How to Lose a House in 10 Days

How to Lose a House in 10 Days

Day 1: Looking at homes before getting pre-approved

Sellers won't take you seriously and neither will the market.

Day 2: Writing a super low offer "just to see"

You didn't test the waters. You just handed it to the next buyer.

Day 3: Buying a car before closing

New debt = changed debt-to-income ratio = bye bye loan approval.

Day 4: Sending a 15-page repair request

Sellers have options. Don't give them a reason to pick someone else.

Day 5: Changing jobs before closing

Lenders need stable income. A new job title can tank your file fast.

Day 6: Opening a new line of credit

Even a store card can tank your credit score at the worst moment.

Day 7: Waiting too long to decide

In Houston, good homes don't wait. Another buyer already said yes.

Day 8: Asking for every contingency in a multiple-offer situation

In a competitive market, a clean offer wins. Demands lose.

Day 9: Falling in love before reviewing the numbers

Emotion closes homes. So does overpaying for one you can't afford.

Day 10: Ignoring your agent's advice

You hired an expert. Trust the process or risk starting over.

And just like that, someone else is signing the papers on your dream home.

Florida doesn't wait. Neither do other buyers.

The difference between closing and losing isn't luck. It's preparation, strategy, and having the right person in your corner from day one

Email me "READY" and let's make sure your story ends at the closing table!

JOANN YOUNG | YOUR FLORIDA REALTOR

321-243-4917

JoAnn@MyFLDreamHome.com

The HOA Can Make—or Break—Your Investment

When you're buying in a higher-end community, you're not just purchasing a home—you're buying into an association.

After working with several homeowners' associations and serving on the board of directors of my own community, I've learned that the health of an HOA can have a significant impact on your investment. Unfortunately, these are the details you won't find in a real estate listing.

1. Reserve Funds Tell the Real Story

An HOA's reserve fund is one of the clearest indicators of its financial health.

When reserves are properly funded, the association is better prepared for major expenses like roof replacements, road resurfacing, clubhouse renovations, or infrastructure repairs. When they're not, homeowners may face costly special assessments that can amount to thousands of dollars.

Strong reserves typically indicate thoughtful planning and financial stability. Weak reserves can signal future financial risk.

2. HOA Rules Can Influence Future Resale

Every HOA has governing documents, but not all restrictions are created equal.

Policies regarding short-term rentals, leasing, pets, architectural modifications, parking, and exterior improvements can all influence a property's appeal to future buyers. Some restrictions help preserve property values, while others may limit your buyer pool when it's time to sell.

Before purchasing, it's important to understand not only the rules you'll be living under but also how those rules could affect your home's marketability.

3. Good Management Is More Valuable Than Great Amenities

A community can have resort-style pools, fitness centers, walking trails, and beautifully landscaped common areas—but poor management will eventually overshadow them.

Signs of ineffective management often include deferred maintenance, slow responses to homeowner concerns, inconsistent rule enforcement, and declining community appearance. These issues don't just frustrate residents—they can impact property values and influence buyer confidence.

Well-managed communities tend to retain their appeal, protect property values, and create a better overall living experience.

You're Buying More Than a Home

One of the biggest mistakes buyers make is focusing solely on the property itself while overlooking the association that governs it.

The quality of an HOA can affect your monthly costs, your day-to-day lifestyle, and your home's long-term value. Taking the time to review the association's finances, governing documents, and management before you buy can help you avoid expensive surprises later.

When considering a home in an HOA, don't just evaluate the house—evaluate the community behind it. It may be one of the most important investment decisions you make.

                                                                --JoAnn  Young--

                                                     JoAnn@MyFLDreamHome.com

1st Time Homebuyers Could Have Saved 2K

It pays to mortgage shop!

https://www2.floridarealtors.org/news-media/news-articles/2019/08/13-buyers-could-save-2k-mortgage-shopping

JoAnn Young, 321-243-4917

5 Home Buying Mistakes Young People Make

This is a very good read for First Time Homebuyers:

5 Home Buying Mistakes Young People Make

Overcoming Common Mortgage Problems Part 1

Understanding and selecting a mortgage is not all that hard to tackle after you cut through the jargon and know how to think about your overall goals.  Unfortunately, when you apply for a mortgage, obstacles may get in your way.  I'll attempt to show you how to glide by these irritating and sometimes not-so-trivial challenges.
Few things in life are more frustrating than not being able to have something you really want.  If you buy a home and you cannot finance the purchase of it, odds are that your dream will have to be put "on hold".
Don't despair.  You may have to exhibit a little bit more patience than usual.  I've not met in my 21 years in the business, a person who was determined to buy a home and was not able to overcome credit or other problems.  My hope is to be able to show you how to get the financing you need and deserve!

