2. Assemble condo or home owners association (HOA) documents.
Sellers who live in condos or in a neighborhood subject to an HOA must provide financial statements and recent reports to the buyer ...<< MORE >>
The news reports can be very scary and confusing to say the least. Take a look at some recent headlines: Foreclosures up 57 percent in the past year-Cape Coral-Fort Myers, Fla., leads U.S. with highest rate of any metro area
Home sales fall to lowest level since 1999 - Median price down nearly 5 percent from a year ago, Realtors report
Key home price index shows record decline - Drop of 8.9 percent in late 2007 is largest in index’s 20-year history
Buyers snap up commercial property - "The report (from Real Capital Analytics), the first to comprehensively track transactions in metropolitan areas worldwide, unearthed $1.04 trillion in office, industrial, hotel, retail, land and apartment sales worldwide in 2007. In all, 114 metropolitan areas logged more than $1 billion in transactions.
South Florida rang up $13.82 billion in commercial sales, placing it just behind Hong ...<< MORE >>
Conventional Conforming: These are mortgages that are funded by banks but eligible to be backed by FNMA aka “Fannie Mae” (Federal National Mortgage Association) and FHMLC aka Freddie Mac (Federal Home Mortgage Loan Corp). Both FNMA & FHMLC are Government Sponsored Entities are were designed by the Government to make mortgages available to the general public.
- Maximum Loan Amount is $417,000 (higher in HI & AK-plus changes in the law may increase these limits nationwide), but can be higher for 2, 3 or 4 unit properties.
- Available for Owner Occupied, Second Homes and Investment Properties.
- Generally require borrowers to document income & assets that justify their ability to repay the loan.
- Generally require borrowers to have fair to excellent credit.
- Generally available with minimum 5% down payment.
Government Loans: These are mortgages that are funded by banks but eligible to be backed by the Department of Housing & ...<< MORE >>
Well, the much anticipated Economic Stimulus Package was signed by President Bush into law (click HERE
for more). The question in everyone's mind is, will it work, and when?!
Not only that, but it begs the question what to do with the money received (for suggestions, read HERE)?
Well, the money is certainly not enough for a downpayment in most cases (at least not in Miami-Dade County), but it could contribute to other things around the house you purchase or even with the
one you now own and are trying to sell.
Besides some of the obvious ideas provided in the articles linked above, sellers may use the funds by taking the suggestions of staging experts. What? You don't have one, you
say?! Well, don't fret. Staging experts are in demand and fees range ... << MORE >>
Here's the scoop. "...single-family existing home sales saw the largest decrease in Miami, where they fell 47 percent, to 966 home sales in the quarter from 1,828 the prior-year quarter, and
median sales prices slipped 3 percent, to $358,400 from $370,400...existing condo sales fell 39 percent in Miami, to 1,041 from 1,694, as median sales prices stagnated at $265,700, an incremental
decline from $266,500 in the prior-year quarter".
OK. So the number of sales dropped in the last quarter of 2007 as compared to the same period in 2006. It seems we already knew that. Yet, did you notice the price levels year
over year?
This indicates to me that sellers are stubbornly positioned to recoup as much of their hard earned equity or investment as they possibly can. Also, it tells me that there are plenty of
buyers out there who agree, that the bottom may ... << MORE >>
In the previous post, I made reference to a John F Kennedy speech that still resonates, probably today as much as ever. He said: " And so, my fellow Americans: ask not what your country can do for you - ask what you can do for your country" (you may read the entire speech here).
At another speech, Kennedy challenged America to change the course of history by setting a specific and measurable goal to put a man on the moon before the Soviets or anyone else, by the end of the 1960's, hoping it would challenge and catapult American ingenuity and world-wide respect (read that speech here) to unchallengeable levels.
Now, with relentless economic and tyrannic woes, challenges facing our nation from world competition by emerging markets like Russia, India and China, and puppeteer control attempts by countries like Venezuela and in the Middle East trumpeting oil as their call to ...<< MORE >>
I know, I know….the argument is weather Lucas made an inappropriate comment regarding the 'bankability' of this developer. Regardless…how’s this
lawsuit going to get his condo’s sold now (or in a very long time)?
Who’d buy from someone in the middle of litigation?
Now, follow me here. Here comes the turn of the millenium, with stock markets crashed, people choose to move their investments to real estate, driving
up market values, creating demand for more and more housing. Temperatures raise, excitement builds, bankers and lenders of all types begin to come out of the woodwork, investors compete for business
also going to speculators.
... << MORE >>
Yes, Location, location, location have been and continue to be great buzz words in real estate.
Those of us living in Florida, know that real well. After all, world markets continue to recognize the importance of this geographically perfect peninsula, and so should we.
However, as trends also indicate where one should focus attention, I'm going to add a little something to the mix.
Opportunity, opportunity, opportunity.
That, my friends, is the new trend we're seeing in the field. What buyers wanted in the early turn of the century, and up until 18-24 months ago or so, is the same thing they want now.
Opportunity. The opportunity to acquire something, in this case, real estate, at bargain prices, so that they can reap the benefits of untold gains in the future.
