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Jackie Colson-Miller

Jackie Colson-Miller, CIPS
Direct - (813)629-5757
Homeward Real Estate
3401 Henderson Blvd
Tampa, FL 33609
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Can You Close on Your Home in Thirty Days? Maybe Not…Tampa Real Estate Market News

Filed under: Buying a House in Tampa, MLS Listings in Tampa, MacDill AFB, Moving to Tampa, Tampa Real Estate, Tampa Real Estate Agent, mortgage news

The Latest news in the Tampa Real Estate Market, Tampa Neighborhoods and Buying a Home in Tampa….

So, you have found a home in Tampa and want to move in within 30 days. Is that possible? With the current issues in the mortgage industry, tougher appraisal guidlines and the fact that lenders have cut back on staff, chances are slim that your loan will close in under 30 days.  The FAR contract has no allowance for an extension of the closing date if the lender is unable to issue a loan commitment within the time allowed under the terms of the contract, unless the delay is due to a storm, which has suspended the underwriting process. Otherwise, if you do not have loan commitment on the date specified in the contract, and the seller does not agree to an extension of the closing date, YOUR ESCROW DEPOSIT IS AT RISK. Worst case scenario is the “domino effect”, Seller A has to close today, in order to purchase a home they are contracted for to close on the same date and Seller B is in the same position. Three parties with closings all set for the same date, moving vans ready to go and the LENDER, who has a backlog of files, and no risk of loss in the transaction, has created a financial and logistical nightmare for everyone involved.

In recent months, lenders have taken a “laissez faire” attitude about the closing date, as if it doesn’t exist.  They have no sense of urgency. In addition to the “backlog”, we have seen an increase in “inaccurate” appraisals.  I saw an appraisal recently where the appraiser “missed” part of the second floor on the diagram she drew and omitted the most recent sale in the area! This appraiser works primarily in another county and under the new appraisal guidelines, she was “picked” from a list! Many Appraisers are doing a “sloppy job”  and not using the “best comparitive sales” for the property, since the lender can no longer choose the appraiser.  Imagine, if you needed surgery, but could not choose your surgeon, based on expertise is a certain area.  Your insurance company just “picked a name” off a list and said….”take it, or leave it”. That is what has happened in the mortgage industry.  Just because an appraiser is licensed in the State of Florida does not mean he/she knows the intricacies of every neighborhood in the State, nor would they understand the different “nuances” in value, from one street to the next, or one neighborhood to another.  Properties located in the same zip code can have vastly different values.

So, welcome to the “new mortgage industry”! I think there should be fines for lenders who cannot close a loan on time.  There should be a “maximum time” allowed for the underwriting process, which should not be determined by the lender itself.  Buyers with good credit need to ask for a penalty, if the lender cannot close a loan on time. Or, in this era of TARP funds, bailouts and the like, maybe it’s time for the Federal Government to mandate a penalty for a delay in underwriting. Oh, I forgot, Congress is too busy working on programs to increase our electric bills, increase the cost of our health care, increase our national debt and cavorting with lobbyists….More “government” and less “accountability” has created this mess, so it’s up to the buyer, who has the most to lose if a loan does not close on time, to hold the lender accountable. 

Make your online searches for homes in Tampa simple! You can get started on receiving all of the listings that meet your criteria in a matter of minutes…Just tell me what you are looking for…click here to receive the latest listings today! Any questions about the Tampa Real Estate Market, Tampa Schools, or the Best Neighborhoods in Tampa? Send me an email.

For more information about the Tampa Real Estate market, Tampa Neighborhoods, including Culbreath Isles, MacDill AFB,  South Tampa, Harbour Island, Davis Islands, Beach Park, Sunset Park, Hyde Park, Channelside, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, Wesley Chapel, New Tampa, Tampa Palms, Hunters Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Houses in the Plant High School District, Tampa Schools, Luxury Homes in Tampa, Condos in Tampa, the Best Tampa Neighborhoods, or International Real Estate contact me.