The first topic in this series I would like to address is:

Insufficient Income
Your lender may be inclined to reject your loan application if you appear to be stretching yourself too thin financially.  Although getting angry is a natural first reaction, you should actually be grateful.  Why?  Because the lender may be doing you a huge favor by keeping you from buying a home that will prevent you from saving money and achieving other financial goals that may be important to you over time.
If you know that you can afford the home that you have your sights set on, here are some keys to getting your loan approved:

1.  Be patient.  When you have a low income (for example, if you're self-employed and have been deducting everything but the kitchen sink as your business expense), you may need to wait a year or two so that you can demonstrate higher income.

2.  Put more money down.  If you make a down payment of  25 to 30 percent or more, you avoid mortgage insurance and higher payments. In some cases you will get a better interest rate in return.

3.  Get a cosigner.  You always knew that you'd hit your parents up again someday for help!  If your folks are in good financial shape, they may be able to cosign a loan to help you qualify.  Make sure they are aware of the commitment they will be making.  Be advised, if you default on the loan or make payments late, you'll not only blacken your credit but also the credit of your cosignor's.  Have a frank discussion about such issues before you enter into such an arrangement and be sure to write up a loan agreement.


This topic is the first in a small series I will be writing about.  Hopefully, I can help you to avoid some stress in loan application process.

If you are in the process of looking for a home and are in need of a Florida mortgage or maybe you just have some unanswered questions before starting the process.  Give me a call (321) 243-4917 or email me and I will be happy to answer any questions you might have.

One Thing to Do with Your IRS REFUND

In 2014, I sold this cute house to a first time home buyer & I wrote this article.  Recently, in 2017 a similar home in this neighborhood sold for $187,000.

What dreams of this young couple seemed impossible, together we made homeownership possible...and with very little money.   The house was a move-in-condition foreclosure for $121,500.  The buyer used gift funds from her parents for the 5% down payment. They gave her the option of a paying for her wedding or helping her buy a house.     Yes, I know every little girl dreams of having her fairy tale wedding but I also see a very practical side of a wedding versus an investment. Yes, a house is an investment! It is probably the biggest investment this young lady has and will ever make in her life. And, if you ask me, I think it was a very wise choice. 

Long after the decorations have been removed, the cake eaten, the guests have had a good time and left and the beautiful dress has been placed in a box to be stored or sold... for not even half of what was spent,  the young bride and groom are left with memories and photographs of their special day.  If I could do it all over again knowing what I know now, I would choose the house too!

The gift of this investment will last forever. Once this house has been lived in for 3-5 years, they may wish to sell and purchase a larger home.  They will then reap the benefits of EQUITY!  In that short amount of time, the money that was used for the down payment will most likely have doubled.  It already has!  Thus enabling her and her groom to purchase the next house and the next house and so on.  In the end of their lives leaving their "investment" to their children if they so choose. 

The buyer of this home used 5% gift funds from her parents and then $4200 of their own money for the closing costs which came from their income tax refund from the IRS.  (aka: The United States Treasury savings account).

The payments for this 1674 sq ft home are LESS THAN RENT at $808 per month and this house is much nicer than one would expect find to rent for that price in the area.  I can't think of anything better to do with an income tax refund. This was a fantastic investment in an area of Florida where property values are now going UP.  Talk about a deal!

Weddings are beautiful but only for a day.  If you think about all the money that has been spent on a wedding that you have attended in the past and then think about a home to live in that you call your own, it is a "gift that keeps on giving" to coin a phrase.  I know this scenario is not for everyone but it worked for this young couple and they are now living in their dream home...with equity!


