Real Estate Service Directory

nealb63 — Fri, 04 Jul 2008 01:59:10 +0000

What’s the Real Value of your home today?

I’m looking at all the properties on the market right now in my area of FL and I keep wondering when changes will come…not anytime soon.

I don’t need to keep reading how the media interprets whats going on in the Real Estate market. I already know what’s going on. I’m a Realtor®….I better know whats going on or I might as well just get out of the business.

I’m primarily a listing agent so my job can be very difficult these days. I remember when taking a listing was easy. You take it and it virtually was sold overnight. It didn’t matter what the size was or what the condition was or even where it was located.

Now when I go on listing appointments I’m finding it even harder in some areas to pin point the actual value of the property. I find myself turning down more and more listings because I refuse to waste my time and a sellers time with false promises. CMA’s can be difficult to prepare in a neighborhood that hasn’t had a few sales let alone one in the last 2 years. I’m even finding myself using a few more pending sales just so I have something to show them that justifies today’s value.

I will start off by only going back over the last 90 days. It makes no sense to go back further but sometimes I’m forced to look back 180 days because I simply can’t find anything to support the sellers premise of value. Even 180 days back you still might not have anything to support your findings and that makes my job even harder.

I took a condo listing from a referral my partner had….the seller wanted it listed at $239K. At that time I told the seller that according to my figures it was only worth $185K. They refused to “give it a way” and that’s their prerogative but it’s still listed today and has been repositioned in the market at….you guessed it…$185K. Here is the problem…we have only had two showings in total and now the properties value should be at $150K. So what happened? They just wasted almost two years and they finally gave but now that price point no longer exists.

Right now in my area there is about a 5 yr supply of condo’s/townhomes and about a 2-3 year supply of single family homes available. Those figure just tell me how many sellers are waiting on line to sell.

So how can you justify today’s value? In most places you simply can’t. When your market is flooded with over 40,000 homes just in one county the consumer is looking to see how much they can get for their home but it seems they are generally looking at how much the homes in their area are selling for and not what they sold for. Many times I will walk into a listing appointment and before I can pull out any information to justify the value…the seller throws a number at me that is not even close to what I think the homes is worth today. I will usually inquire how they came to that number and I get the same story most of the time. The consumer usually doesn’t look at closed sales over the last 90 days. They are looking at asking prices but what your asking doesn’t tell us what your really going to get.

I’ve seen homes asking $750K that ended up selling in the end for $400K. So how can you justify the first price point if it ends up selling for $350K less? Another problem is you list to sell ratios….if that example above were to sell the ratio would reduce the neighborhoods values even more when the next home goes on the market.

The house down the block is not as nice as ours so I think it’s worth X. They don’t realize that most homes that are sold will require some sort of financing and if it doesn’t appraise then they just wasted their time.

It doesn’t matter what I think it’s worth…..it’s what the buyers and sellers are negotiating in todays market place. Even if I say that X is what your value is they still don’t realize that this is today but in 30-90 days from now it probably will be worth less in this market so catching up to the market is a bigger problem right now. By the time it hits the market….5 others come on for less or a few might close for less.

Right now I’m only looking to get some warm bodies to want to see these properties. If you aren’t receiving a call to see it then most likely it’s on Pluto. I have properties that I have listed right now at really reasonable market values that aren’t getting much activity.

These are just a few things that could be happening :

Not many buyers looking in that price range
buyers in that price range simply aren’t qualified for loans
buyers are reluctant to purchase a home with less than 20% down in case they lose even more equity in the home
Sellers still can’t accept the fact that they most certainly won’t get their price no mater whay we do.
Banks aren’t lending money unless strict guidelines are met on these specific properties
Too many others that are simular or are bigger for the same price.
Buyers are still wating for a better deal
Buyers are spending a lot more time looking before pulling the trigger.

Price per square foot just isn’t working in my area. If you look back during the Real Estate boom…you’ll find that most buyers didn’t care about that formula but they still couldn’t figure out how two of the same exact homes were selling at such a different spread. So how can you justify it today? You can’t. It was a domino effect. When one house would sell without the contingency of the appraisal then the next house can sell for the same or even more. So every time another home sold for more…the neighbor would try to get even more thus we have ourselves an inflated market….now the same thing is happening in reverse.

