News update from Tampa Real Estate Insider!

9 Ways To Choose A Reputable Realtor To Buy or Sell a Home

Rae Catanese, Realtor — Thu, 09 May 2013 01:05:10 +0000

How to Find Top Realtors to Help You Buy or Sell a Home in the Tampa Bay Area

By Rae Catanese, Realtor at RE/MAX Bay to Bay Tampa, Fl

Top realtors should be the best in their field. Whether you hire a listing agent to sell your home or engage the services of a buyer’s agent, you should be prepared to interview him or her.

Asking friends and family who they have used in the past is always the obvious choice, but if you are relocating to another area like Tampa. you may not have that option. You can always use the Internet as a tool to research top realtors in the city you are moving to, (here’s the Google results for my name,) but you’ll also want to ask some important questions.

Here are some tips to finding a reputable Realtor:

1. Longevity: How long has the real estate agent been in residential sales? Is it the agent’s full-time job? While experience is no guarantee of skill, real estate, like many other professions, is mostly learned on the job. A full-time agent is dedicated to the profession and relies upon on closing deals to get paid, while a part timer does not.

2. Reputation: What is the agent’s real estate license number? You can research if any complaints have been filed against a realtor on your state’s Department of Business and Professional Regulation website.

3. Production: How many homes did the agent or the agent’s team/company sell last year?

4. Pricing Strategies: How many days does it take the agent to sell the average home? How does this compare to the overall market? (Keep in mind short sales take much longer to sell.) How close to the initial asking prices of the homes were the final sale prices?

5. Technology: What types of unique marketing systems and approaches will the agent use to sell your home? Look for a realtor who has aggressive, innovative approaches, not just someone who’s going to put a sign in the yard and hope for the best.

For instance, is the agent tech savvy? Does the agent have a real estate blog and are they using social media sites like Twitter, Google+ and Facebook? These tools are essential for word of mouth advertising and viral marketing campaigns.

You may think that technology is only important if you are a seller, but what if you are a buyer in a tight housing market with low inventory? An agent with a large social media following can ask their followers, friends and past clients if they know of anyone who is looking to sell, which would put a buyer in a better position to find something that isn’t yet on the market.

6. Communication: How will the agent keep you informed about the progress of your transaction? How frequently? Using what medium?

7. Other Services: Can the agent recommend service providers who can assist you in obtaining a mortgage, making repairs to your home and other things you need done? Keep in mind here that real estate professionals should generally recommend more than one provider and should tell you if they receive any compensation from any provider.

8. Support: What type of support and supervision does the agent’s brokerage office provide him or her? Having resources, such as in-house support staff, access to a real estate attorney or assistance with technology can help a real estate professional sell your home.

9. References: Can the agent give you the names and phone numbers of his or her three most recent clients? LinkedIn is another good resource to find testimonials and recommendations, and the top realtors will have reviews displayed on their profiles, along with any awards received and publications which they have contributed.

While these questions are all good places to start when deciding which agent to hire, also trust your instincts. If you are a seller and one agent is saying your house is worth $300,000 and two others say $250,000, that should be a red flag. An agent may be trying to get your home on the market only to pressure you for multiple price reductions down the line.

Buying and selling a home is one of the biggest decisions you may make in your lifetime and you’ll want to have a high level of comfort and trust with your agent. Transactions can sometimes take many months, and you don’t want to be stuck with someone with which you don’t have a good rapport.

Have you had a good or not so good experience with a Realtor? What do you think it takes to be a top realtor? We’d love to hear your story. Leave a comment below.

Hyde Park Place Condo For Sale-65K

Rae Catanese, Realtor — Tue, 07 May 2013 18:56:59 +0000

Beautiful Hyde Park Place Condo in Tampa, Fl

1 Bedroom, 1 Bath unit with Fireplace 631 sq ft.

A tranquil tropical setting is perfect for relaxing by the pool. Assigned Covered Parking, Gated Community and plenty of guest parking. What more could you ask for at this price? Cash purchases only. No rental restrictions on percentage of units to be rented. Perfect for investors….See full listing details here

Can the Bank Foreclose During a Loan Modification Application?

Rae Catanese, Realtor — Mon, 29 Apr 2013 18:05:20 +0000

This is a guest blog post by Charles R. Gallagher III, Esquire

Don’t expect the bank to stop the foreclosure lawsuit because you have applied for a modification.

