Today's New Foreclosures for Sale in Miami - 02/22/2011

Every since the market changed a few years ago, I have gotten more and more questions about the foreclosure inventory for sale. After interviewing numerous clients, they told me that they would really like to have a place on the internet that they could go to every day to see the absolute newest foreclosures for sale. I have decided to do this and update it every single day there is new inventory on the market in Miami-Dade County. Please click on the links below to view the homes. To go from one home to the next, click on the right or left arrows in the upper left hand side of the webpage. If you click on the home's photo, it will enlarge all of its photos. If you are interested in purchasing any of them, please let me know.

Foreclosures - Single Family Homes

Foreclosures - Condos and Townhomes



Amit Bhuta, ABR, CNS, e-PRO, Realtor-Associate
Coldwell Banker Residential Real Estate
Serving Miami-Dade and Broward County
(305) 439-3031 Cell
(305) 412-1171 Fax
www.ReasonsToHireMe.com (Why Choose Me?)
www.DadeCountyMLS.com (Website)
www.AmitsBlog.com (Blog - Web Journal)
abhuta@bellsouth.net (Email)
www.google.com/profiles/avbhuta (Google Profile)

Interesting Cash Transactions Percentages in the Real Estate Market

The number of homes and condos sold for cash has increased tremendously over the last couple of years. Below is an interesting story from the Wall Street Journal. Hope you find it interesting.

All-cash deals offer big boost to housing market
MIAMI – Feb. 9, 2011 – More buyers are paying cash for real estate. About 28 percent of sales were all-cash transactions last year, according to the National Association of Realtors®. In October 2008, the rate was 14 percent.

Indeed, cash buyers made up more than half of all transactions in the Miami-Fort Lauderdale area alone last year, and about 42 percent were cash buyers in Phoenix in 2010 – a triple rate increase compared to 2008.

The more depressed the housing market, the higher the percentage of cash deals, economists note.

Cash buyers often get a 5 percent to 10 percent discount on the asking price of a home than a buyer using a mortgage. Sellers often prefer cash deals since they close more quickly and it prevents a bank from changing its mind, says real estate pro Mohammed Siddiq in Fort Lauderdale.

“The prices were just irresistible,” said Richard Stoker, who paid cash for two condos in Miami Beach, Fla., and plans to close on one more soon. “Florida’s been hit pretty hard.”

Virginia Hall-Busch also couldn’t resist the bargains. She purchased a “short sale” historic house in Stone Mountain, Ga., for $52,500 (the home was originally on the market for $159,000).

“When you have a bad economy, it’s hard on lots of people,” Hall-Busch says. “But right now if you’ve got the money to put down on a house, long term it’s going to be good thing.”

Cities with the most cash deals

The following cities had the highest percentage of homes purchased through all-cash deals in December 2010:

Miami: 54.2 percent
Las Vegas: 45.9 percent
Tampa, Fla.: 44.6 percent
Phoenix: 35.6 percent
Stockton, Calif.: 29.1 percent
Chicago: 23.4 percent
San Diego: 23.1 percent

Source: “Cash buyers lift housing,” The Wall Street Journal (Feb. 8, 2011)


Amit Bhuta, ABR, CNS, e-PRO, Realtor-Associate
Coldwell Banker Residential Real Estate
Serving Miami-Dade and Broward County
(305) 439-3031 Cell
(305) 412-1171 Fax
www.ReasonsToHireMe.com (Why Choose Me?)
www.DadeCountyMLS.com (Website)
www.AmitsBlog.com (Blog - Web Journal)
abhuta@bellsouth.net (Email)
www.google.com/profiles/avbhuta (Google Profile)

Top Seven Mistakes When Getting a Loan

The home buying process has become much more difficult now days compared to a few years ago. There a few reasons for this - the different types of homes more prevalent on the market than the past (unapproved short sales, approved short sales, REO's, corporate owned, pre-foreclosure, etc), new sales contracts, much more difficult to get pre-approved for a loan, etc. As I always recommend, it is best to use a real estate professional when you are either buying or selling a home. With that being said, I wanted to share with you the top seven mistakes people make when getting a loan. A friend of mine, Patricia Perez, who is exceptional at the whole process of getting people approved and making sure the transaction closes as stress free as possible, was kind enough of to share the information below.