How about all the builders who were selling new homes and the price per square foot just didn’t make sense. How did all these homes appraise? What about all the speculators who bought a year ago only to find out that they can’t even sell the home after it close with the builder because the builder valued it too high and the buyer is stuck with it?

Today’s value are kind of like the saying…ok so now what have you done for me lately.

How many times have your clients called you and asked you you when is the market going to change or whats going to happen to the values. Are they going to still decrease or are they going to increase or are they going to level off? If I could give everyone the rigbht answer I’d be a millionaire.

Market correction takes time and there is simply no way to pinpoint the exact time it will take. Remember people were saying the bubble would burst for 5 years and so now it did. Well when will the bubble grow again…there is no way to tell how long or even if we will ever see the market we saw 5 years ago.

For more information please contact Neal The Real Deal Bloom-Realtor® /Remax Premier Assoc.

2500 Weston Road ,Suite 103

Weston FL 33331

(954)608-5556 Direct
(954)212-0257 Fax

www.Neal-Bloom.com

Ryan Church. The New York Mets newest stud

nealb63 — Tue, 01 Jul 2008 14:44:21 +0000

I’ve always loved baseball. I played it and dreamed to be in the major leagues one day. What young boy wouldn’t? But it didn’t happen due to some injuries as well as too many late nighters.

I like the New York Yankees…they are my main team but I also like the New York Mets as well.

I have a rotisserie team online but only for fun and when I have time….I’ll track them like I’m acting as the GM. Now the Mets aren’t doing well but I do see a few studs that are going to really or have already become all star players. Ryan Church came to the Mets during the off season.

He played fairly well in spring training but I never actually heard of him. He never really played a full season and he has been out for a while with a concussion. I think he really could be the next star if they can get him into at least 150 games.

I thought the same about David Wright and he’s the Mets best player.

For more information please contact Neal The Real Deal Bloom-Realtor® /Remax Premier Assoc.

2500 Weston Road ,Suite 103

Weston FL 33331

(954)608-5556 Direct
(954)212-0257 Fax

www.Neal-Bloom.com

Short Sales and loss mitigation departments. Are they all on the same page?

nealb63 — Sun, 29 Jun 2008 02:23:02 +0000

There are many different opinions on how to do a short sale.

Some people say they take an average of 90-180 days….some took 8 months and some have close in 50 days. I have been lucky to have closed my most recent one about 4 months ago in 47 days! WOW!

It really all depends on the lender….how many mortgages the borrower has….are they two different banks or are they the same bank and the buyer is approved by the same lender…how upside down they are and of course the worst part is having to call them once a week just to see if they lost the 50 pages of paperwork you sent them. But it really all depends on the situation so anything is possible in a short sale.

You might even get a person who just got back from a relaxing vacation and decided to make it easier on the borrower because they were in a good mood. Who really knows. I would love to interview someone in the loss mitigation department just to get a day in the life of story…that would be interesting to hear what they have to say.

No matter how you slice it there will always be different views regarding the process…the success rate and how long the dilemma will last before the banks give you some answers.

I bet if you asked most Realtors® that are still in the business today if they’ve ever completed or even attempted a short sale…most will tell you they’ve experienced it one way or another. Some will tell you that their clients weren’t patient enough to wait it out and end up moving on to something else and even might switch agents in hopes of finding an easier deal to do. Then there are the ones who have successfully closed on some without too many issues.

Most of the issues come up early on during the process. Even though the listing agent is required to disclose the short sale process in the remarks section in the MLS.

MOST REALTORS® DO NOT READ! And that is why most deals fail.

When I list a property as a short sale I usually speak to the agent just to make sure we are on the same page. Most of them like to brag how they know it all yet their clients back out too early because they don’t disclose the basic process to them so they never make it past the first 30 days and most of these deals die within the first 30 days. I have been very lucky to have been able to successfully close them with and without an attorney.