If you are interested in finding out if you qualify to buy a home or have already made a decision to buy a home, call me. JoAnn Young for professional assistance.  I'm now in my 21st year of helping people make their dreams come true!  321-243-4917 or Email me here.

How Big a Down Payment Should I Make?

For most people, this is not a difficult decision. Most real estate buyers have little cash and are
consequently looking for low down payment financing programs.  However, some who are not-so-new to home buying worry that a low down payment accompanying a low ball offer will scare a seller into declining.  Put up a big down payment, they reason, and the seller will be more inclined to accept a lower offer.
Not true; not even close to true.  Unless there is creative financing involved, where the seller is putting up the money for you to purchase the home, the deal is always all cash to the seller.  It doesn't matter whether you put 30 percent down or 5 percent down.   (The only party in the equation that it makes a difference is the lender who will determine the minimum down payment for you).

As a consequence, as long as you can come up with a letter from a lender showing that you are approved for the required financing, the seller will not care how big a down payment you are offering.

If the house is going to be your primary residence, indeed make as large of a down payment as you possibly can.  It just makes better sense.  In return you will receive  a lower, more affordable monthly payment making it easier to live within your means.

If you are looking for investment properties to buy, the rule is different.  Keep in mind that the more you put down on an investment property, the less you have to invest elsewhere.  The rule is not to put more money into an investment house to get a lower payment.  Instead, find a different, less expensive house that is better financed.

Need help finding a home to buy or a mortgage?  Call JoAnn Young 321-243-4917

New Product for First Time Homebuyers - Lower Down Payment!

We've got a great, new loan product that circumvents FHA and the higher mortgage insurance premiums! 

• 3% down payment for first time home buyers - (FHA requires 3.5% down payment)  

• Only one of the borrowers on the loan will have to be a first time home buyer for the 97%. 

• 1 unit properties, 30 year fixed only (not for condos)

• Down payment, closing costs AND reserves (2 mos. PITI) can come from GIFT FUNDS! 
  

• Only one borrower has to have home buying counseling.  It can be done online for free.  http://homebuyers.mgic.com/  It takes about 5 minutes to get a certificate. 

• Borrower's gross income cannot go over the Fannie Mae Area Median Income (AMI) for the county. For Brevard county it is $60,700

•  Lower Mortgage Insurance rates than normal conventional (way lower than FHA)

• Pricing for interest rates is slightly higher than normal conventional rates but the Mortgage Insurance is quite a bit better than standard FHA Mortgage Insurance.  The payment is almost always less than the payment of an FHA mortgage.

   If you are a first time homebuyer and you are tired of renting, start looking at owning and call JoAnn Young today 321-243-4917 to find out if you can qualify for this new program.

Over Coming Common Mortgage Problems - Excess Debt - Part 3

By JoAnn Young - Florida Realtor and Licensed Loan Originator, Melbourne, FL


Excess Debt
We've had a little break in this financing series and we are now ready to get back to "Overcoming Common Mortgage Financing Problems".
In this segment we will be discussing  "Excess Debt".  If you've been turned down for a mortgage loan because of excess debt or your debt-to-income ratio is too high, be grateful.  The lender / bank has actually done you a favor!  Over the long term, such debt is a serious pull on your ability to save money and live within your means with the income you have to work with.  The end result is bankruptcy court for many who continue to climb into debt with the uncertainty that they will be able to repay it without the benefit of a "guideline."

Should you ever have the cash available to pay off your debt or at least some of your debt, I would encourage you to do so.  Mortgage lenders sometimes make this a condition for funding the loan  especially when you have significant debts or are at the borderline for qualifying for the loan.  If you lack sufficient cash to pay down the debt and buy the type of home you desire, consider choosing among the following options:

1.  Set your sights more realistically.  Buy a less expensive home for which you can qualify.

2.  Go on a financial diet.  Your best bet for getting rid of consumer debt is to take a hard look at your spending and see where you can make cuts.  Use your savings to pay downt he debt.  Explore boosting your income somehow.  Maybe pick up a part-time job until you can pay down your debt load.

3.  Get family help.  A potential option is to have your family help you with borrowing, either by co-signing your loan or by lending to pay down the high interest rate debt.  Again, I go back to being able to live within your means and using your family only as a last resort.  If you cannot afford the home, now is possibly not the best time to buy.

