As some of you have heard, the Federal Reserve is buying up 10 year notes and mortgage backed securities at record levels. What does this mean?  Much lower mortgage interest rates.  Will this be good? Many think so, but I don't see it helping. I'll explain in a few. Here is what Bloomberg reported in an article that they wrote. "The Federal Reserve opened a new front in its battle to bring down borrowing costs across the economy, pledging to buy as much as $300 billion of Treasuries and stepping up purchases of mortgage bonds."   Here is part of my problem.... Bloomberg again said... "bringing down the borrowing costs across the economy"....   I guess that is one way of putting it.  To me, borrowing costs would be monies to actually buy the home. Sure, lower interest rates lower your ... 03/18/2009

 So How do you think you did? Do you know Short Sales like I do?   A Short Sale is better than a foreclosure. True or False?            TRUE: A Short Sale will lessen the adverse effects to your credit and put you in a more favorable buying position for the future. In fact, FHA guidelines will consider a Short Sale borrower within two years of  having the Short Sale.  We all know how fast two years  can fly by. 2.  I must be late on my mortgage payment to qualify for a Short Sale. True or False?            FALSE: These seems to have been commom practice some time ago, however Lenders no longer demand that you miss your mortgage payments to qualify for a Short Sale. It is the demonstration of a hardhip that your Lenders are looking for. 3.  Using a Realtor that has been in Real Estate fo... 03/06/2009

Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-015958 11777 NW 30TH STCORAL SPRINGS, FL 33065 $55,500 2/2 03/06/09 03/15/09 Owner Occupant(Investors bid on 2009-03-16) View Map   View Property Details Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-016239 3022 CORAL RIDGE DR #214BCORAL SPRINGS, FL 33065 $52,000 2/2 03/06/09 03/15/09 Owner Occupant(Investors bid on 2009-03-16) View Map   View Property Details Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-020182 929 CORAL CLUB DRCORAL SPRINGS, FL 33071 $54,000 1/1 02/27/09 03/08/09 Owner Occupant(Investors bid on 2009-03-09) View Map   View Property Details Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-017365 3024 CORAL RIDGE DR #215C... 03/05/2009

Avoiding foreclosure is the talk of the town; you can't ignore it's presence and the vast numbers of homeowners who are being affected by the threat of foreclosure.  There are experts everywhere ready to lend a hand. How do you know who can help you to avoid foreclosure by selling your home as a Short Sale? What are the lies and truths about Short Sales? Test your knowledge by taking the Short Sale Quiz below. A Short Sale is better than a foreclosure. True or False? I must be late on my mortgage payment to qualify for a Short Sale. True or False? Using a Realtor that has been in Real Estate for years and years doing traditional Real Estate transactions can do just as good a job if not better than a Realtor who specializes in Short Sales. True or False? I must be living in my home for m... 02/26/2009

        Mortgage interest rates will go much lower in less than a month. Wait, interest rates will go higher in a month. No, wait, interest rates will go much higher by the end of the year, possibly to double digits. So, are you confused?  Where are you getting your information from? I have heard both from the news media and the government that they will lower rates. We heard back in November 2008 that rates would go to 4.5%. But you can go to 4.5% now, but depending on the loan amount, the LTV, and your credit scores, it could cost you anywhere from 3 to 4 points to get that rate.         Well, thanks to the new stimulus bill, there is major talk about lowering the interest rates. And some reports are stating as low as 4.0%. Wow, that would be awesome, or would it? Okay, let's clear th... 02/20/2009

Gardenfest of Coral Springs at Riverside Park is hosting a lovely event this weekend in Coral Springs for the lover of gardens. Whether or not you're the hard core gardener or dabble in an occasional gardening, the Gardenfest will have something for you. Come enjoy many varieties to include orchids, roses, herbs, succulents, palms and native plants, and more. You'll also find garden display items to enhance your garden. Oh how I love to garden. If I had more time I'd garden day and night. Gardening is such a wonderful way in which we can further enjoy our homes. There's nothing like the beauty and fragrance of enhancing your homes landscape. We're so lucky living here in Coral Springs of South Florida, able to enjoy year round gardening enjoyment. The event is being held at Riverside Pa... 02/19/2009