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Posted by Jackie Colson-Miller   |   Click Here To Comment »   |   10.19.2009

Mortgage Rates at 4.5%?? A Gift for Homebuyers in the Tampa Real Estate Market

Filed under: Buying a House in Tampa, Clearwater Beach Real Estate, Davis Islands Real Estate, Florida Real Estate, Gated Communities in Tampa, Tampa Foreclosures, Tampa Home Search, Tampa Real Estate, Tampa Real Estate Market, mortgage news

The latest news on The Tampa Real Estate Market, Buying a House in Tampa, the Best Tampa Neighborhoods and International Real Estate Issues, every day on The Real Estate Sizzle…

The Tampa Real Estate Market is “abuzz” today with the news of mortgage rates dropping to 4.5%.  My phone has been ringing all morning.  Is it true?

Maybe!  The Treasury Department is considering the purchase of mortgage-backed securities from Fannie Mae and Freddie Mac, which would encourage lenders to lower 30–year fixed rates to 4.5%, thereby stimulating activity in the housing industry, with a “trickle down” effect to the rest of the economy. The Treasury Department is expected to make a decision as early as Monday. So, stay tuned.

My advice?  If you are looking for a home in Tampa, or looking to invest in the real estate market, THIS IS THE TIME.  There are plenty of bargains, and foreclosures, in Tampa Real Estate, as well as the Clearwater Beach Real Estate Market.  Sellers are willing to negotiate. When the rates drop again, you need to LOCK and BUY! 

What does that mean?  Most lenders will “lock” your interest rate, for a certain length of time, usually 30 – 45 days. If you are a homebuyer, you need to be prepared to move quickly, to lock an interest rate, find a home, and close in 30 days! Take advantage of the “Best Buyer’s Market” in recent history…low interest rates and lower home prices are a homebuyer’s dream!

Looking for Tampa Real Estate?  Bargains? Foreclosures? Great Neighborhoods and School Districts in Tampa?  Contact me today, for help with the homebuying process, or a local mortgage lender!

I can help with your move to any Tampa neighborhood, including: South Tampa, Davis Islands, Beach Park, Sunset Park, Hyde Park, Culbreath Isles, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, New Tampa, Tampa Palms, Hunters Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Clearwater Beach, Waterfront Homes, Luxury Homes in Tampa, Condos in Tampa and International Real Estate contact me today!

 

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Posted by Jackie Colson-Miller   |   3 Comments »   |   12.04.2008

New Lending Rules Will Affect Mortgages This Year…Tampa Real Estate News

Filed under: Buying a House in Tampa, Moving to Tampa, Tampa MLS Listings, Tampa Real Estate Market, mortgage news

If you are shopping for a home in the Tampa Real Estate Market, or anywhere in the U.S., the latest changes by the Fed, in the mortgage industry, will affect any new home loans issued after October.

You can read all of the new regulations concerning mortgages in an article from the National Association of Realtors.

Would you like to be notified of the latest articles on The Real Estate Sizzle? Sign up for an e-mail subscription or RSS feed here!

It is a “Buyer’s Market” in Tampa, with plenty of inventory of homes to choose from! I can help with your move to any Tampa neighborhood, including: South Tampa, Harbour Island, Davis Islands, Beach Park, Sunset Park, Hyde Park, Channelside, Culbreath Isles, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, New Tampa, Tampa Palms, Hunter’s Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Luxury Homes in Tampa, Condos in Tampa and International Real Estate…contact me!

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Posted by Jackie Colson-Miller   |   Click Here To Comment »   |   07.15.2008

Changes in the Mortgage Industry Lead to a “Bumpy Road” in the Closing Process…Tampa Real Estate News

Filed under: Best Places in Tampa, Davis Islands Real Estate, First-Time Homebuyers, Golf course communities in Tampa, Historic Tampa, MLS Search, Tampa Neighborhoods, Tampa Real Estate Market, mortgage news

The Latest News on The Tampa Real Estate Market, Buying a Home anywhere in the World, and How to Buy Property in an ever-changing Real Estate Market!….

