Financing tips for buyers of Ormond By The Sea Florida homes and condos
This information is taken from the buyers resources page of the Ocean View Realty Group web site http://www.ovrealty.com/buyers__resources.html
A few hints for buyers who need to finance a real estate purchase.
- Obtain a recent credit report and review it with a mortgage specialist.
There may be ways to raise your score prior to applying for a loan.
-Increase the down payment. Since risk-averse lenders are avoiding conventional 95 to 100 percent mortgages, an applicant who can make a 10 to 20 percent down payment is much more likely to be approved.
-Be prepared to verify income and assets. It’s far more difficult to obtain “no-documentation” or “low-doc”
loans today because of stricter underwriting standards.
-Apply for a government-guaranteed loan from the Federal Housing Administration (FHA) or U.S. Department of Veterans Affairs (VA). These loans can finance up to 100 percent of the purchase price.
-Shop around for rate quotes from banks and mortgage companies and get a pre-approval letter indicating the amount of mortgage financing you qualified for.
Now for a few things to avoid while getting ready to apply for a home loan
(or even after you apply but before the loan is closed).
1. Do not change jobs, become self-employed or quit your job.
2. Do not buy a car, truck or van (or you may be living in it)!
3. Do not use charge cards excessively or let your accounts fall behind.
4. Do not spend money you have set aside for closing.
5. Do not omit debts or liabilities from your loan application.
6. Do not buy furniture especially if it needs to be financed.
7. Do not originate any inquiries into your credit.
8. Do not make large deposits without first checking with your loan officer.
9. Do not change bank accounts.
10. Do not co-sign a loan for anyone.
For information about Ormond Beach and Ormond By The Sea homes and condos for sale or rent, contact Ocean View Realty Group or visit our web site at http://www.ovrealty.com/.
Sunday, February 28, 2010
Thursday, February 25, 2010
What is a condo?
So what is a condo anyway??
Condo is simply a short name for condominium and is often used to describe an individual unit as well as the complex.
A condominium is individual ownership of a unit in a multiunit project that also includes undivided ownership of common areas such as grounds, parking lot, pool, etc. The project itself is generally similar to an apartment building except that each unit is individually owned. Condominium units may be occupied by full time residents, second homes used at various times throughout the year by family & friends of the owner, and/or available for rent.
Condominium Associations
Each condominium is run by an association which is made up of the unit owners. The association is a not for profit corporation with responsibility for maintaining the common elements of the condo including the building exterior. Unit owners are members of the corporation and they elect a volunteer board of Directors from their membership to run the day to day operations and maintenance of the building and grounds. Every unit in the complex has one vote in matters requiring a vote of the membership.
Each condo has By-Laws and Rules & Regulations governing use of the property & various restrictions such as on pets or rentals. Governing documents are recorded in the public records when a condominium is created and dictate how the association and the board of directors is made up, elected, the annual meeting and other corporate matters. Condominiums are a product of quality design and a sensitivity to the needs of residents.
For information about Ormond Beach and Ormond By The Sea Florida homes and condos for sale or rent, contact Ocean View Realty Group or visit our web site at http://www.ovrealty.com/.
Condo is simply a short name for condominium and is often used to describe an individual unit as well as the complex.
A condominium is individual ownership of a unit in a multiunit project that also includes undivided ownership of common areas such as grounds, parking lot, pool, etc. The project itself is generally similar to an apartment building except that each unit is individually owned. Condominium units may be occupied by full time residents, second homes used at various times throughout the year by family & friends of the owner, and/or available for rent.
Condominium Associations
Each condominium is run by an association which is made up of the unit owners. The association is a not for profit corporation with responsibility for maintaining the common elements of the condo including the building exterior. Unit owners are members of the corporation and they elect a volunteer board of Directors from their membership to run the day to day operations and maintenance of the building and grounds. Every unit in the complex has one vote in matters requiring a vote of the membership.
