January 15, 2013

Credit standards for getting a loan are tight and likely won’t ease up in the new year

I recently read this article from the Wall Street Journal and thought I would share it with everybody. “Lenders are still scrutinizing property appraisals, reams of income and bank statements, and anything else that could be used to force them to buy back the loan should it default, which means that it is much harder to get a loan than at any time since the 1990s,” the article says. “Buyers shouldn’t expect that getting a loan will get easier anytime soon, even though rates probably can’t get much more attractive.” More...

September 03, 2012

The end of the year 2012 is on the horizon

This was a great year for real estate in my opinion although I am no economist. Many of my investors properties appreciated well over 10% but were caped from property tax increases on value increasing over 10% due to fairly new state laws. More...

August 07, 2012

Renters net worth vs homeowners net worth

According to the National Association of Realtors renters' typical net worth does not change and have about $4,000 in net worth vs home owners who typically have $160,000 which is down from $230,000 at the height of the housing bubble. More...

November 15, 2011

Banks are qualifying clients with previous short sales

Banks are qualifying clients with previous short sales and are looking to re-enter the home purchase market. As the market and approval guidelines change on a weekly basis Stu and Misty will always put you in touch with the proper mortgage professional. But we thought this was some good news worth sharing. More...

October 15, 2011

let’s talk about DEFICIENCIES

Each home owners conditions can be individual and it can be a complex issue but let’s talk about DEFICIENCIES since it seems to be our most popular question these days. What is a deficiency: It is the difference between what is owed and what the lender nets on a short sale or I believe foreclosure (but I am far less familiar with anything to do with foreclosures as we tend to be in the business of preventing that mark to go on your record). Each lender/ investor may react differently but overall first lien holders are increasingly waiving, or issuing a 1099C as forgiveness of debt. More...

August 15, 2011

Handling IRS 1099 income

Stu and Misty receive a lot of questions about 1099 income from Short Sales or Foreclosures. As always we recommend you seek proper legal advice from a competent lawyer and or accountant as each person's case can be different and this should not be considered rendering legal advice. After all we are Realtors, not lawyers or accountants and 1099's are not what we are licensed to interpret. Having said that, we can give a "rough" overview as described to us from professionals we trust. More...

July 15, 2011

Floridians and others that may be subject to natural disaster

Good record keeping (IE: photos at a minimum) is a must for you to get reimbursement from your insurance. In my opinion insurance companies are not necessarily there to help the clients but there for profit as are most companies. Some are better than others of course. More...

June 15, 2011

Are tenants protected from foreclosure when in a lease?

We are not attorneys so we always encourage clients to contact an attorney for their specific case. However to our "realtor" understanding: The Federal Protecting Tenants at Foreclosure Act of 2009 which is set to expire on December 31, 2012 does protect tenants. More...

April 25, 2011

Soft start for Hardest Hit foreclosure prevention program

Nearly 9,500 homeowners applied for Florida's Hardest Hit foreclosure prevention program during its statewide debut last week, only a quarter of the estimated 40,000 borrowers the $1 billion plan is intended to reach. The online application process opened April 18 after a yearlong buildup. The Obama administration announced the initiative in February 2010. More...

March 28, 2011

Fort Lauderdale’s Little Secret: Condo Market is Quite Healthy

Downtown Fort Lauderdale and the Beach have a healthy little condo secret that few people seem to realize: Inventory is limited. Unlike the well-documented condo oversupply in Greater Downtown Miami where developers still have nearly 3,600 unsold units out of the 22,250 units created during the real estate boom, the Downtown Fort Lauderdale and the beach market has virtually no remaining new condos available for purchase. More...

February 23, 2011

Landlords and the IRS 1099 form

Hi folks as always we recommend you speak to your accountant about the many changing and current IRS laws affecting rental property but we wanted to bring you up to date and what we understand so you at least know to ask your accountant and not at the end of the year when its to late. More...

January 21, 2011

Home Ownership Increases Median American Family Net Worth

Stu and Misty have assisted so many homeowners with the sale and particularly lately the "short sale" of their home. We often hear that the owners have some guilt for defaulting and not being able to pay the bank. Due to this they do not want to own again. More...

September 20, 2010

How to Find a Second Home Bargain

For boomers with disposable income, now may well be a good time to buy. The housing market reflects a paradox of the Great Recession: While some baby boomers are struggling to prevent their primary residences from sliding into foreclosure, others are realizing their dream of purchasing a vacation getaway. Many people "still have a lot of money that sits on the sidelines waiting," says Michael Saunders, a Sarasota, Fla., broker active in the second home market. "I think the wait is over for them. Anywhere you look, you are going to find prices we haven't seen since 2001," largely because of foreclosures and short sales (homes sold for less than what's owed on them). More...