Welcome to Shop Talk with Sue Paskert!

 

Let Sue Paskert, South Tampa and Little Gasparilla Island Realtor, take the guess work out of deciphering Real Estate Industry jargon, lingo and concept trends.  Visit often and before you know it, Sue Paskert will have given you a wealth of knowledge.

  

In this section of www.SuePaskert.com you will find clearly defined descriptions of words and acronyms.  Presented in an easy to understand format, you will be well educated and prepared for your next Real Estate transaction.

Talk The Talk:  Click Here: Real Estate Definitions.pdf real estate acronyms, lingo and definitions!

Topic Spotlight:  This area of Shop Talk will take a closer look at Real Estate's hot trends, topics, concepts and buzz words used today.

Topic Spotlight:  Real Estate Rebound

It looks like things are heating up in states that have taken the hardest hit…Arizona, Califoria, Florida and Newbraska! Look at what The Christian Science Monitor has reported:

Sales are picking up in markets where prices are deflated, but the business is different than it was before the bubble burst, observers say. The housing market in deflated states - like Arizona, California, Florida and Nebraska - show signs of a rebound. Analysts say that prices have fallen to the point that those with average salaries can afford to buy once again. “The buyers are returning,” says Lawrence Yun, National Association of Realtors (NAR) chief economist. “And in such a strong way that, now, we are hearing in some cases there is multiple bidding, which hints that maybe pricing is reaching a bottom point. But inventory remains high.”

Source: The Christian Science Monitor, Ben Arnoldy (12/16/08)
© Copyright 2008 INFORMATION, INC. Bethesda, MD (301) 215-4688

Topic Spotlight: Flood Insurance

New high-tech maps are forcing many U.S. homeowners to buy flood insurance for the first time, while others who have had coverage are being cleared to drop their policies. The changes are part of FEMA's multiyear plan to digitize its Flood Insurance Rate Maps to make them more accurate and easier to update.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-111208.cfm

Topic Spotlight: Foreclosures by County

Pinellas 3,698 (2006) 11,148 (2008 year to date)

Pasco 1,889 (FY '05/'06) 8,252 (FY '07/'08)

Hernando 734 (2006) 2,991 (2008 year to date)

Hillsborough 3,216 (only October '08)

(Times research Dec 2008)

Topic Spotlight:  Short Sale

  • A real estate sales transaction executed when the seller will payoff their lender less than what is owed on the property.
  • The lender may choose to issue an IRS 1099-A form that shows the deficiency as income which the borrower may have to pay income taxes on.
  • A short sale can help a homeowner prevent foreclosure.
  • A homeowner can continue to live in the property during the short sale.
  • Most lenders do not allow a short sale unless the payments are at least two months behind.
  • The homeowner usually is required to write a letter of financial hardship to the lender.
  • Some lenders have pre-formatted Financial Hardship Packages.
  • Lenders usually prefer to work with REALTORS® in short sales to ensure proper marketing to sell the property and to prevent direct dealings with unlicensed investors or consumers

    • Topic Spotlight:  Reverse Mortgages

    A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there.

     

    With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways:

    • all at once, in a single lump sum of cash;
    • as a regular monthly cash advance;
    • as a "creditline" account that lets you decide when and how much of your available cash is paid to you; or
    • as a combination of these payment methods.

    No matter how this loan is paid out to you, you typically don't have to pay anything back until you die, sell your home, or permanently move out of your home.

     

    Eligibility

    To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.

     

    Visit this page often for more expertise knowledge from South Tampa and Little Gasparilla Island Realty Expert, Sue Paskert