Home Buying Season Springtime
Historically the best time for families to buy or sell a home. Sellers waiting for spring can prepare the home for market and buyers know that spring time always offers enough choices for them to find that just right home in the just right neighborhood for maybe just a little more than they'd want to pay. Springtime is when the American dream comes alive.
Coincidentally, the great American pastime of baseball and home buying both spring into the American psyche at the same time each year. Although many families are still taking advantage of weekends at the ball park, baseball and apple pie, and rooting for the home team others are taking advantage of the time to invest in a family home.
This spring brings more opportunities to get in the game than I can remember. Buyers are finding that just right family home and some are cherry picking the very best while many others are watching from the sidelines.
Buyers are finding that sellers today are offering much more than just a great price. The homes that are selling are the very best available, in pristine condition. They are priced competitively and typically sellers are very negotiable. Sellers are paying closing costs, giving away TV's and trips and offering advanced maintenance payments. Price pressure on sellers is greater than ever. Short sales, bank foreclosures and auctions are todays competition as much as anything is.
Buyers are making great deals and finding great financing. Sellers are offering financing in order to move and lenders have begun offering FHA or other types of low out of pocket financing for qualified buyers. Smart buyers today are obtaining financing before they begin the buying process. Locking up a great deal depends on how quickly a buyer is able to get funded. Some folks are taking full advantage of this 2008 home buying season. We're taking buyers to closings this month on single family homes sold well below appraised values. Some with FHA financing and low down payments and low fixed rate mortgages. Others with various types of down payments and financing and still others waiting for answers from lenders on foreclosure offers.
4BR Pool Home
PRE FORECLOSURE
3/2 below $275K
Get in the game and win give me a call.
561-306-6736
We can help get you financed and help you to find your great deal.
If you have a great property to sell, call me or email me. We may have someone interested in it today.
My wife and family occasionally provide me with leads. They have great confidence in my professional abilities and trust in my character, so these leads can sometimes be challenging. This is a brief but still disturbing example of one of those more challenging adventures.
The lead for a 2 bedroom 2 bath condo in a gated community of North Broward, seemed worthy of a call and an appointment. The condo, a first floor unit with a private garden in front behind a private gate and 5 ft stucco wall was typical of many South Florida condos. What I found inside however was much more typical of what some mortgage brokers and lenders were doing before the junk hit the fan.
SHORT SALE OPPORTUNITY
The owner of the condo is a single lady living alone. Disabled from an accident some 15 years ago, she purchased the condo new. Payments on her loan, taxes and HOA were affordable with her disability payments and social security benefits. Being unable to work, drive or walk more than a few steps at a time she still managed to maintain a level of dignity and independence by paying her bills and owning her condo. Right up until mid 2006 that is. That's when she responded to a mailer offering to refinance her loan at a low teaser rate and give her some cash out as well. The loan was refinanced for more than the condo was worth and the rest of course is obvious.
After the first adjustment she began to worry, after the next she started eating less, than she stopped calling cabs in order to go to the doctor, by the time I'd met with her I found a person trapped and confused trying desperately to understand what had happened. She had contacted her lender on several occasions asking for understanding whenever she was late with her payment. They just slapped her with more late fees.
I read the letters and demands and still have trouble understanding this myself. How does any lender with any standards extend a loan to someone who obviously is going to get in trouble with it. The mortgage broker, well they couldn't care after all. But ultimately the lender must approve this loan. Is it any wonder that they're getting hammered now? Unfortunately, similar scenarios had played out hundreds of thousands of times during the 2004-2006 years of greed and grab whatever you can, leading to the state of the economy today.
The lady has moved out of Florida to live with family and has stopped paying her mortgage. I have the condo listed at 40% less than the mortgage and it's generating some interest. I'll continue reducing the price until either it's sold or the lender in their ultimate wisdom decides to take yet another typical 2 bedroom condo into foreclosure. With just one lender one mortgage and the obvious hardship, this lender deserves to get this one dumped back on them.
If anyone would like more info on this condo, please call me directly at 561-306-6736 or email george@ges-realty.com . At the right price it's a great opportunity to own an investment property or a primary residence. You can see the listing by visiting http://www.ges-realty.com and click on short sale opportunity on the home page.
