Homesteps (Freddie Mac Real Estates Sales Unit) also offers a 2 year home warranty, 30% off the purchase of new appliances and will pay realtors in 28 states $1,000 Bonus……as long as the offer is received between 11/15/2011 and 01/31/2012, and it has to be closed on or before 3/15/2012. Read the entire article

Art & Brigitte Shultz
The Shultz Team
Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com

FHA is changing the anti-flipping rule which is great news for Investors and home buyers who want to take advantage of the tax credit.

Read the full story here:
Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, Florida
Toll Free: 800-243-4087
Direct: 352-291-1276
TheShultzTeam@cox.net
www.TheShultzTeam.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

There seems to be a lot of misinformation out there lately about Short Sales. While Short Sale transactions can be a bit of a complicated process, here are the three very uncomplicated things that lenders are looking for to see if you qualify:

1. Financial Hardship: This is simply defined as a verifiable reason that has or will cause you to miss a payment.  Some examples of these are a mortgage payment adjustment, loss or cut hours of employment, too much debt to cover outgoing bills or a business failure.
2. Monthly Shortfall: Mortgage lenders want to be able to see you cannot afford to pay your mortgage. With this comes the requirement for you to provide your real estate agent a financial worksheet that shows this.  The shortfall equation is very simple: Total Monthly Income – Total Monthly Expense = Monthly Shortfall.  Be prepared to provide this information to your real estate agent to negotiate on your behalf for a short sale approval.
   
3. Insolvency: You must be able to prove to the lender that you owe more than you have in cash. Insolvency can be proven in many cases, even though you may still have some money for living expenses.
   

We would like to stress that a hardship must be proven as to why you cannot pay your mortgage.  In the past we have seen confusion over this – just because you do not wish to own an investment property that is not producing the income you expected, does not (in itself) mean that you will be approved for a short sale.  Lenders are starting to get together their guidelines for streamlining the Short Sale process – different lenders require different types of information.  By contacting a real estate agent knowledgeable in Short Sales, they are able to help you through the process.

For more information about the Short Sale process go to www.TheShultzTeam.com for more information.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

California usually leads the way for the economic health of our nation. New research from the state with the biggest residential property market shows signs that the housing market could start to rebound very soon. View story here.

You can also review our last statistics update for Ocala Florida Real Estate for April 2009.

Having difficulty in these economic times?  Facing foreclosure? If you are in need of help of saving your home from the foreclosure process, please give us a call.  We are Short Sale Specialists and may be able to save your credit from the tarnish of a foreclosure.  Don’t wait – the sooner we can help you, the better!

For more detailed statistics or a free market analysis, please call or e-mail us.
Info@TheShultzTeam.com or call us direct at 352-291-1276.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

The newest addition to the government’s housing-rescue plan may be able to help homeowners having financial difficulties and are in fear of losing their homes to foreclosure.  It includes initiating a standard process and incentives for a Short Sale in lieu of foreclosing. This will simplify their financial issues by starting a process for borrowers to transfer ownership of their home to the mortgage company through a “deed in lieu” of foreclosure. This will benefit the buyer because they avoid “foreclosure” and it will also benefit the lender because they will avoid the high foreclosure expenses and large amount of time it takes to complete the process. This year, Short Sales have increased to 20% of all home sales. Compared to foreclosure, a Short Sale is less costly to the lender, but for the buyer it must be approved and can take up to four months to complete. The government plans to pay mortgage-servicing companies up to $1,000 and borrowers up to $1,500 for completed Short Sales and “deed in lieu” of foreclosure.  These incentives were created to help make this process go faster.

Are you facing foreclosure and need to sell your home for a short sale (selling the property for less than what the current mortgage amount is)?  The Shultz Team are experienced Short Sale Specialists and are more than happy to assist you in selling your property under stressful circumstances. With an aggressive marketing plan, great communication and fully staffed office, we are ready to help save your home and credit from foreclosure.  Feel free to contact Art & Brigitte Shultz to discuss your situation and start a plan to save your credit TODAY – the clock is ticking and sooner we are able to assist you, the more likely we are to have a successful closing.

For more detailed statistics or a free market analysis, please call or e-mail us.

Info@TheShultzTeam.com or call us direct at 352-291-1276.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

According to OMCAR (Ocala Marion County Board of Realtors) from the end of April of 2008 to April 30, 2009 the average sales price for residential homes fell from $178,462 to $128,129 for a decrease of 28%.

The average list price fell from $195,258 to 138,639 or a decline of 28% for the same 12 months period.

The average price per square foot of living area for residential homes fell from $107 a year ago to $81 by the end of April 2009, for a decrease of 24%.

The median sales price fell from $143,900 to 108,000 fro the same 1 year period for a decline of 24%.

Our MLS has 5951 active residential listings as of the May 12th, 2009, which shows significant decrease in inventory. Inventory has been declining since December 2007. 183 homes sold through the Ocala Marion County MLS in April 09.

