At I-75 EXIT 384 Archer Rd, Near U of FL
$320,000 - BUSINESS ONLY FOR SALE.
Across from Butler Plaza, Gainesville, Florida
Lease building and parking for $6,500 NET.
VALUABLE High-traffic LOCATION. BUY your own restaurant business with lounge in highly desirable Restaurant Row at Butler Plaza near Univ. of Florida. At I-75 Exit 384 Archer Road.
• 6,236 sq. ft. building. Restaurant Seats 150. Can be set up to seat more. 2 large bathrooms.
Operating profitably since 1995. Set up for Japanese food but can be changed to any format. Seats 150+ in 3 big dining rooms, tables and booths, huge kitchen. Also great for catering and private parties. Furniture, equipment, liquor license included.
SHOWINGS BY APPOINTMENT ONLY. Financials only shown with offer or deposit.
NW Gainesville, $132,000. - Only a 2.5 mile Bike Ride to the University of Florida campus from this centrally located single-family home. You can also take Bus Routes 6 and 15 to school or work or shopping.
1,330 sq. ft., 3 bedroom, 2 bath, single story - Centrally Located near UF on 2 bus routes.
Great location for college students, families with children, retired or active senior citizens, or single persons.
Convienient to all kinds of shopping including food, restaurants, Walmart, Lowes, Home Depot, Publix, Albertsons, Winn-Dixie, and Downtown businesses.
Big (over 1/4 acre) corner lot has plenty of area for extras such as additions to the home, gardening, children's play area, adding a workshop-storage building, or expanding the garage.
Call or email to make an appointment to see this affordable home. Buyer must show a current lender qualification letter before a showing will be arranged.
Gainesville, Florida USA - The single-family home at 2201 N.E. 8th Street, Gainesville FL 32609 has been sold.
This was a SHORT SALE and Mark Cohen, Realtor-Broker was the listing agent. He has experience assisting both Buyers and Sellers with Short Sales and Foreclosures.
See EyemarkRealty.com and www.GainesvilleFloridaHomes.com for information about buying or selling all kinds of real estate properties. We service an area within 40 miles of Gainesville, Florida.
Very nice home on large corner lot.
• 1,330 sq. ft., 2 bath, 3 bdrm single story - MLS® $145,000 - Nice Home, Big Yard.
Pine Haven, Gainesville - Nice comfortable home on a large corner lot in a quiet neighborhood in town, centrally located in Northwest Gainesville.
Easy drive or bicycle to shopping, offices, downtown, and the University of Florida.
Good student location. On bus route 6.
Front and back porches. Hardiboard siding. Fenced yard. 1-car garage.
Shopping Centers and Retail Areas in and near Gainesville Florida
In addition to the following there are about 50 neighborhood and community
shopping centers in the Gainesville Urban Area. There are also many more in and
near Ocala, Lake City, Starke, and Palatka.
Butler Plaza (Wal-Mart, Lowes, Target, Kohls, and over 100 other stores on Archer Road
Gainesville's "Miracle Mile" and "Restaurant Row") www.butlerplaza.com
Downtown Alachua (specialty stores and restaurants) www.cityofalachua.com
Downtown Gainesville (many specialty shops and restaurants)
Downtown High Springs (specialty stores and restaurants)
Downtown Keystone Heights (retail stores and restaurants)
Downtown Newberry (specialty stores and restaurants) www.cityofnewberryfl.com
Downtown Palatka (retail stores and restaurants) www.co.putnam.fl.us/palatka
Downtown Starke (retail stores and restaurants) www.cityofstarke.org
Eastside Gainesville (Wal-Mart SuperCenter)
Haile Village Center Shops (Haile Plantation, Gainesville) www.haileguide.com
Interstate 75 Interchanges (4 retail areas, Gainesville)
Lake City Urban Area (Downtown and shopping centers) www.lcfla.com
N.W. 13th Street (Lowes, Home Depot, Wal-Mart, Sam's Club,
many more stores, Gainesville)
Newberry Road (several shopping centers, Gainesville)
North Main Street ("Automobile Row", Gainesville)
Oaks Mall (Macy's, J.C. Penney, Sears, Dillards, Belk, over
1 million sq. ft. with 150 stores, Newberry Road, Gainesville)
Ocala Urban Area (Downtown and many shopping centers) www.ocalafl.org
Wal-Mart Super Center (Waldo Road, Northeast Gainesville) www.walmart.com
How To Buy Foreclosed Properties (REO, Foreclosures)
EyemarkRealty.com & www.GainesvilleFloridaHomes.com
What is Foreclosed Property?
