May 2015

‘Zombie’ homes - What are the Wait Periods on Loans for Short Sale, Foreclosure and Bankruptcy

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Andrew Duncan, Tampa Bay's #1 Realtor and Expert, talks to Arnie Diaz from Waterstone Mortgage about the waiting periods for people who went through a short sale, foreclosure or bankruptcy on The Duncan Duo Real Estate Show on 970 WFLA.

Zombie houses is a slang for vacant foreclosure homes that has been abandoned for a long time. There is still a lot of them out there and banks are slowly getting to them but it's still causing a lot of problems in some neighborhood. It's a sign of what the real estate market in Tampa has been through. These are remnants of the catastrophic real estate market a few years ago. Because of the crash, there is a hidden audience of people who did short sales, that had been foreclosed on but have now recovered. They are now having a hard time getting a new home because of the qualifications in place for lenders now.

Arnie says that it depends whether you are going with FHA or a Conventional there is a waiting period wherein the FHA is more lenient on a short sale or foreclosure - 2 years on a short sale, 2 years for bankruptcy and 3 years on foreclosure. While with a conventional loan, if you go above $271,000, it has a waiting period of 2-4 years for a short sale and 4-7 years on a foreclosure.

Andrew talks about part of the obstacle with the waiting period is that it is dictated by the sale date. Some of those foreclosures and short sales took about 2-3 years so in reality by the end of it, some people have already started to recover. They might not be able to catch up with the $100 k past due for example but Andrew believes that the waiting period should start at the point when the home owner got so many months behind not the point where the bank took the property back because it's really hard on people when in reality they have already been recovered for 4 years but looked at as 2.

Arnie shares the new guideline for Fannie May when applying for a conventional loan where if you file for bankruptcy and include the house in the bankruptcy yet the foreclosure happened after the bankruptcy, the waiting period goes back to the date when bankruptcy was filed and not on the date of foreclosure.

Although there are only a few people who might be going through the same situation but want to buy a home, Andrew recommends to talk to a lawyer and seek advice. Andrew again said that sometimes the timeline doesn't make sense. There might be some people out there who took 3-4 years before foreclosure finally happened or somebody who started missing his payments 6 years ago but have already recovered and now has a high paying job, etc, but are still being penalized and not able to get a loan.

Arnie talks about the extenuating circumstances that would give less of a waiting period for people who went through the same thing but some examples are usually death of a primary wage earner, military related type of situation or medical situations. A divorce is not included though.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

What Are the Most Common Home Buying Mistakes in Tampa?

Today, I want to discuss a very important topic for all who are looking to buy a home in the current market. Tampa market activity is incredible right now, and in such a competitive market, you need to avoid common buyer mistakes if you want to have a smooth transaction. The Duncan Duo has helped thousands of buyers, so today I want to share some of the tips we've learned over the years!

Have a list of "musts" when home searching: You need to know what you want when looking for a home. Make a list of "must haves" so you can give yourself a realistic chance of finding the home of your dreams.
Get pre-qualified before shopping: If you don't know your budget and what you can afford, you'll find yourself missing out on homes you can afford and wasting your time looking at homes you can't.
Be realistic about the home inspection process: Often, home buyers go into a home inspection expecting there to be no problems. The truth is, clean home inspection reports do not exist! Too many home buyers cancel inspection reports that only list minor problems; you need to expect to make some repairs after closing.
Get educated on the buying process: Work with an agent who has worked with first-time home buyers. We've worked with hundreds, and know the process inside and out. As a first-time buyer, you need to work with someone who can show you the ropes and guide you through the process.
Don't fret about appraisals: Don't get wrapped up in the appraisal number. An independent third-party will conduct the appraisal, so there is really nothing you can do about it.

Working with an agent who doesn't have much experience in the industry could lead you down the wrong path. Working with a reputable, experienced agent will result in you achieving your buying goals. If you have questions about the process, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!

Typical Home Buyer Mistakes as discussed on The Duncan Duo Real Estate Show

Andrew Duncan, Tampa Bay's #1 Realtor and Real Estate expert talks with Arnie Diaz from Waterstone Mortgage about the Top 5 biggest home buying mistakes.

Buying instead of Renting
Sometimes the person is new to the area and though they want to buy. There are times it's better to rent to get used to the area. Or if you're selling your home, there are times it's better to wait than rushing to buy the wrong home.

Hiring the wrong real estate agent
hiring someone who's not experienced with the market. A lot of agents right now are new to the business making some crucial mistakes that could cost you. It's best to hire someone with the known brand and reputation.

Not researching the neighborhood
Some people don't do their research of what's going on in the neighborhood and you get in there and find out you don't like it.

