Stop Foreclosure
March 4th, 2010 categories: Real Estate News, Short Sale Info
A recent study by Amherst Securities stated that homes where the homeowner is at least 90 days in arrears on his mortgage payment has less than a 1% chance of catching up. 99% of these homes end up in foreclosure or a short sale. The state of Florida ranks #1 in the country in foreclosures and delinquency according to the Mortgage Bankers Association 2009 4th Quarter report.
The Obama Administration is urging participating servicers to follow through on short sales as an alternative to foreclosure for those homeowners that don’t qualify for a reworked mortgage under the the Home Affordable Modification Program (HAMP). Banks are now reaching out to their customers to help them save their home from foreclosure.
Steve Harney, one of the foremost experts in real estate in our country, gave his advice during a recent interview stating that banks have taken a softer approach in allowing homeowners to short sell their home with dignity, rather than walk away with a foreclosure on their recordthrough The Home Affordable Foreclosure Alternatives Program (HAFA).
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Consumers Call the Shots
March 2nd, 2010 categories: Real Estate News
Buyers today have all the power and they know it. Anything that is not out of the ordinary just doesn’t cut the mustard. They spend their money more judiciously and are only attracted to properties that offer value and are superior in their class. They are more cautious and they take their time before making a decision. Your home will be under greater scrunity than ever before. In order to earn their trust you must provide them with unmatched quality. People now have more opportunity, power and awareness and they will not settle for anything less than what matches their needs, interests and desires. They are not on shopping sprees. If you have had more than your share of lookers and not one decent offer, ask your agent to show you the relevant sales in your neighborhood and consider what a buyer sees when making a comparison. A new roof or air conditioner may be a selling point but it won’t add value to your home since roofs are required and most homes have air conditioners in South Florida.
These are the rules of the New Economy and they apply not only to the sale of homes but to all products and services. So, get a grip on reality and adjust your way of thinking because the old economy is not coming back. You will know when you have priced your home to sell because you will have more than one qualified buyer bidding on your home.
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Under Priced Properties Are Selling Quickly
February 27th, 2010 categories: Real Estate News
In the past two weeks I listed 2 properties, both were priced below market value. In one instance I received an offer that was $11,000.00 higher than the list price within the first week. On the other listing I received an “AS IS” offer the day it went into the MLS for just under list price, which the sellers felt was reasonable considering the repairs that had to be made to the property.
Using statistics and projections from reliable resources I was able to persuade the sellers not to price their properties above market value. Most sellers want to leave room to negotiate and they miss the point that if their home is priced below market value they will actually get a higher price than if it is priced above market value.
Many real estate experts who study facts and trends are encouraging sellers to follow this rule in order to stop the bleeding. There is another wave of foreclosures due to hit the market; it is known as the Shadow Inventory. An article written by Steve Harney, entitled Dry Your Eyes and Lower Your Price gives a few more examples of how proper pricing is helping others throughout the country.
My advice is, if your Realtor tells you it is time to reduce the price of your home….do it.
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9133 Greenbrier Court, Davie, FL
February 2nd, 2010 categories: Oak Park, UNDER CONTRACT
Short Sale, Under Contract $189,900. Back – up offers considered.
2 bedrooms/2 baths, partially fenced lot. Perfect home for small families or empty nesters. Extra large living room with built in bar, overhead window, sliding doors leading to patio. Dining area also features sliding doors to covered patio. The cozy eat in kitchen has wood cabinets and a double pantry.
The property is located in Forest Ridge in the subdivision of Oak Park. The monthly fee of $155.00 includes front lawn maintenance and irrigation, a pool and 8 tennis courts.
This property has a new barrel tile roof and a 2 car garage that has been partially converted.
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9242 Southern Orchard Road, Davie, FL
February 2nd, 2010 categories: FOR SALE, Southern Orchard
New on the Market! $549,000
Built in 1997, 4 bedrooms, 2.5 baths, pool, 9,014 sq. ft. lot. This home features a large formal living room, a formal dining room, a spacious eat in kitchen and a family room. The home is located in Forest Ridge/Southern Orchard. The neighborhood is located adjacent to Tree Tops Park and is within walking distance to Bamford Sports Park and the Pine Island Park in Davie.
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9625 East Tree Tops Court, Davie, FL
February 2nd, 2010 categories: FOR SALE, The Ridge on Nob Hill
Just Listed, $564,900
4 bedrooms, Den/Office, 3 full baths, a heated pool and spa, and a large covered patio on a 10, 710 sq. ft. lot overlooking Pine Island Ridge.
This is a home that says a lot about the owner. It has been beautifully maintained and some of the rooms have been freshly painted. The mechanics of the home are upgraded, such as a newer 5 ton, 16.5 SEER air conditioner, a Cutler Hammer generator transfer switch, a whole house carbon water filter, a 12,000 BTU heat pump, and an alarm system wired to smoke detectors.
The interior of the home features approximately 3,000 sq. ft. of living space, large room sizes, Plantation shutters, Wilson art flooring, granite kitchen counters, over-sized windows, volume ceilings, and neutral decor. The exterior of the home features 3 outdoor electrical outlets, a fenced yard filled with palms, coconuts, avocado and mango trees, a euro-stone patio deck finish, pavered driveway and walkway, and a fantastic view.
The community offers a swimming pool and 8 tennis courts. The maintenance fee is only $255 per quarter. Fox Trail Elementary and Indian Ridge Middle Schools are located minutes from the property. There is easy highway access to I-595, I-75 and the Sawgrass Expressway.
