First time homebuyers need to act in order to claim “First Time Home Buyer Tax Credit”. The market is governed these days by either foreclosures or short sales. With prices being influenced by these stressed properties few if any homes are available on traditional listings. What results is the necessity to negotiate with banks for approvals. This process is riddled with problems and leads to frustrated buyers. It is not uncommon to bid above asking price, wait a month for a response then find out that they have lost to a cash buyer offering less money. The first time buyer is even more susceptible since their financing is leveraged and generally less secure. For those still looking for the perfect Fort Myers FL home and a tax credit, perseverance and a little luck are going to be needed. If you fall into this category I encourage you to act without delay. This tax credit is unprecedented and I am convinced that many people that are counting on it will be disappointed when time runs out before the purchase is completed.
All posts by Brad Dohack
Rarely will you see comments here regarding politics but this is one instance that I must speak out. Today marks the day that the “first time home buyer tax credit” was extended and indeed expanded to include current home owners and our politicians deserve thanks. It is no secret that this area has been pummeled by the melt down of the housing market. I saw the previous credit give the industry a shot in the arm and watched in fear as the end of it approached. Fort Myers FL homes have never been more affordable and combined with this credit, first time home buyers are foolish not to act. Indeed, as a result they have not just been a part of the market; they have been the entire market. Current home owners have seen their equity dry up and very few are bold enough to take on more debt in such uncertainty. The extension of this credit is going to give retirees the incentive they need to act. The credit is obviously not something that can go on forever but truly what is needed here and now. I commend them.
Renaissance Fort Myers
This 2 Cent Tour brings us to one of the most spectacular communities in Fort Myers, “Renaissance” located conveniently on Daniels Parkway and I-75, only 10 minutes from the Fort Myers airport. You will want to make sure you watch the entire video to see all of the amenities Renaissance has to offer. Click the video below to begin your 2 cent tour.
If you have never visited Renaissance, you’ve never witnessed what Southwest Florida has to offer.
Below you will find up-to-date active listings on the MLS. Click on any property to view more information and schedule an appointment, or you can simply call 239-963-4811.
View the Google Map below to get an idea for where Renaissance is located within Fort Myers.
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That may sound like a silly question but I ask it every day.
Unfortunately we are at a moment in time where seller’s motivations are not typical. Most sellers in this market are being forced into short sales and there is a mentality that since they are losing on the deal they just don’t care. If you just don’t care then why go through the trouble of listing and showing your property
You do care and have a huge stake in the outcome so make a little effort and make your deal work.
Most likely if you find yourself in a short sale situation you are not alone. There are others on your very street facing the same reality. In an asset manager’s mind your homes are identical even if they are not. You likely will not get extra value as a result of working to make your home more saleable but you will get a contract and be on your way to resolving a negative situation. Most people in this marketplace begin destroying their property and quite frankly living like pigs. These people are not only going to lose their investment in their home, they are donating their self esteem as well.
What does that do to help the situation?
The same dynamics that used to work still work even if the outcomes are different. If you have a desirable property worth waiting for you will not only find buyers, you will find buyers who are willing to hold on and see the deal through. Obviously you are not going to do any renovation but simple things like cleaning and de-cluttering kitchens, closets, and bathrooms goes a long way. Trimming bushes and planting inexpensive annuals will also improve curb appeal and invite buyers. They need an incentive to enter into the roller coaster ride of a short sale so give them one, a great house. I challenge you to look at your situation not from a victim’s perspective but rather from a buyer’s perspective and you will find that your victim days will be numbered and you will be moving on to better times.
This is the most often asked question and as always there is no pat answer. It really depends on three factors:
1.) Your lender
2.) Your personal history
3.) Your representative handling the transaction.
Lenders are all over in their approach to short sales and can change strategy at any time. Currently the general environment is that banks and lending institutions see short sales as a better alternative than holding properties through till foreclosure. Of course they are going to force the homeowner to prove that they cannot honor the commitment they have made. If you have the means to continue to pay banks likely will not forgive the debt just because home values have dropped. They are not in the real estate business; they are in the loan business. Taking back property is a last resort for them. Currently lenders are ramping up efforts to deal with short sales. They are finding that it saves money to deal with homeowners that are still living in the homes and caring for them. Each lender has criterion for their own evaluation and operating structures which govern their actions and response times.