Getting confused about mortgages
People get confused about mortgage, not knowing the differences between mortgage products. It's important to talk to your local lender for advice so you'll know your options.

Landing a fixer-upper
If it's your first time to buy a home, remember that buying a fixer upper is like buying a second job or potentially a money pit. A lot of people underestimate what it will cost to renovate because most of the time, there are a lot more things wrong with the home aside from what the eye can see. Sometimes it's best to leave it to investors or home builders.

For more Tampa Bay Real Estate news and advice, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

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Is Now the Time to Rent in Tampa?

Home prices have risen and they're expected to rise. This has a lot of people thinking that maybe they should lease out their home instead of selling it. I've rented out some of my residences, and I've made some mistakes along the way so I just wanted to share some things with you if you've thought about it.

How will you respond if tenants can't pay rent? How will you handle that? Do you have assets to cover the mortgage?
Have you interviewed experienced eviction attorneys for when this issue arises?
Have you discussed insurance premiums with your provider?
What is your pet policy?
How will you collect the rent?
What is your liability tolerance?
Do you know good repairmen? This is a major part of being a landlord.
How often will you inspect the property?
Will you tell your neighbors about this? And how will they feel about the renters?

Your best bet is to speak with

an experienced real estate professional to formulate a plan and find out whether or not this may be a viable option for you. Renting can be a great way to invest in real estate, but it does come with certain challenges.

If you need any assistance when you're buying or selling real estate in Tampa, please don't hesitate to contact me!

Tampa Bay's Real Estate Expert talks about Undisclosed Repairs and Defects and What It Could Mean to Your Home Sale.

Andrew Duncan, Tampa Bay's #1 Realtor and Expert, talks about undisclosed repairs and defects and what this could mean to your home sale. He has Richard Vazquez from Artisan Insurance and Arnie and David Diaz from Waterstone Mortgage as guests on The Duncan Duo Real Estate Show on 970 WFLA.

A lot of people forget how integrated all the processes are. The insurance company cares about the inspections and repairs, the Real Estate broker needs to know what's going on so he can disclose any material defects, the mortgage lender does an appraisal on the property and will look for any kind of issues.

On the insurance side, undisclosed material defects like sink holes can cause major problems in getting insurance coverage. An insurance agent looks at the property a little bit differently than a mortgage company looks at it and from the way a realtor looks at it. Some of the things they find all the time are undisclosed sink holes. They have a way of knowing when the air conditioner was replaced, when the roof was replaced, if there was any major electrical work done, etc. These are part of the seller's disclosure statement when those things are replaced but there are people who don't do it that's why the insurance agent is going to double check the information.

He then talks to the Diaz Duo about the condition of a home. Although lenders don't really care about the home inspection. They need to have an appraisal done so the appraiser is going to come out and double check the condition and age of all these things to find out if anything is past its useful life.

Arnie advised buyers (as Andrew has mentioned in previous shows) to not necessarily give up on a home because the inspection has a couple of things on it. You may take a lot longer to find something you really want for a couple of items that could be handled very easily. He suggests the easiest way is to go back to the seller and as long as the appraised value is there, you can raise the value to the amount and have the seller pay for the repairs. He also mentions the Escrow Holdback program they offer wherein you can close on the home and have the repairs done after the closing. It means that any repairs can be lumped in the purchase price and if you already know ahead of time, the appraised value can be adjusted accordingly for repairs that are going to be done post closing. Another option Arnie suggests but could take longer and not everybody would like to do it are renovation loans they offer if you have a lot of things needed to be done. Lastly, he suggests it's also possible for sellers to cash out refinance, get some renovations done before putting the home on the market.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

Tampa Bay Best Realtor talks about March 2015 Home Sales Stats, Statistics about Home prices and inventory

Andrew Duncan, Tampa Bay's #1 Realtor and Expert, talks about the local Tampa Bay Real Estate market and some of the statistics on The Duncan Duo Real Estate Show on 970 WFLA.

He talks about the local Tampa Bay Real Estate market and some of the statistics from the Greater Tampa Association of Realtors' article on the Tampa Bay Times that talked about how March was the best real estate month we have seen in nearly a decade with the number of home sales, prices and inventory.

Andrew compares the statistics now to previous years to have a really good understanding of how the market has changed through the years.

There were 2,688 home sales in March 2015 which is the most number of home sales in nearly a decade. 2,022 sales in 2014, 2,277 in 2013 and 1,974 in 2012. There was a 20-40% bump over the last few years.

The average sale price in Tampa Bay was $210,054 which is not an astronomical higher number compared to prior months. In March, it was only 193,000 but it hovered between 210,000 and 212,000 mid year last year and at the end of last year. Prices hasn't risen dramatically within the past year, just a lot more sales.

