Limited time Reduced fees at Amelia National Golf Course in Fernandina Beach.
Original Initiation Fee $45,000.00
Special promotion Initiation Fee $15,000
Annual Dues $5600.00
Annual F & B minimum $900.00
18 Hole cart Fee $24.00
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Thursday, November 12, 2009
Wednesday, November 11, 2009
Home Sales
Existing homes sales in the Jacksonville metro area rose 28 percent in the third quarter of 2009, while existing condominium sales rose 53 percent, according to the Florida Association of Realtors.
During the third quarter, 3,377 single family homes were sold in Northeast Florida along with 435 condos. The median price for single family sales dropped 17 percent to $150,600 and the median price for condos dropped 22 percent to $114,600. Neither the single family home or the condo information included data from the Amelia Island-Nassau County Association of Realtors.
All of Florida’s metropolitan statistical areas reported increased sales of existing homes in the third quarter compared with the same period last year.
Statewide existing home sales rose 33 percent during the third quarter to 44,345. It was the fifth consecutive quarter that Florida has seen higher existing year-over-year homes. Statewide existing condo sales rose 56 percent to 14,797. The median price for existing homes dropped 22 percent to $145,400 and the median price for existing condos dropped 34 percent to $106,100.
Still, according to Tim Becker, the director of the University of Florida’s Bergstrom Center for Real Estate Studies, Florida isn’t out of the woods yet.
“Most economists think the recession is over, but people are afraid to spend money as unemployment keeps going up, which creates problems for every sector of the real estate market,” Becker said.
According to UF’s quarterly survey, respondents expressed increasing optimism about their own business outlook and predicted greater opportunities for future investment.
“Everybody thinks that Florida will rebound because we have so much going for us - the sun shines every day and there are a lot of advantages to living here,” Becker said. “Foreign investors see that too and believe their prospects are good for long-term investments.”
John Holbrook - Realtor
904-415-0171
Amelia Island, Florida 32034
During the third quarter, 3,377 single family homes were sold in Northeast Florida along with 435 condos. The median price for single family sales dropped 17 percent to $150,600 and the median price for condos dropped 22 percent to $114,600. Neither the single family home or the condo information included data from the Amelia Island-Nassau County Association of Realtors.
All of Florida’s metropolitan statistical areas reported increased sales of existing homes in the third quarter compared with the same period last year.
Statewide existing home sales rose 33 percent during the third quarter to 44,345. It was the fifth consecutive quarter that Florida has seen higher existing year-over-year homes. Statewide existing condo sales rose 56 percent to 14,797. The median price for existing homes dropped 22 percent to $145,400 and the median price for existing condos dropped 34 percent to $106,100.
Still, according to Tim Becker, the director of the University of Florida’s Bergstrom Center for Real Estate Studies, Florida isn’t out of the woods yet.
“Most economists think the recession is over, but people are afraid to spend money as unemployment keeps going up, which creates problems for every sector of the real estate market,” Becker said.
According to UF’s quarterly survey, respondents expressed increasing optimism about their own business outlook and predicted greater opportunities for future investment.
“Everybody thinks that Florida will rebound because we have so much going for us - the sun shines every day and there are a lot of advantages to living here,” Becker said. “Foreign investors see that too and believe their prospects are good for long-term investments.”
John Holbrook - Realtor
904-415-0171
Amelia Island, Florida 32034
Tuesday, November 10, 2009
Self Storage on Amelia Island
Need a self storage facility on Amelia Island? Try Amelia Island Self Storage located at 2641 Bailey Road in Fernandina Beach, Florida 32034. The web site is www.ameliaislandselfstorage.com
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Prudential Chaplin Williams Realty
Just went Pending!
