Pompano Beach Real Estate
Wednesday, June 22nd, 2011
With the price of condos being low, & many people needing to rent. Purchasing a condo for an investment seems like a good idea. You can pay cash, the taxes are usually low, less to maintain than a single family home, etc. I do agree purchasing the right condo at the right price, this is an excellent way for investors to get into the market.
However, do your research. Make sure of the following:
•the condo association will allow you to rent the property immediately after closing
•the condo association has a rental limit, if so, is there a waiting list
•how many times can you rent the unit per year
•the pet policy of the association (properties that allow pets may be able to charge higher rent)
•if the the condo assoication will allow corporate owners
•how many units are in default of condo maintenance fees (don’t want any assessments eating into your profit)
•how many units are owned by the same person or entity (this could negatively impact your resale value)
•do a rental comparable market analysis to calculate your rate of return
•consider it a long time investment, flipping condos is tough, especially if your buyer is getting a mortgage, you might have appraisal issues.
•please do a home inspection, although you do not plan on living there, you will be responsible for the repairs
If you would like to receive my weekly condo foreclosure list, please e-mail me at [email protected]
Happy Investment Shopping
Tags: buying home, Foreclosure, investments, real estate market
Posted in Apartments, Coconut Creek Homes, Condos, Coral Springs Real Estate, Deerfield Beach Real Estate, Foreclosures, Homes for Sale, Housing Market, Luxury Homes, MLS, Pompano Beach Real Estate, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Rent | No Comments »
Thursday, April 21st, 2011
Doing a deal that should be simple, could be simple, would be simple, IF ONLY…….
If only the listing agent would have confirmed the maintenance fee with the assoication.
If only the listing agent would have placed in the MLS the mandatory 6 month escrow of maintenance fees.
Now this listing agent is pleasant, responsive and other than these two little issues, has been a pleasure to work with. I also, would work with her again.
If only, I asked her to confirm all of thee above.
This is how we become better agents by asking the “if only” questions.
Posted in Apartments, Appraisal, Builders, Buy a House, Coconut Creek Homes, Commercial Real Estate, Community, Condos, Coral Springs Real Estate, Deerfield Beach Real Estate, First Time Home Buyers, Foreclosures, Home Builders, Homes, Homes for Sale, Housing Market, Luxury Homes, MLS, Mortgages, Neighborhood, Pompano Beach Real Estate, Property, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Rent, Townhomes | No Comments »
Thursday, April 21st, 2011
. Times when families get together and bond. However, what I’ve never understood, is why on holidays do people want to look at properties. Most real estate offices are closed so it’s difficult to schedule showings, Owner occupied homes do not want their homes shown because they are usually celebrating with their families. Let’s not forget, hey not only am I a REALTOR, I am a person with a family that likes to celebrate family traditions as well.
Now I may not get any fan mail from this blog. However, let’s be respectful of each others time, religious beliefs, and let’s get back to honoring the family & family values. So on Good Friday, I will stop working at 2:00PM because I will be attending Good Friday Service at my church. I will not be working Easter Sunday because after church, I want to spend time with my family & loved ones.
If I lose your business because of this, then I never had your business to begin with.
Happy Passover & Happy Easter!!
Tags: first time homebuyer, Foreclosure, home search, short sale
Posted in Apartments, Builders, Buy a House, Coconut Creek Homes, Community, Condos, Coral Springs Real Estate, Deerfield Beach Real Estate, First Time Home Buyers, Foreclosures, Home Builders, Home Improvement, Homes, Homes for Sale, Housing Market, Luxury Homes, MLS, Neighborhood, Pompano Beach Real Estate, Property, Property Investment, Questions and Answers, Real Estate, Real Estate Agent | No Comments »
Thursday, January 27th, 2011
A Happy Place
The final “P” in the homeownership process is “Patience” You have to have patience with the mortgage process, the home search process, and the closing process.
The Mortgage Process-
When you apply for your mortgage, your lender will request documents from you to determine your qualification. Once you find your home, you will be required to submit these documents again and additional documents as well. Your patience comes into play, because they will ask you the same questions several different ways. Your patience comes into play when you call or e-mail the lender and they may not respond in a time acceptable to you.
The Home Search Process-
You know how much you can spend, you’ve assessed what your needs and wants in a home are, you may have even researched neighborhoods, schools, and other criteria for your home search. Now your ready to go shopping for your new home. You’ve given your REALTOR a list of properties you want to see, and you can only see two out of six because, the property is already under contract, seller’s not accommodating with showing of their home, etc. Patience! Your new home awaits you.
Now you’ve found the home you’ve submitted an offer and once again you have to have patience. If the property is a foreclosure it may take a week to get a reply to your offer. “Patience”. If the property is a short sale it may take months to get a reply from the bank regarding the sale. Then there is also the possiblity of multiple offers on the property. Now this requires patience and preparedness because once you have determined what the property is worth to you supported by Comparable Market Analysis (CMA) from your REALTOR do not get caught up in the frenzy and agree to pay more than what you are comfortable with or what the home is really worth. (The bank will have an appraisal done that you will pay for. If the property does not appraise, the seller may go with another offer and you have now waited time and money) Remember, your new home awaits you.
The Closing Process-
Once you have your fully executed contract (signatures & initials of all parties) the fun begins. You have to schedule inspections, meet with your lender to do a “formal” mortgage loan application, provide information to the title company, and may have to apply for condo or homeowners association approval as well. All of this must take place within 30 to 45 days, while you continue to maintain your regularly scheduled life. The bank has more forms for you to sign and more documents for you to submit, now the condo or the homeowners association, wants information and documentation from you as well as the title company.
Now you are ready to close, now you have to wait (patience) to know exact cash to close you will need. You dash to your bank get a cashiers check or wire funds. At the closing table you are signing so many documents at one time. Why? Because your patience paid off and now your a home owner!
Next blog…home ownership education classes, and grant programs to assist with frst time homebuyers.
Tags: FHA, first time homebuyer, Foreclosure, short sale
Posted in Apartments, Builders, Buy a House, Coconut Creek Homes, Commercial Real Estate, Community, Condos, Coral Springs Real Estate, Deerfield Beach Real Estate, First Time Home Buyers, Foreclosures, Home Builders, Homes, Homes for Sale, Housing Market, MLS, Mortgages, Neighborhood, Pompano Beach Real Estate, Property, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Rent, Townhomes | No Comments »
Wednesday, January 5th, 2011
Your New Year Real Estate Resolution or Action Plan
Happy New Year!!! This time of year the most popular words after “happy new year” are “my new year’s resolution’. Well I decided to add a new phrase, “my new year real estate resolution”.
In these times I know that this has definitely crossed a few people’s minds.
• ‘Should I sell my home and get more home for the money because interest rates are at a record low and housing prices are low?’
• ‘Is now the time to buy my first home because interest rates are at a record low and home prices have decreased?’
• ‘Should I short sale my home regroup and purchase real estate once I get my finances back on track?’
• ‘Should I invest in the real estate market or keep my money in my mattress account?’
And just like New Year resolutions become idle words, so do “new year real estate resolutions”; here are the other thoughts that cross people’s minds.
• ‘I will be losing money; I could have made more money selling my house in 2005.’ (but you didn’t)
• ‘The interests will drop and the home values are going to continue to decline.’ History has proven that rates tend to increase once the new House and Senate members take office. In some areas home values are actually starting to increase.
• ‘Not fully understanding what a short sale is and afraid to ask questions.’ (There are no stupid questions) I was once told know what you don’t know and then find someone who knows what you don’t know.
• While your mattress might be getting more comfortable or lumpy (depends on if you’re saving paper bills or coins) your investment portfolio is not. An investment requires research, something to invest, and some risk. (Nothing ventured nothing gained)
So How About A “Action Plan”
How about planning a plan and working your plan? Now to plan your plan you need to do some self-assessments. You may want to consult professionals: financial planners; spiritual advisor; significant other; mortgage loan officer; accountant; real estate attorney; and/or real estate agent. Only you can truly determine your needs and wants.
To plan your plan here are a few recommendations:
• Check your credit report to see, how the creditors see you
• Prepare a budget (and do include your Starbucks, Dunkin Donuts, & Blockbuster visits in your budget)
• Be honest with yourself about what you ‘can and cannot do’ or ‘will and will not do’
• Most importantly write your plan (notebook, IPad, anywhere you can refer back to it regularly)
• Give yourself realistic time frames (this might require consulting a professional)
• Etc
Working Your Plan
JUST DO IT!!!
Good luck and best wishes for the New Year!!!!!!
Posted in Apartments, Appraisal, Builders, Buy a House, Coconut Creek Homes, Commercial Real Estate, Community, Condos, Coral Springs Real Estate, Deerfield Beach Real Estate, Estate, First Time Home Buyers, Foreclosures, Home Builders, Home Improvement, Homes, Homes for Sale, Housing Market, Luxury Homes, MLS, Mortgages, Neighborhood, Pompano Beach Real Estate, Property, Property Investment, Questions and Answers | No Comments »
Tuesday, November 23rd, 2010
First I would like to thank God for making all things possible! I listed a property October 27, 2010, executed contract November 4, 2010. Sent paperwork to lender, GMAC, November 8, 2010 (contract and all seller required documents), was contacted by Kazork, guaranteed a response within 15 days of all documents being received by them. A little redundant, I had to submit all paperwork to Kazork that was sent to lender (no problem). There was a 7 day grace period that the offer had to submitted on kazork website, when the time pasted, they diligently contacted me. On November 15, 2010 they required updated buyer prequal letter, that I received from agent November 18, 2010 and sent to Kazork, the same day.
Yesterday, Monday, November 22, 2010 at 6:28PM, I received an e-mail on my iPhone (yes a plug for the iPhone) with the approval letter attached. Now, the seller, the buyer and all of us involved are looking forward to a Happy Thanksgiving, a smooth transaction, and hope for the short sale process!!!!
Tags: bank approved, buying home, pre-foreclosure, selling home, short sale
Posted in Apartments, Appraisal, Buy a House, Coconut Creek Homes, Community, Condos, Coral Springs Real Estate, Deerfield Beach Real Estate, Estate, First Time Home Buyers, Foreclosures, Homes, Homes for Sale, Housing Market, Luxury Homes, MLS, Mortgages, Neighborhood, Pompano Beach Real Estate, Property, Property Investment, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Townhomes | 1 Comment »
Tuesday, November 9th, 2010
I am doing a short sale through www.kazork.com, they are claiming a 15 day turnaround in a response to a short sale when all required documents and offers are received. I will keep you all informed of my progress.
They are currently working with Wells Fargo and GMAC on their FANNIE MAE short sales. The staff has been helpful, informative and responsive. When you call or e-mail they actually respond the same day or early the next business day, they are on the west coast.
I listed this short sale on October 29th, received a reasonable offer November 3rd, sumbitted the offer November 4th, BPO was done November 7th…..
Stay tuned…………
Posted in Buy a House, Coconut Creek Homes, Commercial Real Estate, Community, Condos, Coral Springs Real Estate, Deerfield Beach Real Estate, First Time Home Buyers, Foreclosures, Homes, Homes for Sale, Housing Market, Luxury Homes, MLS, Mortgages, Neighborhood, Pompano Beach Real Estate, Property, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Townhomes | 1 Comment »
Wednesday, October 20th, 2010
Beacon Economics: Housing most affordable in more than 40 years SAN FRANCISCO – Oct. 13, 2010 – Beacon Economics’ new Beacon Economics Home Affordability Index finds that in August homes were at their most affordable level since data became available (1969). Beacon Economics developed the Beacon Economics Home Affordability Index based on the percentage of income an average family would need in order to make mortgage payments on an average priced home.
The August estimate shows the cost of homeownership (mortgage interest plus principal payments after a 20 percent downpayment) falling to 16.9 percent from 17.1 percent in July. Overall, the Beacon Economics Home Affordability Index has remained below 20 percent for the past twenty-one months.
“Home affordability has reached an historic high,” says Beacon Economics Founding Principal Christopher Thornberg. “Nationwide, prices are down approximately 25 percent from their peak, and mortgage financing rates are at all-time lows.” Moreover, the high level of affordability is likely to drive demand and reduce the stock of excess inventory, ultimately resulting in the need for new housing, a rise in prices, and a pickup in new construction, according to Thornberg.
“While prices may fluctuate modestly over the next several months, we believe the worst of the housing crisis is behind us,” adds Beacon Economics Research Manager Jordan G. Levine. “We expect prices to stabilize around current levels and likely be higher in the next twelve months.”
Thornberg agrees. “Although there could be some modest volatility over the next several months, our research indicates the housing market is at or near the bottom,” he says.
The Beacon Economics Home Affordability Index is intended to help homebuyers and policymakers alike understand the current state of the market.
© 2010 Florida Realtors®
Posted in Apartments, Appraisal, Builders, Buy a House, Coconut Creek Homes, Community, Condos, Coral Springs Real Estate, Deerfield Beach Real Estate, First Time Home Buyers, Foreclosures, Home Builders, Home Improvement, Homes, Homes for Sale, Housing Market, MLS, Mortgages, Neighborhood, Pompano Beach Real Estate, Property, Questions and Answers, Real Estate, Real Estate Agent, Relocation, Townhomes | No Comments »
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