Verbal Offers / Low Earnest Money Deposits: Homes For Sale: Homes For Rent

Whether buying or selling real estate there comes a time when a verbal offer is made or received as well as one with a relatively low level of an earnest money deposit.  I recommend buyers put forth an offer in writing with a reasonable amount of money in an escrow account. 

Many buyers do not want to "waste time" putting together an offer or "tie up" money in escrow.  However, if representing a seller I would like to know that the offer is a serious one and will be willing to stay the course through the entire process of a real estate transaction.  If not, you run the risk of being passed over for another "deal" that comes along.

As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

An Analytical Approach To Buying, Selling And Leasing Real Estate

http://MYsouthFLrealestate.com

Referrals are appreciated and welcomed.


Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Homebuyer Mistakes: Homes For Sale: Homes For Rent

A recent article entitled "Five Common Mistakes Homebuyers Make" in the Sun-Sentinel caught my eye.  The article started out stating that housing market  has enjoyed a resurgence during the past few months.  We talked about this in a few recent posts.  Because of the change in the market, some homebuyers are making common mistakes, the article argues.  I think it is worth discussing these "common five mistakes."

1) Sticking with low-ball offers- given the current state of the market, a "steal" is no longer in the works.

2) Taking too long to "sleep on it"- the article states what we have been discussing as well, which is "properites prices appropriately in desirable neighborhoods tend to go under contract within days or weeks or sometimes hours."

3) Littering the contract with contingencies- a 30 day inspection period or being contingent on a relative touring the property won't "fly" in the current market.  It is recommended that the contract come in "clean."

4) Failing to make a personal impression on the seller- some homes get two or three bids and the article states the winning bid is not only about money.  The article suggests buyers should  meet the seller's agent, strike up a conversation with the listing agent because they have input with the owner as to who will ultimately have the winning bid.

5) Waiting to get pre-approved for a mortgage before starting the search - I couldn't agree more.  Getting financing in place is important in the market, which the article states is about 50% cash buyers in South Florida.  Some sellers even require a pre-approval letter before an offer is made.

The article talks about what is a "pre-approved" buyer-- the article states, " a pre-approved buyers has submitted pay stubs, bank statements and other paper-work and received a commitment for a specific mortage amount from a lender."

As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.


For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

http://MYsouthFLrealestate.com

Referrals are appreciated and welcomed.


Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Schools Affect Housing Prices, Boca Raton Among The Best Areas: Homes For Sale: Homes For Rent

The Brookings Institute, a nonprofit public policy organization, came out with a study that was referenced in a recent Sun-Sentinel article.  The study found in the nation's 100 largest metropolitan areas (that included South Florida), housing near high-rated schools costs nearly $11,000 more than homes near low-rated schools.

One of the selling points to Boca Raton in South Florida is the consistently high ratings of the schools.  A recent article in the Sun-Sentinel stated Boca Raton has 16 of its 17 schools rated A.  In Broward County, schools in Pembroke Pines, Coral Springs and Parkland were mentioned as having desirable homes because of the schools.

The highly-rated public schools allow children to get a great education without having the large expense of a private school.

As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.


For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

http://MYsouthFLrealestate.com

Referrals are appreciated and welcomed.


Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Don't Forget To Get Permits Closed: Homes For Sale: Homes For Rent

A recent article in the Sun-Sentinel reminded me of one of the first questions I asked one of my latest clients in the sale of their home.  The article's title was "Expired Permits Rampant-- Thousands of Home Sales Delayed."

When I looked over the home in order to get a sense of value and how to market the home, I realized there was some work that had been done to the home.  It seemed like there was an addition in the back among other things.  When I saw this, one of the first things I asked was whether the permits were closed-- reason being, I didn't want to have a problem when we were at the end of the sales process.

According to the Sun-Sentinel, there are thousands of open and expired construction permits in Palm Beach and Broward counties.  Doug Sheedy, code compliance chief for Boca Raton was quoted as saying, "it's important for us safety-wise to know what's going with the permits."  The safety factor means home additions, enclosures, electrical wiring, new roofs, etc. need to be certified as safe through inspection.

If the work that was done did not have proper permits or closed permits, it could delay the closing of the sale of a home and cost the seller money to get the proper inspections done prior to closing on the home sale.  According to the Sun-Sentinel article, most real estate contracts now put the onus for resolving open or expired permits on buyers.  The article goes on to say insurers and mortgage holders will not overlook any imperfection in home titles.

Toward the end of the process of buying a home, the title company will run checks for permits.  An expired or still open permit could delay a closing for months.  Sellers need to be aware of this issue and be sure to check that any work permits were properly taken care of.

As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.


