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We get several requests per month from home buyers on how they can buy a home listed as a foreclosure on Zillow. Well, usually they can’t because the home is not for sale. Here’s an example: Another point of confusion can be the price that Zillow shows. In this case, it’s merely their Zestimate, which is only a ballpark estimate of value generated by a computer algorithm. According to their data, here in Orlando, it’s off by more than 5% of the actual sales price 12% of the time. (Our internal data shows it to be much less accurate than that). Zillow shows the judgment amount when the foreclosure proceedings get to that point. That number can be $100,000 or more off from the actual value. OK, so how does someone purchase a home that’s in foreclosure? There are three ways. Ask the Owner That’s right. Ask the owner if selling the home would benefit them. You could send a letter, assuming the owner still lives in the home, or their current address is in the county public records, such as the Seminole County Property Appraiser’s Office. You may be able to find a phone number using various sources online.

What TRID and the Simplified Mortgage Disclosures Mean for Consumers: The mortgage process is detailed and complex. Many of the forms from application through closing overlap and create confusion. Consumers often worry that their mortgage contains risky features or that their costs will increase suddenly at closing. The new Truth in Lending/RESPA Integrated Disclosures or “TRID” was designed to reduce paperwork and to make the complex mortgage process less confusing for the consumer. New Disclosure Forms The new forms were set to be used for new applications taken on or after August 1, 2015. There is a proposal to extend this date to October 1, 2015. This will give lenders more time to prepare for the new process. Benefits of the New Forms Specific benefits of the new forms and disclosure include: Using clear language and design that will help consumers understand complicated mortgage loan and real estate transactions. On the new forms, the interest rate, monthly payments, and the total closing costs will be clearly presented on the first page. Providing more information about the costs of taxes and insurance and how the interest rate and payments may change in the future. Warning consumers about features they may want

Mortgage loan pre-approval is essential for homebuyers purchasing a home with financing. That tells the owner of the home that you are making an offer on that you have the financial ability to purchase the home. There are a number of other good reasons that a mortgage loan pre-approval is essential for homebuyers. Let’s take a look at some of the reasons homebuyers are hesitant. I don’t want a hit on my credit score from the inquiry. I’ll do that when I find the home I want to buy. I know that I’ll be approved. My credit score is… Credit Score Impact According to the credit score authority, Fair Isaac (FICO®), “In general, credit inquiries have a small impact on your FICO® Scores. For most people, one additional credit inquiry will take less than five points off their FICO® Scores“. And, “If your FICO Scores find <rate shopping inquiries>, your scores will consider inquiries that fall in a typical shopping period as just one inquiry”. Learn more about how credit inquiries affect your FICO® Score. When I Find the Right Home Here in Central Florida, we are in a very strong sellers’ market for single family homes, especially three and four bedroom. Homes that

We occasionally receive calls from buyers who want to work directly with our listing agent. Our listing specialist and the listing side of our team work only for the sellers. It’s part of our value proposition to homeowners who hire us to sell their home for them. We do not represent buyers and negotiate against homeowners who hired us. For those homeowners, we don’t just market their home to bring a buyer. We represent them in the entire transaction, from start to finish. That includes answering inquiries, receiving offers, negotiating contracts and repair requests, and handling all the details through to closing. For buyers who want to remain unrepresented, the buyer agent side of the commission is earned by the listing agent who showed the home and our team. The agent who shows the home has procuring cause, and she and our team will be doing all the work a buyer agent would do. That includes providing access to the property for inspection and appraisal, reviewing repairs, and working with the buyers’ lender and the title company on the buyers’ behalf. Considering our listing specialists represent only the homeowners who hired us, buyers are best served by hiring a Realtor

Many investors and even some families looking to buy a home in foreclosure. The information about properties being in foreclosure are public court records. Foreclosures on Zillow are properties that are in one of the foreclosure process stages and are shown as “Pre-Foreclosure”, “Foreclosure”, and “Foreclosure / Auction”, for example. These are the steps of the foreclosure process. Foreclosure and Pre-Foreclosure Pre-Foreclosure The lender has filed notice with the court that they plan to initiate the foreclosure process. The homeowners are typically three or more months behind on their payments. The homeowner can pay the arrears in full, and the home will no longer be in pre-foreclosure status. Foreclosure The legal process by which the lender takes possession or ownership of the property. At the end of the process, if the arrears in principle, interest, and late and legal fees is not paid, the judge orders a foreclosure sale. It is a public auction in which anyone, including the bank itself, can purchase the home. In some counties, the home is literally sold “off the courthouse steps”. In others, it’s held in a courtroom or other venue open to the public. Any proceeds from the sale are used to pay