97129 Blackbeard's Way in Pirate's Wood. Home, lot and deep water dock. List price $509,000. Agent John Rogers with Prudential Chaplin Williams Realty. Looking for deep water property? Many more options are available. Send me an email for a complete list: holbrook66@msn.com
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
97129 Blackbeard's Way in Pirate's Wood. Home, lot and deep water dock. List price $509,000. Agent John Rogers with Prudential Chaplin Williams Realty. Looking for deep water property? Many more options are available. Send me an email for a complete list: holbrook66@msn.com
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Manucy Road Auction
Rowell Auctioneers will be selling 4 lots in an absolute auction this month on Manucy Road in Amelia Island this month. Information can be found at www.rowellauctions.com
Please call me for more information.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Please call me for more information.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Summer Beach Enclave Auction
Rowell Auctioneers will be holding an absolute auction for 8 townhouses in Summer Beach on Amelia Island. These units are in the Enclave. They range in size from 3 to 4 bedrooms. Information can be found at www.rowellauctions.com
Please call me for additional information.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Please call me for additional information.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Amelia Park Auction
Amelia Park Auction for four vacant lots in the coastal district will be done be Rowell Auctioneers of Georgia. Information can be found at www.rowellauctions.com
Please call me for information regarding these properties.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Please call me for information regarding these properties.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Monday, November 9, 2009
Jacksonville Market
Jacksonville, FL – Traffic Bounces Back as Buyers
Look to Beat Credit Deadline
(5,135 single-family permits in 2008, 18th largest market in the country)
Traffic rebounded modestly in October. Buyer traffic improved in October after dropping in September, as our traffic index increased to 36 from 27, although any reading below 50 still suggests traffic below agents’ expectations for this time of year. Agents who saw better sequential traffic trends attributed it to a last minute rush from buyers looking to get into homes before the tax credit deadline, while short sales and bank-owned homes remained popular among buyers. On the other side, some agents noted continued caution based on the overall weak economy and the expectation that the overhang of vacant homes being held by banks will continue to weigh on the market. In addition, there was little activity at the high end and buyers expect high end prices to fall further in the coming
months.
Prices fall, but lower inventory a positive. Home prices continued to fall in October, as our price index fell to 29 from 36 in September, with any reading below 50 indicating lower home prices over the past 30 days. Agents noted continued pressure from short sales and foreclosures, while an expected decline in high end pricing could lead to further downside. On a positive note, agents noted sequentially lower inventories in October after an increase last month. Our home listings index improved to 57 in October from 36 in September, with readings above 50indicating lower inventory. Foreclosures will remain the key.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Look to Beat Credit Deadline
(5,135 single-family permits in 2008, 18th largest market in the country)
Traffic rebounded modestly in October. Buyer traffic improved in October after dropping in September, as our traffic index increased to 36 from 27, although any reading below 50 still suggests traffic below agents’ expectations for this time of year. Agents who saw better sequential traffic trends attributed it to a last minute rush from buyers looking to get into homes before the tax credit deadline, while short sales and bank-owned homes remained popular among buyers. On the other side, some agents noted continued caution based on the overall weak economy and the expectation that the overhang of vacant homes being held by banks will continue to weigh on the market. In addition, there was little activity at the high end and buyers expect high end prices to fall further in the coming
months.
Prices fall, but lower inventory a positive. Home prices continued to fall in October, as our price index fell to 29 from 36 in September, with any reading below 50 indicating lower home prices over the past 30 days. Agents noted continued pressure from short sales and foreclosures, while an expected decline in high end pricing could lead to further downside. On a positive note, agents noted sequentially lower inventories in October after an increase last month. Our home listings index improved to 57 in October from 36 in September, with readings above 50indicating lower inventory. Foreclosures will remain the key.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Alan Vanderheiden - Local Bank Rates
alan.van@regions.com
November 5, 2009,
FNMA 30 Year Fixed: 4.875%
FNMA 15 Year Fixed: 4.25%
USDA / FHA / VA: 5.00%
Hello Friends,
I hope that you are doing well.
Rates continue be hold at near historical levels and will do so for the next few months.
In October, 190,000 jobs were lost….higher than the 175,000 expected raising the unemployment rate to 10.2%. This number has an emotional factor….folks feel different when unemployment numbers top 10% and consumer confidence may take a hit. This is the highest level since 1983. Some economists tell us the “real” unemployment number is closer to 17% which includes workers that have not searched for work in the past 4 weeks as well as those seeking full time work that have taken part time jobs.
