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About Teresa
Teresa Turner, Realtor & Broker, with The Teresa Turner Realty Group at Keller Williams Town & Country Realty, is one of the most established and respected names in NW Florida Real Estate with 25+ years of experience in Residential Real Estate. Over that time, she has developed a superior pipeline of connections and is the go-to person for getting results in Residential Real Estate. She understands and cares for people and is excellent at coming up with unique marketing strategies to solve complex problems and get homes sold. She keeps your personal information confidential and considers discretion to be her duty in dealing with your real estate situation. Teresa maintains a strong work ethic and is committed to building relationships based on trust and integrity. She is a Real Person with Real Solutions to your real estate needs.
Tag Archives: tallahassee realty
Bank of America Now Allows Substitution of New Buyer for One Who Walked
This is BIG NEWS in the short sale world! We have a lot of short sales with Bank of America since they service mortgage loans for over 200 different lenders/investors. Bank of America just had a major policy change that now allows Real Estate Agents to submit a 
backup offer on a transaction if the original Buyer has walked away from the sale. This means Real Estate Agents no longer have to initiate a new short sale; instead, they can continue with the original transaction in Equator and move forward. This change will save everyone time by not having to repeat a number of process steps.
If the Real Estate Agent has another buyer prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps. The short sale status in Equator will change to “Marketing,” and they will be directed to complete several tasks within 14 business days. This new process applies only if there’s an available backup offer when a Buyer walks.
If there is no backup offer ready to be submitted, the short sale will be declined. In that case, the Real Estate Agent should return to marketing the property and initiate a new short sale in Equator once they receive another offer.
Chase Bank offers Florida homeowners incentive to short sell
Since last fall, Chase Bank has been quietly offering some Florida homeowners a deal they can’t refuse. In return for $10,000 to $20,000, borrowers behind on their mortgage payments will agree to a short sale. In other words, Chase is forgiving homeowners the money they owe, with a cash bonus to boot. 
According to the Sun Sentinel, Chase spokeswoman Nancy Norris explained that the bank is cutting its losses and choosing to avoid lengthy foreclosure proceedings. “Our goal is to help as many people avoid foreclosure as possible,” she said.
“To have any chance at the program, homeowners behind on their payments must call the lender or visit one of its 13 mortgage help centers in Florida,” she continued, though the program is entirely dependent on individual circumstances. [Sun Sentinel]
Are you Listed to Sell or Sit?
After a few days of showing, I think back on what my clients and I saw and how it reflects on the real estate market. Many homes are beautifully presented and competitively priced…these homes make it hard for a Buyer to make a decision.
On the other hand, an awful lot of houses are listed but are just sitting. Maybe the Seller isn’t really aware of how much competition there is, or maybe they are tired, or maybe too beat up by too many negative comments for months. Maybe the Realtor has turned on lights and swept the front porch so many times that they, too, are tired of making an effort and not getting results.
I understand…even for the nicest homes in the nicest neighborhoods, there just aren’t enough active buyers. Nevertheless, if a house is listed for sale, the homeowner and the Realtor really should make an effort for every single showing.
Here’s a few thoughts after seeing some “sort-of-sad” houses this weekend.
Current Remarks: Please make sure your MLS remarks are current. “Free Spring Break trip to Panama City” for contract by February 1st” is probably not a current incentive.
Real Buyer? I am not entertaining my family and friends by showing houses. I am working and, yes, I believe it’s a real buyer. I am NOT sharing client information to get the Listing Agent to get the Seller to clean the place up. You’ll just have to trust me…if I’m showing… it’s a real buyer.
Schedule Changes: Despite my best efforts, the schedule can change a little as we go through the day. Little kids get car sick, husbands get distracted by their I Phones, teenagers insist on another Diet Coke every hour. If I call in a slight schedule change, either I, or the Listing Agent, should be able to reach the Seller.
Brochures, Feature Sheets, something written has to be in the house to highlight the important features. After about the fourth house, the houses start to blur together. And by the way, I think the mini CDs are a waste of money. If someone has to use a computer to see the photos and be reminded of the details, they can just as easily go online.
Community information in the house can be valuable for an out of area buyer. There are lots of neighborhoods in Tallahassee, and I just don’t know every detail of every neighborhood. Community centers, church programs, recycling information, library information: these are all important and and might make a difference in a Buyer’s decision.
