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

FYI - (these tips in this first time homebuyers series are not just for newbies/first time homebuyers)   Before I start.... A very important FYI -  Stop listening to the news & media !!!  There is still plenty of mortgage money available. You don't need perfect credit and 20% down. You can have less than perfect credit and 3% out of pocket. FHA loans can help you with this.   What is important when shopping for a home and shopping for a mortgage?  Preparation is usually the key for most things in life. Being successfulat it doesn't always happen overnight. And buying a home is usually the biggest investment is one person's lifetime. So, understanding the process is key, but that will be explained in another part. Just getting qualified seems to always be the biggest hurdle, depending on... 11/29/2008

Holiday Fantasy of Lights Bike Night Tradewinds Park Sunday, November 16, 2008 Registration Begins at 5:30 p.m. Bicycle through the Holiday Fantasy of Lights for this one night only at a cost of $5 per bicycle. The Holiday Fantasy of Lights is usually a drive thru (with your car) event but this night only bicyclists can pedal leisurely through larger than life animated light displays.  Each participant will receive a glow necklace and other activities include: a live deejay, bounce houses, and a rock-climbing wall.  Food and beverages will also be available for purchase.   The park did not do this last year for they did not een do the Fanasty of Lights. But its back and I am looking forward to it. The kids have there bikes ready, and I have pulled out the chair that attaches to my bike ... 11/15/2008

These are words that you do not want to hear from one of your customers already suffering through the trials of foreclosure and the loss of a husband. But yes, it happened to one of my customers the other day. My customer had received a notice on her door back early October and I promptly contacted the Lender to advise that the property is NOT VACANT and the homeowner is still living there. They assured me that all is well. Well, two weeks later all was not well. I contacted the Lender at about 3:00 in the afternoon to let them know of their error from their property preservation dept. They provided me with contact info to their hired third party company who does their maintaining of pre foreclosure properties.  This company was going to get their contractor right on it, back to the hom... 11/07/2008

It seems we're hearing more and more these days about the botched attempt by Agents trying to list a Short Sale when their heart and soul just isn't in it. So why do they do it? What are their chances of success? How loyal are they really being to their customer? Is it a question of ethics? Katerina Gasset a knowledgeable Short Sale Expert recently posted on such a situation that she experienced; please read her story too: Read Katerina Gasset's view on Realtors doing a short sale. I just think it's incredible and recently ran across such a botched attempt in acquiring another Short Sale listing here in Coral Springs.  I received a call from a desperate homeowner who is facing foreclosure. They had been referred to a Agent to list their home to be sold as a Short Sale. The Agent agreed ... 11/01/2008

One of my Short Sale Listings has really put me to the test of having to support the "Why" of an offer; Why should the Lender accept the offer. I received an offer on a Short Sale listing back at the end of Aug. The offer came in about 7% below list. Not too bad. The Lender ordered the BPO that came in almost 20% above list. WHAT? Where are these numbers coming from? I challenged the BPO and went back to the solid market statistics for the area that I had already presented to them; recently sold homes and their prices, inventory of homes, condition of subject home. etc. And all clearly indicated the offer price was within an acceptable range for an offer. The Lender reviewed and said "yes", you're right we'll adjust the fair market value down a bit and this is what me must net. Still, n... 11/01/2008

Whole Foods Market in Coral Springs Florida on University Drive is a great place to shop for all your high quality family brands for any occasion; big and small. During the month of October there are a number of great events to attend and one fast approaching is: Allegor Coffee with the Mayor, Scott Brook Come in to the Whole Foods Market on October 22nd from 8:30 a.m. - 10:00 a.m. and meet Mayor, Scott Brook. Complimentary Allegro coffee and scrumptious breakfast pastries will be waiting for you while the supplies last. This is a great opportunity for you to visit with the Mayor in a welcoming environment to talk about what may be on your mind in regards to our city of Coral Springs. Got a question, come on it and meet the Mayor. If you indeed would like to meet with the Mayor, the cit... 10/10/2008

So I got an email from a fellow rainer last night saying Halloween was going to suck with a picture in the email. I must agree with her on this.   But at the same time, luckily we don't trickor treating within the neighorhoods. I take the kids to the local mall. The Coral Square mall located in Coral Springs. For the last 4 years that is where we go. I get there early enough before the big kids show up and leave early. They usually start the trick or treating around 4-4:30. So we usually would get there around 3:30. It's what we plan on this year as well. If you would like to attend here is the info, and after the mall trick or treating they are planning a Monster Mash. Not sure what that is, but sounds like fun. Coral Square Mall's Monster Mash DJ's, Dancers, Games and Prizes!Halloween... 10/09/2008

