“There are diamonds in this current real estate market – you just have to dig for them” says Mike Pappas, President/CEO of The Keyes Company a large South Florida based full service real estate firm. 

Sales Units are up:
“Palm Beach strengthened its unit sales earlier in this cycle and Dade and Broward are gaining momentum” observed Mike Pappas. 

We have 589 homes for sale in Weston FL as of today.  Sellers are asking from $13,500,000 to $109,000. 

57 buyers got their contracts accepted. The prices the sellers were asking ranged between $599,000 and 209,900 when they received their offers.  20% of those contracts were written to purchase bank owned properties and 29% are going to negotiate the purchase with the seller and the seller’s lender(s) as a short sale. 

25 properties were sold in Weston.  They were priced between $865,000 and $224,900.  This tells us there is over a 23 month supply of homes for sale in Weston as of February 2009, assuming no more homes are put on the market over that period of time.

Contact Courtney Silverman Real Estate Group to leverage your dollar in this market as a seller and as a buyer!

Don’t forget about the first-time homebuyer credit when you file your taxes this year. If you bought a main home after April 8, 2008, and before July 1, 2009 and did not own a main home during the prior 3 years, you may be able to take this credit. 

Contact Courtney Silverman Real Estate Group for your next home purchase. We use a Buyer Book, which explains every step in the process, so there are no surprises.

The Feds made another drop in short terms rates yesterday.  The Fed is desperately working to turn the nations economy around.  The threat of recession continues to be driven by the poor national housing market. 

Here in the Broward County markets of Fort Lauderdale, Weston, Davie and Plantation areas, we continue to have one of the best housing markets in the country.  It is not the market that we enjoyed 2 years ago, but homes are still selling that are priced properly in the market.  The average time on the market here is about 115 days.  Courtney Silverman’s inventory are on the market less than 68 days before receiving a contract.  There is around 18 months of total home inventory in the Fort Lauderdale, Weston, Davie and Plantation areas.  Home price are sliding slowly.

Now is a great time to buy residential real estate.

If you would like to get an idea on what your homes value currently is, visit the web site www.CourtneySilverman.com.  This site will allow you to enter in information on your home and then receive a market value analysis by e-mail.  It’s always a good idea to get an estimate of your homes value, whether you are planning to sell or not.

Have An Awesome Week!
Courtney Silverman

Finance costs will rise as the economy recovers, so trying to time real estate might not pay off.

TODAY
Buy a home for $218,900, put 20% down and get a 30-year fixed-rate mortgage at 5.5% which reflects current rates after recent declines. You’ll have a $994.31 monthly payment.

COST IN 12 MONTHS?
Same home would be priced at $197,010, assuning prices drop an additional 10%.  Your interest rate would be 6% because the recession ends, and the Fed starts to raise rates.  Your monthly payment is $994.94.

CONCLUSION: If you waited a year to buy, you would have saved nothing and spent a year living someplace you’d rather not be!                  Source: Lending Tree

Contact Courtney Silverman to buy your next home and investment property.

HOW TO SELL YOUR HOME FOR TOP DOLLAR. If you are thinking about selling your house or condo, this is the best time of year to do so. However, a successful home sale requires preparation and planning.
 
 The first step is to get your residence into near “model home” condition. That means cleaning, repairing and painting. But don’t go overboard with renovations. Let your buyers remodel to their taste. Most home improvements rarely bring in as much in additional sales price as they cost.
 
 However, modest-cost cosmetic improvements usually pay off. Profitable examples include fresh paint inside and outside (paint is the most profitable dollar-for-dollar improvement you can make), new light fixtures, new floor coverings (if needed) such as wall-to-wall carpets, and outdoor landscaping spruce-up.
 
 THE BEST WAYS TO DETERMINE YOUR HOME’S MARKET VALUE. Home sales prices depend on recent sales prices of nearby comparable residences within the last few months. A good place to start is on the Internet to determine your home’s approximate market value.
 
 A brand-new Internet Web site that provides free “guesstimates” of home values is www.Zillow.com. When I checked my home, I was amazed to see an aerial photo of my house, including the lot boundaries. The Zillow estimate of my home’s market value was remarkably accurate. However, this remarkable new Web site doesn’t yet cover the entire nation.Another free Internet home-value-estimate Web sites include www.REALTOR.com  This Web site will often refer you to a local realty agent.
 
