2-Years 2-Late for South Florida Real Estate?

Having sold Fort Lauderdale properties since 1999, Henri Vezie, Realtor in Wilton Manors has a keen perspective on the latest market rise and when it fell in 2007 here in South Florida. Fort Lauderdale Homes and Fort Lauderdale Condominiums have been on an upward rise year after year since 2009. “We’ve been in this housing crisis in South Florida since late 2006, and from that time prices continued to tank for three years straight,” says Vezie, Co-Founder of the Henri Frank Group at Remax Preferred. “This season, Winter 2012, we are getting the same buyers that had been searching for a property in South Florida in 2008 and 2009 and expecting the same deals that they saw than. It just isn’t going to happen.” says Vezie.
A buyer who was searching the Wilton Manors Homes market in 2008, saw a single family home in Wilton Manors on NE 20th Street, 3 bedroom, 1 bath just two blocks off Wilton Drive for $149,000. The buyer hesitated to purchase that home and left South Florida in 2008 without purchasing a property. The buyer came back to Wilton Manors in 2010, two years later and saw another single family home, 3 bedroom, 2 bath on the Eastside Waterfront Community in Wilton Manors for $280,000 and didn’t make that purchase. This same buyer who browsed through the market in two year intervals is now back to purchase a Wilton Manors property. Now disappointed, this buyer in 2012 sees the same property that was $280,000 in 2010 for $549,000 in 2012. “Yes, the seller of this home, who I sold to in 2010, upgraded this Wilton Manors waterfront property with a dock and a underground pool about $50,000, and the value of this property is now near $549,000.” Another indicator that these examples of Wilton Manors Property and Fort Lauderdale Property that the deals could be no longer. “We may see some steal deals, but now the number of buyers in this market to the number of properties we have listed are unbalanced and the Wilton Manors Real Estate market is quickly changing, right before our eyes, from a buyer’s market to a seller’s market,” Vezie went on further to say, “all that I can say to these buyers who expect to purchase a Wilton Manors waterfront property in the eastside of town, with a pool, garage and boat dock for under $300,000 is simply 2-years 2-late for the South Florida steal deals we were selling in 2008 and 2009”.

SHORT SALE: Approved vs Unapproved. What does this mean?

The unapproved short sale can take up to 6 to 12 months to go through and get to the closing table for the purchase of a short sale property. Our experience, average 6-months to get approved and closed and that is the standard, when purchasing a short sale, you should expect.

The Henri Frank Group at REMAX Preferred, we strongly recommend that you stay with approved short sales when purchasing a short sale property. That means the lender who the holds the note and mortgage on the property has already done the work to approve the seller of the property to short sale.

Some are approved as the property had a buyer, the lender went through the process of approval and the buyer either rejected the approval, for example the buyer offered $100,000 and the lender approved the sale at $110,000 and changed the terms of the sale outside, other than the purchase price, which that can often times happen. Or the buyer just didn’t have the patience to wait the average 6 months for that approval.

When you place an offer on ANY short sale, whether approved or unapproved, the lender is not required to accept your offer price. And buyer beware, that even though the lender approved the short sale and it is indicated such by the sellers realtor, either by verbally telling you so or it is advertised on the South FLorida Multiple Listing Service, the lender often re reviews the transaction, like the offer price and terms and keep in mind, even though it is an approved short sale, they may and do many times, change the terms of the short sale.

When purchasing a short sale, until you get a letter from the lender that specifically says that the owner of the property can sell the property at the price and terms you’ve offered and your name is on that approval letter, it is truly not approved for you to purchase that property. The short sale approval letter will be addressed to the owner of the property and will say, “Mr and Mrs Doe are the approved buyers of this property”.

Buying a short sale requires knowledge by your realtor, the Buyers Agent and the realtor who represents the seller of the short sale property, the listing agent. Also, check into who is speaking to the lender on behalf of the seller, who is negotiating the short sale? Is it an attorney, is it the Realtor, is it a newly organized firm who is now negotiating short sales? The answers to these questions can determine the outcome of the short sale.

The answers to all of the questions determines whether or not this is a short sale that you will be interested in placing an offer or even considering. If you are a buyer that must purchase a property within a short time period as you have a 90-day loan rate lock, or simply you are a buyer that wants to be into a property quickly like within 60-90 days, I never recommend a short sale purchase. Unless the property that is being sold through a short sale is an absolute ‘must have’ for you and you fall in love with the property, I say no to the short sale purchase. There are plenty of properties being sold by homeowners who are not upside down on their mortgage and the property is NOT a short sale.

