I just came back from the beautiful Tao Sawgrass Condominium in Sunrise, Fl.  I felt the need to call Starwood Capital Group, who is in charge of managing all the properties taken over from the failed Corus Bank out of Chicago.  I was there simply to take a few photos as I have an out of town buyer interested in picking up one of the great deals over there (for example a 1/2 1001 sq. ft that was originally listed at a minimum of $500,000 can now be had for $205,000 OBO).

Upon arrival I was greeted by a nice young man at the main desk.  My partner and I asked to speak to the sales associate we had met and spent about an hour with just the day before.  She was unavailable and after about 3 minutes of explaining to the other associate why we were there (via the security guard who was on the phone w/ her), another sales associate or possibly the manager appeared who immediately seemed to have an attitude by the sour look on her face.  My guess is she was upset she had to get out of her comfy chair and actually interact with someone.  Needless to say, it went South from there.  All she could do was tell me why she could not let me take some photos, view the common areas or even give me access to see another unit that was available as a resale through the MLS.  I was dumbfounded that with probably in excess of 250-300 units to sell that they would like to keep this place a secret.

 To make a long story short, if you feel like being treated like a problem and an interruption, feel free to stop by.  Otherwise, it is my opinion that there are too many other new properties where the onsite sales team will work with you and not treat you like a bother.  I was under the silly impression that the onsite sales people relied on Realtors to bring them a percentage of their clients.  I would strongly suggest that anyone who has closed on a unit there and is trying to sell or rent the property to stop by anyonymously and check things out.  I have a feeling you might be surprised.

www.youtube.com/stevenangelilrealtor

Hope you enjoy and find them informative. 

Dial me up now, let me cut through the clutter and explain how all these types of sales work, but more importantly how I can position YOU to take advantage and get a deal on a home!

All that’s really needed is the 3.5% down payment with decent credit.  If you buy new the closing costs are included.  For resales, we can negotiate to get all or most of the closing costs paid for by the seller.  All townhomes have a one car garage and lots of square footage. 

On the otherhand if you purchased your unit prior to 2009 and want to move I can help you qualify for a free short sale.  Call today for more details. 

Another way to make your offer appealing to the seller is to let them pick the title company of their choice.  Typically, buyers pay for title insurance and thus get to choose the title company.  However, most banks are willing to pay for the buyer’s title insurance if they (seller) get to pick the title company, aka closing agent.  In a perfect world I like for the buyers to use a title agent that I am personally aware of, but in dealing w/ bank REOs, the seller is in charge of most everything excpet for the price.  The price is set by the buyers in what amounts to a silent auction.

Here are many other finer points that can improve your chances:

• As a buyer have your financing pre approved, not merely prequalified.  Pre approved means that the loan officer has a full application on file, has pulled credit and has verified all information.  All that is left is a sales contract, good appraisal showing a minimum of contract price, and good title to the property.
• Use computer to generate all offer forms and addenda.  Gone are the days of chicken scratch faxed offers.  Today everything is printed in and sent via email in pdf format.  It’s also green!

If you would like more information about the preapproval process or offer structure options, please call today!

The easiest way to win in a multiple offer scenario is to be able to pay cash, close in 7 days and offer a minimum of full price.  If you do all 3, in my opinion you would win at least 85% of the time.  But what if you can’t pay cash?  Can you still win?  The answer is yes you can, but you have to put your offer in the best possible light.  For example:

• It’s not ALL about offer price.  Most buyers want to deposit the minimum amount for an escrow deposit.  If you want to win, I suggest offering your full down payment as the escrow deposit amount.  If you are planning on putting 10% down, offer 5% upon acceptance and 5% after your inspection period.  Sellers, especially banks, want to know you really want the property as they have multiple offers.  They do not want to waste time selling to someone who is unsure if they really want to close on the property.
• Typically, inspection periods in South Florida are anywhere from 7-10 days.  To sweeten your offer how about making it 3-5 business days?  A licensed inspector can usually be found the next business day to conduct an inspection.  Then that gives you an out if you have reservations.  All we have to do is submit the written inspection report to the seller, either as a negotiating strategy or to inform them that you do not want to move forward on the purchase.