We’ve successfully assisted numerous families—both home buyers and sellers—through the Home Partners of America Rent-to-Own program, which features a Lease with Right to Purchase. This innovative program is ideal for those looking to secure a home without the immediate burden of purchasing outright. How to Get Started with Home Partners of America The first step in this exciting journey is to apply for the program. Home Partners provides an easy-to-navigate online application process, along with a comprehensive FAQ page to answer any questions you may have. This application is similar to a typical lease application, making it straightforward to understand the requirements and expectations. Once you submit your application and receive approval, you’re well on your way to finding a home that suits your family’s needs. Finding the Right Home for Your Family After you’re approved, our team will work closely with you to identify a home that meets both your budget and lifestyle preferences. A key aspect of the program is that the homes you can choose from must meet certain criteria, particularly regarding the quality of the local high school district. This focus on education ensures your family can settle into a community that provides a strong foundation

When deciding between buying a home and renting, potential homebuyers often find themselves grappling with critical questions. Understanding the nuances of each option can significantly impact your financial future and lifestyle choices. Here, we explore three prevalent questions that arise in the context of home buying versus renting. Question #1: Understanding Price Breakdowns in Home Buying One of the most pressing questions for prospective homebuyers is about the financial implications of purchasing a house. Many buyers want clarity on the price breakdowns associated with home buying to ensure they’re getting the best value for their money. Fees Involved in Purchasing a Home When you purchase a home, various fees come into play. These include: Inspection Costs: Typically averaging around $450, inspection costs can vary based on the home’s size and the lender’s requirements. Closing Costs: This encompasses lender fees, appraisal and survey costs, taxes, and insurance. Closing costs can add up, often ranging from 2% to 5% of the home’s purchase price. Down Payment: Depending on your loan type, the down payment can range from 3% to 20% of the purchase price. Getting the Most for Your Money To determine whether a home is priced appropriately, working with a Realtor®

When it comes to purchasing a home, your mortgage credit score plays a crucial role in determining your affordability. Understanding how your credit score impacts your mortgage options can help you make informed decisions and potentially save you thousands of dollars. 5 Ways a Credit Score Affects Home Purchase Affordability 1. Determining Eligibility for Loan Programs The required credit score for mortgage loans varies between lenders and loan programs. On average, conventional loans require a minimum credit score of 620, while FHA and VA loans typically require a score of at least 580. However, during periods of economic uncertainty, such as the COVID-19 pandemic, lenders may become more cautious. This caution can lead to stricter requirements, with some lenders hesitant to approve loans for borrowers with credit scores below 640. As a result, if your credit score is on the lower end, you may find it challenging to secure a mortgage or face higher costs due to additional points and fees. 2. Impact of Combined Credit Scores If you are purchasing a home with a significant other, lenders will consider the lowest median credit score among all applicants. This means that even if one partner has an excellent credit score, the lower

Hi, I’m Rachel Gregory, a REALTOR with Jean Scott Homes at Keller Williams Advantage Realty. In this guide, I’ll address common questions from first-time home buyers regarding Homeowners Associations (HOAs), mortgages, and the overall homebuying process. Should I Live in a Community with an HOA or Not? Choosing between a home in an HOA or one without is largely a matter of personal preference. Here are some factors to consider: Maintenance and Aesthetics: If you prefer a neighborhood where homes are consistently well-maintained and landscaped, an HOA can help enforce community standards. This can enhance your property’s value over time. Community Amenities: Many HOAs offer amenities such as pools, parks, and clubhouses, which can enhance your living experience and provide opportunities for socializing with neighbors. Freedom and Flexibility: On the flip side, if you value having complete control over your property—such as the freedom to paint your house any color or modify your landscaping—an HOA might feel restrictive. Always review the HOA rules and regulations to ensure they align with your lifestyle. Typical Down Payment Requirements for Mortgages One of the most common questions I receive is about down payments. Understanding your options can help you save effectively for your