Each condo has By-Laws and Rules & Regulations governing use of the property & various restrictions such as on pets or rentals. Governing documents are recorded in the public records when a condominium is created and dictate how the association and the board of directors is made up, elected, the annual meeting and other corporate matters. Condominiums are a product of quality design and a sensitivity to the needs of residents.
For information about Ormond Beach and Ormond By The Sea Florida homes and condos for sale or rent, contact Ocean View Realty Group or visit our web site at http://www.ovrealty.com/.
Wednesday, February 24, 2010
Mortgage Companies May Sue Walk-Away Borrowers
ATLANTA, Feb. 22—Homeowners who are considering "walking away" from their home to avoid making their mortgage payment need to know that their mortgage company may try to file a lawsuit to recover the amount owed on the home.
In addition, homeowners who sell their home for less than the amount they owe—a process called a "short sale"—may be sued for the unpaid balance, even after the sale of the home. Finally, homeowners with unpaid home equity loans or second mortgages may also face legal action if they "walk away" from an unpaid mortgage, or conclude a short sale.
"My advice is that no homeowner should ever simply walk away or turn in the keys without receiving a document that absolves them of all liability," said Frank Alexander, professor of law at Emory University School of Law and a member of the board of directors of Consumer Credit Counseling Service (CCCS) of Greater Atlanta.
"A borrower facing a foreclosure should assume that a post-foreclosure lawsuit is possible," said Alexander. "In addition, no homeowner should ever participate in a short sale without receiving a signed agreement clarifying that all outstanding debt has been forgiven. The same is true for all deed-in-lieu of foreclosure resolutions."
Before the current mortgage crisis, mortgage companies usually did not sue homeowners after foreclosure or short sales because many borrowers had little income and few remaining assets, according to Alexander.
But the increase in homeowners deciding to "walk away" from their homes means mortgage companies may file more lawsuits to try and recoup their losses. In addition, Alexander says that mortgage companies are often selling promissory notes for the amount owed on the mortgage, at steep discounts, to collection agencies. The collection agencies will likely pursue the former homeowner to collect the amount owed.
Because some borrowers who decide to walk away from their homes still have good incomes, Alexander predicts an increase in the number of lawsuits filed by mortgage companies to obtain garnishment of a homeowner's wages. "Garnishment actions are going to become quite common in late 2010 and throughout 2011 and 2012," he says.
If a homeowner involved in a foreclosure, a short sale, or deed-in-lieu of foreclosure has any questions about this issue, Alexander recommends that they hire an attorney to determine if their mortgage company has any basis for legal action.
Source: PRNewswire
In addition, homeowners who sell their home for less than the amount they owe—a process called a "short sale"—may be sued for the unpaid balance, even after the sale of the home. Finally, homeowners with unpaid home equity loans or second mortgages may also face legal action if they "walk away" from an unpaid mortgage, or conclude a short sale.
"My advice is that no homeowner should ever simply walk away or turn in the keys without receiving a document that absolves them of all liability," said Frank Alexander, professor of law at Emory University School of Law and a member of the board of directors of Consumer Credit Counseling Service (CCCS) of Greater Atlanta.
"A borrower facing a foreclosure should assume that a post-foreclosure lawsuit is possible," said Alexander. "In addition, no homeowner should ever participate in a short sale without receiving a signed agreement clarifying that all outstanding debt has been forgiven. The same is true for all deed-in-lieu of foreclosure resolutions."
Before the current mortgage crisis, mortgage companies usually did not sue homeowners after foreclosure or short sales because many borrowers had little income and few remaining assets, according to Alexander.
But the increase in homeowners deciding to "walk away" from their homes means mortgage companies may file more lawsuits to try and recoup their losses. In addition, Alexander says that mortgage companies are often selling promissory notes for the amount owed on the mortgage, at steep discounts, to collection agencies. The collection agencies will likely pursue the former homeowner to collect the amount owed.