1) DON'T BUY OR LEASE A NEW CAR. A car payment will bring down your buying power, this means qualifying for a lower amount. Get the house first, then the car.

2) DON'T MAKE ANY LARGE DEPOSITS OR OPEN/CLOSE BANK ACCOUNTS. Lenders look at your past two months bank statements and any deposits that are not payroll related will need to be documented and explained. Cash at home IS NOT acceptable.

3) DON'T CHANGE JOBS OR TURN IN YOUR REISGNATION. A new job could require getting 30 days worth of paystubs. Resigning could jeopardize your approval especially if you will make less money or go into a different profession.

4) DON'T CO-SIGN FOR ANYTHING. This debt will count against you unless you can provide twelve months cancelled checks showing another person is paying it. Don't risk it - think about you first.

5) DON'T CONSOLIDATE BILLS. This may not be necessary and if you touch anything on your credit it could actually lower your credit score. If you fall below a 620, you usually cannot get a mortgage.

6) DON'T APPLY FOR ANY NEW CREDIT ESPECIALLY AFTER YOU HAVE BEEN APPROVED. Your credit report will be pulled again five days prior to closing. Any new inquiries or new debts will be counted against you and can void your loan approval. Don't go to the Rooms 2 Go sale - wait until after closing to buy anything.

7) DON'T PACK AWAY OR THROW AWAY IMPORTANT DOCUMENTS. The lenders will ask you for your W-2's, tax returns, bank statements (every page including blank pages) and paystubs. So be sure to have them handy.


Amit Bhuta, ABR, CNS, e-PRO, Realtor-Associate
Coldwell Banker Residential Real Estate
Serving Miami-Dade and Broward County
(305) 439-3031 Cell
(305) 412-1171 Fax
www.ReasonsToHireMe.com (Why Choose Me?)
www.DadeCountyMLS.com (Website)
www.AmitsBlog.com (Blog - Web Journal)
abhuta@bellsouth.net (Email)
www.google.com/profiles/avbhuta (Google Profile)

The Real Deals

Where are all the real deals? That's a question all Realtors get asked time and time again. What most people are referring to are short sales and foreclosures. They want to know what's on the market in these categories. I compiled all the short sales and foreclosures in Miami-Dade County and have them in links below. There are thousands of them to view if you have the time and the patience. The truly remarkable deals are the foreclosures below. On the surface, the short sales may seem like just as good a value, if not better, but the majority of the prices that are being asked for these homes are NOT approved yet by the seller's lender. If you are interested in any of these deals, please let me know.

Foreclosures Single Family Homes

Foreclosures Towhomes/Condos

Short Sales Single Family Homes

Short Sales Single Family Homes 2

Short Sales Townhomes/Condos

Short Sales Townhomes/Condos 2

Short Sales Townhomes/Condos 3


Amit Bhuta, ABR, CNS, e-PRO, Realtor-Associate
Coldwell Banker Residential Real Estate
Serving Miami-Dade and Broward County
(305) 439-3031 (Cell)
(305) 412-1171 (Fax)
www.ReasonsToHireMe.com (Why Choose Me?)
www.DadeCountyMLS.com (Website)
www.AmitsBlog.com (Blog - Web Journal)
abhuta@bellsouth.net (Email)
www.google.com/profiles/avbhuta (Google Profile)

What's Going On?

What's going on? That's a question I get asked time and time again. For most people, when they get asked that, the person asking the question just wants to know how the other person is doing. When I get asked that, the person asking the question wants to know what's going on with the real estate market. Since I have been asked that a lot lately, I felt it is time I gave all of you an update on the real estate market within the last six months in Miami-Dade County.