Those who have their money in the financial markets, stomach this ... << MORE >>
Those of you who have followed my blog over the past few months know that, I consider myself to be a pragmatic, positive, yet realistic, bullish-type person. That is simply a lot for some to swallow. Yet, I look for news and indications of a silver lining, even in times of frustration. The heat of the moment may catch me in a mood swing. But when all settles, I quickly regain consciousness and begin looking for that gleam of light. I am not an economist or someone with decades of experience in real estate. But, I am 46. That means that as someone younger than many, older than some
Over the last 18 months or so, some have been professing such days akin to the end of our world as we know it, particularly with respect to finances and real estate. Many still do and will argue that in spite ...<< MORE >>
Your comments are welcomed! ... << MORE >>
This was certainly an awesome interview everyone should watch. I tend to side with Dottie Herman (one of the panelists), only because I consider myself to be more of an optimist Bull (after all, I’m a Taurus - bull - get it?). However, everyone in the panel certainly hit the nail as far as where the market is and where is probably going. Certainly, 5-10 more years of this is foreseable based on all information shared and which I have also mentioned in earlier posts.
However, I feel Dottie also hinted that the most hurt are the short term type investors and homeowners who thought they would buy and flip, making thousands (some were probably counting on tens and even hundreds of thousands in income now awash) from the resale of their property or pre-constructions.
Those who bought their “home” and purchased a property, thinking in staying for the ...<< MORE >>
All your comments, questions, concerns, gripes, and accolades are welcome! ... << MORE >>
Well, I surely hope you had a grea holiday and new year's celebration. I did!
Had all my family gathered from out of town. My parents, brothers, cousins, aunts and uncles, nieces and nephews, spouses and boy/girl-friends. What a racket!
Ate like pigs at a number of restaurants (and spent a lot of money doing it, too), went out in groups and wrecked the town a little bit. Can't complain. I really enjoyed it.
Yet, reality sets in as the year in Miami starts with some rainy weather, followed by much welcomed change of pace temperature-wise and lousy fiancial news coming from Wall Street.
In the middle of all this, I'm considering change.
2008 will be, in my view, a great year. A year of opportunities, and I intend to exploit them. With that attitude in mind, I'm considering a change of strategy for my real estate and
mortgage business and in doing so, ... << MORE >>
Everybody's usually happy this time of the year. Temperatures drop a bit, presents abound for most, the new year's upon us with promises of bigger and better things. What a time for re-establishing long-lost relationships, creating new ones, and prospecting for the future. As for I, well, my parents and a brother who also lives in Puerto Rico are coming to town, a brother in Tampa is driving down, and them and my brother in Miami and I will all end up getting together with other family to feast and enjoy time together. Even my ex is pitching in (yes, we do get along that well and yes, her husband is pretty mellow about it - and no, my ex and I are not...), with a feast to unite her new family and us. Along with our daughter and my sons, nephews ... << MORE >>
Your comments welcomed! ... << MORE >>
These are DOERS who take charge and control of their situations. Otherwise, they’d also be at the mercy of “The Market”, and we all know how ugly that can get. Actually, they know and this is why they divest themselves of problems, create opportunities for others, and re-capitalize and recover some of their investments, cut their losses short and move on to the next thing.
This scenareo however, creates a new micro problem for these communities which may be a topic for another post, where associations are strapped, people are fed up, services promised may no longer be in their budget to provide and some of those earlier property values may not (never?) recover to those original “exhuberant” levels. Situations like these, are even causing law suits against builders for non-performance, etc. Chaos for many, great business for attorneys. Again, someone's trash, anotherone's treasure. This does not even consider the ...<< MORE >>
"One man who was living in a cardboard box held my hand and said, 'It's been a long time since I felt the warmth of a human hand.'"
-- Mother
Teresa
Wow! I often wonder what this gesture did to this man. How did it change his life? Did it make him ponder on his choices and where they have taken him? Did it make him question
why he was living in a cardboard box? Did it make him wonder...what if? Did he reflect on ...
<< MORE >>
Well, the question begs answering. After all, I encounter every day people sitting in the sidelines waiting for the market to hit bottom. Sellers, feel they can't sell because news
reports in CNBC, MSNBC and other national networks continue to report dismal figures for sales during the third quarter (Q3) of 2007 and for October, 2007.
However, when one looks more closely at Florida figures, once may see that things may not be as bad as portrayed. For instance, take a report of Florida Sales of Existing Single Family
Homes based on a survey of MLS sales levels from Florida’s Realtor ... << MORE >>
By the way, my name is Wenceslao Fernandez Jr, I'm a 46 y/o male (very happily divorced) who works in the real estate & mortgage field here in Miami. I live in Miami Beach and my office is in Doral. Our mortgage office is in 45 states, including Alaska & Hawaii and we are also in Guam, Puerto Rico and more recently, Ontario, Canada and the Phillippines. For those states where we're not at, we can still process your loan from our Head Office if need be. You can find me there at www.MyNLC.com/A58930 and yes...you can submit a loan application from there. It doesn't matter if you are 62 or older looking for a Reverse Mortgage, looking to consolidate debt, get cash from your home (ATM?), get money to pay for schooling for your kids or any other reason this is the place to get what you want. Residential to include ... << MORE >>
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