Today is closing day!  With recent changes in the Mortgage Industry, title companies and mortgage companies seem to be “overwhelmed” and “understaffed”, which leads to a sometimes “bumpy road” from contract to closing.  Real Estate agents need to be more involved in every aspect of a transaction these days, since I have seen less attention to detail every step of the way. I had to move into “bulldog mode”, just to get closing agents to pay attention to details, and deadlines. That was not the case in years past.  This is a foreclosure, so the transaction was much more complicated than a typical closing.  That will be a LONG article, for another day. Don’t miss it!

Wednesday is the ideal day for a closing!  You can read WHY in my previous article on “Choosing The Right Day For Your Closing in Tampa.”

It is a “Buyer’s Market” in Tampa, with plenty of inventory of homes to choose from! I can help with your move to any Tampa neighborhood, including: South Tampa, Harbour Island, Davis Islands, Beach Park, Sunset Park, Hyde Park, Channelside, Culbreath Isles, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, New Tampa, Tampa Palms, Hunter’s Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Luxury Homes in Tampa, Condos in Tampa and International Real Estate…contact me!

 

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Posted by Jackie Colson-Miller   |   1 Comment »   |   05.21.2008

The Mortgage Forgiveness Debt Relief Act of 2007…How About Credit Amnesty?…Tampa Real Estate Market News

Filed under: Real Estate News, Short Sale, Tampa Real Estate, Things to Ponder, mortgage news

THE LATEST NEWS ON THE TAMPA REAL ESTATE MARKET, BUYING A HOME IN TAMPA, AND REAL ESTATE ISSUES AROUND THE WORLD, EVERY DAY, ON THE REAL ESTATE SIZZLE.

 

The Mortgage Forgiveness Debt Relief Act of 2007 Debtwas passed recently. This is a big help to homeowners caught in the Real Estate market downturn who sell their homes for less than the mortgage amount, where the lender forgives the difference between the loan amount and the sale price. This is commonly known as a short sale .

Prior to the passage of the Act, that forgiven amount was considered taxable income by the IRS. So, not only did the homeowner lose their home, they had to pay taxes on the unrealized income. Horrible!

Some suggest that, along with Mortgage Forgiveness, we need some legislation concerning Credit Amnesty. Many homeowners caught in the trap of lowered home values, along with adjusting mortgages and tightened mortgage underwriting have a history of excellent credit. They have good FICO scores, excellent payment history and find themselves in dire financial straits with no options besides foreclosure, short sale and perhaps bankruptcy. Should some legislation be passed to help these, otherwise, good credit managers who found themselves in the “credit crunch”. I think it is worth some consideration.

Roberta Murphy, at Luxury Home Digest, writes an excellent article on that topic. What do you think?

I can help with your move to any Tampa neighborhood, including: South Tampa, Davis Islands, Beach Park, Sunset Park, Hyde Park, Culbreath Isles, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, New Tampa, Tampa Palms, Hunters Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Luxury Homes in Tampa, Condos in Tampa and International Real Estatecontact me!

 

 

 

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Posted by Jackie Colson-Miller   |   Click Here To Comment »   |   11.07.2007

Foreclosures in Tampa and Mortgage Fraud…Who Missed the Signs?…Tampa Real Estate News

Filed under: Real Estate News, Short Sale, Tampa Real Estate, mortgage news

THE LATEST NEWS ON THE TAMPA REAL ESTATE MARKET, BUYING A HOME IN TAMPA, AND REAL ESTATE ISSUES AROUND THE WORLD, EVERY DAY, ON THE REAL ESTATE SIZZLE.

