The Real Estate Mango

Archive for March, 2010

Today is a Great Day for America..Why I am glad the Health Care Reform Passed

People want to live their lives happily and without constant worry about money and health  Well, today is the beginning of a new era in America…Today we can see a future where our quality of life will improve.

So many times, I have seen the carefree faces of people sitting in the cafes of Europe enjoying the food, the air, the wine and the time to be human.  They take long paid for vacations.  They leave worries behind.  Once, while staying in Paris, my husband caught the flu.  A doctor was called by the hotel and in 15 minutes he arrived, gave an exam and medicine and voila!, he was better the next day.  No waiting in an emergency room.

Not so much in the U.S.  We work hard, and until now, we worried about what would happen if we lost that job.  How would we take care of our health?  Thoughts like these take the joy out of life.                                                 

We are closer to the day when we can lie in the sun and truly have peace of mind.

IMPORTANT MARKET INFORMATION FROM RON SHUFFIELD,PRESIDENT OF EWM REALTORS

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IT IS MY PLEASURE TO GIVE YOU THIS TREMENDOUS INSIGHT INTO TODAY’S REAL ESTATE MARKET.  PLEASE WATCH THIS VIDEO FOR THE LATEST INFORMATION.

Beware the Ides Of March … Caution for Aventura Real Estate

What better time than today, the middle of March to give advice to homeowners in Aventura and elsewhere in south Florida.

• Advice for Buyers….Now is the best time to buy in a decade or more.   Interest rates are low but they will be rising soon.  All indications are that banks see a rise in the very near future
• Advice for Buyers…..PRICES ARE VERY LOW…THE LOWEST IN TEN YEARS…Take advantage of the terrific deals available.
• Advice for Sellers…. Your asking price should be very realistic and should be slightly below the last sale.  Prices are not going up.  They are still going down and when the foreclosures reach the market in a few months, prices will go even lower.
• Advice for Sellers….Dress your home for success.  Remove all unnecessary personal items.  Remove all unnecessary furniture and accessories that hide the true character and form of your home.  REMEMBER….buyers want to visualize themselves in the space.  They need to see the space
• Advice for Sellers…Live in the present.  Yesterday’s prices are just that.  They may not come back for many years.  They are best forgotten

If these rules are taken seriously, the market will move.  Sales will increase and the activity will give health and vitality to the real estate market place.

I have seen townhomes sell in one month when priced right in the Waterways in Aventura.  The townhomes that are overpriced have been on the market for a year or more with no activity. 

Take a look at the properties on my site and call today to see these great homes.

 

Short Sales Drive You Crazy? Help Is On The Way…HAFA is coming to a bank near you..April 5

Due to the urginf of the National Association of Realtors (NAR), the Treasury Department is going to imrove the short sales process.

So, if you are trying to sell your house because it is worth less than your mortgage, or if you are trying to buy a property that is in this position…on April 5, new rules will make both of these desires EASIER>>>

HAFA which means Home Affordable Foreclosure Alternatives Program will help in the following ways:

• Standard procedures for documents and deadlines
• Provides incentives : $1500 for borrower relocation assistance, $1000 for servicers to cover administrative costs, up to $3000 in short sales proceeds to be distributed to subordinate lien holders
• Program requires deadlines for SHORT SALES….withing 3 business days of receiving an executed purchase offer, the borrower (or agent) must submit a completed Request for Approval of Short Sale to the servicer (bank)
• WITHIN 10 BUSINESS DAYS after the bank receives the RASS and all required attachments, the bank must APPROVE or DENY the request and advise the borrower.

We will see much faster action and more transparancy on Short Sales which have been a bain on our existance.  Banks will have to make quick decisions so we can move on the sale of properties before they are foreclosed.

Both buyers and sellers should welcome this new development.  Call me for further information.  Call me if you want to sell your home or want to buy a great deal.

 

 

 

Aventura Condo Problems…Non Payment of Maintenance Fees…Impact on the Condo…Possible Solution

Condos and homeowners associations are facing a crisis of tremendous proportions when owners stop paying maintenance.  This situation is occuring with alarming frequency.  

As soon as a homeowner stops their mortgage payments, the banks start foreclosure proceedings and then just stop.  They hesitate to foreclose in this market because they don’t want a declining asset on their books.  So they wait.

In the meantime, the homeowners stops paying maintenance fees and the associations cannot pay their bills.  WHAT TO DO!!!

The idea today is mentioned in the Miami Herald in great detail but the jist of it is this…..under the existing law, condo and homeowner associations can foreclose for unpaid maintenance.  If they proceed with this….and take title of the unit, the bank has no choice but to take it back and pay the maintenance (which cannot exceed 12 months back due). 

The reason this works for the associations is because the banks’  lien prevents the association from making a sale.  If they go to court and ask the judge to give the title back to the bank, the bank has no choice but to accept and pay the maintenance owed up to 12 months of deliquent payments.

THIS IS FOOD FOR THOUGHT!!!!

I spoke to a homeowner association member today, who said their lawyers are looking into this scenario.  What will the costs be to the rest of the homeowners?  Is this financially viable?  I will keep you posted.

If you are interested in more information….please call me.   LEE HEUER 305 607 1943   anytime….