myers Foreclosure List.

And here are the current HUD Homes in Fort Myers, Floridal:

FORT-MYERS

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 092-970137 4113 MANDARIN CT
FORT MYERS, FL 33916 $36,000 3/2 06/05/09 06/14/09 Owner Occupant
(Investors bid on 2009-06-15)
View Map View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-034571 713 ARUNDEL CIR
FORT MYERS, FL 33913 $55,000 3/2 06/05/09 06/09/09 Owner Occupant
(Investors bid on 2009-06-10)
View Map View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 092-545829 2429 CANAL ST
FORT MYERS, FL 33901 $20,000 4/3 05/29/09 06/07/09 Owner Occupant
(Investors bid on 2009-06-08)
View Map View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 092-966994 13320 1ST ST
FORT MYERS, FL 33905 $27,000 Price Reduced 3/ 1 05/29/09 Daily All Bidders
View Map View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-026066 2426 CRYSTAL DR
FORT MYERS, FL 33907 $71,100 Price Reduced 2/ 2 05/29/09 Daily All Bidders
View Map View Property Details

We look forward to working with you.

Search Short Sale (and other) listings:

You can search for all of the properties available in Lee County right online from the comfort of wherever you have internet access. Our website contains a user friendly real estate search engine and is 100% free to use. Go ahead, check it out: Fort Myers Real Estate Compare properties, see photos, get notified of new listings that match your criteria, save your favorites, schedule showings and more!

Yours in Success,

Susan Milner

Florida Future Realty, Inc.

239-542-8521

Copyright 2009

Yours in Success,

Susan Milner

Florida Future Realty, Inc

Cape Coral short sales

Fort Myers short sales

Lehigh Acres short sales

E Ft. Myers short sales

N. Ft. Myers short sales

Estero short sales

(239) 542-8521

Susan@SusanMilner.com

Cape Coral Hud Homes | Buy a Hud Home in Cape Coral, Florida

Sat, 06 Jun 2009 08:44:21 -0400

We get calls all of the time from buyers looking for HUD homes in and around Cape Coral, Florida. Our office is a HUD registered broker. We have been pretty much since our opening. We have several real estate agents who can assist you with your search. Below is a list of the current Cape Coral HUD homes. We also list & sell many different bank's REO (real estate owned) or sometimes called Bank Owned of Foreclosed. If you'd like to view the list of foreclosures let us know. We can send you an updated list as frequently as you'd like: Cape Coral Foreclosure List.

And here are the current HUD Homes in Cape Coral:

CAPE-CORAL

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-041433 1704 NE 44TH ST
CAPE CORAL, FL 33909 $75,000 3/2 06/05/09 06/09/09 Owner Occupant
(Investors bid on 2009-06-10)
View Map View Property Details

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-044227 1106 NE 3RD AVE
CAPE CORAL, FL 33909 $30,000 3/1 06/05/09 06/09/09 Owner Occupant
(Investors bid on 2009-06-10)
View Map View Property Details

We look forward to working with you.

Search Short Sale (and other) listings:

You can search for all of the properties available in Lee County right online from the comfort of wherever you have internet access. Our website contains a user friendly real estate search engine and is 100% free to use. Go ahead, check it out: Cape Coral Real Estate Compare properties, see photos, get notified of new listings that match your criteria, save your favorites, schedule showings and more!

Yours in Success,

Susan Milner

Florida Future Realty, Inc.

239-542-8521

Copyright 2009

Yours in Success,

Susan Milner

Florida Future Realty, Inc