There are many other parts of the offer that can also be addressed in order to get YOU the house!  For more information, stay tuned to my next posting or call/email anytime!

In this bipolar residential real estate market in Broward county, it is a very tough proposition for someone looking to jump into the real estate market for the first time.  The very most important idea to take away from this post is the following:

1.  CURRENTLY THERE ARE TOO MANY BUYERS BIDDING ON TOO FEW PROPERTIES!

The statement above affects everything else for the buyer looking to obtain their first home (of course this applies to ANY current buyer as well).  If a buyer can understand the ramifications of this statement then he/she can be successful in this market.

What this means is that if a home is priced right for the area/condition, there is a very good chance that there will be multiple offers on the property.  In this case, the listing price has to be used as a starting point rather than a firm asking price.  Most of the current inventory is bank owned properties (aka REOs) and short sales.  These owners/lenders have already lost a tremendous amount of money by the time a property has come to this point.  The sellers main objective is to have the listing agent price the property to attract multiple offers from which they can choose the highest and best from.

So the bottom line is this, if a property I show you has multiple offers, there is only going to be one “winner” and all other offers will be “losers”.  If my suggestions are taken, I will do everything possible to put your offer in the best light to the seller.  This will increase your chances of winning that property! 

Things a Home Buyer Should Know About Credit Scores

by Brandon Cornett

Go online and start researching the topic of credit scores, and you will quickly be overwhelmed with information and analysis. But in truth, there are only a few important concepts that you, as a first-time home buyer, should know about credit scores.

Here are five of the most important things to keep in mind when you start shopping for a mortgage loan - an even long before that.

1. Mortgage lenders will check your score.

When you apply for a home loan, you can be certain that the mortgage lender will review your credit score - among other financial factors. It’s not the only thing that will determine their decision, but it is one of the top factors of the mortgage-approval process.

If your score is low, you won’t even get your foot in the door. You will be rejected right from the start, or you’ll have a much harder time finding a willing lender. If your score is high, you will have more options and better interest rates available to you.

2. Your score partly determines the interest rate.

The interest rate is one of the components that will make up your monthly mortgage payment. Obviously, the principal amount you borrow is the largest factor that determines your monthly payment. But the interest rate plays a major role as well.

If you have a high credit score, you are more likely to get a low rate on your home loan. This in turn will reduce the amount you have to pay each month toward the mortgage. On the contrary, a bad score generally means a higher interest rate - and therefore a higher monthly payment as well. How much higher, you ask? That’s our next point.

3. A good score can save you thousands of dollars.

The difference between a good and bad credit score can greatly affect the interest rate you receive from the lender. It could be the difference, for example, between a rate of 5.5% and 7.2%. These may seem like small numbers on the surface, but when you apply them to something as large as a mortgage loan, we are talking about thousands of dollars over the life of the loan.

4. Your score comes from your own actions.

Credit scores are not arbitrarily assigned to consumers. Your score comes from the information contained within your credit reports. You have three of these reports by the way - one for each of the consumer credit-reporting bureaus.

So where does the information within your credit reports come from? It comes from your own personal actions, your financial history, and your previous use of credit. In other words, it’s a snapshot of how well (or how poorly) you have managed your credit in the past. Good behavior creates a good score, and bad behavior has the reverse effect. It doesn’t come out of thin air - it comes from your own actions.

5. There are no mysteries to improving a credit score.

There are a lot of companies out there who would like you to think that it takes some kind of special knowledge to improve a credit score. These companies make money from people who don’t realize they can handle it for themselves. So let’s set the record straight right here and now. You are the only person who can improve your credit score, and you can do it without paying any other company for assistance.

Pay all of your bills on time, maintain low balances on your credit card accounts, and use credit sparingly. These three things alone can help you earn and sustain a good score for years to come. And there’s no certainly mystery in that!

© 2009, Cornett Communications.

About the Author: Brandon Cornett is a consumer advocate and publisher of the Home Buying Institute. You may visit the author’s website at www.HomeBuyingInstitute.com to learn more about this topic.

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Call me to inquire about how you can sell your home for free if you are in a situation where your home is worth less than your mortgages!  There is no catch!  Free short sale assistance is available if you are living in the home as your primary residence and you are upside down.  Call today!