In part four of our series we will be discussing Credit Scores. I hope this series is informative and helpful. Please call me with any questions you may have regarding financing or if you would like to see if you pre-qualify for a mortgage. You can email me by clicking on my name. JoAnn Young, Melbourne, Florida 321-243-4917

Over Coming Common Mortgage Problems - Credit Problems - Part 2

by JoAnn Young, Florida Realtor & Mortgage Broker, Melbourne, FL

This article is the second in a series for overcoming common mortgage problems in a loan application.  In this article I would like to address the subject of  Credit Problems.
When you seek to take out a mortgage, lenders examine your credit history, which is detailed in your personal credit report.  Your current debts and credit history can produce a number of red flags that may make lenders skittish about lending you money.  Allow me share with you how to deal with the typical problems that concern lenders:

Credit report boo-boos
Remember the music or book club that joined way back when?  Remember the barrage of letters that they sent reminding you that you were delinquent with your payments?  That club may get its revenge in a very painful manner.  Creditors can and WILL report your loan delinquencies and defaults and these blemishes show up on your personal credit report.
The following is a suggested plan of attack to cure the problem:
1.  Be proactive.  if you know that your credit report includes imperfections, write a letter to the0 creditor explaining why the problem exists.  Maybe you were late on your loan payment because you were out of the country and did not get your bills processed on time.  Maybe you lost your job unexpectedly and fell behind until you located new employment.

2,  Talk to understanding and flexible lenders.  Some lenders are more sympathetic to the fact that you're human and have sometimes erred.  As you speak with different lenders, inquire whether your previous credit blemishes may pose a problem,

3.  Look to the property seller for a loan.  Property sellers who are interested in being the lender can also play a role in your financing until you are able to secure a traditional loan.  Those who check your credit report may be more willing than banks and lenders to forgive past problems, especially if you are financially stronger today.

4.  Fight and correct errors.  Credit reporting agencies and creditors who report information to the agencies make mistakes!    Unlike our legal world, you are guilty until proven innocent.  Start by identifying the incorrect information.  If the information pertains to an account that you never had, it is possible that the account and any derogatory information belongs on someone else's report.
To get the errors corrected, you must be willing to be patient, persistent and be a bit of a pain. By law, the creditors only have a certain amount of days to respond to your inquiry..  Should you get the runaround, ask to speak to a supervisor or a manager until you receive satisfaction.  If this technique does not work, call your better Business Bureau and file a complaint.  You are also permitted to make a statement of contention on your credit report so that potential creditors may see your side of the story.

5.  Save more and build a better track record.  If you can continue to rent, build yourself some more time.  Sometimes a little more time will do the trick.  Spend a couple more years saving more money and keeping a clean credit record.
I will be writing another article on credit scoring and FICO at a later time.  You will find several articles I have already written on credit scoring in the index of this website if you want more information.

In part three of our series I will be discussing Debt.  I hope this series is informative and helpful.  Please call me with any questions you may have or if you would like to see if you pre-qualify for a mortgage now. - or you can email me by clicking on my name. JoAnn Young, Peoples First Financial Services, Melbourne, Florida  321-243-4917

Over Coming Common Mortgage Problems - Part 1

by JoAnn Young, Florida Realtor & Mortgage Broker, Melbourne, FL

Understanding and selecting a mortgage is not all that hard to tackle after you cut through the jargon and know how to think about your overall situation and goals.  Unfortunately, when you apply for a mortgage, obstacles may get in your way.  I'd like to attempt to show you how to glide by these irritating and sometimes not-so-trivial challenges.
Few things in life are more frustrating than not being able to have something you really want.  If you buy a home and you cannot finance the purchase of it, odds are that your dream will have to be put "on hold".
Don't despair if obstacles stand in your way.  You may have to exhibit a little bit more patience than usual.  I've not met in all my years in the business a person who was determined to buy a home and was NOT able to overcome credit or other problems.  My hope is to be able to show you how to get the financing you need and deserve!