Because some borrowers who decide to walk away from their homes still have good incomes, Alexander predicts an increase in the number of lawsuits filed by mortgage companies to obtain garnishment of a homeowner's wages. "Garnishment actions are going to become quite common in late 2010 and throughout 2011 and 2012," he says.
If a homeowner involved in a foreclosure, a short sale, or deed-in-lieu of foreclosure has any questions about this issue, Alexander recommends that they hire an attorney to determine if their mortgage company has any basis for legal action.
Source: PRNewswire
Sunday, February 21, 2010
Florida schools rank number 8 in the country
According to Education Week, the Pew foundation in a recent report ranks Florida schools 8th in the country overall of all states and the District of Columbia.
Pew's Center on the States (PCS) works to advance state policies that serve the public interest. PCS conducts credible research, brings together diverse perspectives, and analyzes states’ experiences to determine what works and what does not.
An independent nonprofit, Pew is the sole beneficiary of seven individual charitable funds established between 1948 and 1979 by two sons and two daughters of Sun Oil Company founder Joseph N. Pew and his wife, Mary Anderson Pew.
Read the report at http://www.edweek.org/media/ew/qc/2010/QualityCounts2010_PressRelease.pdf and see how your home state ranks.
Pew's Center on the States (PCS) works to advance state policies that serve the public interest. PCS conducts credible research, brings together diverse perspectives, and analyzes states’ experiences to determine what works and what does not.
An independent nonprofit, Pew is the sole beneficiary of seven individual charitable funds established between 1948 and 1979 by two sons and two daughters of Sun Oil Company founder Joseph N. Pew and his wife, Mary Anderson Pew.
Read the report at http://www.edweek.org/media/ew/qc/2010/QualityCounts2010_PressRelease.pdf and see how your home state ranks.
Saturday, February 20, 2010
Al Raymondi and Ocean View Realty Group on Activerain and Zillow
Al Raymondi and Ocean View Realty Group have a presence on the Active rain real estate network and on Zillow.com. Click on the badges below to review information and properties. For information about Ormond Beach and Ormond By The Sea Florida homes and condos for sale or rent, contact Ocean View Realty Group 386-441-8245 or visit our web site at http://www.ovrealty.com/.
Thursday, February 18, 2010
Ormond By The Sea Florida home sales
A widget from Zillow.com that is to show the most recent sales of homes in Ormond By The Sea Florida has been added to the side bar of the Ocean View Realty Group Blog. Hope it works well and gives you a good source for following the Ormond By The Sea Florida real estate market.
For information about homes and condos for sale or for rent in Ormond Beach Florida call Ocean View Realty Group at 386-441-8245 or visit our web site at http://www.ovrealty.com/
For information about homes and condos for sale or for rent in Ormond Beach Florida call Ocean View Realty Group at 386-441-8245 or visit our web site at http://www.ovrealty.com/
Wednesday, February 17, 2010
Price reduced $109,000-- Spring Garden Court Condo number 1650 for Sale in Holly Hill, Florida
Spring Garden Court Condo for sale in Holly Hill, Florida $109,000 Possible seller financing. This first floor 2 Bedroom 2 bath condo has inside washer and dryer and a rear patio. New living room and kitchen lighting fixtures. New stainless kitchen appliances. Ceramic tile and carpeted flooring. Great central location close to everything Daytona Beach has to offer. Small (29 units) gated condo complex with low maintenance fees. On site manager. Being sold as is inspections welcome. All measurements are approximate. Currently tenant occupied. Owner will consider financing with $5000 down at 2 points over prime. Bring all offers
Ocean View Realty Group
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For additional information about
Ormond By The Sea rental homes and condos
contact Deanna Thomas, our rental specialist ovrentals@aol.com
Thinking of buying or selling
an Ormond By The Sea home or condo?
