The Top 5 Do’s and Don’ts in Home Staging

The Top 5 Do’s and Don’ts in Home Staging.

Don’t Let Time Run Out! The Mortgage Forgiveness Debt Relief Act

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Relief for distressed homeowners may be coming to an end…… Act now!

 

The Mortgage Forgiveness Debt Relief Act was passed by Congress in 2007 in an attempt to provide some relief for the millions of homeowners who found themselves owing more on their mortgage than the property was worth as a result of the collapse of the housing and finance industries. This report was created to give homeowners the most accurate information about the Mortgage Forgiveness Debt Relief Act, which has helped many distressed homeowners find options that were previously unavailable.

The act, which was always intended to be a temporary solution, is now set to expire at the end of 2013.  Time is running out. But there is still time to change your financial direction and avoid foreclosure.  Some of the solutions available to homeowners can take months to complete. For homeowners to take advantage of the act before the end of the year, they have to start today.  The Mortgage Forgiveness Debt Relief Act has provided opportunity for millions of distressed homeowners in the marketplace to take advantage of short sales or loan modifications without worrying how these actions will affect their future finances. The law is set to expire and time is running short for homeowners with unaffordable mortgage to take advantage of its benefits.  This report will teach you what the Mortgage Forgiveness Debt Relief Act is and how it can help save you money.

Time is running out since the act expires at the end of 2013. However, there is still a chance to change your financial direction and avoid foreclosure.

Download this FREE report  titled “Don’t Let Your Short Sale Leave You Taxed” which is accessible here on my website www.prudenceleverence.com from the main page in “Are You Underwater?”

Let me know what I can help you with, Don’t let your time run out!

Prudence

 

New Mortgage Rules in 2013 Make Financing more Cumbersome

New QM rulesWhat do the new QM (Qualified Mortgage) rules in 2013 mean to the average home buyer and their Realtors?

As a buyer or a seller the new rules affect both regardless. Becoming familiar with them will give you an edge to face the financing process in better shape.

Here’s a brief excerpt and a link to an article I think you’ll find interesting!

Here’s a quick overview of a few issues of concern. Start with the potential impacts on underwriting during 2013, well before they officially take effect next January.

Will lenders finally begin loosening up a little? After all, since 2010 they’ve been telling us that one of the key reasons for their ultra-strict underwriting is the “regulatory uncertainty” flowing out of the Dodd-Frank financial reform legislation — the risk that federal agencies will impose new mortgage rules that open banks up to costly lawsuits by defaulting consumers.

I suspected the new mortgage rules for 2013 for home buyers would not ease up, but this piece actually confirmed it. It doesn’t look like it’s going to be easier to finance a home this year.

How can you make the financing of your new home an easier process in spite of new rules and regs?

  • Stay out of debt – Keep your credit scores above 650
  • Save at least 10-20% of your down payment
  • Have multiple purchase options
  • Understand the numbers and the market you are planning to purchase your home in

 

Hope this helps 🙂

 

 

 

 

 

Has South Florida Recovered From The Recession?

Short Sale Home For Sale Real Estate Sign in Front of New House.You can’t talk South Florida Real Estate in a vacuum; the industry is too meshed up with the economy in general

Taking a bird’s eye view on where South Florida has been to where it is today, and what factors have contributed to it, helps frame the conversation more intelligently.

All and all South Florida Real Estate and local economy is pretty resilient. Tourism some would say is at the forefront of the recovery, slowly followed by Real Estate and Infrastructure (public works).

Progress is slow, and you could argue too negligible to make a positive mid or long term prognosis.

Tourism has been our bread and butter for some time now.

“According to Smith Travel Research, hotels in metropolitan Miami averaged $200.85 a night in Feb, up 9.2% from the same period a year earlier. By the way compared to New York City hotels avg $188.86 the same month. All Hotels in Broward and Palm Beach rose from a year earlier.”  –daily business review

But why is Tourism such a play for us?

According to Mike Maxwell, director of the real estate development program at the Huizenga School of Business at Nova Southeastern, “we are still a deal”.

It’s true!

If you compare hotel rates in New York, San Francisco and Miami, We ARE a deal! –and at the end of the day you are still in sunny South Florida.

As far as South Florida Real Estate is concerned, according to the Miami Association of Realtors, the median sales price of a single-family home in May was $190,000. This is about a 6 percent increase from a year ago.

The available homes inventory however has shrunk to 11,403 from 16,943 in the same period. There are also still quite a few foreclosures occurring with lots of cash buyers making their moves.

The condo market is rebounding together with the luxury homes sector. Commercial properties in addition to apartment complexes are also going for premium pricing.

So can you find deals out there today?

I think so! –they are not as attractive as they were a year to a year and a half ago. But there are a lot of people still hurting with their bad real estate assets weighing them down. The challenge is the financing.

Banks are still shy, some are lending, but most are waiting for stronger signs of a recovery. According to the FDIC, in the 1st Q of this year bank loan balances shrank by $56 billion.

On the flipside of that coin, there’s a lot of South American money coming into South Florida. For this group South Florida Real Estate and South Florida in general still provides them with a stable infrastructure where to park their cash and grow their real estate assets and business portfolios.