You can view additional photos at www.obeo.com/579157
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New Listing in Forest Ridge, Low $300’s
January 21st, 2010 categories: Lake Park
8932 Lake Park Circle, Davie, Florida 33328
Newly listed in Forest Ridge. This 3 bedroom 2 bath home features an S tile roof, lovelylandscaping, a zero lot and an open floor plan. It has a total of 2,163 sq. ft. according to the MLS. It is located in the Lake Park subdivision of Forest Ridge. Forest Ridge is located in Davie, Florida just a few minutes south of I-595.
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RESPA REFORM = MORE INFORMED CUSTOMERS
January 21st, 2010 categories: Real Estate News
Beginning January 2010, HUD will require all lenders and mortgage brokers to provide borrowers with a new RESPA Reform Good Faith Estimate (GFE) on any application taken on or after January 1, 2010 wiht a property identified. Settlement agents and attorneys will be required to provide borrowers with a the new RESPA Reform HUD-1 settlement statement that closely aligns with the new GFE. RESPA Reform was enacted by the U.S. Department of Housing and Urban Development (HUD) with the intent to help protect borrowers applying for home financing by standardizing the industry and providing for a more thorough explanation and disclosure of key loan terms and settlement charges.
The new GFE will contain three pages. Page 1 will summarize key loan information, details escrow information and displays the total estimated settlement charges associated with obtaining the mortgage so the borrower can compare loan terms. Page 2 estimates total settlement charges associated with obtaining the mortgages, breaking them down into 11 blocks of charges. The GFE does not provide a figure that represents the downpayment or the cash the borrower will need to bring to the closing. Page 3 is an instructional page designed to help borrowers understand their loan and its associated fees. Borrowers can use the shopping guide to document and compare charges from other lenders.
The new HUD 1 (Settlement Statement) will also increase from two to three pages and will include a side by side comparison chart to help borrowers compare final loan terms disclosed on the lastest GFE with teh charges as shown on the HUD 1. Page 1 contains only minor formatting changes. Page 2 renumbers and consolidates many charges differently than in the past and displays all charges as dollar amounts, not percentages. Page 3 has been added to allow borrowers to compare charges disclosed on the latest GFE with actual costs charged on the HUD 1. This side by side comparison displays charges in categories.
In the event the HUD 1 shows an increase in a charge *( to a lender and/or third party fee) versus what was reflected on the latest GFE, the closing may be delayed. The lender will need time to work with the setlement agent or attorney to determine if the change requires a revision to the GFE. If a new GFE is required, it must be provided to the borrower within three business days AND at leas one day prior to closing. This gives the borrower time to review and understand the increased charges prior to closing. The closing may be extended up to seven business days if/when the increased charge(s) cause the APR to increase more than .125%.
A fee increase can only be charged if it occurred due to what HUD refers to as a “valid changed circumstance.” For example, if the borrower choose to make a significant change to his/her loan (such as a product change) or if a full review of the appraisal results in discovery that a survey is required, a “valid changed circumstance: has occurred, and the associated fee increases can be charged to the borrower (if a new GFE is properly issued that reflects the new fees). Another example is if a power of attorney is needed for a borrower who cannot attend a closing.
This RESPA Reform applies to all open-end and closed-end loans but not to home equity lines of credit. The applicant must receive his or her initial disclosures before upfront fees can be collected from the applicant. The only exception is the credit report fee which can be collected at application. A GFE is NOT A LOAN COMMITMENT. It is an estimate of the total charges associated wtih obtaining the loan, regardless of who is repsonsible for paying each of those charges, but neither the borrower nor the lender is obligated to enter into the loan. If a charge on teh HUD 1 is less than the charge on the GFE it will not cause a delay in the closing.
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FHA IMPOSES STRICTER REQUIREMENTS
January 20th, 2010 categories: Real Estate News
The Federal Government has imposed stricter guidelines for FHA loans. According to the latest news:
“The Federal Housing Administration on Wednesday announced stricter requirements for its loans, with buyers paying higher insurance premiums and having access to less cash from sellers for closing costs.
Also, borrowers who want to put the minimum 3.5 percent down for FHA loans must have credit scores of at least 580. Those with less than 580 will have to put down at least 10 percent. Previously, FHA did not require a minimum credit score.
FHA loans are popular with many first-time buyers because of the low down payment requirements.
Under the new rules, insurance premiums will be 2.25 percent of the value of the loans. That’s up from 1.75 percent.
The most sellers can contribute to buyers’ closing costs will drop to 3 percent of the value of the home. The percentage now is 6 percent.
FHA Commissioner David Stevens said in a statement that the changes will strengthen the agency’s capital reserves and allow it to continue to provide homeownership for many Americans.”
“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” Stevens said. “When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history.”
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Forest Ridge Business 2 Business Network
January 20th, 2010 categories: Forest Ridge Business 2 Business Network
FastWebSolutions and Patti Reid, P.A. Realtor announce the formation of the Forest Ridge Business 2 Business Network organization. The organization is designed to “bring together Forest Ridge Homeowners for the purpose of referring one another for potential business.”
A website has been created for Forest Ridge Homeowners to register their businesses in a directory to be used by Forest Ridge residents and others, www.frb2bnetwork.com .
The first meeting will be held on February 15, 2010 at 6:30 p.m. at the Azteca Restaurant located in the Pine Island Shopping Center in Davie, at the SW corner of Pine Island Road and I-595.
If you are a Forest Ridge Homeowner please contact Diana Paul at (305)206-6153 or Patti Reid (954) 854-6310 for more information. RSVP for the February 15 event at www.frb2bnetwork.com.
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