Archive for the 'General RE Info' Category
Are You A Bank of America or Countrywide Borrower?
August 19th, 2011 categories: General RE Info, Short Sales, Worth Sharing
Good News For You…
Bank of America is committed to help troubled borrowers with Loan Modifications and Short Sales.
To read the complete article written by Oppenheim Law please click on the picture…
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If you are interested in visiting this home or to find how much your home is worth, please call me at (954) 588-7260 or contact us.
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For-Sale-By-Owner Founder Hired a Real Estate Broker to Sell His Home!
August 11th, 2011 categories: General RE Info, Tips for Sellers, Worth Sharing
Why Would You Try To Do It Yourself?
I think it says it all!!! Don’t leave money on the table, pay an expert to handle the sale of your home…
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If you are interested in buying or selling, please call me at (954) 588-7260 or contact us.
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Understanding Deficiency Judgements-What Happens When You Let Your Home go to Foreclosure?
July 22nd, 2011 categories: Foreclosures, General RE Info, Tips for Sellers, Worth Sharing
Make an Informed Decision…
When we are approached by a Homeowner who is is considering stop or already stopped paying his mortgage we recommend them to talk to a foreclosure defense attorneys to get a good understanding of what they are getting into (Actually it would be better to meet 2 or 3 to get different points of view). A few years ago most attorneys offered a free first consultation but lately we have heard that most of them charge a basic fee for that first consultation; and I find it’s just fair! Even if you have to pay, it’s important to understand the possible consequences of a short sale, a foreclosure or any other option you may be considering. It is your opportunity to ask all the questions you may have.
In our Rotary Club Meeting this morning we had Roy Oppenheim as a guest speaker and he mentioned his Law Blog. We found in his site this great video that can’t explain better what a Deficiency Judgement is and how it can affect YOU.
If you are considering walking away from your home please call us at (954) 588-7260 or contact us and we can provide you with a few names of attorneys you may contact to set up that important meeting and to help you know how much your home is worth in Today’s market.
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Better Times for Sellers in South Florida!
June 21st, 2011 categories: General RE Info, Market Update, Tips For Buyers, Tips for Sellers
One of the Best Headlines I have Read in a Long Time:
Decline in South Florida homes for sale giving sellers an edge.
We as Real Estate Agents selling property in South Florida have been noticing it for many months. I am glad finally the media is helping us convey this information to buyers looking for steals. Even though there are still very good deals out there, the real estate market specially in the lowest price points and in desirable areas as Weston moves very fast and at reasonable prices.
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If you are interested in buying or selling, please call me at (954) 588-7260 or contact us.
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Number of Units Sold Keeps Increasing In South Florida
May 14th, 2011 categories: General RE Info, Market Update, Tips For Buyers
South Florida Market Update as of May 2011
Ron Shuffield is EWM Realtors President and South Florida Real Estate Numbers’ Guru.
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If you are interested in buying or selling, please call me at (954) 588-7260 or contact me.
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Real Estate Drives the Economy
April 26th, 2011 categories: General RE Info, Tips For Buyers, Worth Sharing
This interesting video pictures how many benefit from a real estate sale and how many potential jobs are created by every single transaction. It is estimated that $60,000 pumps into the economy after each sale and how many people participates in this domino effect.
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If you are interested in buying or selling, please call me at (954) 588-7260 or contact me.
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Real Estate Pricing Conundrum…
April 25th, 2011 categories: General RE Info, Market Update, Tips For Buyers, Tips for Sellers
How Much is a Property Really Worth?
Is it the most buyers are willing to pay?
Is It the least sellers are willing to get for the property?
Is what and appraiser thinks it is worth?
Fortunately we have this dilemma since the market has been moving very fast. In the Single Family Homes Market in Weston for all price ranges we have been very close to 6 months of inventory which is the threshold between a Sellers Market and a Balanced Market*; if we look at the same market of properties priced under $ 400,000.00 the trend for the last year has leaned over being a sellers market with an average of 4.68 months in the last 15 months.
Now what is the problem then???
The sellers have high expectations based on the fact that they get many showings and in most cases competing offers.
The buyers can be divided in two groups: the ones that look in detail at closed sales and their offers are not competitive and those very aggressive willing to offer way above comparable sales expecting the appraisal to take care of the “real” value of the property.
