Fannie Mae, Freddie Mac will up it foreclosure asking price by 20% in Lee County Florida due to multiple offers thousands over…..

Yes folks, as I have be stating, Fannie Mae, Freddie Mac have informed (unofficially) that in Lee County Florida to include;

Alva, Boca Grande, Bokeelia, Bonita Springs, Captiva, Cape Coral, Estero, Fort Myers (County Seat), Fort Myers Beach, Fort Myers Shores, Fort Myers Villas, Lehigh Acres, North Fort Myers, Page Park, Pine Island Center, Punta Rassa, Sanibel, San Carlos Park, St. James City, Tice, Waterway Estates, Lehigh acres, Estero and more

Will be increasing the asking prices of their foreclosed homes by some20% for all new listings due to so many offers submitted on each home with offers of thousands over the asking prices in this bidding war.
This is to lower the burden of processors getting overloaded with offers and responses.
It will be a test to see where the offers level out and stabilize. Prices could go higher or they may decided that a lesser amount increase of only 15% is warranted and subject to review.

This is only the beginning here in Cape Coral, Fort Myers, Bonita Springs and Naples areas I service.

All of the rest of the lenders selling foreclosures will very soon follow suit.

If you have been waiting for our market to bottom out, “you have missed the bottom”.

I have warned my clients as an Exclusive Buyers agent over and over not to wait.

What will you wait for next? Interest rates to rise?

That is next.

If you are now ready, you may still get a steal. “You cannot steal in slow motion.”
We have some 68 buyers we are working with now, first come first served by my staff of Exclusive buyers agents.

Contact Joseph Beauvais (239) 770-0686 yesterday!
Web site http://www.sunnyspotrealty.net/
You may search yourself but this is wasting time.
Email: Jb@sunnyspotrealty.net

Cape Coral Real Estate. Search thousands of Cape Coral, Bonita Springs, Naples, Captiva, Sanibel & Ft Myers or Fort Myers beach homes for sale with our Free MLS Search. We have the Largest list of homes for sale in Lee County Florida. Cape Coral Foreclosures

The recently passed Economic Stimulus Plan. Done Deal! GREAT news…

The recently passed Economic Stimulus Plan. Done Deal! GREAT news…

You might be thinking that there is already a Home Buyer Tax Credit in effect; it helped some, but not all that much. Yep. But take a look at the reasons why this newer version is much more buyer-friendly than the one that took effect last July (‘08).

* The NEW tax credit is for $8,000. (Before it was for $7500.)

* The NEW tax credit is available for home purchases made between 1/1/09 thru 11/30/09. (Before it was 4/9/08 thru 6/30/09.)

* This is a GREAT benefit… The NEW tax credit has NO repayment requirement! (Before the homeowner paid back $500/yr for 15 years, i.e., full payback.)

* The NEW tax credit has a 3-year recapture requirement (if the home is sold within 3 years). (Before if the home sold within the 15-year repayment period, the outstanding was recaptured on sale.)

* The NEW tax credit allows for MRBs… bond loans. (Before there was NO credit for state/local bond funding.)

THERE are five good reasons to “talk the NEW Homebuyer Tax Credit up” it’s improved, and it’s NOW. Not all that familiar with the overall tax credit to begin with? Here are bullet points:

* The dollar amount of the credit is actually 10% of the purchase price, up to a max credit of $8,000. (Ex: $72,000 purchase price = $7,200 tax credit.)

* The credit is available for principal residences only (owner occupied).

* The credit is available to first time homebuyers — note that the definition of a first time HB is a purchaser (and purchaser’s spouse) who has not owned a principal residence in three years previous to purchase. Owning a second home(s) or an investment property(s) does not disqualify a person as long as the principal residence rule is intact.

* There are income limits — To receive full credit the max AGI (adjusted gross income) for individuals is $75K; for joint returns it’s $150K. There is a phase out above those caps.

* Any house, anywhere — new/old, cheap/expensive, REO/short sale/regular, a manufactured or a hi-rise — if the buyer is “eligible”, the credit is there.

Now, the best part about this is that this is an actual tax CREDIT — it’s not a tax DEDUCTION!!! As such, this is a dollar-for-dollar tax REDUCTION — the buyer’s tax liability for the year of purchase may be reduced, eliminated, OR he/she might even receive a “refund”. (Example: The Purchaser is eligible for the full $8,000 credit; he/she has a total tax liability of $2700; the $2700 wipes to -0-, and the purchaser will receive a refund of $5,300 from the filed tax return.) Money INTO the pocket BECAUSE it was bought….. Likely at a great price; likely at a great rate; likely with a PITI that competes loudly with renting.

Stay tuned for March 4th for the final “details” on many of the 2009 Stimulus plans and beyond that for some interpretation and decisions on how it will all work.

 

Present by Joseph Beauvais

Sunny Spot Realty inc. Web site http://www.sunnyspotrealty.net/

Click.  Exclusive Buyers agent “about”

Cape Coral Real Estate. Search thousands of Cape Coral, Bonita Springs, Naples, Captiva, Sanibel & Ft Myers or Fort Myers beach homes for sale with our Free MLS Search. We have the Largest list of homes for sale in Lee County Florida.