The months of inventory is a crutial indicator for you to know whether there are more homes on the market in a price range and area you're looking to buy. The fewer homes on the market, the more competitive it is - prices can be driven up, there could be bidding wars, and not as many options to pick from. Andrew shares that when he started out with the radio show, he had almost 20 months of inventory, now it's at 3.2.

Although the market is heading to a lot of good directions, there are challenges with not having enough inventory - buyers miss out to investors, buyers not being able to find what they want, buyers settling, missing out or losing on offers because there aren't as many opportunities.

They go on to talk how today is a seller's market. Sellers have more advantage right now because the inventory is low. The buyers will tend to offer closer to the asking price, agree to terms given by the seller and they have to compete with other buyers, too.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

Will Selling Your Tampa Home For Sale By Owner Cost You More?

Hello, and welcome back! Today's topic is 5 reasons not to sell as For Sale By Owner. As the market improves, homeowner confidence rises, and as a result, people think they can sell their homes themselves. There are things agents do that are taken for granted, so we want to use this time to remind you of them, so you don't realize you're in over your head after it's already too late!

Real estate agents outsell FSBOs by 6% or more: The fee you think you're saving is imaginary because you're selling your home for less.
There are too many people to negotiate with: There are many people you have to negotiate with throughout the course of a real estate transaction: the potential buyers, the buyer's agent, attorneys, inspectors, lenders, and appraisers, among others!
Lack of exposure to prospective buyers: Recent studies show that 88% of buyers search online for homes, 21% look in newspaper ads, and even fewer are looking at homes after seeing yard signs. Bottom line: You need a team that can get your home looking great online and get it front of the most buyers.
More guidelines in the lender world: The lending world has become a more complicated place in recent years, making it harder to sell your home yourself. Regulations are mandatory, and failure to conform to them could cost you a whole lot of money.
You'll cost yourself a lot of money: An agent is going to sell your home faster and for up to 5% more money than market averages. Homeowners believe they can get a better deal when they sell by themselves, but studies have shown that FSBOs sell for an average of $208,000, while agent-sold homes go for $235,000. That's a loss of $27,000 - a whole lot more than an agent's commission.

If you have any questions about how an agent can help you, or if you need real estate advice of any kind, give us a call or shoot us an email. The Duncan Duo is always here to help!

How Should You Handle Multiple Offers in Tampa?

Today, we want to discuss a topic that's on everyone's minds in Tampa: multiple offers! How do you deal with them? Is there a catchall strategy to help you get the most out of them?

As a home seller, it's important to hire a real estate expert to guide you through a multiple offer situation. There are a lot of agents getting into the business who are inexperienced negotiators and are only interested in cashing a commission check. Make sure you work with someone who will focus, work hard for your interests, and get you every penny they can. However, you do need to be patient when you're receiving offers; accepting an offer too soon could cost you.

As a buyer, you need to work with an agent to craft an offer that will stand out to the seller. Improving your terms or your price are just a few of the ways you can do this. Sending a personal letter to the homeowner is another strategy we're fond of, as it sparks a bond between you and the seller that will affect their final decision. Remember: cash isn't always king - there are plenty of strategies that will help strengthen your offer!

If you have any questions about multiple offer situations, or if you need real estate assistance of any kind, give the Duncan Duo a call. We would love to hear from you!

Also, we're very excited to announce the Duncan Duo is now the official partner of the Tampa Bay Lightning! You can learn more about our partnership by clicking here!

The Duncan Duo become Official Real Estate Agents of Tampa Bay Lightning

Tampa Bay Lightning Official Real Estate Agent - The Duncan Duo at RE/MAX announcement - click here.

We just announced this week our alignment with the Tampa Bay Lightning as the Official Real Estate Agents of the Tampa Bay Lightning. Our owner Andrew Duncan talks in this video about what it means to our clients, partners and Lightning Fans. We are excited about the opportunity to be involved with all the excitement with the Lightning and Downtown Tampa. We look forward to them continuing to win and hopefully bringing that Stanley Cup right back to Tampa after a 11 year absence. If you are a Lightning fan, you'll be seeing quite a bit more of us in the stadium via logos, LED billboards, and a Duncan Duo RE/MAX balloon that will fly around inside the stadium dropping gifts. We're also partnering with the Lightning and the Lightning on some charity initiatives. We look forward to incorporating our #1 team with their #1 team to make some great things happen for Tampa Bay. We look forward to using this access and exposure to the Lightning brass and players to help our home sellers get more exposure for their homes to some amazing audiences. Check out our radio show Sundays at 10am on 970WFLA and we'll regularly have Lightning guests talking about the team as well as their unique real estate needs. We want to give a great big thanks to all of the fine folks in the marketing department with the Lightning, Mr Vinik, as well as all of our customers, partners, clients, and agents that have helped us get to this point!

