Holly Lovett

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The Potential Tragedy of Reverse Mortgages

February 26, 2016 by Holly Lovett 1 Comment

I am a real estate broker here in Pensacola, FL and I want to share with you a recent tragedy that I experienced regarding reverse mortgages. I met a wonderful gentleman years ago and we communicated from time to time. He owned a charming historic home in downtown Pensacola that he also used as a photography studio.

A few months ago I was contacted by his children who had found one of our communications. They called to relay that their father had passed away earlier in the year and that they needed to sell his house. When we met, they presented the durable power of attorney and last will and testament. The eldest son was also left executor of the estate and personal representative of the father – all seemed to be in order. The children were disabled and could not afford to operate or maintain the historical home in which they were living – the home represented the entirety of the estate that they had inherited.

They explained that their father had taken out a reverse mortgage several years prior to make renovations to the home for their sick mother, who had passed away a year before their father. The reverse mortgage company, per their note repayment guidelines, was now sending them demands for repayment of the loan given that the mortgagor was now deceased. Basically the “due on death” clause was in full effect. Options available to the children: pay the debt in full, which would require selling the home, or let the property go back to the bank.

At my first visit, the once charming home was now in poor condition with a tremendous amount of deferred maintenance issues and significant roof leaks. We listed the home, requested an extension from the bank & sent the documentation off to a title company for preliminary title work to be performed. About the time we generated significant buyer interest, title work came back with a probate requirement. Basically, the documents that the father had drawn by an attorney were insufficient to give the children the legal authority to sell the home without going through a court procedure to determine 1. that the property was the homestead of the deceased and 2. that the children were in fact now the legal heirs & owners. Cost? Probably $2000 because it would be pretty straightforward. Problem? The children are living on disability, can’t even afford to run the air conditioning & are catching roof water in 5 gallon buckets in the pantry.

So, this historic home will most likely be going back to the bank via a foreclosure or deed in lieu action and the children will be left with no home, potentially a foreclosure on their credit, probably a deficiency judgement, and no ability, cash or sufficient credit to secure another residence.

If you are considering a reverse mortgage on your home, please investigate your options & the possible implications thoroughly – the effects could be devastating for those you leave behind.

Filed Under: Downtown Pensacola, Finance, Mortgages, Reverse Mortgages Tagged With:

Pensacola Real Estate Market Inventory Lowest in 10 Years

February 26, 2016 by Holly Lovett Leave a Comment

We are currently at 3.7 months of inventory in the greater Pensacola real estate market. That means that, if no more properties come on the market, it would take less than 4 months for us to sell all of the currently listed homes at the current rate of sale. Six months of inventory is what has been historically viewed as a neutral market, favoring neither buyer nor seller over the other, as it relates to supply & demand. Above six months (we were at 20+ months when the market was at its worst), the number of homes for sale exceeds the current demand and buyers tend to have the upper hand. Below six months of inventory, the favor swings to the side of the seller as buyers scramble to buy in a market with little to choose from.

What makes this market especially unique is the still low interest rates that are keeping homes so affordable and many buyers still “in play” for a mortgage loan. (As interest rates creep up, many buyers will be priced out of the market as it relates to affordability.)

Interestingly, rents are staying high & rental inventory is also low, which rarely coincides with low resale inventory.

The result? A great real estate market for investors, buyers, and sellers alike! A rare situation, indeed.

Call your favorite Main Street Properties agent today to buy or sell your next home or to see if real estate investing might be right for you!

 

 

Filed Under: Market News, Pensacola, Pensacola Real Estate Market, Uncategorized Tagged With: Pensacola

The Luau is Coming

September 10, 2015 by Holly Lovett Leave a Comment

September 24th 5-9pm

Filed Under: Events, Main Street Events, Pensacola Events Tagged With:

YMCA Corporate Cup Charity Games

October 14, 2014 by Holly Lovett Leave a Comment

Main Street Properties will be participating in the YMCA Corporate Cup Games on Saturday, October 18th starting at 8am at the Washington High School fields. Please come support your favorite real estate company and a great cause. MORE INFO

Filed Under: Uncategorized Tagged With:

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