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SPECIAL REPORT: New Collier Web site offers tips to first-time homebuyers
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In the market for an affordable home?
A new Web site offers a helping hand to people with big dreams and small wallets. Found at www.collierhousing.com, it offers information on homebuyer workshops and financial assistance programs for lower-income earners looking to purchase a home.
There’s even a way to search the Multiple Listing Service, or MLS, for homes in the area by price.
Choose a single-family home in Naples and a maximum price and it will spit out hundreds of property listings, including a small two-bedroom, one-bath home on two acres in Copeland going for $68,900.
At the higher end, there’s a four-bedroom, two-bath ranch-style home built in 2000 off South Caldwell Street in eastern Collier County priced at $250,000.
The link to the MLS listings is provided through a partnership with Sun Realty in Naples.
“The MLS tool is just a good tool for people to look at what is out there, what is available, which is of absolute interest to most buyers,” said Kathy Patterson, executive director of the Collier County Housing Development Corp., which recently launched the site.
The development corporation’s target is workers earning 80 percent or less of the area’s median income. For a household of four, that percentage calculates out to $55,850.
With prices coming down in the area, home ownership is now within reach for some lower-income earners who couldn’t afford to buy anything a year ago, or even six months ago. But more lenders are requiring classes about the home-buying process, which are offered monthly by the housing development corporation.
Classes have attracted a lot of interest as hopeful buyers are becoming more aware of lower-priced opportunities and the stricter educational requirements for bank financing. As many as 40 people are attending every month.
“The classes are increasing in numbers every month we have them,” Patterson said.
The home-buying class runs six hours, and it’s split into three-hour segments on two nights.
In the Naples area, most classes are held at the Collier Building Industry Association’s headquarters at 4779 Enterprise Ave. They also are offered in Immokalee by the Empowerment Alliance of Southwest Florida.
Topics include: How real estate transactions work, qualifications for homebuyer financing, and the responsibilities of homeownership.
Enrollment for the classes is available on the new Web site.
The classes should be considered the “first step” for first-time buyers, Patterson said.
They are required for buyers to take advantage of most downpayment and closing cost assistance programs offered through county government.
The housing development corporation was created a few years ago to help provide affordable workforce housing in Collier County. Initially, it focused on building housing, but then the opportunity arose to educate homebuyers, Patterson said.
The group is building its first home in Copeland worth $180,000 to $200,000, but will sell it for less with the help of financial assistance programs. Through the programs, qualifying buyers can get downpayment assistance worth up to 20 percent of the purchase price.
The corporation hopes to build and acquire more affordable housing.
“What I would like to do right now is to get some of these bank foreclosures or HUD homes that need some fixing up, and then fix them up and sell them,” Patterson said.
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"At the higher end, there’s a four-bedroom, two-bath ranch-style home built in 2000 off South Caldwell Street in eastern Collier County priced at $250,000."
LOL South Caldwell is a dump as with everything in Eastern Collier County. 250K for a home in that area? Does anybody at NDN even live down there?
Why on earth would you want to throw away 2000 a month on a house in the middle of slum?
First time home buyers, here is a tip. Be patient, don't let the new wife nag you into financial suicide by buying a dump that you will end up upside down on. WAIT!!!
#1 Posted by Sanity on April 12, 2008 at 9:07 p.m. (Suggest removal)
Sanity's right. Hang onto your wallet. If you like these prices, you'll like it so much more when they're lower.
#2 Posted by almasonlybar on April 12, 2008 at 10:27 p.m. (Suggest removal)
Sanity, you are correct about values on Caldwell Street in the Manor. I doubt that if that property went under contact for $250K, the home would appraise for that amount, so unless the buyer was paying cash, the deal would not close.
#3 Posted by time on April 13, 2008 at 8:31 a.m. (Suggest removal)
This article is nothing more than shameless advertising. The "MLS Tool" is, and has been, available to buyers for years thru a half dozen web sites such as realtor.com.
Two tips for first time buyers;
1) Never work thru the listing agent, they work for the seller. Get your own agent to help with the paperwork and offers.
2) How can you tell when an agent is lying? His (her) lips are moving.
#4 Posted by gulfer on April 13, 2008 at 5:06 p.m. (Suggest removal)
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