Contact Realtor Marion O'Connor or Rhonda Lehnen or Shonda Stebleton at ovforsale@aol.com
Ormond By The Sea home and condo owners....................
picture your property here for rent by Ocean View Realty Group.
Contact Ocean View today. At Ocean View one call does it all!
Vacation rental information is on our vacation rental web site at
www.OrmondBeachCondoRentals.com
Toll free--USA and Canada 1-800-356-3409
Phone 386-441-8245
fax 386-441-2407
mail to:ovrealty@aol.com
Ormond By The Sea rental homes and condos
contact Deanna Thomas, our rental specialist ovrentals@aol.com
Thinking of buying or selling
an Ormond By The Sea home or condo?
Contact Realtor Marion O'Connor or Rhonda Lehnen or Shonda Stebleton at ovforsale@aol.com
Ormond By The Sea home and condo owners....................
picture your property here for rent by Ocean View Realty Group.
Contact Ocean View today. At Ocean View one call does it all!
Vacation rental information is on our vacation rental web site at
www.OrmondBeachCondoRentals.com
Toll free--USA and Canada 1-800-356-3409
Phone 386-441-8245
fax 386-441-2407
mail to:ovrealty@aol.com
Tuesday, February 16, 2010
Sloppy Joe’s Restaurant opens in Daytona Beach, Florida
Sloppy Joe’s Restaurant is now open at the Ocean Walk Shoppes on Atlantic Avenue, near the Ocean Center in Daytona Beach, Florida. The Restaurant is about 9,500 square feet and seats 270 diners. The original Sloppy Joe’s is in Key West, Florida and the Daytona Beach operation is the third in Florida. Sloppy Joe’s Daytona Beach has a full menu of seafood, steak and chicken along with sandwiches and appetizers. View the menu at http://ow.ly/12PU4
Ocean View Realty Group
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Ocean View Realty Group
For additional information about
Ormond By The Sea rental homes and condos
contact Deanna Thomas, our rental specialist ovrentals@aol.com
Thinking of buying or selling
an Ormond By The Sea home or condo?
Contact Realtor Marion O'Connor or Rhonda Lehnen or Shonda Stebleton at ovforsale@aol.com
Ormond By The Sea home and condo owners....................
picture your property here for rent by Ocean View Realty Group.
Contact Ocean View today. At Ocean View one call does it all!
Vacation rental information is on our vacation rental web site at
www.OrmondBeachCondoRentals.com
Toll free--USA and Canada 1-800-356-3409
Phone 386-441-8245
fax 386-441-2407
mail to:ovrealty@aol.com
Ormond By The Sea rental homes and condos
contact Deanna Thomas, our rental specialist ovrentals@aol.com
Thinking of buying or selling
an Ormond By The Sea home or condo?
Contact Realtor Marion O'Connor or Rhonda Lehnen or Shonda Stebleton at ovforsale@aol.com
Ormond By The Sea home and condo owners....................
picture your property here for rent by Ocean View Realty Group.
Contact Ocean View today. At Ocean View one call does it all!
Vacation rental information is on our vacation rental web site at
www.OrmondBeachCondoRentals.com
Toll free--USA and Canada 1-800-356-3409
Phone 386-441-8245
fax 386-441-2407
mail to:ovrealty@aol.com
Monday, February 15, 2010
A great time for baby booms to buy Ormond By The Sea, Florida real estate
Lower property values for Ormond By the Sea homes and condos make this a great time to buy. Baby Boomers looking to move south for retirement in a few years can buy now and be ready when their time comes, possibly renting in the meantime to help pay the expenses of ownership. Many owners of Ormond By the Sea, Florida homes and condos use their property occasionally as a vacation getaway when it is no rented, providing another benefit to buying now. Low interest rates provide anther incentive to taking the leap into purchasing an Ormond By The Sea, Florida home or condo now. Your mortgage payment could be $200 or more lower each month in your retirement years if you buy now rather than wait a few years when interest rates may be much higher.