What type of intentory of homes are on the market now? In the last six months, of all the new listings put on the market, one third were short sales (pre-foreclosures), eleven percent were foreclosures (REO's), and the rest (fifty-six percent) were regular sales.

Months of inventory is a term that is used in the real estate industry that determines what type of market we are in - stable market, buyer's market, seller's market. Months of inventory is basically the amount of homes available for sale in a given area divided by how many homes sell per month in that given area. So if there were 200 homes for sale in a given area and ten sell every month, you would have twenty months of inventory. In a stable market, there is roughly six months of inventory for sale. As the months of inventory increases, the market becomes a buyer's market because there is much more supply than demand. On the other hand, when inventory starts to decrease below six months, it starts to become a seller's market because demand becomes greater than supply. Just to give you an example, at the peak of the real estate market a few years ago, there were times when there were only three months of inventory, a very strong seller's market. During the worst times of the real estate market a couple of years ago, there were certain areas that had over sixty and seventy months of inventory, a strong buyer's market. Below are the months of inventory within different price ranges.

0 - $250,000 - 7 months of inventory
$250,001 - $500,000 - 11 months of inventory
$500,001 - $1,000,000 - 16 months of inventory
$1,000,001 - $2,500,000 - 28 months of inventory
$2,500,001 plus - 36 months of inventory

Stats are great, but what does the above information mean? That is something I will discuss in a future post. If you can't wait until then, please contact me and I'll let you know.


Amit Bhuta, ABR, CNS, e-PRO Realtor-Associate
Coldwell Banker Residential Real Estate
Serving Miami-Dade and Broward County
(305) 439-3031 (Cell)
(305) 412-1171 (Fax)
www.ReasonsToHireMe.com (Why Choose Me?)
www.DadeCountyMLS.com (Website)
www.AmitsBlog.com (Blog - Web Journal)
abhuta@bellsouth.net (Email)
www.google.com/profiles/avbhuta (Google Profile)

Are All Realtors the Same?

Are all Realtors the same? That is a question I have been asked quite often in my many years as a Realtor. To be completely honest with you (not that I am ever not), but more so to get a point across; I did think all Realtors were the same prior to becoming a commited full time Realtor. More than ninety percent of all Realtors do exactly the same thing - put up a FOR SALE sign, enter your home on the MLS, advertise your home on a couple dozen websites, hold an open house, and make a brochure for your home. For me it seemed pretty ridiculous for a home seller to give a real estate agent thousands of dollars to do this. I still think it is utterly ridiculous for someone to pay thousands of dollars to have only THESE things done. Heck if that was all that was necessary to sell a home, it would make perfect sense to hire a friend or someone that you just get along with to do the deal that has no expertise in selling homes.

Once I became a full time Realtor, I realized that MUCH more than that is necessary to become a true professional in this business. I also became aware that the hardest thing to do is to make sure that the sale actually closes. There are so many different things that can happen to cause a transaction to NEVER close. So to hire a friend or relative to sell a home, just because they are a friend or relative, is like hiring a doctor to do surgery on you just because they are a friend or relative. It makes absolutely no sense.

So what makes me different than 99.9% of the other Realtors? Many things. Many many things. I know the market! I have lived in South Florida for over 30 years and am extremely familiar with it. Below are just a few of the things that I do so that your home WILL sell.

• Will Your Realtor Work this Hard for You?  I WILL!
   http://www.youtube.com/watch?v=ok8OHYQdDDI
  
  
• I specialize in selling homes that can't be sold - expired listings and for sale by owner homes


• I'm an agressive pro-active Realtor and everything I do to get your home sold is done that way. I don't just put up a sign and hope someone buys your house.