The new kid on the block is beginning to get some respect. I'm talking about the Short Sale method of disposing of a property. Being new to just about everyone involved including Realtors and bank employees, the short sale is now just beginning to be understood. I'm not saying that every advertised short sale listing is a real short sale candidate. In fact I've been told by a former bank officer that on average only 10% of all short sale contracts actually ever close. That of course is an across the board percentage mixing those who know what they're doing with those who do not. And I'm sorry to say that probably 1 out of 10 Realtors know what they are doing when it comes to getting a short sale contract to actually close.
A successful short sale is truly a win-win for everyone involved. If not successful it can be calamity for everyone. There is no middle ground that I can see. Not yet anyway. Knowing what can make a good short sale and recognizing the one's that won't requires that the Realtor or agent perform a good amount of diligence in research. Current value, outstanding liens, the sellers situation and the direction of the market are key to determining how realistic a possible short sale contract may be. This is only the beginning. A required package of information prepared by the agent with the seller should be ready to go to individuals specifically handling short sale contracts for that bank. There may be a second mortgage holder or a HELOC involved for consideration as well.
If you are in an upside down position on your property and need some straightforward answers to some tough questions, please call me directly. Don't gamble with odds like 1 in 10. There's a 90% chance that you will lose. Swing the odds in your favor. Talk to someone who can help you understand your options and get you going in the right direction. Call me directly at 561-306-6736 or email me from this web site.
On Feb. 13th, 2008 RealtyTrac released it's year end 2007 Metro Foreclosure Report. I found it interesting enough to highlight some of it on in My Blog because I believe these stats affect each of us on some personal level. None of us are immune or isolated from the current global economy, which is a direct result of the mortgage market mess we are in. However, we always have opportunity.
Believe it or not, foreclosure rates in Florida aren't quite as bad as some other major metropolitan areas throughout the country. Leading the foreclosure pack of top 100 largest metro areas are:#1 Detroit,#2 Stockton California #3 Las Vegas These areas according to ReatyTrac had, at some point during the 2007 year, as many as 4.91% of it's households entering some stage of foreclosure. That is an absolutely amazing statistic.
Two South Florida cities, Miami and Ft. Lauderdale were in the top 10, but the percentage of households reaching that point were much less at 2.72 & 2.64% respectively. Orlando and Palm Beach, FL were #20 & 21. Tampa/St. Pete and Sarasota followed at 23 and 24 on the list.
How these stats affect us varies. From a savvy investors point of view they'll representoutstanding investment opportunities. This is where and when real money is made in real estate. Opportunities are running rampant throughout the state and the country. As these areas begin to stabilize there will be a long continuous rise in value and appreciation, and they will begin to stabilize just as any turbulence ever does. That's when we'll listen to the "if I had only bought one" and the "I should have bought".
Simple logic comes into play here. Anyone using simple logic may understand that absolute perfect timing is not logical. General recognition is and in general, all of the favorable elements are in place for purchasing property. Rates on mortgages are extremely attractive, prices of residential real estate is extremely attractive, and tax benefits are extremely generous.
We have lots of great properties available. We can get you the very best financing for them.
Why not be the person to say: "I bought at a great time and I took advantage of a great opportunity".
Call me directly at 561-306-6736 or send me an email. I'll be happy to share more of these stats and answer any question you may have about current real estate market conditions.
It's Time to Buy or Refi !
Mortgage rates are falling faster than a rock dropping from a roof. The Federal Reserve announced an emergency 75 basis point lowering of the discount rate and more recently another 50 basis point reduction at a regularly scheduled Feb. 2008 meeting. Moves apparently designed to address global economic market concerns as much as our much closer to home economic problem. This of course means lower interest rates on mortgage loans and it sets the stage for you and I to take advantage of the opportunity to buy now or refinance our mortgages at more affordable rates and great terms.
Before the announcement by the Fed, mortgage rates were already lower than they'd been for several years. Rates will drop even further over the next couple of weeks.
For example a key mortgage index is the LIBOR. This rate which is tied to many ARM products is 2.82% on Feb 10, 2008. Down almost 3 points over the past year and it has dropped over a full point in the past 30 days.
Mortgages like our 5/1 ARM is fixed at 5.75% for 5 years.