A foreclosure is the legal process in which a lender takes ownership of real property (home, land, or building) from owners who fail to make payments on a loan or fail to follow through on other promises in respect to the property. The lender then sells the property to gain back the amount still owed to them. The lender can be any entity that lent the money as a mortgage loan - a bank, savings & loan, mortgage company, any other type of organization, or a private individual.
Most foreclosures result from a nonpayment of a mortgage loan or a home equity loan. But the nonpayment of a balloon payment, not paying property taxes, not paying for insurance, or not properly maintaining a property can also result in foreclosure.
The foreclosure process has three (3) parts:
1. Pre-foreclosure: This is the time between when the owner stops making payments and when the lender has the county court sell the property at an auction. The lender must prepare specific paperwork and give the owner certain types of notices concerning the delinquency.
It can also be the time between when the lender finds out that the owner hasn't paid the property taxes, paid for insurance, or stopped maintaining the property, and when the property is placed for sale at auction by the county court.
The dispute between the borrower and lender can be settled at any time during the pre-foreclosure period. That settlement will stop further actions by the lender and the court.
As a buyer (investor or potential resident owner), you can deal directly with the owner during the pre-foreclosure period. The owner has the right to sell the property during this time as long as the loan is completely paid off at the closing.
If you and the seller agree to a sale price below that which will pay off the lender you have what's known as a "short sale." In a short sale the lender has to agree to take the loss on the loan before the sale can be closed. When the lender refuses to take less than the balance owed the property usually procedes to the auction.
2. Auction: This is the action by which the county court seizes the property from the owner and sells it to the highest bidder, usually at the courthouse. The county sheriff or a trustee handles this process, depending on the state where it occurs.
The auction usually occurs on the courthouse steps after the home or other property is advertised in the local newspaper about a week in advance. You should have cash or a cashiers check with you and be prepared to make a substantial deposit or the pay the entire amount on the spot should you be the winning bidder. Make sure to have your financing arranged and approved in advance because you will have a limited time to close on this type of purchase.
You should be careful to do your own due diligence because this sale is "AS-IS." Whatever condition the property is in is the condition you will get. Neither the owner nor the lender will make repairs and most states don't allow a buyer to inspect the inside of the home or building before bidding begins. Where inspections are allowed they may only be scheduled for a limited time on a certain day.
Therefore you should visit the property and try to learn as much as possible from public records and neighbors and other sources. You could be buying a home or other type of property that has substantial structural problems, termites, toxic chemicals, exposed lead paint, or tax liens. You also might not obtain clear title because IRS (federal) tax liens and county tax liens are not wiped out by foreclosure. Delinquent taxes will make it highly unlikely that you will be able to obtain title insurance.
You should make sure ahead of time that the auction is on schedule. Sometimes the auction doesn't occur because the owner makes the required payments or resolves the disputed matter at the last minute. Court rulings and improper paperwork can also stop or postpone the sale.
There is a statutory redemption period in some states that enables the original homeowner to repay the past-due amount on their loan plus expenses and regain ownership even after the auction is over. When this happens you are no longer the owner and out whatever expenses you incurred.
After the auction sale takes place the previous owner (borrower, original owner) must vacant the premises. When they refuse, the lender (new owner) will institute eviction procedings. Depending on state law, it might take days to months to evict people. This is a potential problem in some foreclosures.
