Real Estate Information

DINNER ANYONE??

 

Let me know your favorites as everything looks great to me!!

Ellen Bithell, CRS, CREO
SELLING SOUTH FLORIDA

p.s.  For a free list of homes as they come on the market including foreclosures please visit: www.getsouthfloridalistings.com

I was dismayed at how much money I was spending on my homeowners insurance, as I am sure many others are as well. Recently I read about insurance mitigation. This is something I had never heard about, so I looked into it a bit. Basically, many of us are paying way too much for our insurance and just don’t know it, as I was.

If your roof was put on after 1994, you qualify for a discount. If you have adequate hurricane shutters you qualify for a discount. There are many other factors that qualify you for a substantial discount as well.

Recently, I hired Jay Schwartz, President of Coast To Coast Home Services, Inc. to perform a Mitigation Inspection on three of my properties located in the Miami/Ft. Lauderdale areas. The inspection cost $150.00 per property, and Jay guarantees that if you do not get a minimum $150.00 reduction in your insurance premium he will refund you your fee, so there is no risk.

All three of my properties qualified. I simply emailed the report to my insurance agent, who then forwarded it to my insurance company. Within approximately 60 days, I got checks from all three companies. Each check was for an amount between $500.00 and $600.00. The savings is even greater than that because the premium will now be that much less annually, saving me literally thousands of dollars over the time I will own the properties.

I found Jay’s company to be very reliable. They showed up at the appointed meeting time (rare these days), and were professional and easy to work with.

If you have own a property, I would encourage you to contact Jay to see if he can help you. After all, what have you got to lose?

ELLEN BITHELL
SELLING SOUTH FLORIDA

Jay Schwartz, President of Coast To Coast Home Services, Inc
Corporate Office: 954.673.3479 Fax 954.212.0311
Naples Office: 239.298.4396
www.CoastToCoastHomeServices.com

p.s. I look forward to being of service, please email me regarding all of your real estate needs!

ellenbithell@remax.net

Thanks to the housing bill passed on 7/30/08 we should see an end to the mortgage fraud and predatory lending that has plagued the country. Indeed, South Florida has had the highest amount of corruption in the mortgage industry.  Some mortgage brokers took advantage of buyers by charging outrageous fees and high pre-payment penalties. The state actually allowed felons to get their mortgage brokers licenses. Thank goodness those days are gone!

Thanks to the new bill passed into law on 7/30/09 and the changes in RESPA, the consumer protection act, these things will no longer happen.  

The new law will provide homebuyers more complete, accurate and understandable information about their mortgage.

This is intended to help the consumer to plan for a mortgage versus shopping for a mortgage.

Now mortgage brokers/planners will be required to:

Provide a good faith estimate GFE of costs when they meet with you. They will need to provide a mortgage plan. They should strongly suggest you check out the competition before you choose them. They can no longer accept an application fee.

Buyers can visit www.bankrate.com for daily updates regarding financing.  Please remember when checking bankrate that the rates being quoted assume the buyers have good credit, usually over a 700 credit score.

Please make sure you are working with a mortgage planner who is up to date and can explain the new laws and how they affect you.

If your mortgage broker/planner asks for more than $45.00 for a credit report at the initial meeting, run.  That is a red flag that they are not up to date and not conforming to the new laws.

When all is said and done, go with a mortgage planner who is willing to answer the following questions (for a complete list please email me at ellenbithell@remax.net):

SOME QUESTIONS FOR INTERVIEWING THE MORTGAGE PLANNER

1.      How long have you been initiating loans?

2.      How long have you been with this company?

3.      Do you work as a lender full time?

4.      What type of loan programs do you offer?

5.      What is the interest rate?

6.      When can I lock in? Will it cost me?

7.      Will you provide me with a good faith estimate and a letter of commitment?

8.      Can you tell me about the new $7500.00 credit for home buyers?

If your lender is not comfortable taking the time to educate you on the home buying process and is not conforming with the new laws, continue looking until you find someone that does.

I have been fortunate throughout the years to have established relationships with several mortgage planners, one of whom is Mark Cornwell of Mortgage Movers at  mscornwell@comcast.net.  He has years of experience and can help you find the mortgage program to best meet your needs.

It would be my pleasure to assist you in all of your South Florida Real Estate needs, from Miami to Fort Lauderdale, serving both Dade and Broward Counties; I am here to be of service.

ELLEN BITHELL

CRS, CERTIFIED REO SPECIALIST, HOUSING OPPORTUNITIES SPECIALIST

SELLING SOUTH FLORIDA

p.s. for a free list of hot new properties as they come on the market including foreclosures & hud homes visit: getsouthfloridalistings.com

On Saturday, August 2, the Hollywood Jaycees gave away 500 back packs filled with school supplies and a ton of insulated lunch bags to grade school children in our community.

We met at Bicentennial Park in Hollywood, FL conveniently located between Miami and Ft. Lauderdale.

There was a clown making fun balloons for the kids as well as face painting and a rock climbing wall.  Miss Hollywood Teen Tiana Guillermo joined us, as well as Kim Schmitt from the Education Advisory Board and Jennifer Gottlieb, School Board Member and wife of Ken Gottlieb who is currently running for State Senator.