For those in foreclosure, a loan modification often appears to be a safe way out of trouble. Loan Modifications can lower payments, interest or sometimes even the principal amount of the loan. However, securing a loan modification is not an easy process and is fraught with peril.

Here’s Why Loan Modifications Fail:

Bank Collection and Loss Mitigation Departments Don’t Communicate

If you are in foreclosure you are, no doubt, familiar with the collection methods of the bank, numerous telephone calls, letters, inspections and all around harassment. If you are lucky enough be communicating with someone at the bank that can provide foreclosure assistance, you are dealing with the bank’s loss mitigation department. While it’s clear that you are communicating with two separate bank departments, don’t count on them communicating with each other.

There are countless stories about approved modifications and settlements that failed to stop a foreclosure. Collection departments at banks are charged with overseeing the foreclosure process. Conversely, loss mitigation departments are not involved in the oversight of foreclosure cases. As a result, they don’t communicate with each other. Making matters worse, collection departments communicate with outside foreclosure counsel, so they could give the bank’s attorney marching orders to proceed to a foreclosure sale at the very moment that the loss mitigation department approves a loan modification.

Protect Yourself From Foreclosure By Taking These 4 Steps When Communicating With Your Bank:

1. Ensure that all of your communications with the bank are in writing.

2. Better yet, ensure that your communications are sent via certified mail to ensure they were received. Don’t count on a phone call to protect your rights.

3. Write down the first and last name of the bank representative with whom you are speaking.

4. Keep a log of all communications with the bank. This will allow you to prove to the Court that you were engaged in a modification if the bank proceeds with the foreclosure lawsuit.

Lawsuit Remains Pending During Modification Negotiations

Borrowers assume that once a bank has accepted a modification application that the foreclosure lawsuit is automatically held in abeyance or stayed during the modification process. This is typically not the case. The foreclosure lawsuits continue to proceed even with the modification application.

Additionally many borrowers mistake a trial/temporary modification as a permanent modification. One of the conditions of these trial loan modifications is that the foreclosure lawsuit is not dismissed until such time as the borrower has completed all steps in order to make the modification permanent. Don’t expect the bank to stop the foreclosure lawsuit because you have applied for a modification.

As you can see, applying for a mortgage modification is no safe harbor from a pending foreclosure. However, armed with knowledge that banks don’t internally communicate well and establishing a paper trail can protect you during the modification process.

If you have questions about foreclosure or loan modifications in Tampa, St. Petersburg and Clearwater, please contact Gallagher & Associates Law Firm, P.A. for a free consultation. G&A’s attorneys are experienced in defending homeowners in foreclosure and suing banks for their violations of law. For more information call 727-344-LAWS or visit www.attorneyoffices.org.

Charles R. Gallagher III is the founder and principal of Gallagher & Associates Law Firm, P.A. in St. Petersburg, Florida. His practice includes foreclosure defense, consumer law, real estate and business litigation and insurance litigation. Mr. Gallagher is a graduate of Rollins College and Stetson University College of Law. He is a graduate of Leadership St. Pete and was selected as a Rising Star by Florida Super Lawyers and selected as an “Up and Comer” by the Tampa Bay Business Journal in 2011. He frequently lectures and serves as a media commentator on foreclosure topics.

How Much Time Will It Take to Buy or Sell a SHORT SALE? Tampa, Fl

Rae Catanese, Realtor — Fri, 26 Apr 2013 21:20:41 +0000

Thinking of buying or selling a short sale house in the Tampa Real Estate Market?

Have you heard horror stories on how much time it will take or how much it will cost?

If you are a seller wanting to list your home as a short sale you should know the following:

You are not responsible for paying a Realtor’s commission or any of the customary seller’s closing costs if the bank approves the sale of your home as a short sale. The total cost of selling your home typically runs approximately 10% of the purchase price, but those fees are absorbed by the homeowner’s bank.

1sts Mortgages – Short Sale file handling runs about the industry average of 60-90 days +/-. Banks are normally not flexible when homeowner hardship is unique. They operate very much like the big bank they are – cumbersome policies that are slow to change.

2nd Mortgages – BOA continues to present the most difficult challenges in the servicing industry on Short Sale proposals on home equity 2nds. Our experience is that it takes a cash contribution from the homeowner of 80 cents on the dollar, or 10 cents+/- on the dollar cash and a note for the balance of the deficiency to get BOA to approve a Short Sale on a HELOC. BofA does not seem to respond favorably to documentation demonstrating the borrowers inability to meet the contribution demands.

