Parkland Parrot
Categories
- Selling
- Buying
- Foreclosures
- Short Sales
- Market Report
- Mortgage Information
- City News & Events
- Parkland Real Estate
- Chinese Drywall
- Videos
- Celebrity Real Estate
Parkland Schools
parkland parks
- Parkland YMCA Family Center
- John Quigley Park
- Equestrian Center at Temple Park
- Covered Bridge Park
- Doris Davis Forman Preserve
- Pine Trails Park
- Terramar Park
- Liberty Park
Parkland Religion
Parkland City Info
- City Of Parkland Website
- Public Works and Fire Departments
- Broward County Property Appraisers Office
Archives
Archive for November, 2009
Buyers That Are Prequalified or Preapproved?
Should A Buyer Be Prequalified or Preapproved?
With banks becoming even tighter on their financing criteria, many Parkland sellers and their real estate agents MUST make sure that buyers are truly qualified to purchase a home before entering into a purchase agreement.
Prequalification is the process where a lender or mortgage broker pulls credit and looks at the complete credit report of the borrower, as well as the buyer’s income and debts. As a result, a lender will be able to use this pertinent information to determine how much mortgage the potential purchaser can really afford. But, there is no bank accounts or employment verified during the prequalification process.
Preapproval occurs when ALL employment and credit is verified and approved by the lender or mortgage broker. During the preapproval process, the potential buyer provides more detailed information in order to verify their statements. After this information is verified, then the mortgage is approved, subject to a home appraisal. The final loan is approved after the property appraises, and the bank receives all documentation and satisifes the contingencies and conditions of the loan before closing.
It is important for all sellers and Realtors to understand that a prequalification letter does not mean that a buyer is 100% able to purchase the said property. When receiving offers on our Parkland property listings, we ask that ALL buyers are preapproved for a loan. I really do not understand why a buyer would not make sure that they are truly approved to purchase a property in a particular price range and understand their exact terms and conditions of the loan. As a result, the “prequalification letter” is just a piece of paper. I want the preapproval letter and still have questions from the buyer’s mortgage lender before I even present the offer to my sellers!
The moral of the story is that with the lending institutions tightening their financing criterias, it is essential that all buyers get preapproved before looking at properties or at least before submitting a formal offer!
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
Buying A Parkland Home Near Power Lines?
Does Living Near Powerlines Cause Cancer?
Recently, we have sold a few homes in Parkland that backup to the power lines. We have received questions from potential Parkland buyers concerning the safety of living close to power lines. The debate arises from the powerful but invisible electro-magnetic fields (EMF) caused when electricity passes through power lines. EMF is also generated by our common household appliances such as our televisions, cell phones, computers, alarm clocks, and countless other items in our homes.
There has been extensive research performed by major health organizations such as the National Cancer Institute, the National Research Council, and the National Institutes of Health. All of the reputable studies have concluded that there is no conclusive evidence that EMF exposure poses any cancerous or other negative health effects to homeowners that live near high voltage power lines.
Would We Personally Recommend Buying Homes On Power Lines?
There will always be clients that will never want to live on or even near power lines. We believe it is a personal choice and would encourage a client to buy a property if the home met their purchasing criteria. With the amount of time that we all spend on our cell phones and in front of our tv’s, as well as the extensive research in the past five years, we would move forward with buying a home on the power lines.
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
2 Of Our Parkland Pine Tree Estates Listings Under Contract
We did it again!! This week two of our Parkland Pine Tree Estates listings went under contract. In recent months, we have seen an increase in buyer activity on our Parkland listings, especially in Pine Tree Estates. Many buyers are seeing the value in living in a non-association community. Most of the homes in Pine Tree Estates are on 1.09 acres.
6213 N.W. 63rd Way, Parkland, FL 33067
Our 5/5 home that is approximately 5,200 square feet under air conditioning listed at $899,000 went under contract yesterday. This home features a new kitchen and bathrooms and a separate guest suite and recreational room. Click Here For More Pictures & Details
5741 N.W. 66th Way, Parkland, FL 33067
After many months of negotiating with SunTrust Bank, we FINALLY received a written approval on our 3+ Acre Pine Tree Estates listing on 66th Way that was listed at $500,000. This equestrian home features 8 bedrooms, pool, and over 3 acres of land that can be subdivided into 2 parcels. Click Here For More Pictures & Details
To view more information on Pine Tree Estates as well as see all of the available inventory, please click here. We will soon be listing a new Pine Tree Estates property, and The Squawk will certainly post on the Parkland Parrot website. Have a great weekend!
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Pine Tree Estates or in another Parkland community, please give us a call at 954-609-0591 or send a note to the squawk.