In addition the average work week was 33 hours last month. This symbolizes that manufacturing is trying to keep plants open by cutting hours instead of laying off workers. Productivity is still below expectations.
As most of you have seen, the $8,000 Tax Credit has passed Congress and The President will sign today or tomorrow. A new feature of this bill is that current homeowners – those that have owned a home 5 of the past 8 years – will get a $6,500 tax credit for purchasing a new home. Contracts need to be signed by April 30 and closed by June 30.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
November 5, 2009,
FNMA 30 Year Fixed: 4.875%
FNMA 15 Year Fixed: 4.25%
USDA / FHA / VA: 5.00%
Hello Friends,
I hope that you are doing well.
Rates continue be hold at near historical levels and will do so for the next few months.
In October, 190,000 jobs were lost….higher than the 175,000 expected raising the unemployment rate to 10.2%. This number has an emotional factor….folks feel different when unemployment numbers top 10% and consumer confidence may take a hit. This is the highest level since 1983. Some economists tell us the “real” unemployment number is closer to 17% which includes workers that have not searched for work in the past 4 weeks as well as those seeking full time work that have taken part time jobs.
In addition the average work week was 33 hours last month. This symbolizes that manufacturing is trying to keep plants open by cutting hours instead of laying off workers. Productivity is still below expectations.
As most of you have seen, the $8,000 Tax Credit has passed Congress and The President will sign today or tomorrow. A new feature of this bill is that current homeowners – those that have owned a home 5 of the past 8 years – will get a $6,500 tax credit for purchasing a new home. Contracts need to be signed by April 30 and closed by June 30.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Amelia Island Lodging
Amelia Island visitors relax in Victorian splendor
By Robert Tolf Special to the Sun-Sentinel
When you next head north, plan to break the trip with an excursion to Amelia Island, named by a Georgia governor to honor the daughter of his sovereign, King George II. Its main settlement, Fernandina Beach, claims to be the second-oldest city in the country, after St. Augustine.
Amelia Island has flown the flags of eight different occupying powers: French, Spanish, British, American, both the Confederacy and the Union, Mexican and the Green Cross of Florida, run up the pole by a colorful, conquering Scot whose minuscule force of half a hundred was too small to out-bluff the Spanish. The Mexican banner was raised by a ragtag crew of filibusters who invaded a settlement characterized by President Monroe as a "festering fleshpot," with bars and bordellos and a busy port, terminus of Florida's first cross-state railway. The depot now serves as Chamber of Commerce and welcome center. It's the place to pick up your walking tour map of the 30-block center of town (on the National Register of Historic Places).
In the welcome center you can also pick up information on where to find the best shrimp in a town where the modern shrimping industry was invented (and where, the first weekend in May, there's a popular Isle of Eight Flags Shrimp Festival). You can also pick up information on another island specialty -- the dozen or so bed-and-breakfasts that will ease you into aappreciation of the rich Victorian heritage.
Here are some of my favorites -- all of which have private baths, temperature control and other modern conveniences (inquire about children, pets and whether smoking is permitted):
Bailey House (28 South St.; 904-261-5390; 800-251-5390): The first of many magnificent mansions in town that were converted to B&Bs, this three-story Queen Anne is in the Historic District. It was built in 1895 for the agent of a local shipping company, who no doubt used local boat builders and ships' carpenters to carve the railings and the imposing mantelpiece emblazoned with the words "Hearth Hall, Welcome All." Of the 10 antique-furnished rooms, my favorite is the upstairs Rose Room with its distinctive bay window framed by a large turret, beautifully carved mahogany king-size bed, and a white tile bath with pedestal sink and clawfoot tub. The full breakfast is served in the formal dining room and the rates range from $99 to $150.