Update: Hooked on recourse. BOA is very frequently inserting “reservation of right” language in their approval letters. That means they are reserving the right to pursue the borrower for any deficiency balance after the short sale closes. We are seeing it on firsts as well as seconds, and we are seeing it on purchase money debt as well. BOA is actually telling distressed purchase money borrowers that they will be punished for staying the course and working to get a short sale done — because if the homeowner were to just walk away, BOA would not have the right to so much as wave at them on the freeway. Who is coming up with this stuff? At a time when we are hearing how we should pull together, the largest bank in the United States wants to be sure to kick borrowers while they are down.

If you need short sale advice please contact a Realtor in the Tampa Bay Area who can help you buy or sell a short sale

or call 813 784 7744 Rae Catanese

Million Dollar Homes For Sale Tampa, St. Petersburg and Clearwater

Rae Catanese, Realtor — Thu, 25 Apr 2013 20:01:37 +0000

Looking for million dollar home listings in affluent Tampa Bay neighborhoods?

Here’s a list of Tampa’s most expensive luxury real estate on the market now. Search all MLS Realtor listings for sale in luxury communities across the greater Tampa Bay area including St. Petersburg Beach and Clearwater Beach.

Waterfront properties, beach houses, short sales and foreclosures are all listed here!

Looking to advertise your home for sale on The Tampa Real Estate Insider? Contact us here to consult a Luxury Home Realtor

Showing properties 1 - 10 of 151. See more Homes for Sale in city of Tampa.
(all data current as of 5/14/2013)

$12,900,000 : 706 Guisando De Avila, Tampa

10 beds, 10 full, 3 part baths

Home size: 28,893 sq ft

Lot size: 5.90 ac

Year built: 2004

Parking spots: 4

Days on market: 700
$6,900,000 : 6208 Bayshore Blvd, Tampa

4 beds, 4 full baths

Home size: 4,513 sq ft

Lot size: 4.27 ac

Year built: 1955

Parking spots: 2

Days on market: 224
$6,750,000 : 332 Blanca Ave, Tampa

6 beds, 7 full, 1 part baths

Home size: 8,900 sq ft

Lot size: 17,302 sqft

Year built: 2009

Parking spots: 5

Days on market: 182
$6,499,999 : 2477 W Country Club Ave, Tampa

6 beds, 5 full, 1 part baths

Home size: 11,799 sq ft

Lot size: 1.33 ac

Year built: 1997

Parking spots: 3

Days on market: 67
$6,200,000 : 324 Blanca Ave, Tampa

6 beds, 6 full, 4 part baths

Home size: 10,347 sq ft

Lot size: 31,524 sqft

Year built: 1952

Parking spots: 4

Days on market: 63
$5,445,000 : 114 Martinique Ave, Tampa

8 beds, 8 full, 2 part baths

Home size: 8,901 sq ft

Lot size: 21,601 sqft

Year built: 2000

Parking spots: 2

Days on market: 68
$3,999,999 : 96 Martinique Ave, Tampa

4 beds, 5 full, 2 part baths

Home size: 9,369 sq ft

Lot size: 30,601 sqft

Year built: 1957

Parking spots: 2

Days on market: 39
$3,950,000 : 4602 W San Miguel St, Tampa

8 beds, 10 full, 5 part baths

Home size: 15,404 sq ft

Lot size: 22,081 sqft

Year built: 2011

Parking spots: 4

Days on market: 225
$3,900,000 : 1307 Bayshore Blvd, Tampa

3 beds, 3 full baths

Home size: 4,207 sq ft

Lot size: 18,722 sqft

Year built: 2006

Parking spots: 2

Days on market: 51
$3,695,000 : 4933 W Melrose N Ave, Tampa

6 beds, 5 full, 1 part baths

Home size: 6,114 sq ft

Lot size: 9,400 sqft

Year built: 2009

Parking spots: 2

Days on market: 64

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Showing properties 1 - 9 of 9. See more Homes for Sale in city of Clearwater Beach.
(all data current as of 5/14/2013)