 After you have had fun with the Internet estimates of your home’s market value, if you are a serious home seller, the best way to obtain a more accurate market value estimate is to interview at least three successful local real estate sales agents.
 
 Even if you are thinking about selling your home alone (known as “FSBO - For Sale By Owner” or “fizzbo”) the agents you interview won’t mind giving you their listing presentations. The reason is they know most “for sale by owners” give up and list with a professional agent within 30 to 60 days.
 
 KEY QUESTIONS TO THE LISTING AGENT YOU INTERVIEW. The reason it is so important to interview your local agents is to understand their sales ability and their CMAs (comparative market analysis) of your home’s market value.
 
 The interview, including the agent’s inspection of your home, should take about an hour. This will be time well spent.
 
 The reason is that the agent should prepare a written CMA showing the agent’s estimate of your home’s market value. The CMA will include recent sales prices of comparable nearby homes, the asking prices of neighborhood homes now listed for sale (your competition), a list of recently expired nearby listings which didn’t sell, and the agent’s estimate of your home’s market value.
 
 In addition to receiving each interviewed agent’s CMA, here is a list of key questions to ask each agent (the best agents anticipate these questions as part of their listing presentations):
 
 1.) What are the names, addresses, and phones of your five most recent home sales listings?
 Before you decide to list with one of the agents interviewed, be sure to phone those recent sellers to ask, “Were you in any way unhappy with your listing agent?” and, “Would you list another home for sale with the same agent?”
 
 2.) How long have you been selling homes in this area? Do you sell real estate full-time? What professional courses and designations have you completed?
 
 Some agents will resent these questions, realizing you are a well-educated home seller. But the best agents will have anticipated these important questions.
 
 Occasionally, you will find a successful part-time agent who comes highly recommended by recent home sellers. Or you might encounter a promising new licensee who has lots of time to devote to selling your home listing.
 
 3.) What is your marketing plan for my home? The best agents will have anticipated this question by providing a written marketing plan as part of their listing presentation.
 
 Each written marketing plan should include at a minimum a) a weekday open house tour for all MLS (multiple listing service) member local agents, b) Internet promotion on the agent’s personal Web site and at www.REALTOR.com  (where 76 percent of today’s home buyers begin their search), c) brochures (ask to see samples of the agent’s past brochures for other listings).
 
 4.) How many listings do you have now? What are their addresses? Do you have an office assistant? What percentage of your listings didn’t sell last year? What day of the week do you take off and who covers for you when you are gone? Are you planning any vacations during the next three months?
 
 If the agent you are considering has too many listings, he or she might not be able to devote enough time to your home sale. Watch out for “numbers agents” who take many listings, have several assistants, but sell a low percentage of their listings. However, consider it a bonus if two agents work as a “team” to handle a large percentage of their listings.
 
 Having an office assistant is another bonus to free the agent’s time for sales while the assistant handles the details such as arranging inspections, appraisals, and sales closings.
 
 5.) What sales commission do you charge for a home like mine?
 
 If the listing commission is competitive, this is not the time to cut the agent’s commission and incentive to get your home sold. Presuming the agent’s references and success record are satisfactory, a sales commission up to 8 percent could be acceptable.
 
 The most important part of the sales commission is the portion that will go to the buyer’s agent. To illustrate, if your home sale listing offers only a 2.5 percent commission to the buyer’s agent, but other local listings offer a 3.5 percent commission, agents representing buyers are likely to show those homes before yours.
 
 Courtney Silverman advertises her listings extensively on http://www.realtor.com/ .  This allows for maximum exposure of your property to the the buyer population. Contact Courtney Silverman with The Keyes Company / Realtors for to understand how she works to get your property sold.
 
 

Real estate foreclosures are properties that have been foreclosed on by lenders because the owners, who have taken out loans to buy the properties or have borrowed against the property, have defaulted on the loan payments. Owners can default on loan payments for a variety of reasons including divorce, illness, death of a spouse, and unemployment. Lenders try to work out some kind of resolution with defaulted owners, but will generally initiate foreclosure procedures after three months of default. 