Amelia Island Williams House (103 S. Ninth St.; 800- 414-9257): This 1856 antebellum jewel was transformed into a B&B in 1994 by a pair who furnished the rooms -- framed by two floors of wraparound porch shaded by giant oaks -- with a world-class collection of antiques and artifacts, many from China. The drama begins in the oversize entry hall with its sweeping mahogany staircase graced by a giant crystal chandelier and caressed by stained-glass windows. Three of the eight guest rooms have working fireplaces and hand-carved mantels, and some have Jacuzzis. My favorite, the blue Chinese Room, is all cherry facing a large bay window where you can sit and marvel at the tranquillity. The full breakfast is served on antique china and sterling silver while you sit on Chippendale chairs. Rates range from $145 to $225.
Elizabeth Pointe Lodge (98 S. Fletcher Ave.; 800-772-3359): This seaside nugget of Nantucket, with its shake shingles, Dutch pitched roofs, gables and paned windows, would be at home in Cape Cod (where the Atlantic is not quite so inviting). A dozen of the 25 guest rooms have Jacuzzis and others have king-size marble tubs. All are only a few steps from the beach. The bountiful breakfasts are served buffet style, and the inn provides mini lunches. Rates are $125 to $235.
The Fairbanks House (227 S. Seventh St.; 800-261-4838): Traditionally known as "Fairbanks' Folly," this imposing two-story Italianate villa is overloaded with bays and balconies, decorative chimneys and eyebrow dormers, columned piazzas and Palladian windows, gables and porches, and a Renaissance tower with hip roof. There are 11 fireplaces and 16 rooms. The mansion, now on the National Register, was designed by the same architect who did the city's splendid St. Peter's Episcopal Church. Fairbanks was a native New Yorker -- but a major in the Confederate Army -- and a historian, newspaper editor, textbook author and then citrus grower, prospering to the point where he could afford this unique escape, which has a dozen accommodations in the main house and cottages. Full breakfasts are served on the porch overlooking the gardens or in the handsome high-ceilinged dining room. Evening social hour is a perfect time to sit in front of the fireplace, with its special tiles depicting various scenes from Aesop's Fables and Shakespeare. Rates range from $150 to $250 and there is no smoking, in the buildings or on the grounds.
Florida House Inn (20 & 22 S. Third St.; 800-258-3301): This 15-room memory bank bills itself as "the oldest continually operating inn in the state." The B&B its first guest three years before the War Between the States. Built by the Florida Railroad a few blocks from the depot/welcome center, it housed such dignitaries as the Rockefellers, President Grant and the Carnegies, who were building their own mansions across the water on Cumberland Island. But the most important visitors in recent years have been the Warners, Bob and Karen, who arrived in 1991 to do a complete makeover, modernizing the rooms and opening a cozy pub and an informal restaurant, where bountiful breakfasts are served as well as other meals -- all boardinghouse style. Rates range from $70 to $160.
Copyright © 2009, South Florida Sun-Sentinel
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
By Robert Tolf Special to the Sun-Sentinel
When you next head north, plan to break the trip with an excursion to Amelia Island, named by a Georgia governor to honor the daughter of his sovereign, King George II. Its main settlement, Fernandina Beach, claims to be the second-oldest city in the country, after St. Augustine.
Amelia Island has flown the flags of eight different occupying powers: French, Spanish, British, American, both the Confederacy and the Union, Mexican and the Green Cross of Florida, run up the pole by a colorful, conquering Scot whose minuscule force of half a hundred was too small to out-bluff the Spanish. The Mexican banner was raised by a ragtag crew of filibusters who invaded a settlement characterized by President Monroe as a "festering fleshpot," with bars and bordellos and a busy port, terminus of Florida's first cross-state railway. The depot now serves as Chamber of Commerce and welcome center. It's the place to pick up your walking tour map of the 30-block center of town (on the National Register of Historic Places).
In the welcome center you can also pick up information on where to find the best shrimp in a town where the modern shrimping industry was invented (and where, the first weekend in May, there's a popular Isle of Eight Flags Shrimp Festival). You can also pick up information on another island specialty -- the dozen or so bed-and-breakfasts that will ease you into aappreciation of the rich Victorian heritage.