$3,000,000 : 756 Eldorado Ave, Clearwater Beach

5 beds, 5 full, 1 part baths

Home size: 4,583 sq ft

Lot size: 6,600 sqft

Year built: 2008

Parking spots: 4

Days on market: 302
$2,995,000 : 1180 Gulf Blvd # 2201, Clearwater Beach

3 beds, 3 full, 1 part baths

Home size: 5,150 sq ft

Lot size: 5.56 ac

Year built: 1997

Parking spots: 2

Days on market: 312
$1,990,000 : 744 Eldorado Ave, Clearwater Beach

3 beds, 4 full baths

Home size: 2,230 sq ft

Lot size: 6,599 sqft

Year built: 1980

Parking spots: 5

Days on market: 1,140
$1,899,000 : 1350 Gulf Blvd. # 302/1, Clearwater Beach

6 beds, 4 full, 2 part baths

Home size: 4,793 sq ft

Lot size: 1.09 ac

Year built: 2005

Parking spots: 2

Days on market: 17
$1,795,000 : 840 Eldorado Ave, Clearwater Beach

3 beds, 3 full baths

Home size: 1,912 sq ft

Lot size: 6,000 sqft

Year built: 1949

Parking spots: 2

Days on market: 218
$1,699,000 : 277 Bayside Dr, Clearwater Beach

4 beds, 4 full, 1 part baths

Home size: 5,106 sq ft

Lot size: 12,240 sqft

Year built: 1999

Parking spots: 3

Days on market: 315
$1,685,000 : 766 Eldorado Ave, Clearwater Beach

4 beds, 4 full baths

Home size: 3,514 sq ft

Lot size: 6,600 sqft

Year built: 1939

Parking spots: 1

Days on market: 231
$1,649,000 : 860 Eldorado Ave, Clearwater Beach

4 beds, 3 full baths

Home size: 2,500 sq ft

Lot size: 6,000 sqft

Year built: 1977

Parking spots: 3

Days on market: 708
$1,099,000 : 859 Bay Esplanade, Clearwater Beach

4 beds, 3 full baths

Home size: 1,713 sq ft

Lot size: 8,220 sqft

Year built: 1930

Days on market: 146

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Showing properties 1 - 10 of 72. See more Homes for Sale in city of St Petersburg.
(all data current as of 5/14/2013)

$3,950,000 : 6 Brightwaters Cir Ne, St Petersburg

5 beds, 4 full, 1 part baths

Home size: 6,102 sq ft

Lot size: 15,488 sqft

Year built: 1960

Parking spots: 3

Days on market: 11
$3,950,000 : 1850 Brightwaters Blvd Ne, St Petersburg

4 beds, 5 full, 1 part baths

Home size: 5,861 sq ft

Lot size: 20,196 sqft

Year built: 1990

Parking spots: 3

Days on market: 114
$3,900,000 : 1038 Park St N, St Petersburg

3 beds, 4 full baths

Home size: 3,407 sq ft

Lot size: 4.14 ac

Year built: 1966

Parking spots: 3

Days on market: 130
$3,900,000 : 1150 Park St N, St Petersburg

5 beds, 5 full, 1 part baths

Home size: 5,392 sq ft

Lot size: 2.15 ac

Year built: 1939

Parking spots: 2

Days on market: 151
$3,900,000 : 1865 Brightwaters Blvd Ne, St Petersburg

6 beds, 4 full, 1 part baths

Home size: 6,292 sq ft

Lot size: 18,500 sqft

Year built: 1995

Parking spots: 3

Days on market: 491
$3,645,000 : 851 Brightwaters Blvd Ne, St Petersburg

5 beds, 7 full, 1 part baths

Home size: 7,029 sq ft

Lot size: 13,050 sqft

Year built: 2007

Parking spots: 3

Days on market: 85
$3,450,000 : 1721 Brightwaters Blvd Ne, St Petersburg

4 beds, 3 full, 1 part baths

Home size: 5,183 sq ft

Lot size: 18,500 sqft

Year built: 1989

Parking spots: 2

Days on market: 74
$3,400,000 : 116 Brightwaters Blvd Ne, St Petersburg

4 beds, 4 full, 1 part baths

Home size: 6,307 sq ft

Lot size: 14,000 sqft

Year built: 2008

Parking spots: 3

Days on market: 40
$3,300,000 : 850 Pinellas Point Dr S, St Petersburg

7 beds, 5 full, 1 part baths

Home size: 10,920 sq ft

Lot size: 2.84 ac

Year built: 1997

Parking spots: 4

Days on market: 119
$3,300,000 : 411 Cordova Blvd. Ne, St Petersburg

6 beds, 6 full, 2 part baths

Home size: 5,779 sq ft

Lot size: 1.22 ac

Year built: 1956

Parking spots: 4

Days on market: 645

Listing information deemed reliable but not guaranteed. Read full disclaimer.