Andre's Blog

Will FHA rule change benefit South Florida condo market?

Andre Shambley (Herman Group Real Estate) — Mon, 16 Nov 2009 11:29:28 -0600

by Monica Hatcher

MIAMI - Nov. 11, 2009 - The Federal Housing Administration is giving the condo market something it hasn't had for a while - a little breathing room.

Last week, the FHA, the federal agency that insures low-downpayment home loans for private lenders, said it was relaxing its building underwriting guidelines as a way of helping the struggling sector ride out the downturn. The move could help boost sales in condos by making more FHA mortgages available to borrowers.

"The best way to bring back some level of security is to get new buyers into those vacant units. You can't do that until new homeowners have access to financing," said Meg Burns, director of the FHA's single-family program development.

The new rules - which are temporary - come after more than a year of more stringent standards from lenders, who, after suffering major losses on condos, began vetting and disqualifying condominium projects for purchase loans, regardless of whether home buyers qualified.

"This might be an entree for traditional and conventional lenders to return to the marketplace. Symbolically, it's a pretty significant move," said Peter Zalewski, a condo market analyst and broker with Condo Vultures in Bal Harbour, Fla.

The temporary rules are effective for most of the coming year and will help the marketplace transition into a new set of tougher guidelines that bring FHA into closer alignment with the project underwriting practices of Fannie Mae full story

Homebuyer tax credit has added benefits for armed services

Andre Shambley (Herman Group Real Estate) — Fri, 13 Nov 2009 13:00:55 -0600

According to the National Association of Realtors@ (NAR), the recent homebuyer tax credit extension expands benefits for the U.S. military.

Armed service, intelligence service and foreign service personnel on active duty and out of the U.S. for 90 days during any part of 2009 get an additional year to buy their homes - to May 1, 20ll.

Another benefit is a waiver on the time of occupancy. Most homebuyers using the tax credit must use that home as a principal residence for a period of no fewer than three years or forfeit the entire credit. But military, intelligence and foreign service members do not have to repay the credit if they sell their home in less than three years if they move because of official business. full story

Should You Move or Improve?

Andre Shambley (Herman Group Real Estate) — Wed, 11 Nov 2009 07:44:00 -0600

By: Oliver Marks

Whether to move or improve is a harder question to answer than it was a few years ago, but a few cost-benefit calculations can help you make the right decision.

What do you do when your family outgrows your house, or when the quirks you once found charming about the place just aren't livable anymore? A few years ago, the answers were easy. With house values climbing an average of 50% from 2001 to 2005 and lenders handing out big checks to nearly anyone who asked, you could quickly unload a too-small house and use the profits to help pay for a larger one. Or you could borrow against that growing equity to fund a big home-improvement project, with the full expectation of making your investment back someday when you sold. Flash forward a few years, and the rules of real estate have changed. In this marketplace, with home equity shrinking and banks reluctant to lend, is it smarter to move or improve? Here's some advice to help you decide. full story

Buying a Vacation or Retirement Home in Miami

Andre Shambley (Herman Group Real Estate) — Mon, 09 Nov 2009 08:56:18 -0600

Buying a vacation home that doubles as a future retirement home requires forethought and thorough investigation. Conventional wisdom tells us to first settle on a desired location and then look for the least expensive house in the best possible neighborhood. This is of course true, but buying a future retirement property demands additional consideration. Without a doubt, the purchase of a dual purposed home can be one of the most important and financial rewarding decisions a pre-retirement couple undertakes. Quite simply, the ultimate home buying decision comes down to establishing relatively conservative financial boundaries, drawing up a wish list and employing a real estate broker to find a home that will serve your needs now and in years to come.

Even prior to the financial planning phase, a vacation and future retirement home buyer should take a step back and make certain that there is 100% commitment. Ask yourself a few simple questions. Full Story

Homebuyers!!! Foreclosure Deals May Be Right for You

Andre Shambley (Herman Group Real Estate) — Fri, 06 Nov 2009 08:52:28 -0600

Consider this; as there are more and more bank foreclosure properties that are on the market a good bet is that there is one right for you. A big discount on your home purchase could be worth many times the time and effort to find and make it ready for your family. Find a good agent who understands the market and you can save thousands on your next home.

Homes in Every Market Place - Some over a million dollars, most well under $100,000. You have a supply of homes that will fit your requirements for size, amenities and location. Miami Best Real Estate Team can place you in their VIP Buyer program and email you daily or weekly all new listings that come up and fit your criteria of bank foreclosure, distress sale, size, amenities, and location. What could be easier? Full Story

The Price is Right

Andre Shambley (Herman Group Real Estate) — Fri, 06 Nov 2009 08:49:46 -0600

Pricing your home correctly is the first and most important step in the selling process. Whether you list with an agent or sell by owner the wrong price will cause lost income and/or excessive marketing time. You have options, either to contract with a professional Real Estate agent or do your due diligence and research to find the true Market Value of your home. In the 3 examples below we show why pricing is so important.

Example 1:

A $250,000 home is priced 10% below the true market value at $225,000. The home sells quickly with little or no negotiation for possibly an all cash offer to close quickly. This buyer maybe an investor who is extremely market savvy or a buyer who works closely with a Real Estate Agent using cutting edge buyer programs. This buyer probably has a VIP Buyer Agreement with his agent and receives emails daily with all the new listings as they come on the market. Both of these buyers are able to act before most other buyers even know the home is for sale, they know the area and the pricing. The seller leaves $25,000 on the table and doesn't know it until it's too late.

Click for full story

More Rewards for Homeowners!

Andre Shambley (Herman Group Real Estate) — Tue, 03 Nov 2009 10:06:03 -0600

By now, you've likely heard about the $8,000 tax credit for first-time homebuyers, but if you already own a home, you can still take advantage of some of the rewards included in the American Recovery and Reinvestment Act, also known as the stimulus package. full story

When it comes to choosing professionals to assist you with your real estate needs...Experience is Priceless! Andre'Shambley & Miami's Best Real Estate Team, 305-396-9106. MiamiBestTeam@AOL.com. www.OnePlaceOpenHouse.com

Learn 20 important steps to help you sell you home!

Andre Shambley (Herman Group Real Estate) — Sun, 01 Nov 2009 13:01:39 -0600

1. Make the Most of that First Impression

A well-manicured lawn, neatly trimmed shrubs and a clutter-free porch welcome prospects. So does a freshly painted - or at least freshly scrubbed - front door. If it's autumn, rake the leaves. If it's winter, shovel the walkways. The fewer obstacles between prospects and the true appeal of your home, the better.

2. Invest a Few Hours for Future Dividends

Here's your chance to clean up in real estate. Clean up the living room, the bathroom, the kitchen. If your woodwork is scuffed or the paint is fading, consider some minor redecoration. Fresh wallpaper adds charm and value to your property. Prospects would rather see how great your home really looks than hear how great it COULD look, "with a little work."

3. Check Faucets and Bulbs

Dripping water rattles the nerves, discolors sinks and suggests faulty or worn-out plumbing. Burned out bulbs leave prospects in the dark. Don't let little problems detract from what's right with your home.

4. Don't Shut Out a Sale

If cabinets or closet doors stick in your home, you can be sure they will also stick in a prospect's mind. Don't try to explain away sticky situations when you can easily plane them away. A little effort on your part can smooth the way toward a closing.

5. Think Safety

Homeowners learn to live with all kinds of self-set booby traps: rollerskates on the stairs, festooned extension cords, slippery throw rugs and low hanging overhead lights. Make your residence as non-perilous as possible for uninitiated visitors.

6. Make Room for Space

Remember, potential buyers are looking for more than just comfortable living space. They're looking for storage space too. Make sure your attic and basement are clean and free of unnecessary items.

7. Consider Your Closets

The better organized a closet, the larger it appears. Now's the time to box up those unwanted clothes and donate them to charity.

8. Make Your Bathrooms Sparkle

Bathrooms sell homes, so let them shine. Check and repair damaged or unsightly caulking in the tubs and showers. For added allure, display your best towels, mats and shower curtains.

9. Create Dream Bedrooms

Wake-up prospects to the cozy comforts of your bedrooms. For a spacious look, get rid of excess furniture. Colorful beadspreads and fresh curtains are a must.

10. Open up in the Daytime

Let the sun shine in! Pull back your curtains and drapes so prospects can see how bright and cheery your home is.

Ready for the next 10...Click Here to Read all 20 Important Steps to Sell Your Home!

Just Listed: 38 CORTIJO VIEJO, CANARY ISLANDS, SPAIN

Andre Shambley (Herman Group Real Estate) — Sun, 01 Nov 2009 08:36:21 -0600

Enjoy this luxurious two story Canary Islands home located in the city of Puerto Calero. Set on a spacious plot the impressive views o f the Atlantic Ocean and the Nature Reserve of Los Ajaches on the south coast of Lanzarote will astound you. Built in 2006 features includes a great lounge, a fully fitted kitchen, dining room and living area on the ground floor that opens out onto the pool terrace and garden. The incomparable location and amenities are great for entertainment or a large family.

Hot Investment Tips

Andre Shambley (Herman Group Real Estate) — Tue, 27 Oct 2009 11:13:26 -0500

By Dwan Bent-Twyford,

The Investors Edge University

Many times we find distressed homeowners who are willing to deed their property to us and walk away. Typically there are back payments that need to be paid as well as attorney fees, taxes, and such. Although we are always happy to accept a deed, we have a few steps we follow before we actually file it and come out of pocket with any cash. full story

Consumer's Guide to Buying a Home in Miami/Ft. Lauderdale, FL

Andre Shambley (Herman Group Real Estate) — Thu, 22 Oct 2009 10:40:02 -0500

Homeownership has long been regarded as one of the basic elements of the American dream. Buying a home, however, is anything but basic. It is important to understand the process as well as how your specific needs fit into your search for a new home.

This tutorial was designed to help you get the most out of buying a home whether you're a first-time buyer, moving up or downsizing, we'll walk you through the steps and strategies you'll need.

Getting Started
Your reasons for buying a home determine the steps and strategies you should follow.

How Much House can You Afford?
Take the time to examine your finances and determine how much you can afford for down and monthly payments.
- Clean up Your Credit
- Low-Down Options

Choose a Broker

Home sellers enlist the help of professionals to represent their interests, so why shouldn't home buyers do the same?

Begin Your Search
The search for a new home should not start with the price. More important are the location and quality of the property and its ability to meet, or be tailored to meet, your needs.

Make the Offer
Once you've found the home you want, it's time to negotiate the price. Find out about various factors to consider when preparing to make an offer.
- The smart buyer's purchase contract

Select a Mortgage
Finding the right mortgage involves some digging. Interest rates, points, processing costs, and adjustment features all affect how well a mortgage suits your needs.

The Application Process
Here's what you can expect when you're ready to apply for your loan.

Close the Deal
An accepted contract doesn't mean the deal is done yet, but there are things you can do to help avoid any snags.

Click here for your Free Real Estate Buyer's Guide

The Ins and Outs of Home Insurance

Andre Shambley (Herman Group Real Estate) — Thu, 15 Oct 2009 01:11:14 -0500

Your home is likely your most valuable asset, so naturally, you want to protect it.

But homeowners insurance can be complicated. You want to avoid paying too much for coverage you don't need, but you shouldn't leave yourself vulnerable to loss either. Here are some secrets of the home insurance business that may help you save without risking your home.

Know the value of your home. To account for inflation, your policy's rate may rise periodically. When this happens, be sure to read the numbers carefully; your rates may be higher than the actual inflated value of your home. If this is the case, you can get a truer idea of your home's value by speaking with a builder and asking what it would cost to rebuild your home. Or, you could request that your insurance agent performs a reassessment to come up with a more reasonable number.

Adjust your policy for home improvements. Such major home renovations as adding a new room or expanding a kitchen, should be properly insured. You'll want your hard work reflected - and covered - in your homeowners insurance.

Some possessions may not be covered. Your homeowner's policy may provide only limited coverage for expensive items like electronics, antiques or jewelry. If you own items like these, you may want to supplement your policy with a floater that provides additional insurance for valuables. Just be sure to get the items professionally appraised so you know what they're worth.

Some claims may be excluded as well. Many people fail to read their insurance policies until it's too late. The best insurance that you are properly covered is to be informed. Read your policy and make sure that you are covered for incidents like mold and water damage, floods and other natural disasters, even trampolines and dogs, if needed.

When it comes to choosing professionals to assist you with your real estate needs...Experience is Priceless! Andre'Shambley & Miami's Best REALTOR® Team, 305-396-9106. MiamiBestTeam@AOL.com. www.OnePlaceOpenHouse.com

Ready to refinance or looking for a better rate? For your complimentary rate quote visit Jacinta Shambley, APEX Lending, Inc. JShambley@ApexLending.com. www.JShambley.ApexLending.com

$100 Down Gets You into a Home

Andre Shambley (Herman Group Real Estate) — Mon, 28 Sep 2009 13:41:40 -0500

Introducing the FHA & HUD-Owned Home Sales Incentives. Increasing the Affordability of Homeownership.

INCENTIVES

Up to 110% LTV,* varies by county.**

$100 down payment with FHA financing.

$5,000 sales allowance paid to
borrower for closing costs, prepaids
and/or repairs at closing when using
FHA financing.

HUD 3% allowable closing cost
funds still apply.

WHAT PROPERTIES ARE ELIGIBLE?

All HUD-owned homes for sale in
eligible states/territories.***

Only properties purchased by an
owner-occupant are eligible.

For list of eligible homes in Miami-Dade and Broward counties CALL or EMAIL TODAY

*The LTV may exceed 100%, up to 110%, as the result of fi nancing closing costs and prepaid expenses, and/or to fund a repair escrow included in the sales contract. The cost of repairs
may not exceed $5,000. **Refer to maximum loan amounts section in product description.

***The new products are available in all states/ territories where HUD is currently off ering its
$100 down payment program. See product description for state restrictions. Programs available only to qualifi ed borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply. 0309

When it comes to choosing professionals to assist you with your real estate needs...Experience is Priceless! Andre'Shambley & Miami's Best Real Estate Team, 305-396-9106. MiamiBestTeam@AOL.com. www.OnePlaceOpenHouse.com

Ready to refinance or looking for a better rate? For your complimentary rate quote visit Jacinta Shambley, APEX Lending, Inc. JShambley@ApexLending.com. www.JShambley.ApexLending.com

Miami on the cheap

Andre Shambley (Herman Group Real Estate) — Wed, 13 May 2009 06:36:07 -0500

There is a growing belief among financial experts that the recession is finally over.

While watching "Good Morning America" yesterday Liz Ann Sonders, chief investment strategist at Charles Schwab, said that she agrees with the conclusion Barry Knapp, a strategist at Barclays Capital, recently wrote that the economy appears "to be in the sweet spot of a recovery" and that the recession may have ended last month, according to Bloomberg News..

"It isn't any brilliant prescience on mine or anybody else's part," Sonders said. "There are certain indicators we can look at to set the turn, and I think we have seen that turn."

While the jury may still be out on this one, there is good news in South Florida housing with signs of a robust market.

It wasn't too long ago that the South Florida housing market was one of the hottest in the country. Developers, seasoned and novice investors rushed to cash in on what was believed to be a gold mine. Home values shot up 75% over three years, and some of the most desirable addresses doubled in price.

The market peaked in late 2005, and soon after just about anything associated with housing in South Florida came tumbling down.

As foreclosures soared, South Florida housing prices fell an average of 36%. The foreclosure rate hit 8.9% in February, up from 3.8% a year ago, according to First American CoreLogic. That compares to 1.7% for the rest of the country. Sales ground to a standstill.

But in recent months, low prices and low interest rates have been luring buyers. First-timers are finally finding homes they can afford, while investors say that for the first time in years they can negotiate deals that make sense.

The sales numbers are dramatic. In February alone, condo purchases skyrocketed 71% from a year earlier, while home sales soared 68%, according to the Florida Association of Realtors.

People are astonished when they learn my team is busier than ever.

What's driving the spike is rock bottom prices on foreclosed homes, lower interest rates and a new $8,000 tax credit for first-time buyers? Homebuyers once priced out of the market are now filled with excitement that they can get a great deal in Miami real estate.

Take Patrick and Shakel Stewart. First time homebuyers forced to rent after being priced out of the South Florida market where able to take advantage of the dramatic reduction in prices and purchase a 3 bedroom 2 bath foreclosure on a huge lot in Biscayne Gardens for $91,000. Nearly one-third of the price it sold for in 2007.

"Who could've imagined this day would come. It was such a great opportunity" said Patrick. "My dollar is definitely worth a lot more in this recession.

When it comes to choosing professionals to assist you with your real estate needs...Experience is Priceless! Andre'Shambley&Miami's Best REALTOR® Team, The Keyes Company, 305-396-9106. MiamiBestTeam@AOL.com. www.OnePlaceOpenHouse.com

Ready to refinance or looking for a better rate? For your complimentary rate quote visit Jacinta Shambley, APEX Lending, Inc. JShambley@ApexLending.com. www.JShambley.ApexLending.com

Renters told: Get out of foreclosed homes

Andre Shambley (Herman Group Real Estate) — Thu, 04 Jun 2009 07:54:13 -0500

DAVENPORT, Fla. - June 3, 2009 - When Joe Isserles moved his wife and four sons, one of whom is comatose, into a rental home in Davenport earlier this year, the landlord failed to mention that the house was in the final stages of foreclosure.

Shortly after they paid $1,200 rent for April, there was a knock on the door.

"It was a representative from Coldwell Banker representing Chase Bank, saying the bank took over the loan because the homeowners hadn't paid the mortgage in a year," Isserles said. "The next morning, the sheriff showed up to padlock us out."

The Isserleses are among countless renters across the region and the country who have become unwitting victims of foreclosure - paying rent to landlords who pocket the rent money rather than use it to pay the mortgage. The houses go into foreclosure, and evicted tenants are left scrambling for a home.

No one has tracked the number of renters affected by the continuing wave of foreclosures, but research companies such as RealtyTrac Inc. and other groups estimate that 20 percent to 40 percent of all foreclosed homes are not occupied by the owner. Some of those may be vacant or seasonal, but many are likely rentals. And experts say the proportion is likely higher in Florida, which also has one of the nation's highest foreclosure rates.

The state is home to one of every six loan defaults in the country, according to California-based RealtyTrac, with 119,200 foreclosure-related court filings during the first quarter alone.

"Renters are losing their homes," said Dean Preston, executive director of Tenants Together, a nonprofit group that represents California renters. Florida has no such organization. "They may not be as sympathetic of victims as homeowners, because they are not losing equity. But they are generally paying rent, losing deposits, forced out on short notice and treated unfairly by banks."

Unpleasant surprise

Unlike defaulting homeowners, renters don't see the eviction notices coming. Muffet Robinson, spokeswoman for the Coalition for the Homeless of Central Florida, said she returned one day last year to the Seminole County condominium unit she was renting only to find a foreclosure notice on the door. She learned that, even though she was paying her full rent on time, the landlord had not used it to pay the mortgage.

"I didn't really understand that, because that didn't really seem honest to me," said Robinson, who struggled to find another apartment on short notice. "It's hard enough to move when you're planning on it."

Picking up and moving quickly can be particularly difficult for a family such as the Isserleses. Tristen Isserles has been comatose since nearly drowning in a swimming-pool accident in September 2007, when he was 14 months old. Taking him to Easter Sunday church services required briefly unhooking him from ventilators, loading him in the family's sport utility vehicle and carting him into the congregation in a Radio Flyer-style wagon.

To permanently relocate him and all the medical equipment he needs to survive is even more challenging. When his parents were not working jobs as a resort concierge and a time-share marketer, they were scouring neighborhoods from Davenport north to Clermont to find another place.

The upheaval could have been avoided if the landlord had told them the bank was about to take ownership of the house, Maria Isserles said.

"They were already in the final stages of foreclosure when they rented the house," she said. "I couldn't imagine somebody being so cold and heartless. ... How can you do this to a family with a sick child?"

The landlord, Alfred Sundar, said in a telephone interview that he knew he had defaulted on the loan but thought he had reached a settlement with the bank that would allow him to keep the rental house.

"I submitted all of the paperwork to the bank, and the bank said it was going to work with me, that I would pay $1,440 a month," said Sundar, who drives a shuttle bus at Orlando International Airport. "And when I received a letter in the mail that the house was sold, I was shocked."

He said he has a daughter with severe medical conditions and understands somewhat the plight of his tenants.

"If I knew the bank wouldn't work with me, I would have never rented it to them," he said of the Isserles family.

Some compensation

The Coldwell Banker agent who first knocked on the Isserleses' front door to ask them to leave said the family's plight was unfortunate but noted that the bank is giving them six weeks to relocate instead of the 48-hour notice many renters get. And the family is getting compensated for being forced out.

Joe Isserles said the bank offered him $1,500 to leave the house, in an arrangement known in the mortgage business as "cash for keys." After explaining that he and his wife had invested time and money cleaning and painting the rental, he was able to get $3,400. But they must be gone by Monday.

Unlike states such as New York and California, Florida has few laws to protect renters' rights. Relief may be on the way, however, in the form of a new federal law passed earlier this month by Congress.

Effective immediately, tenants who pay rent on time can remain in their homes until their lease ends plus an additional 90 days - unless the bank sells the property to someone who intends to reside in it. Even without a lease, a renter may stay in a house for as long as 90 days after the foreclosure is complete, though that provision in the law is set to expire at the end of 2012.

"Really, it's the first major piece of legislation that protects renters from foreclosure," said Taylor Materio, spokeswoman for the National Low Income Housing Coalition.

The Isserles family, meanwhile, has found another home nearby where it can relocate. This time, Joe Isserles said, he did the homework to make sure the family wouldn't get another unwanted knock on the door.

Copyright © 2009, The Orlando Sentinel, Fla., Mary Shanklin. Distributed by McClatchy-Tribune Information Services.