Finally, there is the representative that is handling the negotiation. I encourage anyone interested in listing or purchasing short sale property to carefully scrutinize your representative. All are not created equal. At the Dohack Group we work hand in hand with an attorney negotiator who does nothing but work on short sales. They deal with all of the lenders and know what is necessary to submit a complete package to their specifications the first time. This assures that the timeline will be cut to the very minimum. Additionally, we are finding that many financial institutions are increasingly willing to review the offer early in the process so that buyers know their potential for success in the end. This is not widespread yet but is an early trend and long overdue.
When you own a Fort Myers FL home and find that a short sale is your only option, procrastination is the WORST possible idea. The more proactive you can be in working on an alternative to foreclosure, the better. It is worth the effort and in the end it could be the best overall solution to a mortgage that you can no longer afford due to uncontrollable circumstances. If you find yourself having these considerations I encourage you to act quickly. The worst response is no response. The earlier you begin the better your chances of a successful conclusion. We at the Dohack group are here to help you answer your questions and offer whatever help is in your best interest.
This 2 Cent Tour brings us to a great community “Hampton Park” located in Gateway, only about 10 minutes from the Fort Myers airport. Hampton Park is a WCI community. Click the video below to begin your 2 cent tour.
For more information or to tour homes of Hampton Park in Fort Myers, please Contact Us or call 239-244-1340.
View the Google Map below to get an idea for where Hampton Park is located within Fort Myers.
View all available listings in Hampton Park Fort Myers below and click on a property for more information.
This 2 Cent Tour brings us to a great community “Stoneybrook at Gateway” located in Fort Myers. Stoneybrook at Gateway is a Lennar community, a builder that is known for standing behind their homes. Click the video below to begin your 2 cent tour of Stoneybrook at Gateway.
For more information or to tour homes of Stoneybrook at Gateway in Fort Myers, please Contact Us or call 239-494-5156.
Below are a list of the active homes for sale in Stoneybrook at Gateway:
View the interactive Google Map below to get an idea for where Stoneybrook at Gateway is located within Fort Myers.
This 2 cent tour brings us to one of the most beautiful communities Southwest Florida has to offer, Paseo in Fort Myers.
We have to look no farther than about 10 minutes from the airport just off Daniels Parkway in Fort Myers.
Paseo sits on 444 acres of land in prime location near the highway and airport. It boasts some of the best amenities in the entire country, including a 4,000 sqft workout facility, full size movie theater, ice cream parlor, pub, bistro, business center, and one of the best pools in Southwest Florida. Take a couple minutes to view the 2 cent tour below.
If you would like a personal tour of Paseo, please Contact Us directly to set one up.
View Paseo Fort Myers in a larger map
I came across a video today that got me thinking about how much fun real estate can be. Watch the video first.
We have all heard the term but rarely in the context of real estate. It is amazing though how much it applies in this market. It is commonplace for banks to turn their noses up at full price offers on foreclosure properties only to turn around and accept a lower offer for cash. Once a property makes it through the lengthy process of foreclosure they are anxious to write it off their books. They are all too aware of the pitfalls that await financed homeowners in bringing the deal to a close. It is for this reason that I make the following recommendation to anyone hoping to cash in on the deals on Fort Myers FL homes. It is indeed wise to work out financing before you start shopping.
One way to accomplish this is to borrow against other assets. Do you have equity in your primary residence? Do you own a piece of property that has ample equity? Better yet do you already have a Line of Credit in place that you can utilize? Borrowing against other assets is wise for other reasons. Other costs associated with the purchase of a new home can be avoided. First and foremost is the Doc Stamp tax on the mortgage. Another is that an appraisal is optional. Add to that a price that will surely be thousands of dollars less and you quickly begin to understand my point. The money you save will pay any costs associated with procuring the loan. Add to that the fact that you can close in weeks instead of months.
What is that worth in saved aggravation? Planning ahead always makes sense, in this case it makes money. Plan ahead and take advantage.
Southwest Florida has some of the best weather in the country but even so we find ourselves longing for cooler days. Temperatures have been hovering 7 to 8 degrees above normal keeping us in the mid 90s with no rain. The gulf temperatures have actually been climbing in recent weeks. Gulf temperatures are in still at an unheard of 87 degrees. Have no fear though. We are only days away from perfect weather.
Unlike our friends up north we cherish cold fronts. They will chill us down to frigid temperatures in the 70s and 80s. It is what Florida is all about. The warm sun, blue skies, and sandy beaches never lose their appeal and are an invitation to everyone in colder climates to come visit and stay awhile. This year’s visitors are going to be greeted with outstanding values on Fort Myers FL Homes. It is my dedication to spread the word to as many as I can that vacation and retirement living has not been this affordable in at least a decade and maybe ever. I encourage you to take some time out to see what is available. We will make it fun, I promise.