Foreclosure properties represent an exciting way to buy real estate because they can be purchased at discount prices, typically between 10% - 50% below market. These discount prices are possible because the property owners, which can be either the borrower, lender, or government agency (HUD, VA, and Fannie Mae properties) are motivated to sell them very quickly, often at below market prices. As a home buyer, you can buy a foreclosure as a home with instant equity. As an investor, you can buy foreclosures as investment properties with built-in profit margins.   

What types of foreclosure properties are there? 

A foreclosure property exists in three primary stages: pre-foreclosure, auction property, real estate owned (REO). A pre-foreclosure occurs when the lender initiates foreclosure proceedings as the result of a default. If the borrower cannot cure the default by paying off the back payments (arrears) and does not sell the property, it is sold at a public auction. If no one buys the property at the auction, it reverts back to the lender and becomes a Real Estate Owned (REO) property.  

There is also a fourth stage, which can occur on properties with loans insured by a federal agency such as HUD or Fannie Mae, or guaranteed by the Department of Veterans Affairs (VA). When such properties revert back to the lenders, the agencies reimburse the lenders and take ownership of the properties. The agencies then make arrangements to sell the properties to the public.   

How do lenders foreclose on property owners? 

Lenders foreclose on property owners using primarily the judicial or non-judicial foreclosure procedure. States that use mortgages to document property ownership, such as Florida, follow the judicial procedure. The judicial procedure requires lenders to file a court case to prove default before they can foreclose on the owners. States that use deeds of trust follow the non-judicial procedure, which does not require a court case. Non-judicial foreclosures can take up to about 30 days. Non-judicial foreclosures can take up to an additional 30 days because of the court action. In some states, the process can take up to a year depending on the circumstances.   

Can people make money investing in foreclosures? 

People can make money in foreclosures because frequently they can buy the properties at below market value prices. Buying properties at discount prices is the surest and quickest way to make money in real estate. Individuals who are looking for homes can get a significant amount of equity up front with foreclosures. Of course, there are no guarantees, but investors looking for short-term income maybe able to flip foreclosure properties for big profits. And landlords maybe able to buy and rent foreclosures, with positive cash flow, for long term wealth accumulation.   

Do I need a realtor to buy foreclosure properties? 

You can buy pre-foreclosures directly from the property owners before the auction. You can buy auction properties from the foreclosure attorneys or auctioneers at the public auction. You can also buy REOs from lenders after they have taken the properties back at the auction. In all three cases, you can buy the properties without a realtor. 

You do need a realtor to buy government properties. HUD, VA, Fannie Mae, and other federal agencies offer their properties for sale to the public via realtors. The agencies will publish their property lists either on the Internet, in local newspapers, or with local management companies. The properties are usually also published in the Multiple Listing Service, which makes them accessible to realtors. There are many realtors who specialize in government properties and can work with you to submit contracts for purchase.   

How do I find the cash to buy foreclosures? 

You might be surprised to know that there are several sources of investment capital available for funding foreclosure deals. These sources fall into four main categories: conventional financing, partners, lines of credit, and hard money lenders. You can obtain conventional financing from any number of commercial banks and mortgage companies. This type of source can be very cost effective, providing you have good credit. Partners are individuals, including friends, relatives, and other investors, who would be interesting in providing some or all of the money for a percentage of the profits. You can advertise by word of mouth, via the Internet, or in local newspapers.  

You can use existing lines of credit (or credit cards) to fund your deals. You can also use hard money lenders who are in the business of providing loans for real estate deals. Both of these sources require you to make monthly payments on the loan until you sell the property and pay off the balance. Check local sources, including the newspapers, for ads from hard money lenders. 

Many buyers of foreclosed properties also use conventional financing to fund their purchase. Conventional financing sources would be the same sources you would use if you were buying a non-foreclosure property; try your local bank or mortgage broker, both of these sources should have competitive rates and terms.   

What do I need to know in buying foreclosures? 

You should be aware that ALL foreclosure properties are sold in “as is” condition. That means neither the owner, foreclosure attorney, lender, government agency nor their agents are required to do any property repairs. You should therefore expect and be prepared to fix up the property, either by yourself or by hiring a contractor. 

In addition, it is important to arrange your financing in advance of your foreclosure purchase. Contact your lenders or partners to negotiate the terms and conditions of your financing so that you will be prepared to complete the purchase once you negotiate a good deal.   