• I call potential buyers, top Realtors that sold homes in your area, invite people to open houses by phone calls, evites/facebook invitations, canvas different neighborhoods telling them about your home


• Put your home on up to 525+ websites


• Use social media to get the message out about your home for sale


• Use the latest technology and "old school" methods to promote your home


• Create a high definition video of your home


• Contact some of the largest relocation companies
• Know how to price homes to today's "new" technological buyer that uses smart phones and tablets


• Have an international web presence (over fifty countries) to help sell your home


• I specialize in divorce sales, so I'm extremely skilled at handling delicate, confidential situations


• I'm a Certified Negotiation Specialist (CNS)


• I spend a great deal of time and money on continuing education, technology, and contract courses so I will be completely up to date on changes in the industry and contracts


• I'll communicate with you as often as you would like in the manner you prefer - text, emails, phone, or in person


• I'll show you how many Realtors sent their buyers emails about your home, how many buyers actually read them, the number of people that went online to see your home, and what sort of interest there is in your home


• I'll let you know weekly about your competition - what homes sold, came on the market, had offers accepted, and any other stats about the real estate market, interest rates, or anything else appropriate


• I'll send you a list of over fifty references that you are more than welcome to call and ask about their experience with me as their Realtor


• MOST IMPORTANTLY - I make sure I do everything possible to give your transaction the best possible chance to close once we have accepted an offer. As mentioned before, making sure a sale closes is the hardest part in today's extremely difficult real estate market. I go to every closing and am there to try and prevent anything from happening to delay or cancel your transaction. I do many more things so that this will be a stress-free experience for you.

Amit Bhuta, ABR, CNS, e-PRO Realtor-Associate
Coldwell Banker Residential Real Estate
Serving Miami-Dade and Broward County
(305) 439-3031 (Cell)
(305) 412-1171 (Fax)
www.DadeCountyMLS.com (Website)
www.MiamiForeclosuresDaily.com (Updated Daily Foreclosure List)
www.CoralGablesPinecrestHomes.com (Newest Listings for Sale)
www.ReasonsToHireMe.com (Why Choose Me?)
abhuta@bellsouth.net (Email)
www.google.com/profiles/avbhuta (Google Profile)

Something You May Not Know Yet, but Will Soon

The first thing that comes to mind for most people when they see, QR, are the seventeenth and eighteenth letters of the alphabet. In a couple of years for sure, they will mean something completely different for the majority of people. QR are the initials for quick response, as in quick response codes. So what does that mean to you? A great deal. QR codes are tiny UPC looking pictures that many people haven't noticed yet. They are used for driver's licenses, coupons, bills, websites, your local Best Buy store, tattoos, or basically any information that you want someone to see.

So how do you get all this information out of a tiny UPC looking photo? Very easily. With more and more people using smartphones - iPhones, Blackberrys, Drodis, etc, people can download these QR scanning apps for free. Since I own an iPhone, I did a lot of research and spoke to many people to find the best one. The two best one I came across are called i-nigma (or i-nigma qr datamatrix barcode reader for you guys that don't like to shorten things) and QR app. The i-nigma one is more sensitive at scanning but doesn't display websites as well as the QR app. So if you have an iPhone, please go to the app store now and go to search and enter i-nigma. After you download that one, enter QR app and download that one as well. I normally use the QR app because it is so good at displaying websites. But if there iss an issue with scanning, I will use the i-nigma one.

If someone is driving by a home I have for sale and they happen to stop in front of the FOR SALE sign, they can pick up a brochure and scan the QR code. When they do this, they will be taken to a website with many more photos of the home, schools in the neighborhood, demographics, the ability to schedule an appointment to view the home, my contact information, any other comments the person would like to leave me, plus many other things. By having the QR code, I will be able to do my little part in trying to help the environment by saving on paper, as well as help consumers get instant access to information they are probably interested in.

If you were able to download the QR app I talked about above or you already have a QR scanning app on your phone, please scan the QR code below.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
www.DadeCountyMLS.com
www.google.com/profiles/avbhuta

Things You Probably Don't Know About Short Sales

As most people know, short sales and foreclosures (REO's) make up a very big percentage of the homes on the market for sale now days. Many people have a general idea of what a short sale is and the process involved. The problem with most things in life is that a little knowledge is sometimes very dangerous. Although there are some home buyers and sellers that are extremely well versed on the short sale process, the majority of them are not. Going into a short sale with a Realtor with limited knowledge on the the process can potentially cause a great deal of heart ache for all of those involved.