IT's still a great time to purchase a home or to refinance !!!!   Lenders still have money to lend. WARNING... WARNING.... buyers can still buy with little money out of pocket, all thanks to FHA mortgages. There has been a lot of doom and gloom out there in recent months. It's not even the media that is spreading the negative news. Realtors, loan officers, and even many of the consumers are telling others that there is no money to be lent. If not, many are asking questions if there is any money to lend. With all the news mentioned above, not once have I heard that there are some lenders still lending money. And it's really not that hard. You still don't need stellar credit. In regards to FHA loans, you can still have a FICO score of 550 or higher, as long as the credit meets FHA standa... 10/09/2008

In effort to get kids wearing there helmets while riding there bicycles, the coral springs police department will be giving away kids meals certificate. So if you live in Coral Springs, you better be wearing your helmet.   CORAL SPRINGS - Police in this city will be on the lookout for kids wearing bicycle helmets. And if they catch you wearing one, you better be hungry. The police department will be giving away certificates from Chick-Fil-A for free kids meals to riders who are "caught" wearing their helmets, during an awareness campaign being conducted by the city's Bicycle Unit. Chick-Fil-A has donated 500 kids meals to the city for distribution to elementary school students in an effort to increase awareness about bicycle safety, said Sgt. Joe McHugh. Chick-Fil-A donated 500 certific... 10/07/2008

Contrary to many opinions Short Sale property listings are selling here in Coral Springs, Coconut Creek, Parkland and surrounding cities.  What makes them so special and why are they selling? They're a great opportunity for a qualified Buyer to purchase a home at a great price. Due to declining market values here in South Florida, Short Sale homes are priced at prices that will get them sold. Unfortunately, too many home sellers that aren't distressed have their homes priced at values that Buyers do not find attractive; overpriced for the current market. Those homes listed as a Short Sale with a Realtor who specializes in Short Sales will be in a much better position of getting the home sold compared to a traditional Realtor; one lacking in Short Sale experience. Short Sales demand an e... 10/02/2008

I recall when Short Sales were really becoming an ever increasing part of the South Florida real estate market. Foreclosures month after month were increasing. I had made the decision that I wanted to help the distressed homeowner and put my focus on Short Sales and received advice from others in the industry to not concentrate on Short Sales - why not I had thought. Then as having recently closed on a Short Sale with Wells Fargo, I know why I made that decision some time ago as it is way more than simply getting someone's home sold. It's about making a difference in your customer's lives knowing that I did all that I could to help my customers avoid foreclosure.  Let me share with you what I mean about what this has meant to one of my customers: "I think I found the best Realtor on the... 09/24/2008

With the recent financial markets reeling in turmoil, industry experts and administrations are putting on their thinking caps in hopes of finding some resolution to what affects Wall Street and the housing industry. Take a look at the Short Sale and how it can help.  You hear talk of bailouts to those facing foreclosure with government throwing them a life rope. You hear of the alternatives offered in a Loan modification and if that doesn't work then foreclosure is imminent.  Offering a loan modification to someone who had a small hiccup along the way but now clearly demonstrates that their income and debt will support a loan modification is a fabulous option. But offering a Loan modification who really can't firmly demonstrate their ability to pay their loan is just stalling the proces... 09/20/2008

The good news is ... inventory levels in South Florida continue to decline from a high of 41,196 (October 2007) to 38,360 today (a decline of 6%). Also, we have gone from a 4+ year supply of homes to a 2 year supply of homes. These are all solid indications that we are approaching the bottom of the housing crisis. Unfortunately the decline of inventory is not due to increased sales. The decline is because home owners are taking their homes off the market ... 26,641 listings have expired this year. Additionally, the foreclosure rate continues to skyrocket ... 25% of all properties for sale in South Florida are either bank owned or in pre-foreclosure. The bank owned properties will continue to dominate pricing for 2 more years ... some segments locally have seen a 26 -- 29% drop THIS YEA... 09/19/2008

Typically from May through September us Floridians do a lot of sweating with temperatures raging up into the 90's. We wake up, watch the morning news, see another day forecasted of high 80 to low 90 degree temperatures, take a shower to get refreshed and ready for another busy day. We step outside of our comfortable 65-78 degree cooled homes and in nothing flat that refreshing shower is gone in a flash as beads of perspiration immediately pool up on your forehead heading straight for the rest of your entire body. Ha....and forget about any hairstyle as your once fancy style is now a mass of mess as the humidity moves in.  NO....NO....NO... it's really not that bad. Especially when we know what's right around the corner come late October through April.               Absolute paradise; th... 09/15/2008

Where do you go for Short Sale help? A year ago, you couldn't hardly find any information about Short Sales and now you're inundated with info about: What is a short sale? Can a short sale help me? Is it better than foreclosure? Do I have to pay a fee to have my home sold as a short sale? Do I have to have missed payments on my mortgage to do a Short Sale? Can I do a Short Sale myself? Do I need a Realtor? Can any Realtor successfully handle a Short Sale? The questions go on and on.......... To summarize in a statement: A Short Sale can help you to avoid the devastating effects of a foreclosure when your Lender agrees to settle your account when a Buyer agrees to purchase your home for less than the mortgage balance whether or not you have missed any payments and you don't have to pay a... 09/12/2008