What happens in Florida? 

Florida carries out foreclosures through court proceedings. The foreclosure process in Florida takes about five months.  A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens) against the borrower. The lender notifies the borrower and any other affected parties in person or in some cases by mail or publication. If the borrower does not respond to the court action within a specified amount of time, the county clerk can find the borrower in default and the lender can ask the court to make a final ruling. If the court rules against the borrower, the ruling will include the total amount owed to the lender and the foreclosure sale date. 

The lender is not required by state law to notify the borrower before initiating the foreclosure process, but individual mortgages or deeds of trust might call for this. The borrower can stop the foreclosure up until the date of the sale by paying the total amount owed to the lender. 

The sale date is typically 20-35 days after the court ruling, but this may vary depending on the individual court. The clerk of court issues a notice of sale containing the location, date, and time of the sale.  The notice is published once a week for two weeks, with the second notice appearing at least five days before the sale. 

The clerk usually oversees the sale, which ordinarily occurs at the county courthouse at 11:00 a.m. on the sale date. The winning bidder must provide a 5 percent deposit and pay the remaining balance by the end of the day or a new sale is scheduled a minimum of 20 days later. After a successful sale, the clerk gives a certificate of sale to the winning bidder. 

Within 10 days of the sale, the clerk transfers ownership to the winning bidder if no one disputes the sale.  In most instances, a borrower has no right of redemption after the certificate of sale is issued. 

Contact Courtney Silverman for more information 954-389-3459 at The Keyes Company / Realtors

Even after the fiscal year ends, and business owners of improved commercial real estate are seeking tax deduction opportunities, one popular option is to conduct a cost segregation study. Cost segregation will identify any item that can be depreciated over a shorter period of time. These studies can result in additional depreciation for properties including new buildings, renovations of existing buildings, leasehold improvements and commercial real estate purchases after 1986. Cost segregation allows business owners to increase depreciation and generate more tax deductions. 

What you can do?
Review your Escrow Account Statement:
Did your lender or loan servicer:
Forget to pay your taxes? 
Pay your taxes late? 
Charge the late fees/penalties to your escrow account? 
 
If so, complain directly to your lender or loan servicer and ask for a refund of the late fees.  Some questions and answers: 
 
Question 1: What’s the law require? 
Answer: Section 6(g) of RESPA requires loan servicers to pay taxes, insurance and other escrow account charges on time to avoid late fees or penalties. (Section 6(g) is found at: 12 U.S.C. 2605(g).) HUD interprets Section 6 (g) of RESPA to require lenders to pay borrowers’ tax bills on time so long as the homeowners were current in their mortgage payments. If the lender pays the tax bill late and the homeowner is current in making the mortgage payment, HUD would consider the lender responsible for any penalty or late charge, barring any justifiable excuse. 
 
Question 2: If I paid my mortgage on time, why was my lender late in making my tax payment? 
Answer: Mistakes happen for any number of reasons.  Most late payments are due to computer glitches, or may occur when loans are being transferred from one servicer to another or when lenders merge. Most lenders do not routinely pay tax bills late. Many lenders get a computer “tape” from the taxing authority for all borrowers who owe taxes in that jurisdiction and sometimes names and bills are left off the tape by mistake. Some lenders expect homeowners to forward the tax bills and some homeowners may not do so timely. 
 
Question 3: How can I check to see that I haven’t been charged for my lender’s mistake? 
Answer: RESPA requires your lender to send you an Annual Escrow Account Statement. Compare your Annual Escrow Account Statement with your tax bill. If you did not receive a bill from your county, city, or other taxing authority, you can ask the taxing authority what you owed in taxes for the time in question. You will need to check both to make sure that the amount the lender paid from your escrow account matches your tax bill. If the amount the lender paid from your escrow account is more than your tax bill, that difference may be a penalty or late fee. 
 
Question 4: What can I do to get a refund? 
Answer: In a written letter (not a phone call), ask your lender for an explanation and refund if the lender was at fault for paying the tax bill late. Your written letter should be labeled a “qualified written request under Section 6 of RESPA.” You may follow the Sample Complaint to Lender format for complaints. 
 