23 Questions Sellers Must Ask When Interviewing A Realtor
When interviewing any agent to list your home, it is wise to ask questions that will reveal the agent’s ability to successfully accomplish your real estate goals. Before our team goes on a listing appointment, we email or drop-off a Realtor-Questionnaire that ALL sellers should ask when interviewing the right agent for the job of selling their home.
No matter if the agent is your friend or even an agent that you worked with in the past, the current market is unlike any other! As a result, the older agent that sold homes at the height of the market might not truly be the best agent for the job. Read on … Read the rest of this entry »
50% Reduction In 2009 Taxes For Homeowners Affected By Chinese Drywall
Lori Parrish and Broward County have responded to the recent Chinese Drywall problem that has affected many South Florida residents. As a result of the damage, the county is reducing the building value of residents with Chinese Drywall in their residents by 50% in order to ensure fair property assessments. Homeowners must provide the necessary documentations in order to receive the reduction.
But, the only way that the county will know that your home has Chinese Drywall is to contact Residential Department Manager Bob Zbikowski by email or at 954.357.5880.
Also, don’t worry if you have not filed by the September 19th deadline, as you can still receive the 50% reduction by the Value Adjustment Board. You can also reach the Value Adjustment Board via email at: vab@broward.org
I have been keeping a close eye on the Chinese Drywall issue in the City of Parkland and throughout the State of Florida.
Other articles on Chinese Drywall:
- December Chinese Drywall Deadline Fast Approaching
- FEMA Emergency Assistance To Chinese Drywall Victims?
- Finally Good News For WCI Homeowners With Chinese Drywall
- Parkland Chinese Drywall Task Force Established
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
Could Home Foreclosure Mediation Be Mandatory Soon?
Let’s face it! You hear on every media outlet that Home Foreclosures are increasing throughout the United States causing homeowners to be forced out of their homes as well as drastically decreasing home values! A study performed by a Florida Supreme Task force has found that approximately 10.5% of the 3.5 million Florida mortgage loans were in some stage of the foreclosure process.
I just read a great editorial from Florida Trend which highlights Collins Center for Public Policy, which is a research organization affiliated with Florida State University. The Collins Center is taking the initiative in three circuit court districts, including Miami-Dade, to force lenders to try and mediate and do a loan modification before seeking foreclosure. The Collins Center Mediation Program has kept over 1/3 of the distressed foreclosure-bound homeowners in their homes at a modified mortgage payment that they can actually afford!
The Collins Center also arranges meetings with distressed homeowners and local financial counselors to go over all of their options including discussing President Obama’s Hope For Homeowners Program. This month, the Florida Supreme Court is also meeting to decide if mortgage mediation should be required by ALL lenders and making foreclosure the last resort for distressed homeowners.
I wish President Obama and Congress would have passed a bill like this last year. Foreclosures will continue to negatively affect the economy in 2010. We can help stop the bleeding, as the Collier Center’s program is not costing any tax payer dollars. As a result, thousands of homeowners are still in their homes because of this initiative! Can we get the rest of the counties in Florida, as well as the rest of the country, to FINALLY get on board? I sure hope so!
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
December Chinese Drywall Deadline Fast Approaching
Calling All Parkland & South Florida Residents Affected By Chinese Drywall!
Residents must find out if the wallboards in their homes were made by a company called: Knauf Plasterboard Tianjin Co. Knauf has agreed to accept a class action lawsuit for ONLY one month. Through the help of attorneys, homeowners with Chinese Drywall made by this manufacturer can now hopefully seek recourse.
Without this pact from Knauf, homeowners would have to spend lots of money and time filing lawsuits and complaints. Now, all residents need to do is show that their wallboards were made by this manufacturer. Hopefully, Knauf is looking at its full exposure as a company and will be willing to negotiate settlements. But, time is of the essence. Look through your documents when your home was built or call your developer. You may also want to speak with the City of Parkland planning and zoning department. I wrote an earlier article on how the City of Parkland established a task force to investigate the Chinese Drywall problem in the city. Click Here to read this article.
Other articles on Chinese Drywall:
- FEMA Emergency Assistance To Chinese Drywall Victims?
- Finally Good News For WCI Homeowners With Chinese Drywall
- Parkland Chinese Drywall Task Force Established
To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
Parkland Real Estate Roundup January To Date
Parkland Real Estate Home Market Activity
As we get closer towards the end of the calendar year, I wanted to research what types of homes have been selling in Parkland. After further research, there have been a total of 274 single family sales year to date. Among the 274 sales, 107 were distressed sales (Short sales or bank foreclosures), and 167 were regular sales.
It is amazing to believe that distressed sales are becoming even more prevalent in Parkland. Almost 40% of the total sales were foreclosures or short sales in 2009. Even in a luxury market like Parkland, distressed sales are going to continue to grow in 2010.