Our partnership with the Tampa Bay Lightning was also featured in an article on the Tampa Bay Business Journal. Check out the article here.

Visit our Youtube channel for our new video http://ift.tt/1pxgu0G

Tampa Bay Real Estate Market Update

Today I'm going to be updating you on what's happening with real estate in Tampa Bay. I feel the need to do this because just the other day I saw a report from Zillow stating that there is a buyer's market in Tampa, and this could not be further from the truth (Zillow's information is notoriously inaccurate).

Of course, there might be a

few neighborhoods where buyers have the advantage, but overall, we're situated in a strong seller's market in Tampa. We're averaging just a little over 3 months of inventory, sale prices are hovering around $220,000, and homes are taking a few months to sell.

We're seeing a lot of job growth in Tampa and also quite a bit of growth in our downtown area. I expect that this will bring a lot of growth and positive change in our market. However, it's important to keep in mind that not every neighborhood in Tampa will benefit from this growth.

However, we expect home prices to rise in our area, so if you're looking to sell and move up into a bigger home, then now would be a great time for that. Interest rates are still extremely low, but this may not be the case for very long. If you buy now, you have the chance to save thousands of dollars over the lifetime of a loan.

If you're thinking of buying or selling in the Tampa Bay area, please don't hesitate to contact me. I'm always happy to serve you!

Reasons why Home Sellers choose not to stage their home as discussed by Tampa's #1 Realtor on The Duncan Duo Real Estate Show

Andrew Duncan, Tampa Bay's #1 Realtor and Expert, talks to Linda Saavedra of Showhomes and Arnie and David Diaz from Waterstone Mortgage about the reasons why home sellers choose not to have their homes staged on The Duncan Duo Real Estate Show on 970 WFLA.

Arnie starts off by asking what the common objections they get from home sellers why they don't want to have their home staged.

Linda explains that people think that it's a cost without a return of investment but she further adds that staging actually has the highest ROI next to cleaning and decluttering. Another reason is because people are generally emotionally attached to their home and their stuff. They don't see what buyers see.

Andrew shares a personal experience he had with a client from 2 years ago. He recommended to have their home staged by Showhomes but they chose to do it themselves but they ended up working with another staging company. When he came to the reveal, he saw the big 6-foot tall statue of Rocky Balboa in the living area! It just didn't fit. It's a perfect example of how these things could take away the attention of buyers from the home. Instead of the buyer paying attention to the home and see the Wow factor, their attention will be focused on the seller's things. People have an attachment to their stuff and think that other people would also be interested in them when in reality, they are NOT buying the stuff inside the house...they are buying the house.

The home should appeal to the masses. It's important to depersonalize and make it feel like a model home.

Andrew recommends to have your home staged. It will not be a waste of money. In fact, it will help them do a better job and get your home sold fast and for top dollar!

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

Tampa's #1 Realtor and Expert together with Showhomes talk about the stats of why home staging makes sellers more money and fast

Andrew Duncan, Tampa Bay's #1 Realtor and Expert, talks to Linda Saavedra of Showhomes about the stats of why home staging makes sellers more money and sell their homes fast, The Duncan Duo Real Estate Show on 970 WFLA.

Staging makes the home memorable not only for the buyers but also for the home sellers but a lot of home sellers don't take advantage of it.

Andrew shares a recent experience he had during a visit to a seller's home while he was training a staff member. As they walked in, he knew that it wasn't ready to be put on the market. He asked if the sellers had contacted Show Homes as he had advised and they responded, "Oh no, we know how to do the staging thing. We've watched HG TV."

Linda adds, "it's like fixing your medical condition by watching The Doctors on TV. It's crazy!"

She shares some stats from the National Real Estate Staging Association.

They did a study on about 90 homes and the average time an unstaged home spent on the market was 166 days. Staged homes, however, were on the market an average of 32 days. 10% of those staged homes received multiple offers. They showed that staging increased the sale time 87% faster. She also mentions that in Tampa, the stats are better - average time on the market of staged homes is 26 days and 32% of those homes get multiple offers. The bottom line is that staging returns not only the faster sale time, all that savings, etc. Staged homes sell for 7-10% more than unstaged homes and the investment is 1-1.5%.

A lot of home sellers are impatient. They need to understand that preparing a home for sale doesn't happen in an instant. If you want to sell your home, listen to the expert who is giving you advice. It may take a couple of weeks to get everything ready but you are going to get a better chance of selling your home. You're not going to lose a season by a couple of weeks. It's all about striving for perfection. Rushing to get your home on the market isn't always a solution. If you want to get the best results possible on the sale, listen to your agent, stage your property, and give them time to prepare your home.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

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