I remember back in 2002 when I had this client who listed their property with me….not knowing they were going to be up side down when they sold. I didn’t even know what a short sale was. I would always have closings where the clients were receiving money and now I was faced with my first one where they were going to have to bring it. This situation was long ago so I didn’t even know what in the word a short sale was back then and I bet you if you ask the same agents now …..most wouldn’t have known what one was either. I had no idea of the process. Short sales weren’t as popular back then as they were in the 1980’s.

Well today they are just part of the wonderful world of the Real Estate Transaction.

Now back to the general process. I’m not going to go far into detail on how to fill out the paperwork so I’d rather skip that part since there have been many other articles written on it. This post is more tailored to the anguish of waiting for the unknown.

Normally you can kiss the first 30 days away. That is the time the banks require to hire the negotiator. Luckily I just got a negotiator on one that was submitted about 25 day so I just saved the clients 5 extra days of anguish. Since there was a call put into the bank they were kind enough to inform us that there was a negotiator assigned and we even got a name!

The next step will be when the negotiator contacts us. We can only find out the status by calling someone in loss mitigation but one the negotiator contacts us they will then do their initial BPO (Brokers Price Opinion) on the subject property. Once we establish who the point people are then I will gather all of my comps and wait to meet the appraiser at the property. Yes..you heard that right…I WILL MEET THEM AT THE PROPERTY! I will then volunteer all the data I pulled to help support the purchase price as well as being able to justify that I have tried to get the lender back as much of the value as I can for the property.

I will then go over the condition of the property as well as explain the current market conditions of the neighborhood. In this particular neighborhood there is a very high ration of short sales and or foreclosures so I have to be able to give them as much knowledge of the neighborhood to justify the value. I’ll also explain how i came to the price. How many times it has been reduced due to no activity and I’ll tell them the price was only reduced to stimulate activity.

If the BPO does not come in your favor there is a 50/50 chance that your deal will die!!

The BPO is in so now the lender will:

Counter
Decline
Approve

Ok so now you have your approval! You’re almost at the end of the road but there are a couple of my tasks you need to complete.

The approval letter will give you all the conditions:

The net amount to them
The commission that will be paid.
Closing date not to exceed X date
Seller to receive $0
Whether on not they are allowing you to pay the 2^nd mortgage
If they want the seller to sign a Promissory note.
If they will issue a deficiency judgment.
How it will be reported on the sellers credit report.

Anything you can do to help the cause. Don’t be lazy and sit back and just hope that it will all work out. You might as well go for it full force since you spend all this time trying to make these difficult deals successful.

For more information please contact Neal The Real Deal Bloom-Realtor® /Remax Premier Assoc.

2500 Weston Road ,Suite 103

Weston FL 33331

(954)608-5556 Direct
(954)212-0257 Fax

www.Neal-Bloom.com

Weston Florida Homes For Sale

nealb63 — Sun, 15 Jun 2008 16:22:44 +0000

Weston FL Homes For Sale-It’s Hard to Beat One Of The Hottest Growing Cities In The U.S.

In 2007 ….Weston FL was voted in the top 100 best places to live.

Currently….. there are over 800 homes for sale in Weston FL.

If you look at these comparisons you will notice that Weston FL has a medium family income that is comparably higher than other areas…family purchasing power is higher and the job growth % from 2000-2006 is more than double. Yet if you look at our sales tax…you will notice that those figures are lower.

I’ve included the 2007 Money Magazine City stats for the city of Weston FL so it’s hard to argue that it is still is one of the hottest places to live in the U.S.

Let’s compare Weston FL with the top best places. You will see where the average figures stack up against the rest. In my opinion as a resident of Weston FL….our fair city is an excellent place to purchase a home and to set down some roots for your family. Inventory in our housing market is high in general and “it’s a great time for buyers to come to Florida and purchase a home.” Prices continue to come down and should be leveling off soon so if you want to take advantage of finding a good deal out there then you should contact a Weston FL Realtor® who is knowledgeable in the area and also is a proud citizen there as well.

The city provides a large venue of different activities to choose from and is close to all major highways.

Weston FL is centrally located between Miami and Ft. Lauderdale.

Clouds

nealb63 — Sat, 07 Jun 2008 21:58:03 +0000

I know what you’re thinking. I’m a Realtor® so why am I talking about clouds in FL?

No… not a cloud on a seller’s title. We’ve seen too many of those these days. This really has nothing to do with Real Estate but probably more to do with the environment.

So what is a cloud?

I was outside this beautiful afternoon and saw some really interesting clouds so I whipped out my camera and started taking a few pictures of…. you guessed it …clouds.

These are classified as Cumulus mediocris

If you want to find out more about clouds then you’ll have to ask yourself a few questions.

What are clouds?
How are clouds formed?
Why are clouds white?
Why do clouds turn gray?
Why do clouds float?
How do clouds move?
How is fog formed?

The answers to your questions can be found >>HERE

Don’t worry….I picked a link that makes it simple to understand.

For more information please contact Neal The Real Deal Bloom-CRS-Realtor® /Remax Premier Assoc.

2500 Weston Road ,Suite 103
Weston FL 33331
(954)608-5556

Hurricane Preparedness Tips

Albert — Sat, 07 Jun 2008 01:20:29 +0000

Hurricane season is coming. Are you ready?

When hurricane season is approaching, most people focus on safeguarding their homes. If a hurricane is severe enough your car may be your only key to safety.

If using your car to get to a safer place, make sure your car is ready for a hurricane or a possible evacuation and that you understand how to drive in severe storm conditions.

HURRICANE SAFETY TIPS

Make sure you have a full tank of gas before a storm arrives.

Store a crate in your trunk with emergency supplies:

a first aid kit

duct tape

jumper cables for a dead battery

one or two blankets

a flashlight

bottled water

some sealed, shelf-stable food (like energy bars)

some basic tools like a screwdriver and pliers

a couple of brightly colored cloths to tie on your rear-view mirror to signal for help if you need it

Make sure you have a good spare tire.

If you’re evacuating, bring your (fully charged) cell phone.

If you’re evacuating or returning home after a hurricane, avoid driving through water.
The average car can be swept off the road by as little as 12″ of moving water. According to the National Hurricane Center, more than half of all hurricane deaths in the last 30 years have resulted from inland flooding. Of those deaths, one in four was someone who drowned in her car. Find an alternate route.

If your vehicle stalls in deep water, you may need to restart the engine to make it to safety.
Please know, however, that restarting may cause severe damage to your engine. If you can’t restart your vehicle and you become trapped in rising water, IMMEDIATELY ABANDON IT FOR HIGHER GROUND. If you’re unable to get out of the vehicle safely, call 911 or get help from a passerby or someone standing on higher ground.

After you and your vehicle are out of deep water and in a safe area, depress your brakes slowly several times to help dry them out.

And remember, if you’re evacuating an area and leaving your car behind, be sure it’s not left in a low-lying area prone to flooding. Rising water can seep in and damage your vehicle.

Here are some additional Hurricane Preparedness Tips

Hallandale Beach FL Condo’s For Sale -Avant Garde

nealb63 — Sun, 01 Jun 2008 12:03:36 +0000

Neal Bloom and Steve Kohn | Remax Premier Associates | 954 608-5556 or 954 605 5977

2017 S. Ocean Drive, Hallandale Beach, FL

2BR/2.5BA Condo

offered at $249,000

Year Built	1976
Sq Footage	1,500
Bedrooms	2
Bathrooms	2 full, 1 partial
Floors	4+
Parking	1 Uncovered spaces
Lot Size	Unspecified
HOA/Maint	$504 per month

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Walk-in closet
Tile floor	Living room	Bonus/Rec room
Dining room	Dishwasher	Refrigerator
Stove/Oven	Microwave	Balcony, Deck, or Patio
Swimming pool

COMMUNITY FEATURES

Guest parking	Storage space(s)	Fitness center
Swimming pool(s)	Tennis court(s)	Secured entry

ADDITIONAL PHOTOS

Seller contact info:

Neal Bloom and Steve Kohn

Remax Premier Associates

954 608-5556 or 954 605 5977

For sale by agent/broker

Equal Opportunity Housing

Posted: May 31, 2008, 6:49pm PDT