Now is the time to get in on low mortgage rates. Applying for a mortgage and floating the rate (rather than locking in) while rates continue to fall can be the wisest thing you'll do this year. GES Real Estate and Loans, inc.have outstanding mortgage loan programs available right now :
- 5/1 ARM 5.75% as of Feb 11, 2008
- Full documentation - Stated income and Asset - Hard Equity Loans- Primary Residence - Second Home- Investor - Good Credit or Not
Whatever your situation, we can help with your refinance or with your purchase. Mortgage rates and terms haven't been this attractive for years. Apply for yours today and relax with a new low rate mortgage.
For a more detailed look at our available mortgage programs and rates click here.
Call or email me directly for more information on any of my Real Estate or Mortgage programs.
Foreclosures and Pre Foreclosure Properties
GES Real Estate, LLC
We maintain a day to day tracking of foreclosures, pre foreclosures, Notices of Default, judgements, bank auction dates and Notices of Trustee Sales in states where the trustee may be required.
A foreclosure or REO property is a property that has gone through the process and is bank or lender owned. These may be listed for sale with a Realtor or in many cases with an asset management company.
A Pre Foreclosure is a property where a lien or Lis Pendens has been recorded due to a default in paying the mortgage by the owner. These properties may present opportunity to buy directly from the homeowner at a greatly discounted price. A seller may be receptive to selling for the remaining balance on the mortgage thereby avoiding a foreclosure. This type of transaction presents a win, win for everyone involved including the lender who won't have to foreclose.
In some cases a lender may allow the amount owed to be reduced allowing the sale to occur in order to avoid the foreclosure. This is more commonly known as a short sale. In My Blog on this website we explain the short sale in more detail. If you are considering a short sale please read that information beforehand.
Interested in finding available foreclosure and
pre foreclosure properties ?
Send me an email with the details or call
The Short Sale Mystique
It seems everywhere I turn these days someone is talking about a "short sale". It is the thing today. A happening in fact. It has caused every homeowner to wonder if they ever were or ever may be a short sale candidate. It has produced untold "Short Sale Experts" in amazingly short order (pun intended). An otherwise stagnant real estate market is no better for it, and possibly worse because of it.
Short sale is quite simply a negotiation with a lender to discount the primary mortgage and accept less of a payoff in order to sell a property, possibly to avoid a foreclosure.
Few people today have ever been involved in a successful short sale. There is a process that's required and steps involved before a lender would even consider discounting a mortgage. First and probably least understood is that the lender or bank does not approve a contract between a buyer and seller. The lender either accepts or does not, as the case may be, a lesser payoff in order to allow the property to be sold.
There can be some built in liabilities and safeguards both before and after a short sale. Anyone familiar with the process should be able to recognize the probability of a short sale occurring and detail the steps that would most likely lead to a successful outcome.
If you have a question about this or any of my recent posts please post your comment or drop me an email.
With so many people facing the possibility of loosing their homes through a bank foreclosure it may be helpful to understand the options available. In the end, if you simply cannot afford to stay your best option is to enlist the help of a professional in order to accomplish a short sale and avoid foreclosure. From start to finish we can help. You may be able to refinance, although in todays market, that option is less likely to occur. If refinance is a possibility, we can help. A successful short sale closing require a systematic approach. That approach begins with the following:
POSSIBLE OPTIONS AVAILABLE TO STOP A FORECLOSURE
#1 - PAY YOUR PAST DUE AMOUNT IMMEDIATELY AND BEGIN MAKING YOUR REGULAR MONTHLY PAYMENT
#2 - MODIFY YOUR DELINQUENT MORTGAGE WITH THE BANK AND AGREE TO A REPAYMENT PLAN YOU CAN STICK TO
#3 TAKE OUT A HOME EQUITY LOAN TO PAY OFF THE PAST DUE BALANCE
#4 - BORROW MONEY FROM FRIENDS, YOUR BOSS, YOUR RELATIVES, OR YOUR CHURCH TO MAKE UP THE PAST DUE BALANCE #5 - REFINANCE YOUR MORTGAGE LOAN WITH ANOTHER BANK AT A LOWER INTEREST RATE AND WITH BETTER MORE AFFORDABLE PAYMENTS
#6 - SELL YOUR HOUSE TO FREE UP SOME CASH TO MOVE ON WITH YOUR LIFE AND TO GET BACK ON YOUR FEET
#7 - FILE BANKRUPTCY TO PUT YOUR CREDITORS ON A REPAYMENT PLAN YOU CAN AFFORD
#8 - ALLOW US TO HELP TO COMPLETE A SHORT SALE TO HAVE MORTGAGE SATISFIED & RELEASED!