Kids and Dogs: Now that the kids are home for summer, they probably need to be reminded of a few basic rules if someone is there to see the house. Even a 10 year old can clean up their dishes and spritz some Febreeze. Teenagers need to get out of bed and let us see the room if it’s after, say 11:00 am. And, please, the family dog needs to be taken for a walk when we get there.
I know it’s tough market, but if I’m showing your house, I might sell it….help me do the best for all of our clients!
Shopping for a Mortgage Loan?
Home buyers usually spend months trying to find the perfect house, but the perfect mortgage? Not so much. We get it. Researching a mortgage isn’t as easy or as much fun as say, researching your next car purchase. But there’s a lot more money at stake when it comes financing your home, so it’s time well spent.The first step is to familiarize yourself with the basic mortgage terms you will encounter along the way (take this quick mortgage quiz to start), and then follow these tips:
Plan Ahead – It’s hard to comprehend how a six-figure purchase will fit into your overall budget. Get a reality check by using mortgage calculators to figure out how much home you can afford, what your monthly payment will look like, and how much income you’ll have left over after paying your mortgage. Zillow’s brand-new Zillow Mortgage Marketplace iPhone App helps borrowers quickly answer these types of questions. When you’re out shopping for homes, this is an easy way to avoid sticker shock once you start the financing process. Understanding how a mortgage will fit into your financial situation will set you up to shop with confidence.
Use Your 30-Day Window - Some people may avoid mortgage shopping, fearing their credit will be impacted when multiple parties check their credit within a short period of time. What they don’t realize is that most credit score calculations won’t penalize you for rate shopping, as long as you do your shopping within a certain period of time, typically 30 days. All inquiries made within that 30-day window will be treated as a single inquiry and your credit score won’t be affected during that time. After you’re done rate shopping, those multiple inquiries will be treated as a single inquiry rather than several separate ones. So take advantage and shop around for the best lender!
Lenders don’t need a name to get an accurate quote - Another fear of would-be mortgage shoppers is that they’ll have to share their name, address and phone numbers with various lenders, and will then to have deal with the sales calls that follow. The truth is lenders don’t need your name or phone number to give you an accurate quote; they just need you to provide them with accurate information about your financial situation like your credit score. Any site or company that is asking for this information, before giving you quotes, is likely selling it to the highest bidder. So, unless you like talking to lenders during dinner, don’t comparison shop on these sites.
Look beyond the rate - When comparing different loan quotes, don’t fixate on the rate over everything else that goes into your home loan. To ensure you are getting the best loan for your situation, you need to compare the APR, the monthly payment (to make sure the loan fits into your budget), lender fees ( which are negotiable), the total cost of the loan (interest+ fees, over time) and lender reputation. A site like Zillow Mortgage Marketplace allows you to compare these quote details on an apples to apples basis, something that is hard to do when calling various banks and brokers (since one lender may include fees in a quote and another may not).You also need to understand the loan program you are being quoted, and how it works. Is it fixed over a set period of time, or will it adjust to a higher or lower rate, after say 5 or 7 years?
Understand Points – Whether or not you should buy discount points really depends on how long you plan to stay in the home. The longer you plan to stay in your home, the more attractive buying points becomes. Use a discount points calculator to help you do the math.
Hire the Right Lender – Certain lenders have their niches and it’s good to check around with several to determine who has the loan program that fits your needs the best. For example, some lenders are great at FHA/VA loans while others do a better job with conventional loans with bigger downpayments. If you are needing construction loan financing, then the field of lenders to choose from gets even more narrow.
Many people forget that you are hiring a lender to perform a service. You actually have a choice as to who you work with, and who you pay (via lender fees) to work with. To that end, hire someone who has demonstrated outstanding levels of service to other borrowers and who has a reputation of locking in loans on time. Check with your Realtor to help you find the right lender you’ll feel most comfortable working with. Realtors are on the front lines and they know who does a good job and treats their clients well.
Mortgage Loan Mods Not Working
I have had a number of clients recently who have contacted me about their loan modifications not working out the way they had hoped they would . Some of the stories include offers to modify their mortgage loans less than $100. per month or like this news story, canceling the trial loan modification after a period of time, and asking them to pay up thousand$ to stay in their home.
I wish it weren’t so, but this is what is really happening. The simplest way to get out is to short sale the property. To see if this is the best option for you, call me today for a confidential consultation. There’s never an obligation and discretion is my duty.