Experiences and time frames of the short sale may vary depending upon the region of the country you are purchasing the short sale. Our experiences are from the South FLorida region here in Fort Lauderdale, Oakland Park, Wilton Manors and Miami. These experiences are typical all over South FLorida as the Henri Frank Group of REMAX Preferred has been successfully helping sellers of short sale properties sell their properties that have an underwater mortgage, since 2007 when the properties in South FLorida begain to depreciate and the market values of properties were beginning to correct from the soaring market values of 2004, 2005 and 2006.

REMAX KNOWS SHORT SALES

Do you have the CONFIDENCE to BUY REAL ESTATE?

This article by the FLORIDA REALTORS NEWS Department is another sign that the road to the South Florida Real Estate market is underway. At the HENRI FRANK GROUP we’ve been talking about this issue, Consumer Confidence, and as that continues to increase, we beleive so will the Real Estate market in Fort Lauderdale and the market in Wilton Manors and all throughout the Real Estate market in South Florida. We are pleased to see that we are seeing a 7-point surge in January, pleased enough to post this article. Hope you enjoy!

GAINESVILLE, Fla. – Feb. 1, 2012 – Consumer confidence among Floridians surged in January, up seven points to 77 from a revised December reading of 70, marking a steady rise in optimism, according to the University of Florida’s (UF) monthly survey.

Four of the five categories measured by the survey found increased optimism. One category that asks survey takers if they’re better off financially than they were a year ago rose four points to 60, its highest level since March 2008 when the U.S. economy began to falter. Expectations that their personal finances will improve by this time next year rose eight points to 86.

In addition, confidence in the nation’s economy over the next year went up dramatically by 14 points to 74. Trust in the U.S. economy over the next five years was upbeat, too, moving 10 points to 83. These figures parallel results of a University of Michigan study that show consumer confidence across the nation shot up from 69.9 in December to 75 in January.

Only one category dropped – whether or not it’s a good time to buy big-ticket items such as an automobile or a refrigerator, which fell four points to 81.

“Consumer confidence in Florida is now back to the level it was in January 2011,” says Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research. “We are beginning the year with the same pattern as last year where there were relatively steady increases in confidence from the end of the summer with a surge to 77 in January 2011. This was followed by seven months of decline with the low of 61 in August 2011 when Congress debated the debt ceiling.”

The UF survey shows these increases ranged across income and age groups, except for lower income respondents whose perceptions of current personal finances declined slightly. Results also indicate little difference in confidence among political parties, which indicate that the rising consumer confidence is most likely linked to perceptions of the economy rather than concern about the upcoming November elections, McCarty says.

Employment gains, especially in trade, transportation and utilities, may help explain the boost in confidence. However, McCarty says, the drop in unemployment may also reflect a decline in the labor force, along with adjustments the Bureau of Labor Statistics used to remove seasonal fluctuations in its unemployment calculations.

Encouraging news about housing prices and stock market investments, which are the major asset sources for most households, also may be helping to buoy Floridians’ spirits. For instance, the median price of a single-family home increased in December to $134,300, a $4,000 gain from the previous month. In addition, the stock market is near a post-recession high.

“Concrete plans to modify Social Security and Medicare have been shelved, at least temporarily, which is a relief to many seniors,” McCarty adds.

Finally, although gas prices have increased nearly 20 cents a gallon over the past month, inflation overall remains low. In addition, interest rates are at near record lows and the Federal Reserve has announced plans to keep them low for the next two years.

“While many aspects of the economy are better this year, it remains to be seen whether this level of confidence will be sustained,” McCarty says. “The biggest threat to the U.S. economy, and therefore Florida, is the recession in Europe, which would affect Floridians primarily as decreased demand for Florida tourism, decreased demand for houses from foreign investors, and the stock market portfolios of workers and retirees whose investments would include companies with exposure to much of Europe. However, barring a very negative outcome to the turmoil over European debt, this pattern of confidence, if sustained, bodes well for Florida.”

The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2; the highest is 150. The UF survey was conducted between Jan. 2 and Jan. 25, and reflects the responses of 420 individuals statewide.

Short Sale your Property with Henri Frank Group

A Tax Credit to help Buyers: The MCC

There is a Federal Tax Credit available to buyers of Real Estate that could make the difference for some being able to buy a South Florida property or not being able to buy a property. At the HENRI FRANK GROUP of REMAX Preferred we seek to educate our clients on the many avenues available to purchase properties in Wilton Manors, Fort Lauderdale properties and all areas throughout South Florida. We bring to you today the MCC, known as the Mortgage Certificate Credit. I have looked this up in WIKEPEDIA and would like to share with you the information they’ve posted about the MCC.