A recent story about Five foreclosures in upscale Tampa Mortgageneighborhoods recently made the National news. As an ethical Real Estate agent, who doesnt miss a trick, I found myself reading the story and wondering how anyone involved in these transactions wasnt suspicious about the unusual circumstances in each one. I know hindsight is 20/20, but when something smells like a rat and looks like a ratusually its a RAT

All of the clients who have contacted me about the need to do a short sale, or trying to avoid foreclosure, werent trying to defraud anyone. They have gotten caught in the trap of higher payments and lowered market values. They have good credit and a good payment history, but they have reached the end of their financial rope. I wish the national news would spend more time talking about those buyers. Watch for my thoughts this week on THAT topic

Read the story and post your comments below

I can help with your move to any Tampa neighborhood, including: South Tampa, Davis Islands, Beach Park, Sunset Park, Hyde Park, Culbreath Isles, Palma Ceia, Westchase, Waterchase, Odessa, Cheval, Avila, Brandon, Riverview, FishHawk, New Tampa, Tampa Palms, Hunters Green, Arbor Greene, Apollo Beach, South Shore, MiraBay, Golf Communities, Waterfront Homes, Luxury Homes in Tampa, Condos in Tampa and International Real Estatecontact me!

 

 

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Posted by Jackie Colson-Miller   |   2 Comments »   |   11.04.2007

Yes Virginia, There Are Mortgages Available!

Filed under: Buyers, Florida Real Estate, Real Estate News, Real Estate Trends, Tampa Real Estate Market, mortgage news

Are you buying real estate in Tampa, Florida, or anywhere in the U.S.? In the past few weeks, the demise of several mortgage companies and the restructuring of others, has real estate buyers wondering, Can I MortimageStill get a mortgage? .
The AnswerYESConventional loans under $417,000 are readily available, especially to those buyers with credit scores of 680 and higher.
Jumbo loans, those above $417,000, experienced an increase in the interest rate recently. Stated income loans, those requiring no documentation, and other similar mortgage products are the types of loans that will be increasingly hard to obtain, especially for the self-employed person, and are undergoing tougher scrutiny in the underwriting process.

The Bottom Line? If you have a good credit score, verifiable income, a debt-to-income ratio within certain limits, and the house appraises for the purchase price, or higher, you should be able to get financing.

The best source of a reputable lender is always an experience real estate agent. If you are buying a home in Tampa, please contact me for the a lender who best suits your needs.

If you enjoyed this article, you should also read…Choosing the Right Day for Closing!

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Posted by Jackie Colson-Miller   |   4 Comments »   |   08.24.2007

HomeBanc Leaves the Mortgage Industry!

Filed under: Real Estate News, mortgage news

In the midst of the downturn in the real estate market, and an increasing number of foreclosures due to the large number of investor loans, one of the largest mortgage companies in the Southeast has announced its exit from the mortgage origination business. HomeBanc, based in Atlanta, stopped funding all mortgages on Monday, due to a lack of liquidity.

HomeBanc has been a major player on the Tampa mortgage scene for the past few years. Known for their personable loan officers and a quick response time from their in-house underwriters, this is a loss to the local mortgage industry.

Countrywide, Americas largest lender, will take over some of HomeBancs assets and will offer positions to its employees.

What does this trend in the mortgage industry mean to the local home buyer?

Mortgage Mortgage Brokers, where a loan officer can shop your loan with several different lenders will be a better option for many buyers

No income verification loans and No Documentation loans which have been so popular in the past few years, and common for self-employed individuals, will be much harder to obtain due to more stringent requirements and a more thorough underwriting review process.

Credit Scores are more important than ever, as lenders tighten their loan requirements, so monitor your score and keep the debt on your credit cards below the 50% of credit line mark.

Ask sellers to pay a portion of your closing costs. You may get a better loan program at a slightly higher interest rate.

The best source for a reliable mortgage lender is an experienced Real Estate Agent. If you need help with a mortgage referral, please contact me!

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Posted by Jackie Colson-Miller   |   7 Comments »   |   08.07.2007