Tom Bernardo

Doreen,

A very good question and an extremely tough one to answer.

First of all, an agent in Ft. Myers, even one that studies the economic trends is not likely to know the data for an are that is 125 miles away and vice versa. You will have to discover the economics independently.

You asked about return in the long run. Does your happiness with where you live for part of the year enter into the equation or is it strictly purchase dollar vs resale dollar? Or, does cost of maintaining and cost of living enter into the equations as that may differ from location to location.

Doreen, real estate is an investment, but you can't analyze it with a black and white prospectus like you can a stock certificate. I recommend you take enough time to visit both areas make a decision on where you prefer to have a second home, and then go from there. I strongly suspect that the economic factors won't differ that greatly, but I would have to be an expert in both markets to make an actual claim with a high degree of certainty.

I can help you with the Ft. Myers economics, feel free to contact me directly anytime.

Sincerely,

Tom Bernardo, Realtor, GRI
Keller Williams World Class Realty
239-560-6702
tombernardo@earthlink.net - Sat Jan 17 2009, 03:50

Paula,

Great questions. Much like when you purchased, there will be fees. If you used a broker 6 months ago when you purchased, they would certainly be a good information source again.

Also talk to your agent. The value of the property will come into question again. In other words, another appraisal will be required. Your agent (if you used one) should be able to give you a pretty fair estimation of its value. The concern is if it has gone down since you purchased. Your agent should also have a couple of trusted lenders to recommend to you.

You should know the approximate value before spending any money on application fees or appraisals. Once your lender has found you a program, they will give you a good faith estimate of your closing costs.

Finally, once you know what new rate you qualify for, you can determine your new monthly payment.. You can then calculate how many months it will take to pay off the closing costs of the new loan with the monthly savings. If it take 10 years for example to re-coup the costs of the refi, and you plan on moving in 5, it would be silly to refi.

If you simply cannot make the payments due to a change in your circumstanses or because your rate adjusted, then there are some other options available tied to bank and home owner bail outs.

Again, your agent or mortgage person will have contact info for these programs.

Good luck!

Tom Bernardo, GRI, Realtor
Keller Williams World Class Realty
239-560-6702 - Sun Dec 28 2008, 04:20

For safety questions, I suggest you look at the Lee County Sheriff's Office and Ft. Myers City Police web sites. We have an agreement with them...they won't give real estate advice and Realtors won't claim to be experts on crime statistics.

Barbara, the listing you inquired about is a development that was apartments and converted to condo in the gold-rush years of 2004 to 2006. People that purchased didn't really expect to hold them more than a few weeks or perhaps months and then sell for a profit.

We all know the rest of that story. As a Buyer, look very closely at the finances of the condo association. If the association isn't a viable corporation, they can sell you the condo for a dollar and it still won't be a good deal.

Your agent can help you obtain the info you need, and some may not be given willingly until you have written an offer. That is not a problem, but there will be a 3 day time limit from the time you receive the documents to the time you can exit (void) the contract.

I hope this is helpful

Tom Bernardo, Realtor, GRI
Keller Williams World Class Realty
239-560-6702
tombernardo@earthlink.net - Sat Nov 29 2008, 05:28

Rick,

That has a lot to do with what they want to modify to. Get the exact modification they are intending for you in writing. Then decide if the saving on the new loan is something you can manage. If it is something you can manage, ask to reduce the reduce the amount to make it current by one month instead of two.

Regardless of their answer, next ask if the amount the needed to make your loan current can be rolled into the new loan.

Whenever anybody says no, very patiently and calmly explain that you are aware that they cannot make that decision and ask for a supervisor. The ones you talk to on the phone are not decision makers. Thay have scripts and set answers for all questions you ask.

Be clear and concise in explaining your financial hardships. Explain that if they can't come up with the terms you are asking for, you will have to examine the alternatives of giving them back the deed or doing a short sale.

Hurry so you don't have to make a payment at the old rate.

I am sorry to see you in this position. Hang in there, don't hide from it, and make it go away as fast as possible.

Sincerely,

Tom Bernardo Realtor, GRI
Keller Williams World Class Realty
239-425-4900 - Tue Nov 18 2008, 03:00

Gus,

Good questions...they look pretty enticing due to the bargains available, but proceed carefully.

Obviously, you have done your homework. You did a lot of work to find that much data. A good way to shorten that is to learn about the financial viability of the governing body, either a condo association or home owners association.

60 foreclosed units could mean that 60 units aren't paying their fees and on the other hand if they were all sold to one buyer, it is a safe bet that the fees are getting paid.

If you don't know how to get into the books of the association, a good agent should.

Good luck. - Tue Nov 11 2008, 01:40