"A wise man will make more opportunities than he finds"

Francois Bacon

A lot of people haven't heard of the FHA program that is called a 203K. This is a situation when you are purchasing a house that needs a lot of work. You can get a deal done on the house for an acceptable price and then you can get a contractor in to give you estimates for the work to be done and this can include upgrades like granite, stainless and most other upgrades. You then tell your lender that you want this much money in the 203K. The extra money is held in escrow and you take construction draws as you do the work. You have 6 months to complete the repairs and you can defer payments until you are finished at that time they will reappraise the property and your mortgage payments will begin at that time.

A perfect home for this mortgage would have been a canal front home in Cocoa Beach with a pool that was listed at $169,000. If you put a $100,000 in this home it would be a beautiful home with a pool on the canal for $269,000 or about $50,000 under market value. Unfortunately this home is now under contract.

Peace out Friends!

Jim Bagwell

"He bag production he got walrus gumboot"

"He got one sideboard he got spinal cracker He got feet down below his knee" The Beatles Now what could that mean?

Milford point on Merritt Island


Since our last post there have been 17 new listings on the water in Merritt Island and beachside. These are priced from $188,900 to $859,900. The most interesting home is the one at $859,900. This home has been on the market since 2009 and the owners are now on their 3rd realtor. It has been priced from $750,000 all the way to $1,400,000. There is a home with a pool on the property plus what is called an historical cottage. The home sits on .71 acre on the river but all other homes around it are on normal sized lots. It just might be the price not the realtor that needs to change.

During this same time frame there have been 19 waterfront homes sold. These homes range in price from $139,000 to $565,000.

This is why the waterfront home inventory in this area is shrinking which is a good thing for the seller. It is getting to be more and more difficult to find the right home for our buyers.

If you have been contemplating selling your home, this could be a very good time to sell. Call your realtor for a comparative market analysis.

Jim Bagwell