Here are some of my favorites -- all of which have private baths, temperature control and other modern conveniences (inquire about children, pets and whether smoking is permitted):
Bailey House (28 South St.; 904-261-5390; 800-251-5390): The first of many magnificent mansions in town that were converted to B&Bs, this three-story Queen Anne is in the Historic District. It was built in 1895 for the agent of a local shipping company, who no doubt used local boat builders and ships' carpenters to carve the railings and the imposing mantelpiece emblazoned with the words "Hearth Hall, Welcome All." Of the 10 antique-furnished rooms, my favorite is the upstairs Rose Room with its distinctive bay window framed by a large turret, beautifully carved mahogany king-size bed, and a white tile bath with pedestal sink and clawfoot tub. The full breakfast is served in the formal dining room and the rates range from $99 to $150.
Amelia Island Williams House (103 S. Ninth St.; 800- 414-9257): This 1856 antebellum jewel was transformed into a B&B in 1994 by a pair who furnished the rooms -- framed by two floors of wraparound porch shaded by giant oaks -- with a world-class collection of antiques and artifacts, many from China. The drama begins in the oversize entry hall with its sweeping mahogany staircase graced by a giant crystal chandelier and caressed by stained-glass windows. Three of the eight guest rooms have working fireplaces and hand-carved mantels, and some have Jacuzzis. My favorite, the blue Chinese Room, is all cherry facing a large bay window where you can sit and marvel at the tranquillity. The full breakfast is served on antique china and sterling silver while you sit on Chippendale chairs. Rates range from $145 to $225.
Elizabeth Pointe Lodge (98 S. Fletcher Ave.; 800-772-3359): This seaside nugget of Nantucket, with its shake shingles, Dutch pitched roofs, gables and paned windows, would be at home in Cape Cod (where the Atlantic is not quite so inviting). A dozen of the 25 guest rooms have Jacuzzis and others have king-size marble tubs. All are only a few steps from the beach. The bountiful breakfasts are served buffet style, and the inn provides mini lunches. Rates are $125 to $235.
The Fairbanks House (227 S. Seventh St.; 800-261-4838): Traditionally known as "Fairbanks' Folly," this imposing two-story Italianate villa is overloaded with bays and balconies, decorative chimneys and eyebrow dormers, columned piazzas and Palladian windows, gables and porches, and a Renaissance tower with hip roof. There are 11 fireplaces and 16 rooms. The mansion, now on the National Register, was designed by the same architect who did the city's splendid St. Peter's Episcopal Church. Fairbanks was a native New Yorker -- but a major in the Confederate Army -- and a historian, newspaper editor, textbook author and then citrus grower, prospering to the point where he could afford this unique escape, which has a dozen accommodations in the main house and cottages. Full breakfasts are served on the porch overlooking the gardens or in the handsome high-ceilinged dining room. Evening social hour is a perfect time to sit in front of the fireplace, with its special tiles depicting various scenes from Aesop's Fables and Shakespeare. Rates range from $150 to $250 and there is no smoking, in the buildings or on the grounds.
Florida House Inn (20 & 22 S. Third St.; 800-258-3301): This 15-room memory bank bills itself as "the oldest continually operating inn in the state." The B&B its first guest three years before the War Between the States. Built by the Florida Railroad a few blocks from the depot/welcome center, it housed such dignitaries as the Rockefellers, President Grant and the Carnegies, who were building their own mansions across the water on Cumberland Island. But the most important visitors in recent years have been the Warners, Bob and Karen, who arrived in 1991 to do a complete makeover, modernizing the rooms and opening a cozy pub and an informal restaurant, where bountiful breakfasts are served as well as other meals -- all boardinghouse style. Rates range from $70 to $160.
Copyright © 2009, South Florida Sun-Sentinel
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
Monday, November 2, 2009
Deed in Lieu of Foreclosure
While many say that a short sale is less damaging to one’s credit than is a foreclosure, documenting that claim is another story. This writer has looked hard, but can’t find any verification from Fair Issac (the developer of the FICO scoring system) or any of the major credit providers. That is probably no surprise, because their systems are proprietary. Nonetheless, one wonders what might be the source of the claim.
On the other hand, people who apparently should know deny that there is any difference. Greta Guest of the Free Press (Freep.com) quotes John Ulzheimer, president of consumer education for Atlanta-based Credit.com. Ulzheimer spent seven years at Fair Issac. “The credit bureau sees those all as equal,” Ulzheimer said. “They are all essentially in the eyes of FICO a major delinquency.” Elizabeth Razzi wrote in the Washington Post (July 20, 2008), “A foreclosure and short sale inflict equal damage to your FICO score, according to Fair Issac…” though she provides no specific citation.
Moving on from the credit score issue, there is the question of being again eligible to buy. More precisely, it is a question of when, in the future, the defaulting borrower could get a loan that would be purchased by Fannie Mae or Freddie Mac. The issue is dealt with in Fannie Mae Announcement 08-16, released June 25, 2008.
When it comes to foreclosures and deeds in lieu of foreclosure, the policy distinguishes between events that were precipitated by extenuating circumstances (e.g. job loss, major illness) and those that were not (e.g. financial mismanagement). If you’ve had a foreclosure without extenuating circumstances, you can’t purchase with a Fannie Mae – backed loan for five years. However, if there were extenuating circumstances, it drops to three years. Suppose you chose the deed in lieu of foreclosure option. If there were no extenuating circumstances, the period would be four years, but with such circumstances, it drops to two. Fannie Mae doesn’t draw the distinction when it comes to short sales: the period is two years, the same as doing a deed in lieu with extenuating circumstances.
Posted from an article that I found.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
On the other hand, people who apparently should know deny that there is any difference. Greta Guest of the Free Press (Freep.com) quotes John Ulzheimer, president of consumer education for Atlanta-based Credit.com. Ulzheimer spent seven years at Fair Issac. “The credit bureau sees those all as equal,” Ulzheimer said. “They are all essentially in the eyes of FICO a major delinquency.” Elizabeth Razzi wrote in the Washington Post (July 20, 2008), “A foreclosure and short sale inflict equal damage to your FICO score, according to Fair Issac…” though she provides no specific citation.
Moving on from the credit score issue, there is the question of being again eligible to buy. More precisely, it is a question of when, in the future, the defaulting borrower could get a loan that would be purchased by Fannie Mae or Freddie Mac. The issue is dealt with in Fannie Mae Announcement 08-16, released June 25, 2008.
When it comes to foreclosures and deeds in lieu of foreclosure, the policy distinguishes between events that were precipitated by extenuating circumstances (e.g. job loss, major illness) and those that were not (e.g. financial mismanagement). If you’ve had a foreclosure without extenuating circumstances, you can’t purchase with a Fannie Mae – backed loan for five years. However, if there were extenuating circumstances, it drops to three years. Suppose you chose the deed in lieu of foreclosure option. If there were no extenuating circumstances, the period would be four years, but with such circumstances, it drops to two. Fannie Mae doesn’t draw the distinction when it comes to short sales: the period is two years, the same as doing a deed in lieu with extenuating circumstances.
Posted from an article that I found.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
The Taste of Amelia Island
The 18th annual "The Taste of Amelia Island", a culinary fair to benefit the Nassau County Volunteer Center, will be held on Friday, November 6, 2009 at the Amelia Island Plantation Ballroom. The theme of this year's event is "Ring in the Holiday Season!" Twenty restaurants and wine purveyors will highlight their excellent cuisines and fine wines. Cocktails will be served from 6:30pm to 7pm and Taste itself will be from 7pm to 9pm. Semi-formal attire is required and convenient parking will be available.
The event will feature music, dancing and a silent auction. Tickets are $40 and can be purchased at various locations on Amelia Island. For ticket information, please call 904-261-2771 or e-mail ncvcfb@aol.com. The Nassau County Volunteer Center will soon include a "PayPal" option for ticket purchase on its website www.volunteernassau.org
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
The event will feature music, dancing and a silent auction. Tickets are $40 and can be purchased at various locations on Amelia Island. For ticket information, please call 904-261-2771 or e-mail ncvcfb@aol.com. The Nassau County Volunteer Center will soon include a "PayPal" option for ticket purchase on its website www.volunteernassau.org
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
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