The first topic in this series I would like to address is:

Insufficient Income
Your lender may be inclined to reject your loan application if you appear to be stretching yourself too thin financially.  Although getting angry is a natural first reaction, you should actually be grateful.  Why?  Because the lender may be doing you a huge favor by keeping you from buying a home that will prevent you from saving money and achieving other financial goals that may be important to you over time.
If you know that you can afford the home that you have your sights set on, here are some keys to getting your loan approved:

1.  Be patient.  When you have a low income (for example, if you're self-employed and have been deducting everything but the kitchen sink as your business expense), you may need to wait a year or two so that you can demonstrate a higher income.

2.  Put more money down.  If you make a down payment of  25 to 30 percent or more, you avoid mortgage insurance and higher payments and in some cases get a better interest rate in return.

3.  Get a cosigner.  You always knew that you'd hit your parents up again someday for help.  If your folks are in good financial shape, they may be able to cosign a loan to help you qualify.  Be sure to consider the financial and nonfinancial ramifications of having a relative or a buddy to cosign a loan with you.  Be advised, if you default on the loan or make payments late, you'll not only blacken your credit but also the credit of your cosignor's.  Have a frank discussion about such issues before you enter into such an arrangement and be sure to write up a loan agreement.

This topic is the first in a small series I will be writing about.  Hopefully, I can help you to avoid some stress in loan application process.

If you are in the process of looking for a home and are in need of a Florida mortgage or maybe you just have some unanswered questions before starting the process.  Give me a call (321) 243-4917 or email me and I will be happy to answer any questions you might have.

JoAnn Young, Melbourne, FL

Shopping For Homeowner's Insurance

By JoAnn Young - Information complied from the Florida Office of Insurance Regulation.

The Florida Office of Insurance Regulation has relaunched an online system that allows consumers to compare pricing on homeowner insurance.

The new system, called the Consumer HomeOwners Insurance Comparison Electronic System (CHOICES), allows consumers to select between two standard risks, and pick any of Florida’s 67 counties. The system generates a window with rankings for the rates of the leading insurers in that county.
Florida Insurance Commissioner Kevin McCarty said the system is designed to encourage Floridians to shop for a better rate; the system also illustrates the competitiveness of the homeowners’ insurance market in Florida and the benefits of shopping for insurance.”
CHOICES was originally released in 2007 as shopandcomparerates.com. At its peak, the website received nearly 10,000 hits a month.

Instructions When you get into the website:

Click on a county to view the average approved rates for insurers.

Click on the name of an insurance company for contact information.

Click on an insurance company’s average approved rates in one county to see that company’s average approved rates in every county.

The rate quotes reflect the most recent rate filings OIR accepted. The rates do not reflect surcharges or discounts, and OIR encourages consumers to contact their insurance agent, or the company directly to obtain an official premium quote, according to OIR’s statement about the relaunch of the program.
In the last few years, the state has instituted several policies that the OIR claims are designed to make property insurance more competitive. Critics claim the state is allowing companies that are not financially stable to claim policies currently managed through the state-run Citizen’s Insurance, so it can dilute the state’s risk in the event of a hurricane.
Several companies have failed in the last two years, requiring the state to absorb their policies.
OIR has allowed State Farm to raise rates significantly and drop a large number of policies, and is allowing other companies to raise rates in an effort to address criticisms that the state is keeping rates artificially low at levels that are not conducive to running financially healthy insurers.
Citizens has also increased rates and will continue to do so over several years to make rates more sound across the board.
JoAnn Young - Peoples First Financial Services, 321-243-4917 JoAnn@PeopleComeFirst.net

5

Credit Myths That Can Trip You Up

By JoAnn Young - Florida Realtor and Owner / Principal Broker - Peoples First Financial Services, Melbourne, FL

When it comes to credit, sometimes the biggest challenge is the most difficult to surmount: we simply don’t know what we don’t know, so our assumptions run wild through our mental real estate. Most of the time, there’s no harm; following finance fundamentals like paying every bill on time, every time, keep us out of credit danger zones.

But when it’s approaching the time to buy, refinance or even rent a home, small credit score differences can stop you from getting your dream home, and can cost (or save) you thousands of dollars in interest over the life of your loan.