In upcoming Radio Shows that I and Henri Vezie host each Tuesday and Thursday, the archives are on our website.
Click here for the link to the Radio Show

If you are interested in learning more about this credit, contact our mortgage partner, Lynn Whitefall of GoldStar Financial. Mobile: (754) 245-3003, Toll Free: (866) 938-0550, eFax: (954) 719-3745 or email Lynn at: lwhitefall@goldstarfinancial.com

Here is the article for you to read and get acquainted with this credit:

Mortgage Credit Certificate
From Wikipedia, the free encyclopedia

In the United States, a Mortgage Credit Certificate (more commonly referred to as MCC) is a certificate issued by certain state or local governments that allows a taxpayer to claim a tax credit for some portion of the mortgage interest paid during a given tax year.

Uses of this program:

The MCC program is designed to help first-time homebuyers offset a portion of their mortgage interest on a new mortgage as a way to help homebuyers qualify for a loan. Because it is a tax credit and not a tax deduction, mortgage lenders will often use the estimated amount of the credit on a monthly basis as additional income to help the potential borrower qualify for the loan.

Qualifications & Example

Generally speaking, homebuyers who wish to obtain an MCC must meet certain minimum guidelines:
1.Buyers must not have owned a home in the previous three years.
2.Buyers must meet income and purchase price restrictions.
3.Buyers must intend to use the new home as a primary residence.

Some of these restrictions may be waived for certain circumstances. For example, following a natural disaster, state or local governments may raise or remove the income limits for affected municipalities temporarily to help spur redevelopment.

The amount of mortgage credit allowed varies depending on the state or local government that issues the certificates, but is capped at a maximum of $2000 per year by the IRS. As an example, if a homebuyer were to receive an MCC that offers a 30% credit on a $200,000 loan for 30 years with a rate of 6%, the allowable tax credit would be figured as follows (all numbers rounded):

Mortgage Interest Paid (1st Year): $11,933 x MCC Credit: 30%
= Total Credit: $3579

Because the total credit in this example exceeds the IRS limit of $2000, the homebuyer would report a $2000 credit on their tax return. The buyer may continue to receive a tax credit for as long as they live in the home and retain the mortgage.

External links
IRS Publication 530, Tax Information for First-Time Homebuyers

REAL ESTATE RECOVERING: OPEN HOUSE IN WILTON MANORS

OPEN HOUSES IN WILTON MANORS: This weekend check out the Henri Frank Group at REMAX Preferred OPEN HOUSE Blitz! A progressive series of homes for sale in Wilton Manors are being shown to the public all throughout our area. You can start at the east side of Wilton Manors at the beautiful 4 bedroom, 3 bath, 2-car garage waterfront pool home in the Wilton Manors Edgewater Estates Waterfront community. This home is located at 2319 NE 16th Avenue. 50’ on the water included is a 5000lb boat lift. Heading west through the Wilton Manors town center to Westside Wilton Manors community to 624 NW 28th Court. Pride of home ownership lives at this home, 500sq ft great room, media room, whatever you choose it’s a great feature of this Wilton Manors west home that is well maintained and ready for its new owners. Just blocks away west on the gorgeous Jenada Isles gated community is a like new “newly remodeled” home at 2924 NW 12th Avenue. This rarely found 4 bedroom, 3 bath home with 2-car garage has a long list of features that buyer’s in our South Florida market enjoy and look to buy. Double master suite, one with separate entrance as a perfect in-law suite, brand new kitchen with all the details you expect, even a wine refrigerator.
OPEN HOUSE is a traditional means to selling real estate. The Henri Frank Group uses both traditional, new technology & modern methods to market, advertise and sell their clients homes. Open Houses in Fort Lauderdale, Miami, Wilton Manors and other South Florida cities were hard to find back in 2008 as the market hit its all-time low. Now at the start of 2012, Wilton Manors & Fort Lauderdale celebrates the road to recovery and the Henri Frank Group and Fort Lauderdale realtors and Wilton Manors realtors are doing more OPEN HOUSES than it has since 2005, another sign of the 2012 Real Estate recovery here in the South Florida region.
Each open house are 11am to 2pm. OPEN HOUSE signs will be found throughout Wilton Manors to lead you to each of these OPEN HOUSES. Need directions, call the Henri Frank Group at 954-604-9999 or text us anytime. Look forward to seeing you there!

