Its a great time to buy!!!

Now it is a great time to buy, despite the naysayers. Look around home prices are dropping through the floor. This market conditions won't be this good for quite awhile after this recession comes to an end.

Orlando’s housing marketing for the fourth month experienced a month-over-month increase in the number of home sales as buyers responded to improved affordability, according to statistics released by the Orlando Regional Realtor

Bank owned homes, a good deal?

If a property does not sell at auction, it becomes an REO or Real Estate Owned property and the bank fully takes possession of the property. This is another good opportunity for home buyers because the bank will usually be eager to sell the home and may price it below market value. In most cases, the bank will make any initial repairs and will pay any outstanding liens. However, it’s important for any home buyer to have the property thoroughly inspected and have a title search performed to ensure that the great deal doesn’t turn into a cash trap of unforeseen repairs and outstanding lien payments. It also pays to look at neighboring Home Values so you get an idea of local market trends and can evaluate whether the home really is a good deal.

The average sales price of a house in Orlando, FL was $196,773 in November 2008. This is down 0.05% from October 2008. Homeowners can use average sales price to help them determine a far asking price for their home. Conversely, buyers can use average sales prices to estimate the price they could expect to pay in this market. Higher average sales prices may indicate better than average homes, while lower average sales prices may indicate homes in less demand (discounting special circumstances such as foreclosures). There are many factors that determine both the price and value of a home.

What are the closing costs?

# 3 to 20% of the purchase price for a down payment. The actual amount depends on what kind of loan you get and how good your credit is. Your bank might offer a zero-down loan, but if you can afford to make a down payment, you should do so, because you'll get a lower interest rate and because your monthly payments will be lower.

# 1 to 8% of the purchase price for closing costs. You might not have to pay this up front. The bank might be willing to add it to your mortgage. (Add them to the mortgage if you need the cash, but pay the closing costs up front if you don't.) The actual amount of closing costs depends on how good a deal your lender is willing to give you, and the price of the house. The more expensive the home, the less the closing costs are as a percentage of the total price.

# $250 to $800 in Miscellaneous Costs. These are things like the application fee for the loan, the fee for the bank to run your credit report, professional inspection of the home, and an appraisal (if you can't get the appraisal added to the closing costs).

Need help with this process?

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Discover how we can help you be abundantly successful whether buying or selling a property. We also have access to bank owned properties offered at significant discounts. If you are not able to find exactly what you are looking for, then let ThePremiumProperties.com team locate it for you and be your guide. With the backing of Century 21, the world's largest residential real estate organization the sky is not the limit because our footprints are on the moon!

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Hundreds of thousands of people are facing foreclosure or are in various stages of foreclosure today.

Many are stuck in a mortgage they can no longer afford to pay due to the resetting of the ARM or Adjustable Rate Mortgage.

Refinancing is difficult or impossible because of financial hardship and declining real estate values. You cannot be approved to refinance if you owe more than the home is worth in today's market.

Being in this tough situation is overwhelming, to say the least. Wouldn't it be nice to just be in your own home, having dinner with your family or just relaxing, without the phone calls from your lender?

You do have options and help is available no matter where you are in the foreclosure process. If you feel that you have exhausted all other options; if you feel that you should cut your losses and walk away from this debt and start over, you should consider a short sale.

A foreclosure will greatly affect one's credit standing. It is believed by many that a short sale will lead to a shorter credit recovery period. Does this mean that a foreclosure damages one's credit more than a short sale? The truth is that a short sale offers very little advantage over a foreclosure when it comes to preserving your credit standing.

Let's be clear about it. Although there may not be an advantage in using a short sale instead of entering foreclosure when it comes to preserving credit standing or recovering FICO points sooner, using a short sale does have its advantages.

This has close relation to real estate investments, as the types of distressed properties that make good investments correlate with the knowledge anyone needs to know.

Short sales occur when a home owner is in foreclosure but before the property goes to public auction.

A lender must agree to accept less than the amount that is owed on the property.

Investors typically buy the home for even less because investors are not paying off the existing loan nor making up the back payments.

A home in foreclosure is when a notice of default has been filed in the public records.