3. REO (Real Estate Owned): If the property fails to sell at the courthouse auction, or if the lender ends up as the highest bidder, the home becomes "Real Estate Owned" (REO) by the lender or "Bank Owned" if the lender is a bank. If the lender is a bank or mortgage company they then will try to sell their REO properties on the open market, either by themselves, by listing them with a real estate broker, by advertising with a third-party marketing company, or by entering them into additional auctions.
Sometimes you won't know it is a foreclosure (REO) from looking at the real estate listing unless the bank's name or a government agency is shown as the seller.
Before buying a home from the lender you should make sure that the previous owner has completely vacated the premises and there are no squatters who have moved into the vacant home illegally. Otherwise you will have to institute the eviction procedures.
Why buy foreclosed property?
The ultimate goal of almost all real estate investments is to buy low and sell high. Foreclosures can provide that opportunity. There is much advertising about the tremendous bargains available and the huge profits to be made by purchasing foreclosed properties at a large discount from market value. It is easy to get caught up in the frenzy to buy valuable real estate for pennies on the dollar or by using other people's money. But like all other types of investments they can bring you gains or loses depending on your timing and expertise. Many foreclosure deals can sound too good to be true and they probably are. The higher the potential reward the higher the actual risk.
It takes much research, knowledge, experience, time, and money to be consistently successful with any type of real estate investing and foreclosures are no exception. You should learn about the entire process and make sure you completely understand the laws and procedures before bidding on a property. It is best to begin with the least risky deals even though the return on investment can be low.
A reputable lender that is selling a foreclosed single-family home is most likely the first lien holder by a first mortgage. If there was no problem when the home was bought and financed by the previous owner, there theoretically should be no problem with your purchase. In about 9 out of 10 cases you will be able to obtain title insurance. However, you should beware of bidding on or buying a property in which the lender was a private party, a relative of the owner, or a bank or other type of lender with legal or tax problems. In those cases there are numerous pitfalls waiting to happen.
Government Agency Foreclosures:
Several government and quasi-government agencies can also foreclose on homes and put them up for sale. These agencies will have financed the home directly, guaranteed the mortgage, or bought the mortgage from a lender, usually a bank, before the loan became delinquent.
Some federal agencies to research are: HUD (Housing and Urban Development, VA (Veteran's Administration, Fannie Mae, Freddie Mac, and USDA (U.S. Department of Agriculture). There are others that specialize in certain types of properties.
Many government auctions are conducted online under contract to a private company. You will be allowed to tour and inspect these homes in advance and most of the time these homes will qualify for title insurance. You have much less risk in government auctions so the prices will be much closer to market value. These types of auctions are usually better if you are buying a home for your own use than if you are an investor looking for a quick profit.
Finding Foreclosures: Foreclosures provide the potential of turning another person's misfortune to your benefit. Basically you are trying to find a bargain without getting burned by the risks, dangers, and difficulties involved.
Take a look at educational materials and numerous foreclosure properties by clicking on any of the banners, links, or the map on various pages at EyemarkRealty.com.
Its that time of year again. Your Florida Property Tax Bill will be mailed on November 1st. Here's what its all about.
Florida Property Taxes
There are three types of property taxes levied in Florida: Ad Valorem Taxes, Non-Ad Valorem Assessments, and Tangible Personal Property Taxes. A property appraiser in each county determines the value of every property parcel including those inside incorporated city limits, inside special districts, and those outside of city limits in the unincorporated areas.
What are Ad Valorem Taxes?
Ad valorem property taxes are levied by School Boards, Board of CountyCommissioners, Library Districts, Water Management Districts, and City Commissions. In some counties the Board of County Commissioners also levies a MSTU (Municipal Service Taxing Unit) tax that is used to pay for city-like services delivered to the unincorporated areas.
The taxing authorities use the property appraiser's value to determine who will pay what part of the taxes they levy. If you have questions about your taxes and how they are spent, you should call the taxing authorities at the phone numbers listed on the TRIM (Truth In Millage) notice or attend their meetings and budget hearings. You will receive the TRIM notice each year in August.
What are Non-Ad Valorem Assessments?