If you’re at a time in your life where it makes sense to invest some time and effort into optimizing your credit score, then by all means read this:

Myth #1: Having lots of cash, a great income, or lots of equity, makes your FICO score less relevant. Fact: No matter how much cash you have, if you want a mortgage, you must meet the lender’s FICO score guidelines. Of course, if you’re flush with cash, it should be relatively easy to make your monthly payments on time. But if you have come into cash relatively recently or you’re coming off a rough financial patch, lenders don’t not look at your credit score on the theory that your other assets diminish your credit riskiness. Most lenders want nothing more than to avoid having to foreclose on a home, even if the homeowner has other assets.

And the best predictor of whether you’ll default on a loan in the future is how you’ve handled your credit in the past, so your credit score will drive whether you qualify for a home loan and what interest rate you’re charged, no matter how much you make.

Two exceptions: if you buy a home with all cash, or take a hard money loan, which usually requires a much larger-than-average down payment and interest rate, you might be able to bypass credit score scrutiny, but you’ll pay for it.

Myth #2: Having no debt or no late payments means you have great credit.  

Fact: Financial responsibility and good credit are two different things. Your FICO score is meant to be a measure of your responsibility when it comes to managing debt, as proven by the fact that you have credit accounts, use them regularly and don’t abuse them. 

Having no credit accounts or debts doesn’t give you good credit - it gives you no credit. And on the other end of the credit usage spectrum, being maxed out on various credit accounts all the time, submitting lots of credit applications and other credit moves that indicate you may abuse your credit can actually depress your score. Best practice is to have several credit accounts (student and car loans count!) that you actively and responsibly use on a monthly basis.

Tip: FICO gives a top score to accounts with balances that are 30 percent of the credit limit, so if you can keep your credit card or loan account balances at or around that mark, even better.

Myth #3: Checking your own credit score in advance prevents surprises when you apply for a mortgage.

Fact: Your mortgage originator (broker or banker) must pull their own version of your report from their own provider, and it might have a very different score, rating scale or even different line items than the free or paid report you pulled online. This is why it’s imperative to start working with a mortgage professional as early as possible - a year in advance is not overkill - so you can detect any errors or issues and get their recommended fix in the works with plenty of lead time.

Myth #4: If you’ve had a foreclosure or short sale, your credit report will be damaged for 7 years.
Fact: Derogatory credit items, like late mortgage payments, foreclosures and short sales, appear on your credit report for 7 years, but your credit score can be rehabilitated enough to buy a home or obtain other credit in less time, depending on your circumstances. Your post-short sale or foreclosure waiting period depends on a number of things, including what type of loan you’ll be seeking to buy your next home with, how much cash you’ll have to put down and whether there were any extenuating circumstances involved in losing your home in the first place; some loans allow for an immediate purchase, others require a waiting period of 2, 4 5 or even 7 years after the loss of a home.

Of course, your FICO score is also a key in a post-home loss “buy,” but interestingly, the length of time it takes to get your FICO score back up depends on how high it was beforehand. Earlier this year, the New York Times reported that it would take a consumer with a 680 FICO score three years after a foreclosure to bring their score back to that level, while it might take someone with a 780 FICO score (near-perfect) seven years for full score recovery. 

And keep in mind that as your foreclosure or short sale ages, its impact on your score will decrease, too.

Myth #5: Short sales have much less impact on your credit score than foreclosures.

Fact: Hear ye, hear ye - short sales and foreclosures have the same impact on your credit score, according to the FICO folks . (The only exceptions are for short sales or deeds-in-lieu of foreclosure where the property was not upside down, which are few and far between, if they’re not just a real estate urban legend!) 

If you have any further questions regarding credit, call me JoAnn Young 321-243-4917

What To Do With Your IRS REFUND

by JoAnn Young, Owner/Broker Peoples First Financial Services - Realtor, Young & Young Properties

Last week I sold this cute house to a first time home buyer.  What dream of theirs seemed impossible, together we made possible...with very little money.   The house was a move-in-condition foreclosure for $121,500.  The buyer used gift funds for the 5% down payment.  Her parents gave her the option of a paying for her wedding or helping her buy a house. I know every little girl dreams of having her fairy tale wedding but I also see a practical side of a wedding versus an investment.  Yes, a house is an investment. It is probably the biggest investment this young lady has and will ever make in her life. And, if you ask me, I think it was a very wise choice.  Hear me out.

