Real Estate Information Archive

Blog

Displaying blog entries 1-4 of 4

How to buy a home after bankruptcy or foreclosure

by Erna Sigurdsson, Realtor

How to buy a home after bankruptcy or foreclosure

Buying a Home After Foreclosure Going through a foreclosure or a bankruptcy is difficult process and is emotionally tolling. It takes time to recover from those and people who have gone through that have doubts about when and if they can buy a home again.


The good news is that you can buy a home again after going through that process. The bad news is that it takes time, persistence and will. It is possible to get back on the horse and become a homeowner again, by making a financial plan and stick to it. It doesn’t happen overnight, it is a good idea to see a qualified credit counselor or a financial planner to get the best advice for your situation to set a plan and goals to stick to.


Check periodically to see what’s in your credit report, www.annualcreditreport.com is the official site to view what is being reported at the three credit reporting agencies. If there is anything there that shouldn’t be there or is being reported incorrectly then you need to work on fixing it now, rather than later when it starts to affect your ability to obtain credit.


Keep some available credit open. Once you pay off a credit card, do not close that account. Part of what goes into your credit score is how much of your available credit you are using. If you start closing accounts as soon as you pay off the charge, then you could be hurting your credit.


Save regularly, by putting a little bit into savings every month, you are proving that you can plan and stick to it and it shows that you are planning ahead for the future. You can also use the savings that you accumulate towards a down payment on a home.

Cash Is King

Cash is King. An old phrase, but still valid today. If you have the cash to buy a home, then you do not need a mortgage and therefore don’t have to worry about your credit and financial history.


Generally it takes years to be able to buy a home after a foreclosure or a bankruptcy. If you were able to do a short sale on your home and avoid a foreclosure, most often, it is about two years until you can buy a home again.

Contact Erna and Petur Sigurdsson, Realtors at The Viking Team, Realty at 321-263-5096 for help buying or selling a home in Longwood, Lake Mary, Altamonte Springs, Sanford, Seminole and Orange County and the surrounding areas of Central Florida. To Search For Homes For Sale in Central Florida Click Here. 

First Day of Kindergarten

by Erna Sigurdsson, Realtor

I have had so many people ask me about how the twins first day of school went. Last week I wrote a blog about Back to School safety and the Florida State sales tax holiday as my twins Laura and Kathryn were about to start Kindergarten. I wanted to give you a quick update on how it went.

Laura about to start her first day at Winter Springs ElementaryBoth girls were decked out in Hello Kitty, with Hello Kitty Shirts, a Skirt with Hello Kitty on it and of course their brand new Hello Kitty backpacks. I drove them to their new school, Winter Springs Elementary School, home of the Kangaroos, and dropped them off with their teachers. Both girls had been in the Free Voluntary Pre-Kindergarten program that is offered by Florida State to prepare children for entering into Kindergarten.

 

 

Laura was very excited to start learning. She quickly found her name at her seat and sat down to color.

As we said good bye to her, she let us know that she would draw a picture for us to bring home.

 

 

Kathryn at Winter Springs ElementaryIn another classroom, I said good bye to her identical twin sister, Kathryn. It was much harder for Kathryn to say good bye and I was met with a bit of resistance to leaving. I stayed with her until the bell rang and class was about to start. As I left she gave me a big hug and didn't want to let go. Oh, sometimes it is so hard to be a parent. I left hoping that both would be having a great time and making new friends.

 

We at The Viking Team, Realty hope that those parents who have kids in school had a pleasant first day of school and lots of hugs and kisses from the little ones when they came back home.

Contact Erna and Petur Sigurdsson, Realtors at The Viking Team, Realty at 321-263-5096 for help buying or selling a home in Longwood, Lake Mary, Altamonte Springs, Sanford, Seminole and Orange County and the surrounding areas of Central Florida. To Search For Homes For Sale in Central Florida Click Here. 

Back to School Safety

by Erna Sigurdsson, Realtor

My twin girls Laura and Kathryn are about to start their first day of school on Monday. It is a very exciting time for us, I feel like they have grown up way too quickly and I'm wondering where all that time went. It seems like only yesterday that they were newborns relying on me for their every need, now they are ready to start going to school and learn with a class full of other students.

School SafetyIt prompted me to find out information about safety issues and preparing myself for this big step. I wanted to share with you a few good articles I found about school safety and also remind you that this weekend is the tax free holiday, from August 12th through the 14th.

Article form SafeKids.org "Protect Kids as They Head Back to School"

Here are some simple reminders for drivers:

  • Slow down and be especially alert in the residential neighborhoods and school zones
  • Take extra time to look for kids at intersections, on medians and on curbs
  • Enter and exit driveways and alleys slowly and carefully
  • Watch for children on and near the road in the morning and after school hours
  • Reduce any distractions inside your car so you can concentrate on the road and your surroundings.
  • Put down your phone and don’t talk or text while driving

Reminder for your kids:

  • They should cross the street with an adult until they are at least 10 years old
  • Cross the street at corners, using traffic signals and crosswalks
  • Never run out into the streets or cross in between parked cars
  • Make sure they always walk in front of the bus where the driver can see them

http://www.safekids.org/safety-basics/safety-spotlight/back-to-school-safety/ 

Then for the Tax-Free Holiday which usually spurs retailers to offer sales and incentives for shoppers to take advantage of the tax holiday and save money.


What the 2011 Florida Legislature passed is that: No sales tax shall be collected on the sale of clothing, wallets, or bags, including handbags, backpacks, fanny packs, and diaper bags, but excluding briefcases, suitcases, and other garment bags, having a sales price of $75 or less, or on sales of certain school supplies having a sales price of $15
or less for the period beginning 12:01 a.m. on August 12, 2011, and ending at 11:59 p.m. on August 14, 2011.


“Clothing” means any article of wearing apparel, including all footwear (except skis, swim fins, roller blades, and skates), intended to be worn on
or about the human body. However, “clothing” does not include watches, watchbands, jewelry, umbrellas, handkerchiefs, or sporting equipment.


“School supplies” means pens, pencils, erasers, crayons, notebooks, notebook filler paper, legal pads, binders, lunch boxes, construction paper,
markers, folders, poster board, composition books, poster paper, scissors, cellophane tape, glue, paste, rulers, computer disks, protractors, compasses,
and calculators.

For the complete list on Tax free status on items during this tax free holiday visit: http://dor.myflorida.com/dor/tips/pdf/tip11a01-03_list.pdf 

Contact Erna and Petur Sigurdsson, Realtors at The Viking Team, Realty at 321-263-5096 for help buying or selling a home in Longwood, Lake Mary, Altamonte Springs, Sanford, Seminole and Orange County and the surrounding areas of Central Florida. To Search For Homes For Sale in Central Florida Click Here. 

S&P Lowers Fannie and Freddie Credit Rating

by Erna Sigurdsson, Realtor

The S&P rating for Fannie Mae and Freddie Mac have been reduced from AAA to AA+, the reasoning behind this decision is long term debt as well as other subjective factors regarding the economy. This may have some effects on interest rates in the future, but probably not by much soon. It is hard to tell how this will affect future mortgage rates, but as rates today are already at a low, the increase may not be as detrimental. Currently the interest rates range from 4.5% - 5.5% for a 30 year mortgage.

Watch this video with NAR Chief Economist Lawrence Yun for more information

Sources:

http://www.washingtonpost.com/business/economy/sandp-to-assess-impact-of-us-debt-downgrade-on-local-and-state-govts-fannie-and-freddie/2011/08/08/gIQAJ72L2I_story.html

 

Displaying blog entries 1-4 of 4