Below is a an email that Bank of America sent me to provide to my clients that will give them a much better insight into to many things that are never mentioned. Although every bank doing a short sale has their own guidelines with the way they do things and you should seek a real estate attorney when involved in a short sale, the information below will give you a much better understanding than the vast majority of people.

Fact #1: Your acceptance of the counter offer terms does not mean the transaction is approved. Acceptance of the counter offer means that Bank of America will take the next step of presenting the transaction for approval to the investor. In some short sales, multiple approvals may be necessary from others including the second lien holder, mortgage insurer and Bank of America senior management.

Fact #2: The terms of the accepted counter offer may be approved, declined or changed. Any of the parties reviewing the transaction can change the terms of the transaction, approve or decline it, up until closing.

Fact #3: The counter offer may have an expiration date. Please reply to the counter offer before the expiration date. If you don't reply by the expiration date the transaction will be rejected and you must restart the process by initiating the short sale and resubmitting documents, which can add up to an additional six months to the process.

As always, make sure to use a Realtor that is very familiar with the process and pros and cons of purchasing distressed property. And never be afraid to ask questions upfront.


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

Latest Real Estate Statistics for Your Local Market

Please click on the link below to view the latest real estate statistics in nearly twenty counties throughout Florida.

Real Estate Statistics


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

Winston Park Home - 8060 SW 132nd Ct

Here's an outstanding chance to purchase a home in the Winston Park neighborhood for way below market value. Please click on the link below to watch a video of the completely updated home.

Winston Park Home video


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

A Typical Foreclosure Home

The majority of people I come in contact with on a daily basis ask me about foreclosure homes for sale. Below is a link to what you can expect when go view a foreclosure home for sale.

Foreclosure Home Video

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

Miami-Dade County Real Estate Stats (Short Sales, REO's, Etc)

Below are many stats on the real estate market in Miami-Dade County. This report includes statistics on current and past inventory, short sales, foreclosures, and many other things. If you would like to receive a free real estate report every month, please contact me. My contact information is below. And if you know anyone interested in selling their home, please let me know.

Miami-Dade Report
April 1, 2010

Total Inventory available for sale: Months of Inventory

January 2009 36,418 30.4 Months
February 2010 24,218 18 Months

Median Price:

January 2009 $164,000
February 2010 $141,000

Last 6 Months in Miami-Dade County:

20.5% of closed sales were short sales
39% of closed sales were REO properties

Active Listings:

36% of Active Listings are short sales
5% of Active Listings are REO’s

Last 6 Months in Miami-Dade County:

69% of closed sales were under $250,000
89% of closed sales were under $500,000

Months of Inventory:

$0-250,000 6.7
250-500,000 14.5
500-1,000,000 23
1,000,000-2.5 32
2.5-5 mm 55
5-10 mm 40
10+ mm 15 years


Million $ Sales Market has increased overall in Miami-Dade and Broward County YTD by 26% over last year.

Days on the Market over last 12 months: 111 Days

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

Latest Real Estate Statistics for Florida

Please click on the link below to view the latest real estate statistics in nearly twenty counties throughout Florida.

Real Estate Statistics


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

Happy New Year!!!!!!!!

Happy New Year! I want to wish you and all of your loved ones a very happy and safe new year. Thank you so much for all your support throughout the years. Without you, I am nothing.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031

www.DadeCountyMLS.com

www.google.com/profiles/avbhuta

Latest Real Estate Statistics in Different Parts of South Florida

To view the latest real estate statistics in Dade, Broward, and Palm Beach counties and the changes from last year, please click on the links below.

Dade County Real Estate Statistics

Broward County Real Estate Statistics

Palm Beach County Real Estate Statistics


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