FOLLOW US ON TWITTER, @HENRIFRANKGROUP

2319 NE 16th Ave, WILTON MANORS OPEN HOUSE, Saturday, January 28th

2319 NE 16th Ave – Full Description

This Saturday, January 28, 2012, from 11:00am to 2:00pm. The Henri Frank Group at REMAX Preferred will be holding an OPEN HOUSE at their waterfront listing in Wilton Manors, 2319 NE 16th Avenue.

Large corner lot 4/3 Waterfront Pool Home. Oversized 2 Car Garage w/Laundry, Built-in Cabinetry,Exterior Key Pad & Hurricane Garage Door.Mature Tropical Landscaping,Irrigation System. Authentic Chicago Brick surrounds property.Two large master suites w/built-in custom cabinetry & courtyards,one master is open concept design w/oversized walk-in stone shower,custom lighting.Second master bedroom has built-in desk,platform bed w/ night stands and much more.

January 24, 2012 Real Estate Roundtable Script

REAL ESTATE ROUNTABLE with HENRI & FRANK of the HENRI FRANK GROUP AT REMAX PREFERRED
TALK RADIO SHOW #69 – MCC Federal Tax Credit Mortgage: Gold Star Financial
Thursday, January 24, 2012 ROUNDTABLE: Nugent & Ground Law Firm
Today’s Show Sponsored by REMAX PREFERRED, Fort Lauderdale Steal Deal Sponsor: Dunham Insurance
____________________________________________________________________________________________
INTRODUCTION /DISCLAIMERS
8:30 – 8:31 2/:30sec SPOTS: REMAX, HENRI FRANK GROUP SPOT #1
***********************Bumper ……
Frank: (over the bumper): We are taking your live calls this morning, talking about the Mortgage Certificate Tax Credit and more! This is the REAL ESTATE ROUNDTABLE WITH HENRI AND FRANK, from beautiful South Florida, I’m Frank Vigliotti.
HENRI: Good Morning everyone, I’m HENRI VEZIE
LYNN: and I am Lynn Whitefall of Gold Star Financial
FRANK: Our program today is sponsored by the HENRI FRANK GROUP at REMAX with offices located in Fort Lauderdale, Hillsboro Shores, Plantation and Wilton Manors. Buying or selling experience the Henri Frank Group experience, call them today 954-604-9999.
HENRI: You can also reach the HENRI FRANK GROUP by visiting us on our website, HenriFrank.com, that’s Henri with an “I”, or Follow us on FACEBOOK.com/henrifrank for the latest Real Estate News and Steal Deals. And follow us on TWITTER @HENRIFRANKGROUP to real estate news as it happens.
FRANK: Today we are taking live calls here in the studio, call us at 888-721-0074, that’s 888-721-0074. We will discuss the MCC TAX CREDIT. The tax credit is back and we have Lynn Whitefall of Gold Star Financial to help us learn more about that Federal Tax Credit. But For now, let’s get today’s Henri Frank Group “Steal Deals”
HENRI: Our Steal Deals segment is sponsored by Dunham Insurance, located at 3000 N Federal Highway in Fort Lauderdale. Call our friend Chris for a FREE insurance quote at 954-564-7772, that’s 954-564-7772.
LYNN: Ok, Let’s get right to it, we have another great list of STEAL DEALS as we do each show every Tuesday and Thursday at 8:30am. Our first STEAL DEAL today, Henri ….is:
< Henri/Frank/Lynn:>
HENRI: Remember if you want to get the list of SOUTH FLORIDA STEAL DEALS, email us at info@henrifrank.com or visit our Facebook page at facebook.com/henrifrank and you can also see other steal deals. On Twitter, @henrifrankgroup.
****************BUMPER
FRANK: (over bumper): OK …. Coming up your phone calls, call us at 888-721-0074. And Lynn’s Mortgage Minute bought to us by Gold Star Financial and our discussion about the MCC Tax Credit. Don’t go away, we’ll be right back!
2 spots at :30 second spots = .60 seconds. Dunham Insurance and Nugent and Ground
DUNHAM INSURANCE SPOT, HENRI FRANK GROUP SPOT #2
******************BUMPER
LYNN (over bumper): Welcome South Florida, this is the mortgage minute & I’m Lynn Whitefall of GoldStar Financial. Today’s conventional rates are starting at 3.2% on a 15 year and 3.8% on a 30 year fixed, FHA and VA rate is at 3.9% on 30 year fixed. “If you like it lock it. That’s our motto at Gold Star Financial” At these rates you can buy more house for less money. We want to be 100% sure your payment is right for you so get preapproved and know what amount you qualify for! Call me Lynn Whitefall at 754-245-3003 or call the Henri Frank Group at 954-604-9999 and we’ll get connected.
ROUNDTABLE DISCUSSION:
FRANK: We have listeners on the line,
1st Phone call . . . . .
HENRI: We want to talk about the MCC Tax Credit. Lynn?
LYNN: Lynn will talk about the MCC TAX CREDIT
FRANK: That about wraps up our program today, Again, we want to welcome our newest sponsor, Nugent and Ground Law Office. Located in Fort Lauderdale across from the Galleria Mall, we will back on Thursday at 8:30am to talk more about the short sales and why this is an important topic if you are in need to do a short sale. If in the meantime you want to talk South Florida real estate, give us a call, 954-604-9999 or write us at info@henrifrank.com. Thanks for listening, until next time, make it a G R E A T D A Y ! ! !
End with (2) :30 second spots …… REMAX :30 second spot and Henri Frank Group #1 Spot :30 second spot