Now we have the appraiser who if we are lucky know the area and pick reasonable comps and those who value regular sales taking more than 50% of comparable properties to be short sales (deducting 10% off the listing price if they are pending) an foreclosures when the market’s trend is a price to sell ratio of 95% and distressed sales only represent 30% of the closed sales. The appraisals tend to be below the negotiated purchase price and in most cases the sellers are willing to reduce the price to reflect the appraised value and in fewer cases the buyers are willing to bring extra cash and pay above appraised value.
The spread of prices is unbelievable in both active listings and closed sales. It’s hard to determine an exact price and we look at best and worst case scenarios to determine how to price either when we have a listing (making sure it is competitive based on whatever else is in the market) or when we suggest a price to use when presenting offers. Sellers and Buyers have the last word!
We don’t want the market to look like the earlier 2000’s where people overpaid just to be able to grab a property, but in a market where supply is short and demand is high the gaps will always exist and the most aggressive buyers end.
Have you experienced problems being able to secure a property to purchase?
What would be your advice to someone who has presented several offers and has always been outbid by other buyers?
*Months of Inventory based in Closed Sales
Less than 6 months=Sellers Market
Between 6 and 9 months=Balanced Market
More than 9 months=Buyer’s Market
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If you are interested in buying or selling, please call me at (954) 588-7260 or contact me.
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The Ridges in Weston, Fl. Closed Sales 2010
January 30th, 2011 categories: Foreclosures, General RE Info, Market Update, The Ridges
This is a Comprehensive list of all the Homes Sold in The Ridges @ Weston, Fl during 2010.
For more information on any of the properties in this list or what’s available in The Ridges please call me at (954) 588-7260 or contact me.
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Are We Close to an End of the Mortgage Nightmare?
January 22nd, 2011 categories: Foreclosures, General RE Info, Market Update, Mortgage, Short Sales
By the First Quarter of 2012 the Large Wave of Mortgage Resets will be Over
In November of 2008 I posted a very simple article that contained the following graph and asked for the opinion of the financial experts. It is noticeable that on 2011 we will have the largest number of Option Adjustable Rate Mortgages that will reset. This means that many borrowers were qualified to pay the minimum payment based on the starting rate and once they reset the monthly payment may be 4 or 5 times what they were qualified for. When it was done everyone expected the prices would go up forever and that time they could sell the property and make money, needless to say things didn’t go according to plans.
Please do not forget this takes the data for all USA and every market has responds differently.
If you see in my Monthly Weston Market Updates*, even though based on this graph 2010 should have been a year with a large number of distressed properties (short sales and foreclosures) hitting the market, during 2009 and 2010 there was not a significant difference.We expect 2011 to keep the same trend…
*To find the Articles with Market Update Information: go to the bottom right of the page and search for the Category: Market Update.
To stay updated with what’s going on in the Real Estate Market and receive my blog posts directly to your in-box subscribe here.
If you are interested in buying or selling, please call me at (954) 588-7260 or contact me.
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Fannie Mae Launches www.KnowYourOptions.com
January 18th, 2011 categories: Foreclosures, General RE Info, Short Sales, Tips for Sellers
A Comprehensive Site…with an explanation of every possible option to guide you through tough times; even a link to free housing councelors.
We all have heard of the many, but some times hard to get options, to stay in the home. With detailed explanations of the benefits, how does each option works, how to start the process and even videos of people facing similar situations.
Options to Stay in Your Home:
Refinance
Repayment Plan
Forbearance
Modification
Deed-for Lease
Options to Leave Your Home:
Short Sale
Deed-in-Lieu
It is very important to study your options before making a decision like letting go your home to foreclosure. As time goes by Short Sales with some banks are moving faster than in the past I also know a lot of people who have been able to refinance there home. The clue for any of the options is patience and preparation. Provide all the requested information and chances are you will find your best alternative. I have noticed that homeowners get easily discourage if they try to contact their bank and don’t get any feedback…you have to get educated and KEEP TRYING.
Good Luck!!!
If you want to know how much your home is worth and what you can expect if you decide to do a short sale contact me at 954-588-7260.
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