Please send HUD a copy of your “qualified written request.” That way we can better monitor lenders for compliance with this law. Our address is: 
Office of RESPA and Interstate Land Sales 
Office of Housing, Room 9154 
US Department of Housing and Urban Development # 451
Seventh Street, SW
Washington, DC 20410 
 
Question 5: What can HUD do to help? 
Answer: HUD has started a broad review of the practices of the largest loan servicers in the country. Unfortunately, HUD may not be able to get involved in every dispute that occurs between a homeowner and a loan servicer over escrow charges. By following these instructions, homeowners can help themselves get refunds directly from their lenders. By sending copies of your complaints to HUD, you will help us identify the worst offenders so that we may take appropriate action against companies that are doing the greatest harm.
Find out more about homeowner associations in Weston, FL

Real Estate is NOT a national market. IT IS MADE UP OF MANY LOCAL MARKETS. AND THERE ARE ALWAYS GEOGRPAHIC AREAS OF STRENGTH AND OPPORTUNITY FOR ASTUTE INVESTORS.  (for example, even when the stock market goes down, there are plenty of stocks going up!)

1)  The MAJOR HOME BUILDERS STOCK IS GOING BACK UP.  Stocks normally lead the market by 6 months.   The stock market always corrects itself and housing related stocks like Home Depot and D.R. Horton and Toll Brothers are making the upward correction now.  They are always ahead of the curve.  These publicly traded companies are predicting the slump will end soon…. thus home-builders stocks are rising again. Moreover, the financial media are reporting that Wall Street brokerages are again raising billions for real estate investments.  THE TIME TO ACT IS NOW, ahead of the curve!

2)   Hurricanes will be over soon.  Consumers will be looking to make purchases. The real estate market will firm up.  BEFORE YOU KNOW IT, REAL ESTATE INVESTORS WILL BE SAYING “I MISSED THE OPPORTUNITY!”   SMART INVESTORS are buying quietly, NOW. 

3)   Broward County has approximately $5 BILLION being invested in COMMERCIAL DEVELOPMENTS…. not including the 160+/- acre UPSCALE MALL and HOSPITAL EXPANSIONS.   MAJOR PROJECTS, INCLUDING THE GAMBLING CASINOS will bring in new sources of steady payroll income and needs for places to live.  REAL ESTATE INVESTORS need to pay attention and TAKE ACTION NOW.

4)  DAVIE (near NOVA) is perfectly located for astute investors to BUY NOW.  (Nova University is COMMERCIALLY developing approximately 360 Acres, and Davie is sandwiched between high density areas that are almost completely filled up!)  Davie residential values will have general upward market pressures that exceed other areas.  Some areas in Homestead and Port St. Lucie are showing strength. Another area that has a lot of inventory, but should turn fast is Wellington.  Widely known for its polo sports enthusiasts, Wellington homes sell well during equestrian season.  Hurricane Wilma damaged many polo fields and stadiums last season reducing the influx of visitors and home-buyers.  This year however polo season should be back in full swing and thus absorb much of the surplus, making Wellington attractive NOW.

5)  76,000,000 (that’s 76 MILLION) people will reach Baby-Boomer age during the next 10 years, get sick of shoveling snow and paying heating bills.  These people will likely move SOUTH.  Conservatively, if you figure 20% (it will probably be 30%) that will MOVE TO FLORIDA, you have DOUBLED THE CURRENT POPULATION OF OUR STATE.  NO WONDER THE STATE IS EXPANDING ROUTE 75 AND PLANNING TO EXPAND 595.  NO WONDER THE AIRPORTS ARE ADDING RUNWAYS.  The time for astute investors to BUY is NOW.

FLORIDA has a TREASURE CHEST of people who BELIEVE in REAL ESTATE and HAVE MONEY TO INVEST.   They have actively participated in the historical growth of real estate values and they are pausing on the side-lines waiting for these early indications.  IT IS MY OBLIGATION AND MISSION AS REAL-ESTATE AGENT TO LET MY INVESTORS KNOW THE TRUTH IN THE MARKET INDICATIONS.  (PS: Even the most negative predictions say “except Florida”)

That’s it. My rant is over.  I need to get on the phones!

Respectfully,
Courtney Silverman
Courtney Silverman, PA
Phone: 954-389-3459  ext 224