SOUTH FLORIDA SHORT SALES: Approved vs Unapproved

While looking at property that one of my clients here in South Florida wanted to preview I found it was an Unapproved Short Sale and temporarily off the market. That presented itself for me to better explain to our clients what this all means.

As Realtors in South FLorida, The Henri Frank Group at REMAX Preferred have dealt with 100′s of short sales in this real estate market. There are so many circumstances to the short sales that buyers beware often times when trying to purchase an UNAPPROVED SHORT SALE, the outcome is more disappointment than positive outcomes that the buyer gets to purchase the South Florida property.

If it is an APPROVED SHORT SALE that can be a different scenario as we than know the property and/or the seller is approved to do a short sale on the South Florida property.

This market is very complex with foreclosures, short sales and traditional real estate transactions. Using the services of a licensed Realtor in South FLorida is always the best choice a buyer can make and is now more important than ever. Chasing the market to get the right home is challenging. And without the services of a Florida Realtor just doesn’t make sense to me. The sellers pay the compensation to the Buyers Realtor, so why a buyer would take a purchase of Real Estate alone just doesn’t add up.

If there are any other questions we can answer for you, email the HENRI FRANK GROUP at REMAX Preferred, info@henrifrank.com, go to our website, HenriFrank.com, or call us anytime at 954-604-9999.
The realtors of the Henri Frank Group are licensed Realtors in the State of Florida and are CDPE, Certified Distressed Property Experts. This certification is given by the Charfen Institute owned and operated by Alex Charfen.

BUY A SHORT SALE WITH HENRI FRANK GROUP AT REMAX PREFERRED

MCC CREDIT: Learn More at the REAL ESTATE ROUNDTABLE with HENRI & FRANK

The REAL ESTATE ROUNDTABLE welcomes are newest sponsor, Law Offices of Nugent & Ground in Fort Lauderdale at 2455 E Sunrise Blvd. Contact Pat Nugent or Tad Ground at 954-537-1717.

January 24, 2012 – Fort Lauderdale Realtors & hosts of the REAL ESTATE ROUNDTABLE & founders of the Henri Frank Group brokered by REMAX PREFERRED, www.HenriFrank.com, Henri Vezie & Frank Vigliotti will present Lynn Whitefall, Mortgage Originator and District Manager of GOLD STAR FINANCIAL “The MCC Federal Tax Credit”. Lynn will help us sort out the MCC Tax Credit and how when you purchase a property in Fort Lauderdale or purchase a property in South Florida you can use this tax credit.

Lynn Whitefall of Goldstar Financial with Lynn’s Mortgage Minute, Steal Deals sponsored by Dunham Insurance, www.dunhamins.com , and our Roundtable Discussion sponsored by the law offices of Nugent & Ground in Fort Lauderdale.

Today’s program is sponsored by REMAX PREFERRED, “We are Everywhere” www.OurPreferred.com , main Real Estate office in Fort Lauderdale & Real Estate offices in Wilton Manors, Plantation & Hillsboro Shores, Florida. Listen to the Real Estate Roundtable with Henri and Frank of the HENRI FRANK GROUP, www.facebook.com/henrifrank , every Tuesday and Thursday at 8:30am on WSBR RADIO, 740am in South Florida. Also listen on our website at www.HenriFrank.com/radio.

Buying, selling or investing in the South Florida real estate market, listen to the program for information that you can use to make the best of your Real Estate transaction. Write to the Real Estate Roundtable with Henri and Frank of the HENRI FRANK GROUP at info@henrifrank.com