With stabilized prices, low mortgage rates and a market that's showing signs of recovery, now may be the right time to put your money where it truly counts. While real estate conditions have slowed in other areas of the state, Northeast Florida's market is showing signs of improvement.
While the past year and a half has been challenging, real estate opportunities in Northeast Florida are plentiful - if you have the right information and know where to look. Buying a home for the right reasons is always a good idea. A Realtor can help you find a home that fits your needs, while always looking out for your greatest asset - your family.
Market Testimonial
Kyle Kjerulff, a Realtor with Exit First Coast Realty, came to me with a customer who wanted to purchase a home that was being sold as a result of foreclosure. The home needed many repairs including a new roof, carpet, a new HVAC system, siding, some windows, a little paint and a lot of TLC. Based on property condition standards required by Fannie Mae, Freddie Mac, FHA and VA, this home wouldn't pass an appraiser's inspection. Therefore, all of the repairs would have been required to be remedied before closing. Since the home was in foreclosure, the current owner/lender didn't want to invest any more money into the home. We sent our FHA inspector out to determine the amount of repairs needed to meet FHA standards, which totaled around $26,000. Using our FHA renovation loan, we were able to finance nearly 98 percent of the purchase price of $83,000 plus the cost of repairs - all in one simple loan. This solution resulted in the buyer having to pay only $2,500 for the down payment since the closing costs were paid by the seller. The best part is that the house appraised at $138,000 after repairs. The buyer picked up a quick $29,000 in equity and has almost a brand new home.
-- Derek P. Mercer, Sr. Mortgage Consultant, National City Mortgage, a division of National City Bank; 13901 Sutton Park Dr., Bldg. C, Ste. 180, Jacksonville, FL 32224; 9040571-4930 / Derek.Mercer@ncmc.com
3/08 Consumer Homeowership Survey
