Fed to Focus on Shoring Up the Housing Market

Florida Homeowners Can Get up to $20,000 for Short Selling Property

It seems that Bank of America has reached an epiphany.  The largest bank in the United States understands that it is far less expensive and efficient to allow their distressed mortgage customers in Florida to short sell their properties rather than for BoA to go through the foreclosure process.

Through August, 2012 BoA will give qualifying homeowners up to $20,000 for relocation assistance upon the successful completion of a short sale.  The program applies to Florida residents who have not already entered into a short sale contract on their property.  This should motivate homeowners to engage in a short sale as an alternative to foreclosure.  View the offer from Bank of America.

What Can South Florida Homebuyers Get for $200,000?

Whether homebuyers in South Florida are looking for a single family home or a condo near the beach, there are some terrific deals available at the $200,000 price point.  With mortgage rates at record lows, the average monthly mortgage payment for a $200,000 property would be about $1,300.00.  Here's a sample of what is available:

A 3 Bedroom home with a Pool in Fort Lauderdale

A spacious 3 Bedroom Pool home in Lake Worth

An Ocean and Intracoastal view 2 Bedroom Condo in Aventura

Does Foreclosure Stop the Debt Collectors?

Absolutely not.  Foreclosure basically means you no longer own the property and the mortgage holder can sell the property in an attempt to recoup some of the losses from the defaulted mortgage.  In this real estate market, it is unlikely that the mortgage holder can get back the entire amount owed on the property.  In Florida they're lucky if they get back 50% of what was originally loaned against the property.  Do they eat the difference?  Yes and no.

Q: My family room has red walls. Should I repaint to sell my house?

Parks Avenue library of the late Brooke Astor as decorated
by Albert Hadley

A: The short answer is YES.

Red rooms can be very elegant spaces but potential buyers, unless they're in the market for Brooke Astor's New York apartment, need to be able to view the room and imagine their own furniture and style in the space. Most buyers have no vision of what can be done with a space and need a lot of guidance. Bold colors are a no-no when selling because they may be a turn off to the buyer. Also, a color such as red can hinder the ability to read the size and scale of room (i.e. - make it look smaller).  Always stick to a neutral color such as the typical 'builder's beige' or white. You'll sell your property faster and for more money.

Getting Mold out of Your Home

Mold remediation will typically take a few days,
depending on how extensive the mold growth is.

There’s a four-letter word on the minds of South Florida’s homebuyers and home owners: MOLD.

If you’ve found mold growing in your home, what you should do next depends on where you find it and how much there is. But eliminate mold promptly, because delay can mean an expensive repair that may not be covered by your homeowners insurance.

Professional mold elimination may take a few days and costs roughly $500 to $6,000, but can easily reach five figures if the problem is severe. If drywall, studs, or other building materials must be replaced after cleanup, you’ll need to hire a building contractor for that service as well.

Mortgage Rate Hit Another Record Low

This week fixed rate and adjustable-rate mortgage rates set a new record low according to Freddie Mac.

For the week ending September 8, 2011:

• 30-year fixed-rate mortgages: averaged 4.12% this week.
• 15-year fixed-rate mortgages: averaged 3.33% this week.
• 5-year adjustable-rate mortgages: averaged 2.96% this week.
• 1-year ARMs: averaged 2.84% this week.

Lower real estate prices coupled with record low mortgage rates are double bonus for buyers right now.