I also researched and found that there are currently 78 pending short sales, and 16 pending bank foreclosures, where potential buyers and sellers are anxiously awaiting approvals from the banks. There are ONLY 31 pending regular sales awaiting to be closed.
If you have owned a home in Parkland for an extended period of time and are not in financial distress, it may be a perfect time to list your home on the market. Many buyers want to close sooner than later and do not wish to experience the long process of purchasing a distressed sale. Your home may be worth more than you think! You may also be able to take advantage of portability on your taxes to another property. Please give us a call at 954-609-0591 for a free comparative market analysis.
To stay updated with all of the current Parkland real estate information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling real estate in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
5 Reasons To Buy A Home During The Holidays
Tis The Season To Buy A New Home! As the holiday season approach, many potential buyers should have a new home on Santa’s wish list. We all are looking for great holiday deals. Well … Here are:
5 Reasons To Buy A Home During The Holiday Season
1. LOW Interest Rates: Interest rates and prices are at all-time record lows. Historically, interest rates are usually at their lowest during November through January due to the slowdown in the market.
2. Motivated Sellers: Many sellers are motivated to sell their homes before the end of the year for tax purposes. As a buyer, you will have even more negotiating power to get a great deal!
3. Slower Market: With the buzz of the holiday, many people are traveling and busy gift shopping. Typically, November and December are the slowest real estate months. Savvy buyers will have less competition and be able to scoop up a great bargain from motivated sellers.
4. Faster Closings: During this slow holiday period for real estate, lenders are NOT inundated with many deals to close. As a result, your mortgage will receive more attention and be able to get done faster. This will lead to less headaches and receiving the keys to your dream home more quickly! Bank foreclosures are also easier to purchase during the holidays as there are less competing buyers.
5. Tax Deductions: Many closing costs and taxes are tax deductible during the year that you close on your home. Speak with your accountant. You may be able to deduct the interest on your first mortgage payment from your taxable income. Also, you may be able to deduct the points paid on buying down your mortgage rate.
It’s the most wonderful time of the year to go out and buy a home! If you are serious about buying a property in the near future, NOW may be the best time to get the ultimate holiday deal. I promise that you won’t have to sleep overnight for Real Estate Black Friday!
To stay updated with all of the current Parkland real estate information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling real estate in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
8 Facts To Know When Buying A Foreclosure
It’s A Seller’s Market For Bank Foreclosures
There is a big misconception in today’s market that a buyer’s market pertains to all potential home listings. NOT!!! Bank foreclosure sales have become the new fad to buy where buyers are purchasing homes at significantly discounted prices. But, buyers must be aware of the 8 important facts to know when purchasing a bank owned property:
1. Make sure to get pre-qualified by a mortgage lender before looking at any home. Banks require a pre-qual letter with all offers. Cash buyers also need to provide proof of funds when submitting a written offer. You will also know your payment options and understand the financing process before executing a purchase agreement.
2. Bank owned properties are sold in their As-Is condition meaning that they will not make minor repairs to the property and do not warrant or guarantee anything related to the property. Remember, the bank has never seen the property before.
3. Make sure to hire an expert inspector to thoroughly investigate the unit for defects that may arise. Banks will fix or give a credit for major functional problems such as the roof, a/c unit, or water heater.
4. Make your best and final offer! Most likely, you will not be the only potential buyer for a bank owned property. It is imperative to make a very strong offer and include the highest amount of escrow money that you can afford to show the bank that you are serious and that they should take your offer over the competition!
5. Make sure that your Realtor calls the listing agent to see if the home is still available, and there is not already multiple offers on the property. If the home already has offers, it is a very good chance that you missed the boat.
6. Work with a Realtor that specializes in bank foreclosures and short sales. Even though the market has many distressed sales, it is imperative to work with an agent that truly understands the process and can help answer all of your questions and concerns.
7. Be prepared to close quickly, as banks want to get the home sold and off their books as soon as possible because of the fees and carrying costs.
8. Make sure that you work directly with the title company in order to clear all liens on the property. I recommend that you hire an independent attorney. Banks usually pay for the owner’s title policy in order to require the buyer to use their own title company. You need someone looking out for your best interest. so hire an experienced real estate attorney. It will be money well spent! Bank foreclosures can have multiple liens on the property, so it is important that clear title is provided before you sign on the dotted line of the closing statement.
To stay updated with all of the current Parkland real estate information, receive our blog posts directly to your inbox by subscribing to the squawk.
If you are interested in buying or selling real estate in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.
Michael Citron / Rosy Baron
Parkland Specialists
RE/MAX ParkCreek
Direct:954-609-0591
Office:954-449-9704
Email:Link
Charities We Support:
