Downsizing or Upsizing

Posted on by

Spring is just around the corner and before you know it another school year will be over. A good number of people that want to upsize or downsize due to their school age children starting or finishing school do so from May to September.  What does that have to do with me you may ask? Plenty, and here is why.

If you are planning to sell your home sometime this year you may want to consider doing it during the months of May through September so you can take advantage of the buyers available for your house or the amount of homes available for you to upsize or downsize. Now is the time to consider the repairs that may be needed or other items needing attention to place your house for sale if that is what you choose to do. If you plan to list it with a Realtor then with the amount of homes for sale being Short Sales or REO’s (bank owned properties) you will need your house to be in top shape to compete on the market.

If you’re not interested in listing it for sale but would like to sell without the hassle and expense of doing repairs you can contact an investor or home buyer. The advantage of working with a home buyer is you do not need to do any repairs as they will buy AS IS. Also you can pick when you want to have a closing that works best with your schedule and time frame.  In many cases the home buyer will pay for all your normal closing cost thus putting more money in your pocket. You avoid the hassle of having many people walking through your home to see it.

If you have a need to sell give us a call first and see what we can do for you. We are able to buy houses even if you owe more than the value, behind in the payments or needing repairs. We will give you an offer the same day and can close when you would like. We will make it a no hassle experience for you.

BEHIND IN YOUR PAYMENTS

Posted on by

So you are behind in your payments and wondering what to do.  First, you are not alone.  I am sure you have heard over the past few years that many home owners are in the same situation. They are behind in their payments and owe more than the home is worth.  But now this is you. What should you do? What are your options?

What you need to do is ask yourself “what do I want to do with the house”? Is the mortgage balance higher than the current market value?   Would you like to keep it if the payments are more affordable?  Do you want to sell it? Do you just want to walk away from it? Let us take a look at each of these questions.

In keeping your house you will need to contact your lender and see what programs they have available for your type of mortgage. You need to ask about a Loan Modification to make the payments more affordable so you can keep your home. A Loan Modification is an adjustment of your mortgage terms in the interest rate, payment years and maybe the principal balance still owed.  You will need to go through a process in supplying the lender with your financial information as well as the reason for falling behind in your payments.  They will review your information with the programs they may have to determine if something can be done to keep you in your home. This process can take some time and may not always end with an affordable payment.  You can do this direct with your lender and there is no cost for this.

If you do not wish to keep the house and you owe more than the value you can do what is called a Short Sale.  What that is you are asking the lender to take less money than what you owe and release the house and you from your obligation of that loan amount. Many of the lenders are working with buyers in allowing this so they do not have to foreclose on the property.  Again this is a process that you must supply your financial information and reason for falling behind in payments so the lender can see that you truly are in need.

Walking away from the house may also be an option if you meet certain criteria that the lender has in place. They will be looking at if you have just one mortgage or two with the same lender as well as no other liens against the property they may entertain what is called a “Deed- in- Lieu” of foreclosure. What that is you can sign the house back over to the lender and walk away. In most cases they will release you from your entire financial obligation for the loan.

If you are not interested in keeping your property Sun Lovers Homes South Fl, Inc would like to speak with YOU! We may have an interest in your property and working with you and your lender so you can move forward. Visit our website to learn more of what we can do for you or contact us to discuss the situation further.

SELLING IN 2013

Posted on by

The New Year is upon us and you are in the need to sell for one reason or another.  This is not something that you are looking forward to doing but it is something that must be done. Each seller has a different reason why to sell, job transfer, to upsize or downsize, or a financial situation that created the situation.  What do you do?  Do you list with a Realtor or Become a For Sale by Owner? Do you really want the many phone calls or people walking through your house? And how long will it take to sell? How about if you have little or no equity can you still sell? What will the bottom line be after paying closing cost or maybe repairs that need to be done? These are good and important questions.

Here is the Answer…     Contact a Real Estate Investor.

A real estate investor can purchase your property with a number of different ways. Depending on your individual situation an investor can make their offer that will work best for you. Here at Sun Lovers Homes South FL, Inc. we purchase homes in various ways. If you are Underwater (owe more than the value), we can purchase. Payments are behind or in foreclosure, we can purchase. House needs repairs, we can purchase, and many other situations, we can purchase. With our 35 years of experience we have had many situations, with that our advanced knowledge can help you move forward with the sale.

If you would like to discuss your situation for selling please contact us by phone or visit our website for more information and to complete our Sellers Form so that we may contact you.

SELLING BUT NEEDS REPAIRS

Posted on by

You have a house to sell but it is in FAIR condition. What do you do???

To sell a house in poor or fair condition you must remember that if the buyer has to get a mortgage the lender may not approve the loan. It may not be in your best interest to do any repairs so entering in a contract with this type of buyer may not be an option.  Just because you are selling the house “as-is” does not mean the lender must grant the buyer a mortgage.  The lender must look out for their interest and any property needing repairs becomes a risk.  There is however an exception. An FHA insured mortgage has a loan program that is called the FHA 203k. This program will allow a buyer to purchase a house needing repairs and will also fund the repairs for the buyer. As with any mortgage, the lender has various requirements that must be met. A buyer should go online at http://www.fha-home-loans.com/203K_fha_loan.htm to review the special requirements. There also may be other lenders that offer a program such as this so it may not be impossible to sell this way.

The fastest way to sell a house in this condition is to work with a real estate investor. They would buy a house like this with CASH and can close quickly. They are educated in the cost of repairs and many are not afraid of this type if property. Without dealing with lenders you do not have to worry about something happening and not getting to a closing. Most investors will place in the contract an inspection time period so that they can get an expert to inspect the house so that they know what they are getting into. Other than that it is almost always a sure deal.

We at Sun Lovers Homes South Fl, Inc are always looking for this type of property. If you have a need to sell and the house is in less than average condition contact us so we can discuss your needs.

What Is A Lease-Purchase?

Posted on by

A lease-purchase is simply what the name implies; you are leasing a home and have the first option available to purchase the home. Lease-purchase contracts can differ greatly in terms of conditions. Our company specializes in buying and selling properties subject to a lease-purchase contract. There are several benefits to both buyers and sellers in a lease-purchase contract.

For the Seller:
In a lease-purchase contract the seller has all of the benefits and tax advantages of a rental property while reducing their risk. The tenant of the property is a potential buyer and is usually responsible for all repairs while they occupy the property during the lease period. A lease-purchase contract proves to be most beneficial for sellers who rely on the tax advantages of owing a rental property but are tired of dealing with tenants. Lease-purchase contracts also work great for owners who are currently upside down on their mortgage.

For the Buyer:
In these tough economic times we have all experienced some sort of hardship. A job loss, a reduction of hours, increase costs for necessities. What makes us unique as a society is we always rise back up and get on our feet. Unfortunately, it may take several years for mortgage companies to recognize all of your hard work. Why waste the next couple of years on rent payments while rebuilding your credit? The main benefit of lease-purchasing a property is getting into a house that you can call home today!

We have several programs that benefit both buyers and sellers in a lease-purchase situation. It does not matter if you are upside down on your mortgage, behind in payments, or your house needs repairs. We can help! Call Frank at 561-247-4034 for more information.

What is an Underwater Mortgage?

Posted on by

An underwater mortgage is defined as a home loan with a balance higher than the value of the home. An example of an underwater mortgage is where the home loan is $200,000 and the house is only worth $125,000. In today’s market this is a very common situation for many homeowners. If you are in this situation we are interested in buying your home.

Whether you are behind on your mortgage or current with your payments we can help homeowners who are underwater. If you are current with your payments we may be interested in taking over your existing mortgage or entering into a long term lease purchase agreement. If you are behind in your mortgage payments then we can help negotiate a short sale of your home. A short sale is where the bank accepts an offer to pay off your mortgage for less than the amount owed. There is absolutely no cost to you, the homeowner, for this service. Contact our office for more information on how we can help homeowners who are underwater by buying your home today!

954-560-4663 or 561-247-4034

Lease Purchase…A way to Sell

Posted on by

Check out our video about a lease purchase!

This is a great way to sell your house if you enjoy the monthly income and tax benefits of renting but want to avoid any of the responsibilities.  At the end of the specified lease purchase term we will buy your house for an agreed upon price.  Upside down on your mortgage?  This program still works!!!  Call today for more information at 954-560-4663 or 561-247-4034.

Click here to watch the video

Welcome!

Posted on by — No Comments ↓

Welcome to the official blog of Sun Lovers Homes, Inc., Frank Runs To Buy Your House.  We are a father/son team of real estate investors providing solutions for homeowners.  Frank J Pepe has been in the real estate industry for over 30 years and has been a full time real estate investor for the past 15 years.  Frank J Pepe III has been in the real estate industry for 15 years and is a full time accountant that focuses on providing tax solutions for individuals and small businesses (www.FrankJPepe.com).  Both Frank J Pepe and Frank J Pepe III are former real estate appraisers who have held state appraisal licenses in various states including Florida and New Jersey.  Visit the “About Us” page for a full biography.

We are interested in purchasing homes in Southeast Florida (Broward, Palm Beach, Martin, Saint Lucie Counties) and also in Ocean County New Jersey.  We have several different programs that are customized to meet your individual needs.  Behind in payments?  Is your mortgage current but you owe more than your home is worth?  Are you tired of dealing with your rental property?  We are interested in buying your home and providing a solution for your situation.  Call us now at 954-560-4663 or 561-247-4034.