Title Talk South Florida

Florida home, condo sales rise for 10th consecutive month - South Florida Business Journal:

2009-07-23T22:21:00.000-04:00

Florida home, condo sales rise for 10th consecutive month - South Florida Business Journal:

More Biz in a Tough Market: Vote Yourself OFF the Island!

2009-07-22T06:23:00.001-04:00

By Brian Hilliard/Realty Times, July 22, 2009
I was listening to one of my favorite speakers, Brian Tracy, the other day. He was talking about something that I think can really impact your business. According to a recent report he read, there really is only one main difference between people who are successful in life and those who are less so. As a matter of fact, this "secret" is so simple that you'll probably be embarrassed to hear it.

"Education," you might be thinking.

"Successful people have more formal education than their less successful counterparts?"

Not exactly, although I can see how you would think that. While education is certainly an important part of anyone's personal growth and development, the presence (or lack there of) of a formal education isn't the main determinant for success.

"All right, well what about money? Do successful people start off with more money than most people?"

Again, good point, but not the answer. Yes, money can make the road to success a whole lot easier, but there are countless examples of those people who literally started out with nothing, only to retire as millionaires later on in life.

Give up?

It turns out that one of the key differences between successful people and their less successful counterparts is the former's ability to take action.

In other words, successful people survey a situation, make a decision and then take some type of action that will move them forward. While the rest of the people spend their time on what Tracy calls, "Someday Island."

"Someday I'm going to make more money."

"Someday I'm going to lose a little weight."

"Someday I'm going to get serious about growing my business."

You see, the only thing stopping people from being more successful is their ability to do something – anything – to move forward right now.

So take your business as an example. What's holding you back from being as successful in it as you'd like?

"Well the real estate market is bad," you might say.

Ok. But there are certainly plenty of people buying and selling houses right now as we speak, so someone has to be making a living.

"Well, the economy is down. People are losing their jobs and don't have the money to make a move."

Okay, so the unemployment rate is in the 6-9% range. But doesn't that mean that the employment rate is in the 91-94% range as well?

You see, there's always a reason not to do something. But successful people look beyond "some day" and instead and do something right away to put them in the right direction.

Not sure what you can do to move your business forward right now? Read a book, pick up a CD, go to a seminar. There are plenty of great resources out there, and all of them can give you some insight on what you can do right now to get more business right away.

If you'd like some more ideas on how to get more business in today's tough market, just email info@agitoconsulting.com (Subject: Today's Tough Market), and we'll be sure to send out our free report right away.

But whatever you do, just do something to move your business forward. Because in a market as tough as this, "some day" is always one day too late.

Published: July 22, 2009

On Challenges.............

2009-07-14T22:36:00.001-04:00

"If you fall....you get back up and do it again"....."I will achieve my goal"

Watch this video: http://vodpod.com/watch/1165857-walk-on-espn-video

South Florida On Pace For 100,000 Foreclosures In 2009

2009-07-09T06:24:00.000-04:00

Lenders have filed more than 52,000 foreclosures actions in South Florida in the first six months of the year, putting the tricounty region of Miami-Dade, Broward, and Palm Beach counties on pace for more than 100,000 filings in 2009, according to a new report from Condo Vultures® LLC.

By comparison, lenders filed about 38,000 foreclosures actions in the first six months of 2008 and more than 75,000 actions for the year. In 2007, banks filed nearly 8,000 actions in the first half of the year and more than 32,000 for the year, according to data from the Condo Vultures® Foreclosure Database™.

"South Florida foreclosure actions are on the rise by 33 percent this year," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "If the pace continues through the second half of the year, South Florida will experience its greatest number of foreclosure actions in a generation."
As foreclosure filings mushroom at a pace of nearly 2,200 per week, the number of South Florida properties on the market for resale is falling at a pace of about 900 per week.

Consider that on July 6, there were about 78,000 single-family houses, condo units, and townhouses for resale in the tricounty area. On Nov. 24, 2008, there were nearly 108,000 properties for sale in South Florida, according to a Condo Vultures® report generated using Florida Association of Realtors data.

"Buyers are hungry for deeply discounted properties," Zalewski said. "Many of the residences that are, in fact, trading are transacting at discounts of more than 50 percent off of their historical high asking prices of 2006 and 2007. Most of these residences tend to priced under $250,000 and located in suburban areas that do not generally appeal to second-home buyers. "

Another factor contributing to the decreasing South Florida resale inventory even while the number of foreclosure filings is increasing is the lengthy legal process necessary before a lender can repossess a residence.

To repossess a South Florida residence, lenders normally anticipate a six month to nine month process that will cost between $40,000 and $80,000 per property. In addition to that, many lenders do not even file the initial foreclosure paperwork - known as a Lis Pendens or a Notice of Default - until a borrower is at least 90 days late on regularly scheduled mortgage payments.

Once a lender finally does repossess a property, the bank inherits the responsibility of settling up outstanding liens on the property that live on after the foreclosure, such as property taxes, past-due condo association maintenance fees, and open permits.

On a county-by-county basis through the first half of 2009, Broward County, where Fort Lauderdale and Hollywood Beach are located, has the highest number of foreclosure filings with 22,730, up 36 percent from 16,773 filings during the same period in 2008.

Palm Beach County, where Boca Raton and West Palm Beach are located, is second for foreclosure filings with 14,959 in 2009, up 37 percent from 10,917 filings in the first six months of 2008.

Miami-Dade County, where Miami Beach and Aventura are located, is third with 14,474 foreclosure filings between January and June 2009, up 40 percent from 10,368 filings in the first half of 2008.

4th Bulk Condo Deal Closes In Downtown Miami
A Miami Beach company headed by Jorge Mattos has purchased 21 units in the Marina Blue condominium tower in Downtown Miami for $5.69 million, or $196 per square foot, in an all-cash deal involving the project's former mezzanine lender, according to a new CondoVultures.com report.

Mattos is a business partner of Carlos Mattos who purchased 31 units for $6.1 million, or $203 per square foot, in mid-June at the 1060 Brickell condominium tower in Miami's Brickell Avenue financial district, according to a recent CondoVultures.com report.
A Carlos Mattos company is in position to own a 1.4-acre oceanfront property zoned for a high-rise condo tower in Sunny Isles Beach that is scheduled to be auctioned off in the next 60 days to the highest all-cash bidder at the Miami-Dade County Courthouse, according to a CondoVultures.com report.

All-Star Panel Set For Free First-Time Home Buyers Seminar
An all-star panel of South Florida experts is scheduled to discuss the "Dos and Don'ts" that every first-time home buyer should know when purchasing a deeply discounted residence at the upcoming Condo Vultures® seminar.
The panelists will be announced in the weeks leading up to the free event (registration is required) scheduled from 5:30 pm to 8 pm, July 28, at the Doubletree Grand Hotel in Greater Downtown Miami.

For more information, please contact John Fakler, executive editor of CondoVultures.com, at 800-750-0517 or by email at JFakler@condovultures.com.

Story by Peter Zalweski of Condo Vultures

Fannie Mae Confirms Short Sales Commissions Policy and Establishes Appeals Process

2009-07-07T10:01:00.001-04:00

In discussions between NAR and Fannie Mae, Fannie Mae has reconfirmed its short sale commission policy and established a process for REALTORS® to follow if issues arise. On February 24, 2009, Fannie Mae sent Announcement 09-03 to its servicers instructing them not to negotiate commissions on short sales below the amount negotiated by the listing agent, unless the commission exceeds 6 percent. The Announcement reminded servicers that third party approvals (i.e., private mortgage insurers) may be required and can affect commissions. In response to concerns raised by NAR that some servicers of Fannie Mae loans are unaware of this policy or believe it is not binding, Fannie Mae has established a process for NAR members when short sale commission issues arise.

3 Easy Steps

Step 1: Determine whether the loan is owned or guaranteed by Fannie Mae. Only the holder of the loan is allowed to do this, so do so in the presence of your client or after obtaining their written permission.

Visit www.fanniemae.com/loanlookup, or

If you don't have convenient internet access,
call: 1-800-7FANNIE (8am to 9pm Eastern Time)

Step 2: If the servicer is unaware of or disagrees with the policy, provide a copy of Announcement 09-03 to the servicer and negotiate an appropriate commission based on the listing agreement (up to 6 percent).

Click here for Announcement 09-03
Step 3: Contact Fannie Mae if the dispute is not resolved directly with the servicer. Be prepared to provide the property address, name of owner, and Fannie Mae loan number (if available):

Call: 1-800-7FANNIE (8am to 9pm Eastern Time), or

Email: Resource_center@FannieMae.com.

Thank you to RAMB for providing this timely information.

The 2009 First-Time Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.

2009-07-06T11:52:00.001-04:00

The 2009 First-Time Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.

Shared via AddThis

"Are we there yet?" What we should expect in the next two years, and how we got here.

2009-07-01T09:16:00.003-04:00

Join us for this extremely important program....What you will learn.....

What Commercial Agents should expect in the next two years, and how we got here.
Where do you fit?
Note Sales
Bulk Sales
Guaranteed Lease Programs
REO Sales
Short Sales
Foreclosure
Bankruptcy assignments
The Importance of Asset Management
Conflicts
Getting paid in a litigious environment

To Register...GO TO: http://archive.constantcontact.com/fs091/1100745353195/archive/1102619980864.html

Investor Report: Condo Loan Rules---FHA

2009-06-29T06:17:00.002-04:00

FHA has come out with its long-awaited rules on condominium loans, and they're a mixed bag for investors, second home and other buyers and sellers.

On the one hand, the rules allow lenders a lot of more flexibility in reviewing condo project eligibility and documentation. That's good -- it should allow more lenders to increase their condo activity in the red-hot FHA segment of the market.

On the other hand, the agency is imposing a number of important restrictions. To Read the entire article, please go to: http://realtytimes.com/rtpages/20090629_investorreport.htm or listen to the Webcast by clicking on Realty Times above.

By Kenneth R. Harney/Realty Times

The Success 2020 Symposium Tour at the Hard Rock Hotel

2009-06-27T10:33:00.005-04:00

I attended an incredible empowering forum at the Hard Rock Hotel this Saturday......Here's just little snip of what was in store for us: http://www.youtube.com/watch?v=9uI6xaOuLlg

Vultures Database Average Discount Reaches $357,500 in South Florida

2009-06-25T22:32:00.002-04:00

Nearly 900 residences in the Vultures Database™ have closed in the first five months of 2009 at an average discount of $357,500, or nearly 54 percent, a dramatic change from the average price reductions of 44 percent in 2008 and 29 percent in 2007, according to a new report from Condo Vultures® LLC.

Buyers closed 232 single-family houses, condos, and townhouses in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties in May for a daily average of 7.5 transactions. In April, buyers closed an average of 7.0 properties per day. The running average in the first five months of 2009 is 5.9 closings per day on properties in the Vultures Database™, according to the report.

"Discount investors and first-time home buyers are having a noticeable impact on the coastal residential real estate market in South Florida," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Half of the transactions involving properties in the Vultures Database™ have closed in the last two months. We anticipate the pace will continue at the same level, if not stronger, throughout the summer if conditions remains the same."

In its third year of monitoring South Florida discounts, the Vultures Database™ is comprised of nearly 3,800 condos, townhouses, and single-family houses actively for sale east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties that have been reduced in price by at least 10 percent and/or $100,000.

Discounts are proving to be the single-most important factor in determining whether a property is sold or not. With conventional financing difficult to obtain, the majority of today's buyers are selectively purchasing with cash or the assistance of government-backed programs, such as the Obama $8,000 tax credit for first-time home buyers.

The average discount on a residence currently for sale in the Vultures Database™ stands at nearly 41 percent, or $275,518, according to the report. Research shows the average residences will trade once an additional 13 percent is shaved off of the asking price.

Condos and townhouses, which account for 71.9 percent of the total inventory, are discounted by an average of 41 percent, or $212,779. Single-family houses, which account for 28.1 percent of the Vultures Database™, have been reduced by an average of 40.8 percent, or $435,694, according to CondoVultures.com.

South Florida Inventory Falls By 1.1% To 81,000 Residences

As transactions are closing, South Florida's residential real estate inventory is decreasing. The total number of single-family houses, condos, and townhouses for resale in Miami-Dade, Broward, and Palm Beach counties dropped by 1.1 percent to 81,159 properties, according to a new report from Condo Vultures® Consulting Services.

Residential resale inventory slipped by 888 properties -- an average decrease of 127 properties per day -- between June 15 and June 22 for . On June 1, there were 83,491 residential resales on the market in the tri-county region. (Read More)

Bulk Condo Deal Closes In Greater Downtown Miami
A Miami entity headed by Carlos Mattos paid $203 per square foot for 31 units at the 1060 Brickell condominium in Miami's financial district, according to the Condo Vultures® Bulk Division. Mattos' newly created 1060 Brickell Apartments LLC paid nearly $6.1 million without financing for four studio units, 22 one-bedroom units, and five two-bedroom units with a combined 29,913 square feet of livable space. (Read More)

First-Time Home Buyers Seminar Scheduled For July
First-time home buyers who are itching to get into one of the deeply discounted South Florida residences before the Obama $8,000 tax credit expires in December are expected to turn out in strong numbers for the upcoming Condo Vultures® seminar. The free seminar will feature a series of industry experts discussing every aspect of a real estate transaction including the essentials for qualifying for the Obama tax credit. The seminar is scheduled from 5.30 pm to 8 pm July 28 in Greater Downtown Miami. Print copies of Condo Vultures® newly published First-Time Home Buyers Guide To South Florida™ will be available for purchase at the seminar. This 18-page guide features a collection of articles about the process, pointing out the essential dos and don'ts in making a first home purchase.
For more information, please contact John Fakler, executive editor of CondoVultures.com, at 800-750-0517 or by email at JFakler@condovultures.com.

Published by Peter Zawleski/Condo Vultures

Fannie Mae Anti-Flip Restriction on REO Conveyances

2009-06-25T06:42:00.003-04:00

It has come to the attention of the Company that Fannie Mae has begun requiring agents
who market its REO to include provisions in sales contracts providing that certain antiflip
language will be included in deeds. The language may vary, but is generally along
the following lines:

Grantee herein shall be prohibited from conveying captioned property to a bona fide
purchaser for value for a sales price of greater than ($_______=120% of sales price) for
a period of one hundred and eighty (180) days from the date of this deed. Grantee shall
also be prohibited from encumbering subject property with a security interest in the
amount greater than ($_______=120% of sales price) for a period of one hundred and
eighty (180) days from the date of this deed. These restrictions shall run with the land
and are not personal to grantee.

Title Examiners should examine any deed conveying Fannie Mae REO and, if it contains such
a restriction, raise an appropriate exception on the commitment and policy. Title Closers
should be aware that closing transactions within the specified time periods will be a
violation of that restriction and must consider the consequences of that violation to the
escrow. Title Closers handling the first sale of the REO from Fannie Mae should also be
aware that the contract for sale may require that the deed contain an anti-flip restriction
such as this. If the contract states that the deed shall contain the restriction, but the deed
received from Fannie Mae inadvertently omits the restriction, the closer should see to it
that the restriction is raised on Schedule B of the commitment and policy nonetheless.

UNDERWRITING BULLETIN from Fidelity National Title

90 Day Eviction Notice to Tenants of Foreclosed Residential Properties

2009-06-23T08:42:00.002-04:00

NEW FEDERAL LAW:

An increasing reality in today’s economy is that tenants of residential foreclosed properties are finding themselves being evicted overnight from their homes immediately after the completion of foreclosures, often losing rental and security deposits in the process.

On May 20, 2009, a new federal law was enacted: Helping Families Save Their Homes Act of 2009 (Public Law 111-22). It is designed to limit the harm suffered by tenants of foreclosed properties by essentially requiring at least 90 days notice be given to tenants before eviction in certain situations, or allowing tenants to finish their lease terms in other instances.

HOW DOES THIS IMPACT THE TITLE AGENT?
Make an Exception for the Tenant’s Rights: When insuring an REO or foreclosed residential property which is currently under a written or oral rental agreement (or even a tenant at sufferance), an exception for the rights of the tenant should be included in the commitment and policy.

Suggested exception language:

Rights of tenants in possession under unrecorded leases.

How Does the Title Agent Determine if an Exception is Needed?

The seller’s title affidavit should be carefully reviewed to see if it discloses the existence of tenants or contains language suggesting that the affiant does not really know if there are tenants. Typically, the person signing the affidavit for the lender/seller will not have personal knowledge of conditions of the property. Frequently, the affidavit will state that it is made “upon information and belief”. In such circumstances, the title agent should obtain a supplemental affidavit from the buyer which states that the buyer has inspected the property and specifies whether there are parties in possession. If there are parties in possession or the title agent cannot obtain an acceptable affidavit, an exception must be made for the right of the tenants.

As posted by our underwriter: Fidelity National Title

Real Estate Boot Camp....Testimonials of Success!!!

2009-06-22T10:53:00.002-04:00

Real Estate Boot Camp......Success Abounds....testimonials

“If you want to be a superstar real estate agent you need to study with the best of them and understand the difference between great and mediocre. Mike Husson recently finished an intensive 12 Week Boot-Camp Sale Training Course for our Agents at Realty Advisors International. Our agents are now pumped up and on fire. Thank you Mike. Mike Husson is a superstar and anyone who is serious about their real estate career needs to take his 12 Week Boot-Camp. Not only does he teach you step-by-step how to go from nowhere to somewhere great, he keeps you motivated and inspired to be your best at all times. Mike gives valuable insights and instruction on how to develop yourself as a superstar real estate agent, how to do what no one else is doing to capture business and how to get listings and close sales. The bottom line is you will become more effective in your business, you will get more listings and you will close more sales if you listen and follow through with what Mike teaches. I highly recommend that if you are a Real Estate Agent, a branch manager, or owner of a firm, you need Mike Husson as your sales training partner. You will see immediate, sustainable results. Thank you Mike and I look forward to scheduling the next 12 Week Boot-Camp for our newest agents. You are a natural inspiration.

Very truly yours,
Realty Advisors International, Inc.
John Freeland
President & CEO

IF you are interested in bringing this success-driven Boot camp to your office, or if you are an agent wishing to participate.....please contact Maria Elena Arias maria@colonialtitle.us or (305) 785-6228. We'll get you started on your real estate success track !!!!!!

Knowing When Homeowners Should Abandon Ship

2009-06-22T06:02:00.004-04:00

Knowing When Homeowners Should Abandon Ship

Homeowners are beginning to wonder whether holding on to their homes is a mistake. Many have seen their property values drop 25 percent or more. Some experts claim that the housing market hasn't yet hit bottom. A few are even saying that we’re only halfway there. Go here to see the rest of the story: http://realtytimes.com/rtpages/20090622_abandon.htm

Click on the video and hear today's top real estate updates. Check back to my blog to for updated real estate news.

Buena Vista Social Club....What a Cuban Treat!!!...Mojito Please :)

2009-06-20T09:42:00.001-04:00

http://www.youtube.com/watch?v=ahuduPpZJQA

South Florida Real Estate Market at Bottom

2009-06-18T07:32:00.000-04:00

NAR Chief Economist: South Florida Real Estate Market At Bottom

The South Florida residential real estate market is at bottom and likely to experience some appreciation within a year, the National Association of Realtors Chief Economist Dr. Lawrence Yun said."I think the prices have already pretty much bottomed in the South Florida market," Yun said.

"The rest of the country is more difficult to say but I think here, given the buyers, the prices have already bottomed in Florida." Yun made the declaration (Watch The Video) on June 11 during a keynote address to a lunch crowd of the International Real Estate Congress and Expo. The event was hosted by the Realtors Association of Greater Miami and the Beaches at the Biltmore Hotel in Coral Gables.

Yun's keynote address preceded a panel discussion on the South Florida real estate market with Peter Zalewski, founder of Condo Vultures® LLC; Rei Mesa of Prudential Florida Realty; Oliver Ruiz of Fortune International Realty; and Ron Shuffield of EWM.

Given the growing number of residential deals occurring in South Florida despite no readily available financing, Yun projects that today's buyers could actually realize some home price appreciation as soon as next year when credit is expected to be available once again. "Soon you will reach the point of equilibrium where home prices begin to show growth," Yun said. "It is always difficult to precisely predict. I think that many people who are buying today in this month - June of 2009 - if they look back a year from now in June 2010, I think many people will see that they have actually gained in equity." Yun cautioned that the South Florida market conditions - a diverse community with limited developable land, attractive weather, and an international appeal - give the region an advantage over many other areas in the United States. "There will be some premium attached to Miami, in relation to say Atlanta, Birmingham, and others," Yun said. "So the price point in Miami will be much stronger when compared to other, say, southern states across the country or even say the rest of America. For that reason, I am very hopeful that currently it is an undervalued market. "Buyers are recognizing [that]. Sales up about 100 percent from one year before."Yun's comments come a month after national real estate analyst Jack McCabe of McCabe Research & Consulting in Deerfield Beach, Fla., told CondoVultures.com that he thinks South Florida residential prices are within 15 percent of the bottom.

McCabe, who began warning of a Florida housing bust in 2005, projects the South Florida residential real estate bottom will be reached by the summer of 2010. "I think the worst is behind us, but I still believe we have another 10 to 15 percent drop because of the unemployment and the foreclosures depressing prices, and the amount of inventory we have yet to absorb," McCabe told CondoVultures.com.

by----Peter Zalewski of Condo Vultures®