For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

http://MYsouthFLrealestate.com

Referrals are appreciated and welcomed.


Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Some Costs Associated With Buying A Home: Homes For Sale: Homes For Rent

Buying a home is a way to increase equity through making mortgage payments. Another potential positive is price appreciation of the home. These are financial benefits of owning a home.

There are also some costs that associated with buying a home that people need to be aware of.

Inspection and appraisal costs usually paid by the buyers.

Closing costs are typically 2% to 4% of the mortgage amount.

Taxes are also costs collected on the home and they tend to increase over time.

Insurance is another cost that will most likely rise over time and lenders will require home insurance.

Community fees (homeowners and condominium fees) are typically paid quarterly and/or monthly.

Utility bills, lawn maintenance and continuious repair bills are also things to take into consideration.

As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com

Referrals are appreciated and welcomed.

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Low-Ball Offers: Homes For Sale: Homes For Rent

In order to increase your chances of having a low-ball offer accepted, buyers need to keep several things in mind.

My suggestion is to find a property that has been on the market for a while; 12 months or more is a good start.

The purchaser needs to have a good idea of the current market. Understanding the local market and recent industry trends is a must. Finding a Realtor who is versed in the subject is important, in my view. You can utilize this Blog as a source to get an idea and I encourage you to follow up with me for more detailed information.

Having the right representative negotiate the deal is also important. Being versed in the industry and having the necessary negotiating skills to consummate the deal is also key.

All of this leads to being able to deliver the message with facts to back up the offer. Someone with analytical skills to dissect the situation and deliver the offer with factual information will help to get a low-ball deal done.

The offer needs to be direct and concise without leaving much ambiguity. Making a clean and strong offer helps to "grease the wheels" to get this type of deal to the finish line.

The buyer also needs to have a final number in mind and know when to get to the final and best offer you are willing to make. This allows the agent to be able to negotiate in a fluid manner and not seem uncertain. As mentioned earlier, the offer needs to be clean and negotiations need to get directly to the bottom line.

The buyer must be pre-qualified and or have proof of cash funds. The buyer should not believe cash will ultimately win. Sellers are looking for the most they can get. If it means going with a pre-qualified buyer rather than a cash deal, then so be it. The point is, cash buyers should not be too overconfident.

If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

www.langrealty.com/agents/michael-friedman

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Is Now A Good Time To Buy A Home?: Homes For Sale: Homes For Rent

Is now a good time to buy a home? I think the answer is yes IF: you have a stable job and expect to live in the home for 10 years or more. Yes, interest rates could fall a bit more and prices as well-- but if you plan to live in your new home for 10 years or more, I think the benefits of buying near-term would outweigh the costs at this time.

Let's look at some of the factors in making such a decision:

Interest rates: Now is a good time to buy on interest rates alone. As mortgage interest rates rise, purchasing power falls. Rates are near historic lows right now.

The Federal Reserve will eventually raise some benchmark rates and it also has a large portfolio of mortgage securities to sell off in the future-- this will put upward pressure on rates.

Also, inflation is beginning to rise and some analysts think it will continue to creep upward. As inflation increases, lenders will want to hedge against the US Dollar being worth less-- and will raise interest rates as a means to that end.

Home Prices: The banks are trying to keep home prices from plummeting by slowly releasing distressed properties into the market. The predictions on home prices vary from a minimal decline from here to another 25% decrease. But, this is a very local issue that needs to be looked at carefully in the area of interest.

When the market does hit a bottom, it will most likely not rally like we had seen in the "bubble" period. The real annual return on a home is approximately the rate of inflation. Therefore, homebuyers should not be investors looking to "flip" homes for a profit, in my view.

Lastly, even if prices were to decline further a rising interest rate might wipe away as much purchasing power if you wait.

Mortgages: Banks have tightened their lending requirements post-bubble. A bigger downpayment is required and your credit history is very important. Currently the government guarantees over 90% of the mortgages in the market. The government will most likely begin backing away from this practice and when it does will most likely require about 20% as a downpayment.

Financial Situation: The housing market will most likely continue to be soft in the coming years. The sale of a home will not be quick or easy, most likely. It is important to purchase a home you feel you will be able to afford for a while and you should not stretch your budget to afford it.

Also, the buy versus rent argument goes that rents may rise while your fixed mortgage costs will not. A fixed interest rate mortgage is a good hedge for inflation because inflation will cause wage increases; this coupled with your fixed costs will help make it easier to afford the payments.

Again, if you are economically stable and plan to live in the home for 10 years or more, I think now is a good time to take advantage of the current advantageous affordability levels of homeownership.

If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.


Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Homes For Sale: Why Are More Real Estate Buyers Doing Cash Deals?