Long after the decorations have been removed, the cake eaten, the guests have left and the beautiful dress has been placed in a box to be stored or sold for not even half of what was spent,  the young bride and

groom are left with memories and photographs of their special day.  I know if I could do it all over again knowing what I know now, I would choose the house too!
The gift of this investment will last forever.  When this house has been lived in for 3-5 years, they may wish to sell and purchase a larger home.  She will then reap the benefits of EQUITY!  In that short amount of time, the money that was used for the down payment will most likely have doubled.  Thus enabling her and her groom to purchase the next house and the next house and so on.  In the end of their lives leaving their "investment" to their children if they wish to do so.

The buyer of this home used 5% gift funds from her parents and then $4200 of their own money for the closing costs which came from their income tax refund from the IRS.  (aka: The United States Treasury savings account).
The payments for this 1600 sq ft home are LESS THAN RENT at $808 per month and this house is much nicer than one would expect find to rent for that price in the area.  I can't think of anything better to do with an income tax refund.  This was a fantastic investment in an area of Florida where property values are now going UP.  Talk about a deal!

Weddings are beautiful but only for a moment.  If you think of all the money that has been spent on a wedding that you've attended in the past and then think about a home to live in that you call your own is a "gift that keeps on giving" to coin a phrase.  I know this scenario is not for everyone but it worked for this young couple and they are now living in their dream home.

If you are interested in finding out if you qualify to buy a home or have already made a decision to buy a home, call me. JoAnn Young for professional assistance.  I'm in my 20th year of helping people make their dreams come true!  321-243-4917 or Email me here.

Space Coast Area Realtors October 2014 Housing Report

A quick recap of the Brevard County Residential Report for October 2014 compared to October 2013: (This does not include Condos and Townhomes)

**Provided by Space Coast Area Board of Realtors

• Closed Sales are up 17.1% for October 2014 in which the number of units closed were 851 compared to 727 in October 2013, with an increase in cash sales by 16.8% compared to October 2013.
• New Pending Sales are down -29.2% and New Listings are up 3.4%.
• Median Sales Price for Brevard County Single Family Homes are up 19.2% to $143,000 compared to a year ago, which was $120,000. 
• Median Days on the Market are down -10.3%, which is 35 days compared to 39 in October 2013.
• Months Supply of Inventory is down -33.3% to 3.0 months compared to 4.5 months in October 2013. 
• Traditional Sales are up 35.1%, with a median sales price of $161,700.
• Foreclosure/REO Sales are down -2.9%, with a median sales price of $86,050.
• Short Sale Closings are down -44.8%, with a median sale price of $145,000.

A quick recap of the Brevard County Townhouses/Condos Report for October 2014  compared to October 2013: (This does not include Single Family Homes)

• Closed Sales are up 3.4% for October 2014, with a increase in cash sales of 1.4% compared to October 2013. 
• New Pending Sales are down -26.2% and New Listings are up 5.0%.
• The Median Sales Price for Townhouses/Condos are up 27.5% to $130,000.
• Median Days on the Market are up 53.8.0%, which is 60 days compared to October 2013, which was 39 days.
• Months Supply of Inventory is down -34.5%, which is 3.8 months compared to October 2013, which was 5.7 months.   
• Traditional Sales are up 19.4%, with a median sales price of $145,000.
• Foreclosure/REO Sales are down -32.1%, with a median sales price of $47,250.
• Short Sale Closings are down -22.2%, with a median sale price of $165,000.

For more statistics for Brevard County Sales please visit the following link: 

Brevard County MLS Statistics October 2014

Are Foreclosures Really a Bargain?

Often home buyers call and ask for a list of bank foreclosed properties.  But are they really a deal?  In the last 5
years I've shown a ton of bank owned properties.  Some in good condition and some in not-so-good condition.  Here's what I have surmised about bank owned properties:

1. A foreclosed property must be weighed the same as a standard listed property.  Each property is different and unique.  In most cases you are buying the property directly from the bank with its unknown defects. Which I why I advise more scrutiny in a home inspection on a bank owned property than any other property.

2. If you are planning to live in the property as your primary home, you will need to have vision when viewing a foreclosure.  A foreclosed property, most times needs work or repair and many times has suffered some damage.  Damage from improper upkeep or damage from the prior owner or acts of nature or vandalism to

the home when the home was vacant.  The home may need new carpet and paint and smell horribly of pet odor from the house being closed up.  I have been in properties that were so bad we could not even go in and signs were posted on the door to wear a mask upon entry due to mold, odor, etc.