The good news is that the average sales price has increased 10% in the last month from $115,943 to $128,129.  As a matter of fact, the average list price and the median list and sales prices have all increased by 10-12%.

The Ocala/Marion County Real Estate Market is  still working hard on absorbing the many foreclosures and short sales. Sales volumes are up and prices are approximately 28% down from a year ago, but up about 10% from a month ago. With interest rates still at an all time low and the recent approval of the $8000 tax credit we expect to see inventory continue to move at these levels.

Want to get in on the great opportunities this buyer’s market has to offer?  Check out our article on Tips For Buying Distressed Properties for great comprehensive information on what to look for when buying a foreclosed or short sale home.

Are you facing foreclosure and need to sell your home for a short sale (selling the property for less than what the current mortgage amount is)?  The Shultz Team are experienced Short Sale Specialists and are more than happy to assist you in selling your property under stressful circumstances. With an aggressive marketing plan, great communication and fully staffed office, we are ready to help save your home and credit from foreclosure.  Feel free to contact Art & Brigitte Shultz to discuss your situation and start a plan to save your credit TODAY – the clock is ticking and sooner we are able to assist you, the more likely we are to have a successful closing.

You can also review our last statistics update for Ocala Florida Real Estate for January 2008

For more detailed statistics or a free market analysis, please call or e-mail us.
Info@TheShultzTeam.com or call us direct at 352-291-1276.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

In December of 2007 Congress signed into law the Mortgage Forgiveness Debt Relief Act. Under regular circumstances, when a lender chooses to forgive all or part of a borrower’s debt, the forgiven amount is considered income and the borrower is liable to be taxed. This law offers relief to the homeowner in that it extends relief for three years, covering debts discharged through calendar year 2012. Amendments have been made to remove tax liability and allow the borrower and lender to work together to find a common and beneficial solution for both parties. This debt relief is limited to primary residences only and the amount of forgiven mortgage debt allowed to be excluded from income tax is $2 million per year.

For more information about the Mortgage Forgiveness Debt Relief Act go to the I.R.S. website.

You can also review our last statistics update for Ocala Florida Real Estate for January 2008

For more detailed statistics or a free market analysis, please call or e-mail us.
Info@TheShultzTeam.com or call us direct at 352-291-1276.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

With an upsurge of distressed properties on the Ocala Real Estate market, more potential buyers are taking a second look at purchasing homes that are being sold at a discount due to pre-foreclosure, foreclosure/bank owned or at auction. A numerous amount of these properties may have had long periods with little to no maintenance, damage from previous tenants or other hidden issues that potential home buyers must be wary of. We highly suggest to not purchase a home without hiring an inspector to look it over first, especially a vacant distressed property. The Shultz Team would like to offer some tips and useful information on some of the problems that can occur. There are some tell-tale signs you may keep a sharp eye out for during your viewing stage – issues which may cause a buyer significant and costly problems:

• Poor subdivision conditions. There may be too many homes for sale on the market in the immediate area. Another sign – are any of the houses boarded up? Keep an eye on the surrounding homes or neighborhood. These other properties will speak volumes about your possible future investment.
• Poor exterior condition. Outdoor maintenance on a home is often very telling of what lies beneath. If the house you are looking at has landscaping in poor condition, broken gutters or hanging soffits – what else could be wrong? If the property owner is having difficulty making their mortgage payments, they are not going to spend additional money to maintain a home they will be selling at a loss anyway.
  
• Foundation issues. Another major consideration for a new home buyer is foundation damage. Survey the property for proper grading, if there are slopes and wash-outs, a future retaining wall or additional drainage may be a future cost. The grade should not go over the foundation level, this can cause water accumulation and wood rot from being pushed up against the building materials not suited for being in contact with soil and/or mulch. Check for cracks in the slab bigger than 1/3 of an inch. These may be signs of major structural issues.
  
• Offensive or strange odors. A home that is emitting strong smells outside and/or inside almost always indicate a problem. This could be an issue with mildew/mold, animal carcass, cigarette smoke, pet odors, chemical spills and general uncleanliness (filters not being changed out regularly, clogged drains, undisposed-of items left behind from tenants, etc). Investigate further, and if you do end up putting an offer in, be sure to point this out to your home inspector to address while at the property.
  
• Faulty electrical systems. Watch out for lights flickering and check the temperature of face plates for heat. This could mean poor, damaged or faulty wiring.
• Condensation or fogged-up windows. Windows with condensation droplets, fog or water in between the double-paned windows can signify trouble lurking.
• Ceiling and drywall stains. Keep your eyes peeled for sagging drywall and stains either on the ceiling, walls, baseboards or cabinets – which usually indicate water damage, mildew or mold. An inspector must check for leaks and mold. You also may want to consider getting a specialized roof inspector in addition to your standard home inspection as well.
  