The owner has stopped making mortgage payments and the lender has given notice that unless the payments are brought up to date, it will sell the property to the highest bidder.

Lenders can foreclose for other reasons, but the most common reason lenders file a notice of default is when a borrower is at least two payments in arrears. If the home owner does not bring the loan current, the lender will take the property away from the owner.

Not all homes that fall into foreclosure go to public sale because owners have the right to make up back payments up to a point, the time which varies from state to state. Real estate investors and home buyers see profit in buying foreclosures because they can often buy the property for the amount owed, picking up the home owner's equity for free.

REO is similar to buying a short sale except the property is already owned by the lender. The property was acquired by the lender through a foreclosure action. Often lenders will sell repossessed homes for less than the past loan balance. Bank-owned properties are called REOs, meaning real estate owned by the lender.

It's just the investor, the investor's agent, the bank and the bank's agent who are negotiating the transaction. Some REOs can be purchased directly from the lender.

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ThePremiumProperties.com focuses primarily on luxury estates, but we don't hesitate to work with new home buyers as well. We understand that unparalleled luxury homes and estates demand the next level of service that goes beyond the average service that agents provide.

We specialize in a variety of distinctive properties some of which are in the exclusive neighborhoods of neighborhoods of Dr. Phillips, Windermere, Hunter's Creek, Downtown Orlando, and Lake Nona.

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Who was Dr. Phillips?

According to the Phillips foundation Philip Phillips was better known as Dr. Phillips. Starting almost from scratch, he created an empire of 5,000 acres of groves sprawling across nine counties, owned two packinghouses, and became the largest citrus grower in the world.

Most of his groves are gone now. But 40 years ago, Phillips' citrus trees stretched across 18 square miles of southwest Orange County. A post office and a train station bearing "Dr. Phillips, Fla." hinted that this was one man's town. In fact, it was a company town run by a man who had a vision of the area's potential, took the risks, called the shots and reaped the rewards.

Phillips, the Tennessee-born son of French immigrants, ventured to Florida before the turn of the century with the dream of being a cattle baron. Instead, he became the all-time citrus king of Orange County and pioneered a series of innovations in the industry. He also was the first citrus grower to get into commercial development on a large scale.

"Dr." Phillips wanted to provide year-round employment for his seasonal workers. In the process, the man known as Dr. Phillips, or simply "Doc," amassed a fortune estimated at $50 million before he died in 1959.

His legacy continues in several forms: Charitable organizations started by Phillips and his elder son, Howard, pour more than a million dollars a year into Central Florida social service and cultural agencies.

There are lots of styles of homes and neighborhoods research you'll want to explore as a first time home buyer before settling for a place and looking for homes. Search homes online and get help from a buyer?s agent to help you secure a great first time home at a fair price. The mortgage types for first time home buyers may be more difficult to get these days and the process intimidating. Once your offer is accepted be sure to check out moving resources to get quotes on movers and other tools for first time home buyers moving into a new area.

As a first time home buyer be sure to keep some things in mind before you settle down. Is the neighborhood great? Is the area appreciating? Does your home have the room you need for family growth? How is the job market in the area and how close are your favorite hot spots? Once you find the right place, unpack and enjoy!

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Why live in Dr. Phillips?

The area of Dr. Phillips is named after Dr. Phillip Phillips, a Central Florida citrus magnate. He was responsible for several key innovations in the processing and packaging of orange juice. He owned thousands of acres of groves, stretching across nine Central Florida counties and extending from Conroy Road on the north to the south end of the Sand Lake Chain, encompassing all of what is now Bay Hill, Orange Tree, Sand Lake Hills and Turkey Lake Park.

Has become a highly desirable community in south west Orlando. Dr. Phillips has some of Central Florida's top graded schools. Dr. Phillips also is in close proximity to "Restaurant Row" for fine dining, many shopping opportunities, and just minutes away from Disney World. There are also many lakes in the surrounding area to ski and boat on such as Big Sand Lake, Lake Crowell, Lake Serene and Lake Sheen.

Wikipedia demographics information is as follows:

As of the census[1] of 2000, there were 9,548 people, 3,451 households, and 2,691 families residing in the CDP. The population density was 1,084.3/km