With all of the amazing deals in the Fort Myers real estate market today, there are a few gems that stick out above the rest. One gem, in particular, is Stoneybrook at Gateway. A newer community, Stoneybrook at Gateway offers some terrific amenities. I’ve attached several photos for you to view.
Although the community boasts many distressed homes, that’s precisely why it’s a gem for the price. Numerous foreclosures and short sales mean that you can get into these properties for sometimes less than half what they went for 3 years ago. The Wittmann’s shown below just put a contract down on this beautiful single story home for under $150,000. That’s just incredible! I’m happy to help them find a place where they will be able to enjoy many years to come for a fantastic price!
SHOULD I BUY IN FORT MYERS
Originally being from St. Louis, I am often asked this question. As with most questions there is no blanket answer. For the most part I would answer YES. Fort Myers FL homes are undeniable bargains. As an investment vehicle or as a vacation or retirement home absolutely, YES. My only reservation would be for those who want to relocate and find local employment. The factors that have combined to depress real estate values include unemployment rates in excess of 13%. The decline in real estate values and joblessness go hand in hand. There have been record home sales in the past three months and I fully expect that as a result the first positive trend in unemployment in years is just around the corner. This area has always been driven by tourism and construction and with those industries suffering the area’s economy suffers.
Until now the biggest segment of foreclosures has been low end homes. Much activity has centered in Cape Coral and Lehigh Acres. The trend is now moving to more expensive homes in those communities and in Fort Myers. Investors were the first to fold as a result of over leverage. Now the effects are being felt among those in primary residences. Anyway, you get the point. Fort Myers FL homes are a true value for those with the ability to buy and own them. Nobody has a crystal ball but I look at current prices, current rents, and the ability to cash flow on investment properties, along with the potential for gains in 3 to 5 years and find it hard to be pessimistic.
That’s a question I hear all of the time.
As you know I have been studying the real estate market in southwest Florida since arriving here 4 years ago. I have seen it in its heyday with prices going up daily and devastated from the banking melt down as well. For the past 1 ½ years I have seen values depreciate by as much as 80% in some cases due to a foreclosure rate approaching 60%. Like most people, I have been waiting for indications that the market has hit bottom and is starting to return to more realistic levels. Most experts agree that it is more than 3 months into a rebound.
For the following reasons I believe it is time to take action: Foreclosure inventory has been dramatically reduced
It is my belief that this market is creating a once in a lifetime opportunity. To that end I am creating a Real Estate LLC for the purpose of acquiring, managing, and profitably selling residential properties. The purpose of this entity is to create an opportunity for individual investors to enter this market without the the exposure of seeking out and managing individual properties yet still capitalize on a unique anomaly in the market and realize profits from 3 to 5 year appreciation. I am excited about this endeavor and hope that you too will agree and choose to participate. I have a solid reputation for integrity and for tirelessly working in the best interest of a partnership. So you asked, “Should I buy in Fort Myers?” LET’S TAKE ACTION !
I spend most of my time discussing pertinent issues concerning Fort Myers Fl real estate since after all that is the true purpose of this website. Periodically however I like to comment on other topics that give insight into who I am and where I am from. I recently visited St. Louis still home to my parents, 10 brothers and sisters, my mother in law, 5 of my wife’s 6 sisters, and too many nieces and nephews to count. As you can imagine those trips are packed with family time. You can never get enough. Whenever you live in a place for an extended period of time you begin to take things for granted. St. Louis is full of those things. Forest Park, the St. Louis Zoo, Busch stadium and the St. Louis Cardinals, the St. Louis Rams, Ted Drewes frozen custard, Imo’s Pizza, and yes Lion’s Choice. I could fill these pages with fond memories.
Important to me is to take the time to appreciate the things surrounding our Ft Myers Fl homes. Today is the first break from the summer heat. It is the first sample of what will be expected for the next 6 months, ideal weather. Nearly every day I cross a bridge over the water and take in a view worthy of a post card. Sunsets are spectacular. Flowers can be seen 12 months of the year and of course there is the endless array of palm trees and lush landscaping. You never want to forget the memories of your family and home town. At the same time it is always good to stop for a minute, look around and as they say “smell the roses”. What a beautiful place Fort Myers is. Hope you join us soon.