Most Cost Effective Improvement to Your Home

With today's declining real estate market, I often get asked by sellers the following question - What is the most cost effective improvement to their homes? Basically the least expensive thing to do to their homes to get the most in return from buyers. The greatest "bang for the buck" has always been to paint the home. It should be in a neutral color so it won't turn off any potential buyers. The link below is to a story that has many painting tips from the pros. It is definitely worth spending three to five minutes to read it.

Painting Tips Story

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

New Good Faith Estimate Form

When home buyers are comparison shopping different lenders (mortgage brokers, credit unions, banks, etc) for their mortgage, their potential lenders will give them something called a "good faith estimate" form. The idea behind the form, to help the buyers comparison shop different lenders with the terms of the financing, was very good, but in reality, the form was very difficult to understand. The US Department of Housing and Urban Development proposed a new borrower-friendly Good Faith Estimate. An article from Inman News (below) goes into further detail about it.

New Good Faith Estimate Form Article

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

South Florida Home Prices Fall Again

Below is a quick update on the South Florida real estate market in an article in the Miami Herald today. Please click on the link below to read the story.

South Florida Home Prices Fall Again

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

More Foreclosure Tips

Here are some more foreclosure tips that I saw in the Sun Sentinel. Please read their story below.

What to do if you're put on notice?

If a lender puts you on notice -
Homeowners have many options after a lender has filed a foreclosure notice. Foreclosure specialists advise:

*Don't ignore mail from your lender; stay in touch even after a foreclosure notice has been filed. Most lenders would rather work out options than foreclose on a home.

*Beware of foreclosure companies calling themselves "mortgage consultants" or "foreclosure services" promising to save your credit or pay the closing costs. Be wary of deals that take over ownership of your home.If you turn to a foreclosure rescue firm, be aware such companies do not need a state license to operate in Florida unless the business is selling or buying properties.

*Never transfer your property deed or title to a rescue firm. Never sign a contract under pressure and without legal advice. Do not pay your mortgage payments to someone other than your lender.

For more information
Contact the Department of Housing and Urban Development to request an approved housing counseling agency: 800-569-4287 or hud.gov.

For legal help, contact the National Association of Consumer Advocates at 202-452-1989 or go to naca.net; the Florida Bar floridabar.org.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

How Do I Save My Home?

How do I save my home? It seems like I get asked this question a million times now days. Unfortunately because of many different reasons - a change in the adjustable rate on your mortgage, the economy, loss of job, the depreciating real estate market, etc - people are losing their houses at record paces. In fact, I read a couple of weeks ago in our South Florida real estate market, that for every home sold, there are six foreclosures. Ok so enough of the bad news. What can someone do to save their home?

The US Department of Housing and Urban Development (HUD) has a website that tells homeowners what they can do to save their homes. Please click on the link below to read the information.

How Do I Save My Home?

All the Best,
Amit

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Is Your Landlord Paying His Mortgage?

Landlords have always asked potential tenants about their financial situation. But with today's changing real estate market in South Florida, tenants are advised to do the same with their potential landlords.

I read a really good article in the Miami Herald about this. Please click on the link below for the story.

Is Your Landlord Paying His Mortgage?

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

What Really Matters?

What really matters? That's something many people, including myself, lose focus on lots of times. A friend of mine the other day was kind enough to send me something that quickly put everything into perspective. Although I had seen it before, it was just as powerful as the first time I saw it. If you have a few minutes to spare, please click on the video below. I hope it has the same impact on you as it had on me.

What Really Matters? (video)

Thanks,
Amit

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

The Latest Foreclosure Statistics

I read an article today in the Miami Herald today that I thought you might be interested in. Please read it below.

Florida and California, states with significant investor speculation and overbuilding during the real estate boom, helped push the percentage of homes entering foreclosure nationwide to record highs, an industry group reported Thursday.

Together the two states had 21 percent of all outstanding loans but were responsible for 30 percent of new foreclosures in the three-month period ending Dec. 31, according to numbers released by the Mortgage Bankers Association.

In Florida, 10.69 percent of borrowers with first lien home loans were behind on payments or in foreclosure, compared to 7.86 percent nationwide, the report said.

The percentage of new foreclosures in the state rose to 5.19 percent from 3.52 percent in the previous quarter, driven by a large percentage of defaults among subprime borrowers who got loans despite shaky credit.

More than 17 percent of all subprime loans entered foreclosure in the fourth-quarter, compared to just 2.66 percent of prime loans.

MBA economist Doug Duncan said the state's foreclosure problems were the result of interest rates resetting on adjustable-rate loans coupled with falling home prices.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Are Foreclosures Good Deals?

Foreclosures. That's what we all here so much about now days. Being a Realtor, I get asked all the time to find foreclosures for home buyers. But how good a deal are foreclosures? The simple answer is, it depends. Because so many people in the past bought homes with zero downpayment or very little down payment, the amount of money owed on the majority of these foreclosed homes is significantly higher than what they are worth. Most banks aren't willing to lose hundreds of thousands of dollars to get rid of their inventory. Many of them simply can not afford to right now. There are times when some of them can, and those are the times when people get a good deal on a foreclosure.

With so many homes on the market that aren't foreclosures, there are just as many great deals within these group of homes for sale. There are still a huge number of people that have lived in their homes for many years. These homeowners still have a great deal of equity, and many of them are in position to offer an incredible deal to a potential buyer to make their home stand out from all the competition. So how does someone get the best deal in today's real estate market? The answer is the same as it has always been - speak to an experienced Realtor with knowledge in the area you are interested in.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com