I have noticed the trend in my own business-- more cash deals. The National Association of Realtors recently published data indicating 32% of homes bought in the US during January 2011 were cash buys compared with 26% a year earlier. I am writing up a cash deal now that started out as one that would be lender financed. Why is this happening more often?

We have discussed weak appraisals in the publication in previous postings. Prices remain weak and lenders are using foreclosures in compararable data. The banks want to be sure they will have adequate collateral and are using discounted foreclosures in their assessment of worth.

Sellers are more motivated by cash deals for this very reason. The seller is not held up by appraisals causing deals to fall through. Therefore, sellers are more motivated to take less money for the increased likelihood the deal will be completed.

Some condominium buyers cannot get financing as a result of falling short of Fannie Mae and Freddie Mac requirements. These agencies will not guarantee mortgages in condo communities where 70% of units in a development are not owner-occupied. Fannie and Freddie guarantee most of the mortgages issued in the US.

Other potential borrowers do not want to be subjected to the onerous process of being approved by a lender. Banks tend to want to look into every aspect of a potential borrower's finances; there are many pages of paperwork to be filled out; and people who can afford to self-finance sometimes decide to opt out of this process.

Many distressed properties do not even qualify for financing because they are in such poor condition.

Real estate investors are beggining to be more active, in my opinion, and the cash only incentive allows them to buy more cheaply. In addition, the investors do not want to have to worry about interest and payments if they can avoid it.

If you are thinking of selling or buying a home, or require more information, please feel free to contact me.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Homes For Sale: Reasons To Be Bullish On Real Estate

There are plenty of reasons to be cool to the real estate market; this is not limited to looming shadow inventory, extended high-levels of unemployment and geopolitical instability. However, there are some reasons to be optimistic about the US housing market.

The anecdotal evidence I have received seems to indicate local South Florida real estate offices have seen a pick up in traffic during the past several months. The tide may be finally turning and here are some reasons why:

Jobs: the unemployment rate has shown some improvement during the past several months, with national unemployment finally reaching a level under 9%. Polls have shown that Americans believe the employment situation is improving.

Consumer Confidence: the job situation is giving people a better sense of job security. We have seen improving retail information, and this should further increase confidence. More optimism means more planning for the future, which typcially involves home buying.

Young Adults: planning for the future has been something that has been put on hold for many recent post-college graduates. The economic situation has caused many young adults to live at home-- this has caused pent up demand for this age-group.

Foreclosures: despite many foreclosures, lenders have been judicious at doling out the excess inventory in order to not destroy the value of their inventory. Foreclosures will continue to trickle out into the market-- no flood predicted here; should stabilize housing prices.

Inflation: with the current geopolitical sitution, increased food and fuel prices, inflation is again on the minds of consumers. Historically, real estate has been a good hedge against inflation. The expectation of higher prices should spur action for those who have been sitting on the sidelines.

Higher Rents, Low Rates: It has been a buyer's and landlord's market in recent years. As such, the price of renting has been increasing, especially as it has been more difficult to obtain financing. However, those who can afford to buy a home can take advantage of the historically low interest rates and being in the driver's seat for buying.

Investors Are Engaged: the slow trickle of distressed properties onto the market has allowed the investment community to raise funds and seek out deals. The deals remain and so do the investors. I recently put in an offer for an investor and during the same week had an investor customer call for information-- getting ready to make several offers.

If you are thinking of selling or buying a home, please feel free to contact me.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

More International Home Buyers In South Florida

I market my properties to a worldwide audience as well as work with international buyers. Non-US clients have become a bigger source of home buyers in the South Florida market recently. I believe the weak US Dollar is among other reasons for the increase in foreign home purchases in South Florida.

Our friends from Canada have been frequent buyers of South Florida homes and we are seeing more Latin and European buyers. I recently spoke with a prospective home buyer from England. We work over the phone and via e-mail in an attempt to narrow down the search for an in person visit. This happens frequently with out of town US buyers, such as those in the New York tri-state area.

A recent survey by the National Association of Realtors brought forth this trend.

The survey stated 65% of Florida Realtors have dealt with an international client in the last 12 months.

Florida Realtors in the survey stated international clients have become a larger part of their business in the past two years (33%). Half of the respondents stated international clients accounted for 25% of their business or less.

Almost 40% of the international client based comes from Canada, according to the survey with 15% from the UK and another 14% from Western Europe. Latin America accounted for another 16% and other countries included Germany, Venezuela, Brazil and France.

Marketing properties to international clients is important, as well as working directly with international buyers. Investors from outside the US have focused on the South Florida real estate market. I am working with some and continue to focus on this important customer segment.

If you are seeking to buy, sell, rent or lease your home, please contact me.

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100

http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty