Davidson Realty, Inc.

St. Augustine Realtors Take On Fitness Boot Camp

June 25, 2010

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Posted by in News

Getting FitDavidson’s St. Augustine Realtors and staff are showing up at the Davidson office at 6:15am. No, this is not a result of new summer hours. No, this is not the Business to Business Coffee. No, we are not selling IPads or IPhones.

What are we doing? A select few are participating in a fitness boot camp. Why only a select few you may ask? Finding participants that are willing to rise before dawn and subject themselves to a grueling workout has been a challenge. The boot camp is run by Fit4You and is open to anyone that would like to join. Under the watchful eye of our instructor Mike and the hungry eyes of our Florida mosquitoes, our “campers” are gaining endurance, agility, balance, muscle tone and an occasional insect bite. Read more

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Cheers! New Models at Bella Terra in Palencia will be Unveiled at Exclusive Wine Tasting Event on June 26th

June 23, 2010

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Posted by in Events, News

VersaillesMilanThe Davidson team and ICI Homes, the premier Florida homebuilder and developer, is planning a progressive wine tasting event to launch three new courtyard floor plans for Bella Terra in Palencia.  The event will be held on June 26th.  Guests will “progress” through the four designer-furnished Bella Terra model homes. Each model home will feature rare wines from smaller vineyards, hors d’oeuvres and live music. Tickets are required, and anyone interested in learning more should email pdavidson@davidsonrealtyinc.com.

CastilloPortofinoBella Terra, Palencia’s newest neighborhood, features four fully furnished and gorgeously designed models, representing the new European Collection by ICI Homes. The collection offers a variety of fresh home designs with several different elevations for each, ranging from 2,155- to 3,969-square feet. Bella Terra is within walking distance to the 18-hole championship golf course, tennis courts, pool, fitness center, clubhouse and other world-class amenities available in the award-winning community of Palencia in St. Augustine, Florida.

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SURPRISE! You Now Owe…

June 18, 2010

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Posted by in News

You close a brand new home mid-year that was still under construction on January 1st when the county assessed the house for the current year. Obviously, the house is not going to appraise at fair market value because it is not finished. Unfortunately, many people aren’t aware that your payments are about to sky rocket.

Your escrow company requires a monthly payment based on the current home assessment (or a prior year tax assessment), but it is an unfinished home, so the amount may be based on just the fair market value of the home site alone. When the home is completed and the new tax year arrives, the value of the home on the tax roll will change to the current assessed value by the tax appraiser.  Therefore, this will be a higher figure than the property was assessed for in the previous year. The homeowner’s mortgage company will get the new assessment from the tax appraiser and will increase their payment according to the increased assessed value. Read more

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Updates on Short Sales from the CDPE Momentum Convention

June 9, 2010

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Posted by in News, Short Sales

untitledAt the end of May, I was fortunate to go on a road trip with Davidson Realty’s Short Sale Coordinator Cindy Vaughn to Tempe, AZ to attend the Certified Distressed Property Expert (CDPE) seminar. We had a great time and learned a lot. There were many great speakers and I wanted to share some of the comments I found most interesting.

Rick Sharga from Realty Trac Inc. talked about three waves of foreclosures. The first wave of foreclosures occurred when employment was strong and the economy was growing. These foreclosures were caused by the sub-prime loans. The second wave of foreclosures was caused by unemployment. They estimate that there is 1 foreclosure for every 6 to 10 jobs lost. The third wave of foreclosures is mainly due to Option Arm loans resetting. Many people will see payments rise by $1,000 to $1,500 per month. The resetting Option Arms will peak in 2011.

Matt Vernon from Bank of America spoke about improvements to the short sale process using a new technology called Equator. Just to give you an idea of their volume of short sales, in March 67,000 short sales were initiated and 64,000 decisions were made. They have made major improvements in the time frame for approvals; however, Matt pointed out that only about 10% of the loans are owned by Bank of America. Most of the approvals have to be made by an investor and some investors respond more timely than others. Read more

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Top 5 Things Homeowners Should Know about the New HAFA Regulations & Short Sales

May 7, 2010

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Posted by in News, Short Sales

With an estimated 12% of Jacksonville and St. Augustine area home mortgage loans currently delinquent, new regulations from the U.S. Treasury Department’s Home Affordable Foreclosure Alternatives program (HAFA) may provide some much-needed financial help. The new HAFA regulations, which went into affect on April 5, offer more incentives that make a short sale a smarter and better alternative to foreclosure for the majority of homeowners. Explains Davidson Realty President Sherry Davidson, “The new HAFA rules are a huge help for homeowners who otherwise might be faced with foreclosure.  A HAFA short sale can help homeowners protect their credit, gain a $3,000 relocation incentive and not worry about future liability so they can get on with their lives.”  The top five things homeowners should know about the new HAFA short sale, include:

1. Homeowners who qualify for a HAFA short sale are fully released from future liability for the first mortgage debt.  This means that the mortgage lender cannot come after the homeowner at any future time for repayment of the original loan.
2. A HAFA short sale allows for a $3,000 relocation assistance payment for homeowners. That’s a one-time payment of up to $3,000 to help sellers with moving costs, rent security costs, etc.
3. Most major lenders are already on board with the new HAFA rules, including Citibank, Wells Fargo, Bank of America, Wachovia, Chase, Wamu, and the list continues to grow.
4. With HAFA, the short sale process has been standardized and streamlined so homeowners can expect a quicker outcome.
5. Homeowners can enlist the Realtor of their choice to help them through the HAFA process so they have an advocate.  A Realtor can also help the homeowner determine if they qualify for a HAFA short sale and, if not, what other options are available to them. Read more

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