Post after post, comment after comment throws a Short Sale transaction in the trash. Oh, I get so frustrated!.....as it just isn't so. They're here, there now and they're closing! If an Agent is involved in them from the Seller or Buyer side and they aren't working there is probably a good chance that it is not being handled properly; quite simple. SHORT SALES OFFER THESE BENEFITS: Save homeowners from foreclosure Lessen Lender losses Cushion the neighborhoods' property values from declining from massive foreclosure overload Give Buyers an opportunity of home ownership at a great price Plus many more. It is not typical for anyone to speak highly of something if their experience has not been favorable. If they haven't been educated on a process that requires different skills and methods ... 02/14/2009

This seems to be a question that many Buyers are asking themselves these days as Short Sale seem to be everywhere. The idea to post on this today came from a conversation that I had today when I phoned a Buyer's Agent to follow up from a showing notification that I received from my showing service. When I phoned the Agent to find out what her customers interest was in my Short Sale property listing in Coral Springs Florida she said,"...oh, we never went to see that as my Buyer didn't want to have anything to do with a Short Sale..." (The fact that she never called to cancel the showing is a whole other post.) So why are so many Buyers still afraid of a Short Sale? They heard from a co-worker, a family member, a news or blog story that  Short Sales are horrific. But that is all a matter ... 02/10/2009

  Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-017377 3015 NW 118TH DR #124CORAL SPRINGS, FL 33065 53,000 2/2 02/06/09 02/15/09 Owner Occupant View Map   View Property Details Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-017365 3024 CORAL RIDGE DR #215CCORAL SPRINGS, FL 33065 53,675 2/2 01/23/09 Daily All Bidders View Map   View Property Details Property Case Address Price Bed/Bath List Date Bid Deadline Priority 092-949362 4120 NW 88TH AVE #201CORAL SPRINGS, FL 33065 39,900 1/1 01/16/09 Daily All Bidders View Map   View Property Details Property Case Address Price Bed/Bath List Date Bid Deadline Priority 095-017618 3017 NW 118TH DR #224CORAL SPRINGS, FL 33065 52,250 2/2 01/09/09 Daily All Bidders View Map   View Property Details P... 02/08/2009

According to the center for responsible lending, since 1/1/09 there has been a foreclosure ever 13 seconds. As of this writing the counter is at 244,286. Florida foreclosures are at 42,546 since 1/1/09. I hope at some point all these homes need to be appraised. Website: center for responsible lending: http://www.responsiblelending.org/index.html If you need an appraisal in south florida check us out at http://www.coralspringsappraisers.net   02/06/2009

Three banks in Florida, Maryland and Utah were closed yesterday. Home values continue to decline. People are afraid to buy a home now for fear they may lose there jobs. Home prices doubled in a five year period in Florida but wages didn't double. The doubling of home values was induced by the demand of buyers who could never afford the homes they purchased without the artificially low adjustable starter rate. The monthly payments many of these buyers were paying weren't enough to cover the mortgage and the deferred balance was put on the back end of the loan each month. The starter rate ended after  2 to 5 years and its time to pay the piper. Many people lied about there ability to pay - no doc liar loans - and now the scheme is up for a lot of these buyers. Just because home values hav... 01/31/2009

We all know the devastating effects of foreclosure and Freddie Mac has come up with a plan to lessen the effects. Just today, they announced a brilliant plan to stop homeowners and renters from being faced with the horrific event of being evicted from a home that has been foreclosed on. It's not an across the board blanket of approval for the homeowners and renters as they do have to qualify. However, for the many that will qualify this gives them an opportunity to go month to month until they find a new home. How do homeowners and renters qualify? They must show proof that they have the income to pay the rent. I can imagine that they will look at bank statements, paystubs and a financial statement that shows income and expenses. What are the terms of leasing? The leasing will be on a m... 01/30/2009

The (UL) Underwriters Laboratories recommends dryer vent cleaning for clothes dryer safety.  The UL is an independent testing laboratory that establishes standards for residential, commercial and industrial electrical products and their safety.   About 80 percent of all homes in the US have clothes dryers; that's about 82 million homes with potential fire hazards if the lint traps and dryer vent systems are not properly maintained.    The US Consumer Product Safety Commission estimates that over 15,000 clothes dryer fires occur each year in the US, accounting for about 10 deaths, 300 injuries and over $84 Million in property damages.  Lack of proper maintenance is the major cause of clothes dryer fires.   The Anatomy of a Clothes Dryer Fire   Each full load of laundry contains about hal... 01/25/2009