Non-ad valorem assessments are fees levied against property by the Board of County Commissioners to pay for a particular service. The fees are expressed in a dollar amount instead of a millage rate. They are directly related to the service provided and the money is not used for any other purpose. In some counties the non-ad valorem assessments pay for refuse collection and landfill operations, rural trash collection centers, and special road paving projects. These fees are based upon equivalent residential units.
What are Tangible Personal Property Taxes?
Tangible personal property such as furnishings located in rental property, attachments to mobile homes on rented lots, and furnishings, fixtures and equipment used for a business purpose are subject to taxation. This type of property must be reported each year on the Tangible Tax Return available from your county's property appraiser's office. The filing deadline is April 1st of each year.
How Are Property Values (Market Values) Determined?
The property appraiser is charged by the Florida Constitution and statutes with appraising all property in AlachuaCounty at 100% of market value as of January 1 every year. This means that Florida is on an annual reappraisal cycle so your property value can change each and every year.
Market value is determined by analyzing the sales of similar properties, the cost to reproduce your property and the ability of your property to earn income. Some counties use a computer assisted mass appraisal (CAMA) system. The CAMA system incorporates our conclusions from these three analyses and then applies these decisions to all properties equally. However, most counties use a comparative value system in which the best evidence of your market value is the sale, prior to January 1, of several properties similar to your property.
What is "Save Our Homes" Amendment 10?
In November, 1992, voters approved Amendment 10 to the Florida Constitution which limits the size of the annual increase in the assessed values of owner occupied residential properties which have homestead status. Under Amendment 10, increases in the annual assessment of homestead residential property shall not exceed the lower of either three percent (3%) of the assessment of the prior year or the percent increase in the Consumer Price Index for all urban consumers in the U.S.
Amendment 10 does NOT apply to new construction or improvements to existing properties in the year following the year the changes were completed. However, in subsequent years, the cap provided by Amendment 10 will be in effect for both the property and the changes.
Taxable Value Changes With a New Owner Because of "Save Our Homes".
When a property sells, the process begins again from the new property value based on the new sales price. Therefore the taxes paid by you after purchasing your home in almost all cases won't be the same as the taxes paid by the previous owner. Part of the previous owner's taxable value was deferred each year in the past and that is recaptured with the new purchase price. Your taxable value will be deferred in the future.
What are Exemptions?
There are several types of exemptions concerning property with the Homestead Exemption being the most prevalent. See Homestead Exemption.
Important Dates to Remember
January 1 - The status and condition of your property on January 1 determines the property's value
for the tax year. Also, January 1 is the date that determines residency or ownership
requirements to qualify for exemptions.
March 1 - Filing deadline for all exemption requests including homestead and all classified use,
including agricultural classification.
April 1 - Deadline for filing tangible personal property tax return.
Mid August - Notice of Proposed Property Taxes or Truth in Millage, or TRIM, notices are mailed to property owners. This begins the appeal process and contains notification of deadlines.
November 1 - Tax bills are mailed.
Mark Cohen, Broker
Sell each lot separately for $7,500.
• lot / land - MLS® $15,000 - Scarce 2 Adjacent Lots
Florida, United States - 2 lots in an attractive, quiet area of mixed mobile homes and site built homes in Interlachen Lakes Estates in the Lake Region, Florida. Seller will sell each lot separately or both together. Mostly cleared with a few nice trees - high and dry.
Convenient to community shopping in the City of Interlachen and numerous fishing and boating lakes. Easy drive to Gainesville and Palatka.
Contact Listing Broker for directions.
Gordon Manor (formerly Cedar Ridge), Gainesville Florida - Price Reduction on 512 S.W. 68th Terrace, a 2,898 sq. ft., 3 bath single story "Triplex Converted to Daycare". Now $160,000 - Provides Steady Commercial Lease Income.
University Commons, Gainesville - FOR RENT - A Bedroom in University Commons Condos at 2601 S.W. Archer Road, a 4 bdrm - 2 bath multiplex "Next to Univ of Florida Campus.". Now $325 USD Monthly per Bedroom - Low Price, Great Location.
Top floor (3rd floor). No noise above, good view. Many amenities - pool - fitness.
Walk , Bike, Bus to University of Florida Campus in a few minutes.
University Commons, Gainesville - The multiplex at G-125-2601 S.W. Archer Road has been sold. Property information
IT CAN BE DONE: This was a SHORT SALE that took 72 DAYS (2.4 months) from executed contract to closing. Maybe a record for fast time to close for a short sale? Especially a condominium in a town swamped with them at this time.
Contact me for your SHORT SALE or REGULAR SALE. Any kind of real estate. Any type of property.
Mark Cohen, Broker
Eyemark Realty, Inc.
HOW - Home Owner's Warranty
(Home Buyer's Protection Plan)
A Home Owner's Warranty is a protection plan (a type of insurance policy) that protects you, as the buyer, from incurring high costs of specified repairs after you purchase your home. Most companies offer plans for site-built homes only, but there are a few companies that offer plans for condominiums, mobile homes (trailers), and manufactured homes.
This type of warranty is different from a Builder's Warranty on a brand new home. With new construction the home builder typically warrants the entire home and all systems for 1 year. A home buyer's protection plan is limited in scope and only covers specific items.
It typically is purchased by a seller as an incentive to induce a buyer to make an offer on a home for sale. But, in some cases it can be purchased by the buyer of a home when the seller doesn't include it. Some protection plans can include coverage for the seller during the listing period.
Most companies offer a standard coverage paid for by the seller. Then you have the option of increasing the coverage by purchasing different levels of upgrades. When the seller is paying, payment is made at the closing from the proceeds of the sale. When the buyer is paying or obtaining upgrades the payment is included in the buyer's closing costs.
Coverage for existing homes typically extends for 12 or 13 months depending on the company. Some plans will offer you a renewal before it expires. There are a few companies that offer plans to cover the years 2 - 4 of new home construction which protects you after the builder's 1 year warranty expires.
As with other types of insurance there is a deductible, usually $50 - $100 per repair that is paid by you at the time of the repair. Costs over the deductible are paid by the home warranty company. There is a 24 hour - 365 days a year toll-free phone number to call when you need service and the warranty company will send you one of their certified insured contractors.
Different plans cover different items so make sure you read the list of coverage very carefully.
Usually the following items are included in standard plans:
Central Air Conditioner-Heat Pump, Gas-Oil-Electric Heater-Furnace, Ductwork, Plumbing System, Water Heater, Instant Hot Water Dispenser, Toilets, Sump Pump. Bathtub Whirlpool (Spa) Motor-Pump, Kitchen Refrigerator, Dishwasher, Oven-Range-Cooktop, Garbage Disposal, Built-In Microwave Oven, Trash Compactor, Electrical System, Exhaust Fans, Ceiling Fans, and Central Vacuum.
Premium plans include everything in a standard plan plus some of the following items:
Washer, Dryer, Swimming Pool, Well Pump, Garage Door Opener, Septic System, Limited Roof Leak, Pest Control, Hauling Away Debris, and Permits.
Some companies include, for an additional fee, items such as faucets, registers, and grills-racks.
As you can see, a Home Owner's Warranty (HOW) can increase your comfort when buying your new home. You will be protected against potentially huge repair bills for covered items. All you pay is a nominal service fee per repair call. So, it is in your interest as a first time home buyer to request that the seller provide this kind of an incentive when you make your initial offer on a home.
Short Sale Transaction Information Form
1. A Short Sale is a transaction in which the Seller is attempting to sell the property for less than the amount of the balance owed on the mortgage to the Lender.
The Seller won't make any money from the sale of the property. The Seller's credit history and score will be adversely affected by a short sale.
The Seller must be behind in the mortgage payments, show the Lender that he/she is in a hardship position and can no longer make payments, and that there is no income or assets available to pay the loan.
The Lender has to decide whether to lose money now from the short sale or lose money later from a foreclosure.