If you need additional information about beautiful Ormond By the Sea, Florida visit the Ocean View Realty Group web site at www.ovrealty.com where you can also search the Daytona Beach Area MLS anonymously. Contact Ocean view Realty Group Realtors – Marion O’Connor, Rhonda Lehnen or Shonda Stebleton at (386) 441-8245 or ovforsale@aol.com for information about Ormond By the Sea, Florida homes and condos for sale and for rent.
Experience the fabulous Atlantic ocean Views available from many Ormond By the Sea, Florida condos, and get those ocean breezes from your private balcony every day after you move into your condo. Lock in today’s low values and watch the appreciation of you home or condo rise over the years. Now is a great time to buy Ormond By the Sea, Florida homes and condos.
For information about Ormond Beach and Ormond by the Sea Florida homes and condos for sale and for rent visit the Ocean view Realty Group web site at http://www.ovrealty.com/ where you can also search the Daytona Beach area multiple listing service (MLS) anonymously.
If you need additional information about beautiful Ormond By the Sea, Florida visit the Ocean View Realty Group web site at www.ovrealty.com where you can also search the Daytona Beach Area MLS anonymously. Contact Ocean view Realty Group Realtors – Marion O’Connor, Rhonda Lehnen or Shonda Stebleton at (386) 441-8245 or ovforsale@aol.com for information about Ormond By the Sea, Florida homes and condos for sale and for rent.
Experience the fabulous Atlantic ocean Views available from many Ormond By the Sea, Florida condos, and get those ocean breezes from your private balcony every day after you move into your condo. Lock in today’s low values and watch the appreciation of you home or condo rise over the years. Now is a great time to buy Ormond By the Sea, Florida homes and condos.
For information about Ormond Beach and Ormond by the Sea Florida homes and condos for sale and for rent visit the Ocean view Realty Group web site at http://www.ovrealty.com/ where you can also search the Daytona Beach area multiple listing service (MLS) anonymously.
Sunday, February 14, 2010
China Taste is coming soon to Ormond By The Sea, Florida
There is a coming soon sign at 1228 Ocean Shore Blvd. at the Ormond Mall for China Taste, a take out only Chinese restaurant. Chinese Taste will be a couple of doors down from the hairdresser toward the south end of the mall. We can only hope that the food is good and that they can stay in business longer than the Chinese Buffet that was at the north end of the mall a few years back.
Ocean View Realty Group
Ocean View Realty Group
For additional information about
Ormond By The Sea rental homes and condos
contact Deanna Thomas, our rental specialist ovrentals@aol.com
Thinking of buying or selling
an Ormond By The Sea home or condo?
Contact Realtor Marion O'Connor or Rhonda Lehnen or Shonda Stebleton at ovforsale@aol.com
Ormond By The Sea home and condo owners....................
picture your property here for rent by Ocean View Realty Group.
Contact Ocean View today. At Ocean View one call does it all!
Vacation rental information is on our vacation rental web site at
www.OrmondBeachCondoRentals.com
Toll free--USA and Canada 1-800-356-3409
Phone 386-441-8245
fax 386-441-2407
mail to:ovrealty@aol.com
Ormond By The Sea rental homes and condos
contact Deanna Thomas, our rental specialist ovrentals@aol.com
Thinking of buying or selling
an Ormond By The Sea home or condo?
Contact Realtor Marion O'Connor or Rhonda Lehnen or Shonda Stebleton at ovforsale@aol.com
Ormond By The Sea home and condo owners....................
picture your property here for rent by Ocean View Realty Group.
Contact Ocean View today. At Ocean View one call does it all!
Vacation rental information is on our vacation rental web site at
www.OrmondBeachCondoRentals.com
Toll free--USA and Canada 1-800-356-3409
Phone 386-441-8245
fax 386-441-2407
mail to:ovrealty@aol.com
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