Call me directly at 561-306-6736. If you're concerned about or involved in a possible foreclosure call me, it's free. Don't put your future and the next 5-7 years of your life on hold. If you're a Realtor, don't jeopardize your listing and your clients opportunity to accomplish a successful short sale. There is no up front cost to anyone. Call or email me with any questions.
George E. Sinacori
Continuing problems with the sub-prime mortgage market have forced many lenders to tighten their qualifying standards causing some well qualified buyers, investors and folks needing to refinance an existing home loan to feel locked out. Knowing which lenders have the ability to extend credit qualifications while offering safe affordable loan programs is key to anyone seeking a mortgage today. As a Lic. Mortgage Broker with LOANS inc. a Licensed Mortgage Lender I have some attractive loans available. LOANS inc. is a wholesale mortgage lender and an equal credit opportunity lender. Underwriting decisions, approvals and funding all are decided in house and mortgage approval takes no longer than 24 hours after I've submitted a completed loan application and credit authorization. Here are just some of the currently available loan programs we are offering through LOANS, inc. LOANS inc. LICENSED MORTGAGE LENDER / EQUAL CREDIT OPPORTUNITY LENDER George E. Sinacori - Lic. Mortgage Broker Purchase Money - Refinance - Debt Consolidation - Cash Out Occupancy - Primary Residence - Second Home - Investor Loans Community Housing Assistance Mortgage Program (CHAMP) with up to 100% LTV - A program for our low to moderate income clients. Includes earnings limits by county. Call me directly 561-306-6736 or email me for a copy of the county by county limits. A fixed rate mortgage program with available 40 year amortization schedule. HARD EQUITY LOANS - NO CREDIT SCORE - RESIDENTIAL - COMMERCIAL Residential and Commercial -Maximum loan 2,000,000 HARD EQUITY LOAN PARAMETERS Min. Credit Score 350 / No credit score is okay Min./Max. Loan $ 130,000 / $ 2,000,000 Max. LTV 65% LTV on Detached / Attached SFH 60% LTV Condo 55% LTV Hi-Rise 50% LTV Unit - Investor, Lot and Commercial Loans Call me directly at 561-306-6736 or email me for more information on our Hard Equity ProgramsAdditional mortgage programs include: Primary Residence up to 100% LTV No Income No Asset Primary or 2nd home Refinance Primary, 2nd home or Investment PropertyNo Documentation Stated Income ProgramsSTATED UP TO 100% LTV - LOANS UP TO $ 4,000,000 requires a 621+ credit score and 2-Yrs with the same employer or profession Contact me for details and a Loan Submission Form.
In the aftermath of the problems with the sub-prime mortgage market, many lenders are tightening their qualifying standards causing some buyers, investors and folks needing to refinance an existing home loan to feel locked out. Knowing which lenders have the ability to extend credit qualifications while offering safe affordable loan programs is key to anyone seeking a mortgage today.
As a Lic. Mortgage Broker with LOANS inc. a Licensed Mortgage Lender I have some attractive loans available. LOANS inc. is a wholesale lender. Underwriting decisions, approvals and funding all are decided in house and mortgage approval takes no longer than 24 hours after I've submitted a completed loan application and credit authorization. Here are just some of the currently available loan programs we are offering:
LOANS inc. LICENSED MORTGAGE LENDER / EQUAL HOUSING OPPORTUNITY LENDER George E. Sinacori - Lic. Mortgage Broker Purchase Money - Refinance - Debt Consolidation - Cash Out Occupancy - Primary Residence - Second Home - Investor Loans
Community Housing Assistance Mortgage Program (CHAMP) with up to 100% LTV - A program for our low to moderate income clients. Includes earnings limits by county. Call me directly or email me for a copy of the county by county limits.HARD EQUITY LOANS - NO CREDIT SCORE - RESIDENTIAL - COMMERCIAL
Contact me for details and a Loan Submission Form.
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