3.  There are bargains in foreclosures but check the sales in the immediate neighborhood.  There may be homes listed for the same price in better condition!  Just because the bank needs to get a certain price for a property, does not mean a buyer has to pay it.  Banks sometimes are not realistic in setting their price just as a normal home seller is not.

4.  Get a home inspection!  I cannot stress this fact enough on buying a foreclosure.  Every defect will be revealed in a home inspection so that you can better decide if you want to proceed in the contract with the
bank.  My last foreclosure buyer obtained an inspection and it was found that the air conditioning system was non-functional.  We had already determined that it was but the inspector needed to document it.  We were able to go back to the bank and re-negotiate the transaction and the bank installed a complete new AC system inside and out.  Not normal when purchasing a foreclosure as the buyer is purchasing "AS IS".  Many items in the home inspection may be minor or cosmetic but the items can total up to a large bill when you put it all together.

Questions to ask yourself when buying a foreclosure:
When you total all the repairs, do they add too much cost to the house?  Will you  keep within your budget with the added repairs?  Will you have the time to do the repairs yourself or the money to hire someone?  Will your lender allow the home to be purchased in the present condition?  What other modifications will you want to make in the future to the house?  New kitchen, new bathroom?  Upgraded flooring?  Will it need big ticket items such as a new roof or AC system within the first five years?  Will you be able to break even or make a profit off this home within the first two-five years?

In summary, a foreclosure needs to be viewed the same way any other house is viewed but proceed with more caution.  There are still many great deals in Florida in the foreclosure market.  Buy smart!  It is the largest investment you will make.  If you think you might be interested in purchasing a foreclosure, call me.  JoAnn Young, of Young & Young Properties.  321-243-4917  Local in Brevard County, Florida.

What To Do With Your IRS Refund

by JoAnn Young, Owner/Broker Peoples First Financial Services - Realtor, Young & Young Properties

Last week I sold this cute house to a first time home buyer.  What dream of theirs seemed impossible, together we made possible...with very little money.   The house was a move-in-condition foreclosure for $121,500.  The buyer used gift funds for the 5% down payment.  Her parents gave her the option of a paying for her wedding or helping her buy a house. I know every little girl dreams of having her fairy tale wedding but I also see a practical side of a wedding versus an investment.  Yes, a house is an investment. It is probably the biggest investment this young lady has and will ever make in her life. And, if you ask me, I think it was a very wise choice.  Hear me out. 

Long after the decorations have been removed, the cake eaten, the guests have left and the beautiful dress has been placed in a box to be stored or sold for not even half of what was spent,  the young bride and 

groom are left with memories and photographs of their special day.  I know if I could do it all over again knowing what I know now, I would choose the house too!
The gift of this investment will last forever.  When this house has been lived in for 3-5 years, they may wish to sell and purchase a larger home.  She will then reap the benefits of EQUITY!  In that short amount of time, the money that was used for the down payment will most likely have doubled.  Thus enabling her and her groom to purchase the next house and the next house and so on.  In the end of their lives leaving their "investment" to their children if they wish to do so.

The buyer of this home used 5% gift funds from her parents and then $4200 of their own money for the closing costs which came from their income tax refund from the IRS.  (aka: The United States Treasury savings account). 
The payments for this 1600 sq ft home are LESS THAN RENT at $808 per month and this house is much nicer than one would expect find to rent for that price in the area.  I can't think of anything better to do with an income tax refund.  This was a fantastic investment in an area of Florida where property values are now going UP.  Talk about a deal!

Weddings are beautiful but only for a moment.  If you think of all the money that has been spent on a wedding that you've attended in the past and then think about a home to live in that you call your own is a "gift that keeps on giving" to coin a phrase.  I know this scenario is not for everyone but it worked for this young couple and they are now living in their dream home.

If you are interested in finding out if you qualify to buy a home or have already made a decision to buy a home, call me. JoAnn Young for professional assistance.  I'm in my 20th year of helping people make their dreams come true!  321-243-4917 or Email me here.