I have plenty of thoughts on Martin Luther King, Jr's memorial celebration as it relates to my experience, but today I was impacted emotionally by Thomas W. Dortch, Jr. First.....I am delighted to live in a city (Coral Springs, Florida) that embraces diversity.  When my kids were in elementary school here in Coral Springs, I was ELATED, that there were no lines between people.  Thank Goodness, prejudice was not as prevalent.  Since I did not grow up in this environment,  I was thrilled that my kids had a better experience! That's not to say that prejudice does not exist......it is just better here! Let me give you the Dictionary version of, " Prejudice": (an unfavorable opinion or feeling formed beforehand or without knowledge, thought, or reason.) The key to this definition is WITHOUT ... 01/15/2009

J.P. Taravella which is the high school in Coral Springs, Fl is going the the Inauguration. One of the biggest things this high is going to do! What an honor it is to be able to play for the first African American president! There is only one problem, they need help raising money to go. They are almost there but need more help! It is great to see the local community helping out! If we can give some more help it would be so much appericated! With just 10 days before the band boards a bus and departs for the nation's capital, local groups and businesses are answering the call to raise $150,000 needed to cover the Coral Springs band's expenses. Otherwise, at least a dozen of the 172 band members expected to make the trip might have to stay home.The John S. and James L. Knight Foundation in... 01/07/2009

Back in July I posted about a local Mortgage Broker who was being convicted of mortgage fraud. I have gotten several comments from friends of his that he was innocent and his name was just being taken through the mud. Well today in the paper this is what I found:   U.S. District Judge William Dimitrouleas said Anthony Dehaney, 57, led a plan that cost banks millions and his sentence should send a signal to others tempted to skirt the law "to make a quick easy buck." The sentence--among the toughest to date in a mortgage fraud case--exceeds a prosecutor's recommendation for a roughly five-year prison term. Dehaney, a Jamaican national, will likely be deported after completing his sentence, said prosecutor Jeffrey Kay.   So it goes to show that mortgage fraud is not being taken lightly! N... 12/30/2008

  In the last Chapter 4, we learned what happens when you get an offer to purchase your home as a Short Sale: Short Sales for Sellers (Chapter 4) What happens when you get an offer to purchase.  Now, the offer has come in and all required documentation has been submitted to your Lender.  Now, you sit back and wait; WRONG! You sit back but your Realtor doesn't. The fun is just beginning! Now we are in the negotiation phase of a Short Sale. This isn't for the faint of heart or for those who don't like to push the envelope. Your Realtor must be sharp as a tack, willing to break out in sweat to get the job at hand completed and be ready to negotiate.   Let's take a look at some of the things that can likely happen to your Realtor during this phase: The Short Sale documentation that they ha... 12/29/2008

Cypress Glen is a wonderful community located in Coral Springs, FL. The homes in this community are single-family homes that feature lake views, skylights, hurricane shutters, screened-in-patios, pools, and two car garages. Many of the homes have waterfrontage and canal views. The size of the beautiful homes in Cypress Glen range up to 6,000 square feet, and the average price range is from $139,900 up to $949,000. http://www.ocean30.us/idx/residential/R2949916/details.html http://www.ocean30.us/idx/residential/R2983341/details.html   12/29/2008

  FHA loans have been the main source of financing in the last 6 months. What I hate hearing is that they have taken the spot of the subprime loans. This is not true by any part of the imagination. This statement is from those that are inexperienced in both the mortgage and the real estate industries. The realization has been that 30% of the subprime mortgages in the last 5 years previous to the last 2 years should have been FHA mortgages, not subprime. And that is a hard core fact. The subprime loan for many years could go down to a 500 credit score, depending on your equity position. But your rate was usually higher. If your score was higher, the less you needed to put down, the lower your rate. Sounds good, right?  Wrong, because the subprime rate was usually higher than the FHA rate... 12/20/2008

"NO"... your short sale has not been approved - it has been denied. Oh well, I guess I did my best; I listed the home for sale as a short sale, took an offer and sent in the paperwork requested. didn't bother to take any photos of the home and thought I'd just wing it through the process as I was just happy to get a listing in these tough Real Estate market times. WRONG...WRONG...WRONG.... If you take on a listing, you should be prepared to represent your customer towards achieving their goal; a sold home. I have made the choice, yes, I do have choices in which way to take my Real Estate career and the choice was made to help distressed Sellers who must sell their home to avoid foreclosure.  The choice wasn't made lightly. I knew that I had to arm myself with the tools/knowledge to be s... 11/29/2008