Lately, sale agreements have been cancelled because the property appraised for less than the contract price. The buyer is unwilling or cannot put more money down for fear of overpaying in a percieved down market and the seller has already lost so much percieved value that the seller will not lower the price. The result is that the sale falls apart.

In some cases, the appraiser is not the cause. Fannie Mae and Freddie Mac purchase about half of all U.S. mortgages. If Fannie Mae, who buys the loans from the banks, finds banks are found guilty of price inflation, they force the banks to buy back the mortgage at a substantial cost. But if banks drop the appraisal value, they hope to avoid being accused or suspected of inflating the numbers.

Many lenders today will double-check an appraiser’s work by ordering a low-cost electronic valuation. These automated valuation systems only use public records and take no consideration to condition of the property and upgrades. If the electronic version is lower than the physical version, the banks will downgrade the true appraisal value to protect themselves. The result is that bank’s underwriters arbitrarily have been shaving value off the Buyer’s appraisal. At other times, the bank’s underwriters will ask the appraiser to explain the price difference, which can delay the closing.

Effective September 1st, banks selling their loans to Fannie Mae can no longer simply drop the appraisal value. In guidance issued June 30, Fannie Mae told it’s participating lenders that they must contact the appraiser to “resolve” disagreements. If that fails, banks must order a second appraisal and not rely on the automated software to determine the value. So now the banks cannot simply drop the original value that supports a sales contract.

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There will not be a gap between June 30 and the date the President signs the bill into law.

For those looking to sell their luxury Florida home, the experienced team of Courtney Silverman Real Estate Group can help visit www.CourtneySilverman.com or call (954) 315-3925.

(PRWEB) June 23, 2010- as the economy remains uncertain and foreclosures have yet to decrease from alarming numbers the use of short sales is growing in request. Short sales allow the distressed homeowner the opportunity to repay their mortgage at the price the home sells for even if the price is less than what is owed on the property. This process can save many people from foreclosure and even bankruptcy. The professionals of Courtney Silverman Real Estate Group know the short sale process and can get your property sold quickly with the least amount of hassle to you and your family.

No Short Sale Service Fees
Courtney Silverman Real Estate Group understands the pressure that so many homeowners experience when finances require the need to sell a home in a short period of time. This is why Courtney Silverman requests no short sale service fees and works with home sellers to have a cash buyer for the properties in her hands. She has the knowledge and experience with short sales to help make the process as simple and stress free as possible. Through her experience as a real estate agent in Weston Florida she has a solid understanding of the true value of the properties throughout South East Florida including Broward County, Sunrise, Weston, Davie, Plantation and Fort Lauderdale. Homeowners can rest assure that she will use all of her relocation expertise for you.

South Florida Homes Sold For Eleven Million
With an experienced realtor on your side a home can sell for a bargain creating a win- win situation for both the homebuyer and the seller. A recent buyer jumped on a once in a lifetime opportunity to purchase their dream home at an unbelievable price such as this Miami Beach Estate (88 La Gorce Circle, Miami Beach, FL) that sold for $16 million. This newly built modern estate features two docks, a staff house, five-car garage, elevator and beautiful marble staircase. The price was the bargain of the year and is seen as the priciest residential deal in Miami Dade since Shaquille O’Neal sold his Star Island Mansion. For those looking to sell a luxury home in south Florida look no further as Courtney Silverman Real Estate Group knows how to sell luxury real estate like no other realtor in the sunshine state.

To learn more about short sales in South Florida visit www.CourtneySilverman.com or call (954) 292-0743.

This time of year is so beautiful with the blooming trees in Weston, Florida. Check out the State of Florida Official tree - The Royal Poinciana

For several weeks in spring and summer it is covered with exuberant clusters of flame-red flowers, 4-5 in (1.2-12.7 cm) across. Even up close the individual flowers are striking: they have four spoon shaped spreading orange-red petals about 3 in (7.6 cm) long, and one upright slightly larger petal (the standard) which is marked with yellow and white. Royal poinciana gets 30-40 ft (9.1-12.2 m) tall, but its elegant wide-spreading umbrella-like canopy can be wider than its height. Royal poinciana is a semi-evergreen tree.

When buying a home one should also consider the size of the community / neighborhood to see where you and your family may feel most comfortable. Another consideration is how close to the community pool do you want your home. Some of the communities in Weston with pools are larger than others.

Larger communities with pools are: The Ridges at Weston Pond, The Isles At Weston and Savanna. Don’t forget the Bonaventure portion of Weston that has a membership included with residency to The Bonaventure Town Center Club. There are 2 pools, a Jacuzzi, tennis courts, basketball courts, roller skating, bowling, billiards and more amenities at this club.

Mid-sized communities with pools include; The Meadows, The Falls, North Lakes, The Lakes and Laguna Springs.

Smaller communities with pools include; Patio Homes, Village Homes, Country Isles Garden Homes, Hibiscus Island, Bermuda Springs, Emerald Isles, Coral Harbour and Opal Creek & Emerald Estates.

Some of the communities with pools are a mixture of single family homes and townhomes or are townhomes only. These include; San Mateo, San Messina, San Sebastian, San Remo, San Simeon, San Michele and The Courtyard at The Grove.

As you can see, most neighborhoods in Weston have a community pool. You will have a great time meeting new friends at your community pool all year round. Contact me if I may be of service to assist you with you home purchase in Weston.

Approved Short Sale - Majestic Masterpiece On 3.87 Acres, Romantic Master Suite W/ His And Her Baths, Octagon Sitting Area, Billiards And Exercise Rooms, Lounge W/ Wood Floors And Fireplace, 60×45 Trophy Room, 26×20 Home Theater, Dining Room 25×14 W/Adjoining Wine Cellar, 3 Offices, Servants Quarters, 60×30 Heated Pool And Spa, Double Porte Cochere And More

I just took a 3-hour Core Law course for part of my continuing education. #1 Consumer Complaint in Real Estate is Unlicensed Activity. These unlicensed activities would include people advertising a real estate service, appraising, conducting an auction, selling, exchanging, buying, renting, and leasing as it relates to real estate.

While Florida has long been the top state for international buyers, the current real estate market is attracting U.S. and overseas investors due to low prices and an increased number of bank-owned distressed properties, according to the NAR National Association of Realtors and the FAR Florida Association of REALTORS. 

EFFECTIVE APRIL 6, 2009  MINIMUM CREDIT SCORE FOR F.H.A. PURCHASES IS -600

The single most common question I am asked is, “What is happening with my homes value”?  This is not always an easy question to answer because there are so many variables from home to home.  There is good news for you if you live in the Broward County, area.  

Courtney Silverman Real Estate Group has developed a new internet system that will give you complete information on what is taking place with the market around your home.  This program gives complete details on homes listed, sold and value trends.  The program offers the numbers in easy to view graph form and it is very detailed and specific to your home and neighborhood.  You will even see a Google Earth view of your home and surrounding neighborhood.  The best part is that this analysis is sent to you by e-mail and the updated for your monthly.  You can take advatage of this great new system by visiting our web site at http://www.courtneysilverman.com/PageManager/Default.aspx/PageID=1628494.