2. The offer price is lower than the mortgage balance so the Lender must agree to take a loss equal to the mortgage balance minus the offer price and Seller's closing costs. Therefore, the Seller must first obtain agreement from the Lender that the Lender will agree to consider a short sale.
Unless the Seller has already obtained this agreement with the Lender to do a short sale, the Lender won't even look at a contract between the Buyer and Seller. Therefore, the Buyer should make sure that the short sale itself has the Lender's approval before investing time and effort in making an offer.
3. When the Buyer's offer is accepted by the Seller it becomes a legally binding contract. The Seller then submits the contract to the Lender for approval.
Lenders can take anywhere from 3 weeks to 4 months to reply to a contract. Usually it takes several months. The length of time for a reply is dependent on the workload at the Lender, how well they are trained and equipped for short sale transactions, their overall financial condition, and the local real estate market.
Even after several months, the Buyer's contract may be rejected or a counteroffer made by the Lender. At that point negotiations might be necessary among the Buyer, Seller, and Lender to obtain an acceptable contract.
If the contract is rejected or no approval can be negotiated, usually the property will be foreclosed on soon.
4. Because short sale transaction processing almost always takes a long time, the Buyer must have no expectation of obtaining fast responses or replies or decisions. Short sales are not for Buyer's who want or need a quick purchase.
4. Note that the contract is actually between the Buyer and the Seller. The Lender is only approving or disapproving it because they are the entity that will take the loss.
5. Short Sale Odds.
Why do only a small percentage of short sales close?
Everyone involved is:
Short on Money.
Short on Time.
Short on Patience.
Short on Knowledge.
Short on Experience.
Short on Paperwork.
Long on Odds that it will close.
There are "experts" who recommend that you develop a niche and specialize only in that one type of real estate. I understand that reasoning, however there is the other side of the coin to consider.
I don't have a niche. Well, I do have a niche, actually. My specialty is "everything and anything" involved in real estate. I have closed numerous different types of properties or transactions representing the buyer side or seller side or both.
There are advantages to having a wide niche or no niche.
I learn more. I learn much more about how real estate markets work, about the motivations of buyers and sellers and landlords and tenants, about property values and property uses.
It is interesting to work on different types of deals instead of the same thing over and over again. Diversification is enjoyable and motivating.
I meet more people who introduce me to more people inside my real estate board and in public because I have more to talk about.
I like being versatile. That way I can help people do more things.
It evens out earnings somewhat. When one type of market is slow, another type can be good.
I don't have to be an expert in everything although I do consider myself an expert in many different fields. When I need specific knowledge there are experts I use as consultants and facilitators.
Here are my niches.
Commercial Property FOR SALE:
Commercial, Industrial, Manufacturing, Factory, Warehouses, Showrooms, Buildings, Wholesale, Retail, Stores, Shops, Shopping Centers, Strip Centers, Land, Lots, Office Condominiums, and Office Buildings.
Businesses FOR SALE:
All types and sizes of Businesses, Opportunity, Enterprises, and Ventures.
Residential Property FOR SALE:
Detached Homes: Homes, Houses, Single-Family Homes, Patio Homes, Garden Homes, Zero Lot Line Homes, Studio Homes, Bungalows, Mobile Homes, Trailers, Manufactured Homes, Homesteads, Vacation Homes, Villas, and Second Homes.
Attached Homes: Condos, Condominiums, Townhomes, Townhouses, Flats, Premises, Multi-Family (Duplexes, Triplexes, Multi-plexes), and Buildings.
Special Homes: New Construction, Fixer-Uppers, Handyman Specials, Short Sales, Pre-foreclosures, Foreclosures, and REO's.
Land: Lots, Plots, Parcels, Acreage, Farms, Ranches, Villas, Retreats, and Estates.
Agricultural Land FOR SALE:
Farmland, Timberland, Grazing Land, Cropland, and Pasture Land.
Take a look at what I have to offer you at EyemarkRealty.com or www.GainesvilleFloridaHomes.com.
Give me a call today.