• Vandalism. Vacant properties have been a hot-spot for stolen fixtures, appliances, lighting, carpeting, etc. If you are putting an offer in the home, be sure to compare it to the listing information provided by the selling agent. You may find missing items since the property had been originally listed. If you opt not to get a home inspection you run the risk of moving in not realizing you don’t have an outside air conditioning unit, well pump, appliances, etc. Foreclosure and/or distressed property contracts are always in As-Is condition – be sure you know exactly what you are purchasing, it is up to the buyer to perform their due diligence in any real estate transaction.
  
• Pests and rodents. Look for possible pest infestation during your preview. You can keep an eye out for pest elimination, damage (such as chewing/nesting) and/or foul animal odors.

Feel free to check out our Ocala Buyer Information Page with more helpful buyer tips, buyer reports and personal real estate assistance. View our write-up on the $8,000 buyer tax credit as well! Call us toll free at any time, we are more than happy to be of service to you.

For more detailed statistics or a free market analysis, please call or e-mail us. Info@TheShultzTeam.com or call us direct at 352-291-1276.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK WHEN YOU BUY OR SELL THROUGH THE SHULTZ TEAM! *

Short Sale Approval Requirements & Pre-Foreclosure Info
Information Provided by The Shultz Team, Short Sale Specialists in Ocala FL

In order for the Shultz Team to help you sell your pre-foreclosure property for less than what is owed on the mortgage, we will need the “Authorization to Release Information” form filled out completely with the name of the 1st mortgage company, phone, fax, account number, property address, your signature, printed name, and social security number for all parties on the loan. If there is a 2nd mortgage company involved, we will need their information as well.

If you are behind in payments and unable to meet the financial obligation to the mortgage lender, you should contact them directly and inform them that you have your home listed for sale with a Realtor who specializes in “short sales”.  Honest communication and an open dialog with your lender and Realtor will be very important in getting the best results possible. Your mortgage company may have the short sale package forms on their website that you can download or print out, detailing the exact items they require.

When an offer is received on your property, before we can submit the contract to your lender for approval, you will need to supply financial information proving your inability to make the mortgage payments. These items most likely will include but are not limited to the following:

1. Financial Statement signed and dated showing your gross income and all of your monthly expenses, i.e. rent, utilities, car payment, credit card payments, medical bills, home, auto, & health insurance, food, gasoline, etc.

2. Hardship letter detailing why you are unable to make the mortgage payments, i.e. divorce, loss of job, death in family, illness, medical bills, etc.

3. Two most recent pay check stubs for all parties on the loan. (If self-employed, provide the year to date Profit and Loss Statement.)

4. Two most recent bank statements for checking, savings, mutual funds, 401K, etc.

5. Statements of Disability/Unemployment, Retirement and/or Social Security benefits applied for or received. Include copies of any and all check stubs.

6. Income tax returns may be required.

Once you have assembled all of the above documentation, we can forward the listing agreement, fully signed purchase contract, Seller’s Net Sheet or Hud-1 settlement statement, and buyer’s loan approval letter to your lender’s loss mitigation department to begin the “short sale” approval process. Your mortgage company will order a “Broker Price Opinion” to determine the appraised value and market value of the property. They may make a counter offer if they find the buyer’s offer insufficient.

This may seem like a complicated and time consuming process, but all of it is necessary to achieve the goal of selling your home before it goes into foreclosure. Your prompt cooperation in supplying the documents will be vital for expediting the approval.  With a committed effort & patience on all of our parts, we can come to a successful conclusion without feeling overwhelmed.

If you feel you are in a position to attempt to save your home, please read our information on Loan Modification. To find out how The Shultz Team can help you sell your property, please feel free to fill out our Home Value Form for Marion County, FL.  You may also view our January 2009 Real Estate Statistics for Ocala, FL to get a feel for what direction the local market is heading in and what to expect if you decide to sell your home.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * – Contact for more details!

After the feds cut interest rates earlier in 2008, our federal government recently launched a new website designed to help homeowners to determine if they are eligible to qualify in the “Making Home Affordable” and loan modification and refinancing program.

Just go to www.MakingHomeAffordable.gov and follow the simple instructions. You may have heard of the $75 billion program designed to help homeowners make their mortgages more affordable or help them refinance if their home is worth less than their current mortgage.

To determine if you qualify, a homeowner should have the following information available.

1. Info about your 1st mortgage (monthly mortgage statement)

2. Info about a 2nd mortgage or home equity line of credit.

3. Credit Card account information (balances and monthly payments)

4. Monthly payments on all other debts like student loans, car loans, etc.

5. Your most recent income tax return.

6. Savings accounts and other assets.

7. Your monthly gross household income (include recent pay stubs or 1099′s).

8. A hardship letter explaining your circumstances that caused your reduced income (like job loss, illness, etc.)

For more information about what is going on in the Ocala/Marion County area, please feel free to review our Ocala Real Estate Statistics for January 2009.  If you are looking to sell your home or possibly need a Short Sale Specialist to help you through the short sale process, please fill out our Ocala Real Estate contact form, we are more than happy to assist you.

Art & Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Ocala, FL
Toll Free: 800-243-4087
Direct: 352-291-1276
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
* FREE OCALA MOVING TRUCK! * – Contact for more details!