So You Want A Great Deal . . .Tips For Buying A Forclosure

I love a deal. Don’t you? According to Realty Trac, that released a report that shows foreclosure filings are down this year. Realty Trac touts foreclosure filings are down nationally by over 23 percent when compared to the same time last year. And as home prices continue to increase, many real estate experts say that the number of foreclosures will drop even more. However there are still opportunities out there.

As a home owner that has previously purchased a foreclosure in South Palm Beach County I want to take some time and talk about a few tips that helped me get the deal and hopefully will help you.

Do your RESEARCH on the market and the area you want to live in! Find out the dish — in troubled times, no more than the past three months — selling prices on neighboring homes. Comps or Comparables which show what the comparable homes in the neighborhood are selling for are imperative to help you gain perspective. To be realistic, the comp prices should factor in all auction-purchases and short-sale homes in addition to standard multiple listing service sales.

Open Houses . . . Don't miss those open houses; they typically run from one to three days. Try to come to auction in love with 5 properties instead of just one. Bring detailed information and photos of each house you're interested in to avoid confusing homes and or properties and to help you get the house you want.

Timing is Key . . . When several bidders are jockeying for a property, wait until the bids start to die down before making yours.

Think about what you are wearing . . . I know it sounds silly but, often some buyers will dress like bankers and arrive early to position themselves near the auctioneer. That's so other bidders will assume they're representing the lender and possibly shrink back from a bidding war. It’s not a bad strategy.

Big in your Contractor in toe, they know costs. And this will keep you from overlooking hard-to-spot damage and flaws like mold often a four letter word in Real Estate. Contractors are able to give you a more accurate picture of what you're buying. Pay special attention to plumbing and mechanical systems as they can be expensive and challenging to repair.

I bought a foreclosure because, I walked in and just fell in love with it . . .But I am the first to warn that it’s not for everyone. My purchase accompanied a lot of hard work, sweat, additional monies and professional help in order to get my purchase to feel like my home.

When I should start searching for a Realtor?”

I recently was posed this question by an international buyer looking to buy her first home: 

“I'm in the early stages of planning to purchase my first home within the next 12 months, and I'm not sure when I should start searching for a Realtor?”

That's a great question. If you'd like to build a relationship with an agent, I would suggest you talk to some now. You can set up a time to meet with them to discuss your needs and get a feeling on how they work. I've been interviewed by buyers many times. 

Ask questions about the process, market areas, what services they provide. You are making the biggest purchase of your life and you should feel comfortable with who you choose to work alongside.

There are great resources like REALTOR.com's® which is an extensive listing of community professionals and properties. Other sources include open houses, local advertising, Web sites, referrals from other REALTORS®, recommendations from neighbors, friends and suggestions from lenders, attorneys, financial planners and CPAs. The experiences and recommendations of past clients can be invaluable to your search.

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What should you expect when you work with a REALTOR®? 

Once you select a REALTOR® you will want to establish a proper business relationship. You likely know that some REALTORS® represent sellers while others represent buyers. Each REALTOR® will explain the options available, describe how he or she typically works with individuals and provide you with complete agency disclosures (the ins and outs of your relationship with the agent) as required in your state.

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Once hired for the job, they will provide you with information detailing current market conditions, financing options, pre-approval steps and negotiating issues that might apply to a given situation.

Remember: Because market conditions can change and the strategies that apply in one negotiation may be inappropriate in another, this information should not be set in stone. During your time in the marketplace it’s their job to keep you updated and alert you to each step in the transaction process.

If you’re looking in the South Palm Beach Area in Florida, I’m always happy to help, please don’t hesitate to ask and or submit questions to me.  

www.jillsellsflhomes.com

Delray Beach to hold Education Town Hall meeting

Any family with school aged kids in the Delray Beach area should check this out! On October 17, 2013 at 7pm the City of Delray Beach is hosting a Town Hall meeting for residents to get their questions answered about the education in the city. The meeting will be held in the auditorium of Atlantic High School, 2455 W. Atlantic Ave.

(To check out, how your local schools stack up click on the bus picture) 

As reported by Jason Schultz of the Palm Beach Post, Mayor Cary Glickstein said “City officials didn’t call the meeting in response to any particular concern or complaint expressed by residents over education, but rather as a general effort for the city to become more proactive in making its overall vision for the education provided at schools in the city a reality. “He continued “Washington and Tallahassee aren’t going to solve our problems and the school board has limited resources. We need to be more proactive in moving things down the road.”

The Goal is to outline four or five key goals the city of Delray Beach would like to see from the Palm Beach County school district and ways the city and school district can partner as a team to make those goals a reality.

One of the previously discussed priorities is getting a future arts-themed middle school magnet program that the school district is considering building somewhere in southern Palm Beach County, perhaps at the former Plumosa Elementary School campus in Delray Beach.

A serious sign that today’s housing recovery is in need of antipsychotics . . . not your quintessential rebound

Trulia; Where has your “Housing Barometer” gone?

According to the site, it’s metrics that the index uses to gauge the market recovery, that might normally provide a telling snapshot of its health,  however truth be told they no longer parallel  in producing an easily viewable picture.                                                                                                

The site uses three metrics that the gauge uses to compute:

1            Construction starts

2               Existing-home sales

3            Delinquency and foreclosure rate

However lately these findings show a seemingly schizophrenic symptoms that confound the index’s and is inhibiting its ability to diagnose the market’s health accurately.

So you are asking why I asked where our the drugs to counter act this illness? Why is it that today’s market, were it a human patient, and might be prescribed antipsychotics?

What’s throwing the digits?

Improvements in existing-home sales and delinquency and foreclosure rates have far outpaced improvement in construction. The good news: Exsiting-home sales are 99% back to normal and the not so good news, construction is just 40% back to normal. So as a byproduct using a single number to gauge the recovery is not the best approach, at least for right now.   

So as for Trulia reasons they disclosed  for the discrepancies include:  Sluggish construction growth is that household formation, which fuels demand, is only at half its normal rate. Trulia’s final and most recent Housing Barometer found that the housing market was 67 percent back to normal in August 2013, its healthiest state since the “Great” Recession as it has been dubbed.

Trulia’s barometer is based on the following data:

• Construction starts increased to 891,000 in August, up 1 percent from July but still only 40 percent back to normal.

• Existing-home sales hit 5.48 million in August, their highest level in 6 1/2 years and 99 percent back to normal.

• The delinquency and foreclosure rate dropped to 8.86 percent, its lowest level in more than five years and 60 percent back to “normal”.

Just a little something to think about as you peruse homes online.

Nothing smells better than a sold home . . .

Nothing Smells better than HOME . . . And HOME to me smells like homemade Chocolate Chip Cookies

When walking into a home for the first time there are lots of things that your five senses are taking in . . . for me and many of my clients smell ignites immediately and after growing up in New England where homemade is common practice, to me nothing says, "This place smells and in turn feels like home", like the smell of fresh baked chocolate chip cookies. Now I know you are reading this and saying but this is a real estate blog but part of my goal is helping sellers and other agents create a warm and pleasant atmosphere to buy a home.

I know! Everyone has a recipe that they say is the best ever. Well, this one is mine and I though what better than to share it with you. This is my favorite chocolate chip cookie recipe of all time. I’ve made lots of different chocolate chip cookie recipes, but this one, in my opinion is the very best. They always bake up soft and chewy and they stay that way. You can even freeze ‘em they keep well.

I’ve used chocolate chips, mint chips, white chocolate chips and chocolate chunks, among others. I’ve substituted some of the flour (coconut flour) with cocoa to make a extra chocolate version and that works rather nicely too.

1/2 cup unsalted butter, softened (see important note above)
1/2 cup butter flavored, regular shortening (coconut oil can be used in place of shortening)
3/4 cup sugar
3/4 cup packed light brown sugar
1 teaspoon vanilla extract
2 eggs
2 1/4 cups all-purpose flour or coconut flour
1 teaspoon baking soda
1/8 teaspoon baking powder
1/2 teaspoon salt
1 (3.4 ounce) package instant vanilla pudding mix
1 package semisweet chocolate chips

Preheat oven to 350 degrees F (175 degrees C).

Softened butter does NOT mean the butter should be soft. Softened butter is butter that has been removed from the fridge and allowed to sit at room temperature for about 30 minutes.

In a mixer bowl beat together the butter, shortening, brown sugar, and sugar on low until bound together, then on medium-high until smooth and fluffy. Add vanilla, continue beating, then add one egg. Beat until combined, then add the other egg and beat until fluffy.

In a large bowl, stir or whisk together flour, baking soda, baking powder, salt, and pudding mix. Turn mixer to low and gradually mix the dry ingredients into the sugar mixture until well blended.

Use a spoon or sturdy rubber spatula to stir in chocolate chips.

For regular sized cookies:
Drop by teaspoonfuls 2 inches apart onto parchment lined or silicone baking sheets. Bake in a preheated oven for 8-11 minutes, until light golden brown. Remove from oven; allow cookies to cool 5 minutes on baking sheets before removing them to wire racks to cool completely. Makes 48-60 cookies.

Homebuyer & Seller Ups and Downs

It’s easy to get excited . . . A new future in a new place so much promise. Home buying is an intensely emotional experience and unfortunately there are times in the process, where both buyers and sellers face the lows that can accompany those extreme high hopes. It can be brought on by a variety of circumstances.

Some make the decision to stay away from the housing market for a while after a deal has fallen apart, while others want to jump back into buying a home right away. Their reaction usually depends on the buyers’ or sellers’ original motivations.

Reasons for a sale purchase falling through run the gamut one party can change their mind. Sometimes financing is not able to be obtained, other times a home that appears to perfectly fine, fails an inspection report or the inspector found a problem more costly than the buyer or seller would care to take on. Or your contract with the home buyer could be contingent upon the sale of their home, and that didn’t happen... yet. Or an appraisal can come in to low, bring both parties back to the negotiating table.

Buyers who were tripped up by an inspection report, tend to suffer less serious disappointment than those who were stumbled by financing Buyers with financing issues might have to settle for less-costly homes or delay their plans and sometimes that is a difficult realization.

All of these scenarios demonstrate why it’s important to maintain close contact with your agent throughout the process; your agent is your best guide and advocate. Be sure to keep your lines communication open. Your agent has weathered many sales and has probably saved more than a few from disintegration. You are in a process that is a big transition, it is an exciting process and it can be little nerve racking but with a trusted and knowledgeable professional in your corner you are guaranteed support and a friendly face in the process.

Gov’t Shut-Down Will Affect Loans . . .What That Means For YOU

A government shutdown has far-reaching consequences for some, but minimal impact on others. 

For many low-to-moderate income borrowers and first-time home-buyers seeking government-backed mortgages they could face serious delays during the shutdown. The Federal Housing Administration, which guarantees about 30 percent of home mortgages, will not underwrite or approve any new loans during the shutdown. Actions on government-backed loans to small businesses are suspended as a byproduct of the shut-down. 

So what happens in the meantime?

Home buyers who have applied for an FHA-insured mortgage could see the escrow process come to a stand still, due to a government shutdown. The Federal Housing Administration, in an effort to create a contingency plan, warned that the hiatus in appropriations for HUD’s 8,709 employees across the country will put any endorsement of single family loans in abeyance.

Most of the HUD workers will be required to stop working, due to the lapse in appropriations, and that’ll shut down most housing agency functions, the notice says. As a result, staff won’t be available to underwrite or approve new single-family loans.

How does this affect your transactions?

Here’s a look at the memo that the U.S. Department of Housing and Urban Development put out:  HUD Contingency Plan  

www.hud.gov/‎