Our next event will be a back to school shopping trip for 35 Hollywood children.  They will receive $100.00 each for a total of $3,500.00

To find out how you can get involved please contact me at ellenbithell@remax.net or visit the Hollywood Jaycees website at: www.hollywoodjaycees.org.

To learn of other upcoming events please visit my website at: www.homeinsouthflorida.com.

ELLEN BITHELL
CRS, CERTIFIED REO SPECIALIST, HOUSING OPPORTUNITIES SPECIALIST
SELLING SOUTH FLORIDA

To view more photos of this event, please click here.

The VA loan is a wonderful option for our veterans. The people who have proudly served defending our country deserve a helping hand, and the VA is working hard to try to extend their programs to assist as many veterans as possible.

The VA has the only 100% mortgage currently available on the market! Additionally the seller can contribute up to 4% of the buyers closing costs, making this a very low money down government program.

The maximum VA loan has been increased to $417,000 for both Dade and Broward Counties, so whether you are looking to live in Miami, Fort Lauderdale or somewhere in between, there will be a loan that may be just perfect for you and your family.

Medical collections are not typically required to be paid off prior to closing and the VA tends to be quite liberal on their ratios.

They do like to verify two years of employment, but certain exceptions often apply. For example, if the veteran were a student the two-year employment requirement could be waived on a case-by-case basis.

It is a great day to buy and invest in a South Florida home. Property owners are willing to roll out the red carpet in concessions to entice buyers to purchase their homes. Mortgage rates are near all time lows. Capturing these low rates now means your monthly payments will be much more affordable.

To find out if this would be a good loan program for you and your family, please don't hesitate to contact Mark Cornwell of Chase Manhattan mortgage Mark.cornwell@chase.com. He has years of experience and can help you find the mortgage program to best meet your needs.

If you would like to receive a daily list of homes as they hit the market please visit: www.getsouthfloridalistings.com.

It would be my pleasure to assist you in all of your South Florida Real Estate needs, from Miami to Fort Lauderdale, serving both Dade and Broward Counties; I am here to be of service.

Additionally, for our veterans I would like to offer a free home inspection to be credited at the time of closing.

I salute you, thanking for making our country a safe place to live!

ELLEN BITHELL
CRS, CERTIFIED REO SPECIALIST, HOUSING OPPORTUNITIES SPECIALIST
SELLING SOUTH FLORIDA

http://www.va.gov/

FHA loans fell out of favor due to the relaxed rules of conventional loans in the past several years.  FHA had many rules that made it difficult for homebuyers, and more expensive for home sellers.  Those days are gone!

FHA is now going to be the loan product of choice for many people looking to buy homes in South Florida and across the United States.

The down payment requirements are favorable to today's buyers, requiring buyers to have a down payment of only 3.5%, and the down payment can be a gift from a relative.

Sellers can pay up to 6% towards the buyer's closing costs and pre-paids.

No inspections are now required although the home cannot be a health hazard.  This means that FHA loans are wonderful for people looking to buy foreclosed homes, short sales and distressed properties.  They can even take the FHA 203 loan and repair costs can be financed into the loan and then completed after closing.

Non-occupant homebuyers can also participate; for instance, someone buying a home for a child or a parent can take advantage of the FHA programs, even if they currently own another home.  This does not mean that the home can be an investment, because FHA will not loan on investment properties.

There are no cash reserves required.  FHA does want to make sure that the homebuyer is educated about the home buying process and will often give a discount in fees to the buyer for attending a Home Education Workshop.

FHA wants to see two years of income, but may be flexible if they can verify you have been a full time student for the past two years.

FHA is also not credit score driven and will often allow you to close on a property without paying off all collections; they are especially compassionate about medical collections.

It is very important that, if you choose to look into an FHA loan, you work with someone who is very experienced as the rules have changed drastically.  The appraiser should have recent FHA experience so that they are familiar with the new guidelines, as well as the lender and realtor.  The realtor will have to have an FHA Addendum signed by the buyer, seller and the agent for the sale to close.

Mark Cornwell of Chase Manhattan Mortgage is someone that I have worked with for many years and who has the experience to help navigate buyers through this great program with ease.

If you would like to receive a daily list of homes as they hit the market please visit: www.getsouthfloridalistings.com.

It would be my pleasure to assist you in all of your South Florida Real Estate needs, from Miami to Fort Lauderdale, serving both Dade and Broward Counties; I am here to be of service.

ELLEN BITHELL

CRS, CERTIFIED REO SPECIALIST, HOUSING OPPORTUNITIES SPECIALIST

SELLING SOUTH FLORIDA

www.faq.fha.gov

This Week In South Florida

Learn what is happening in and around South Florida!

Hollywood Community Calendar

South Florida Arts and Entertainment Calendar

To learn about South Florida real estate, visit HomeInSouthFlorida.com.

Search all South Florida real estate and home for sale.

South Florida Real Estate is ranked among the hottest markets for real estate investment and a top destination for U.S. and foreign buyers. Not to mention great year-round weather for recreation and sports: golfing, swimming, sunbathing, snorkeling and scuba diving. From Miami to Fort Lauderdale South Florida has it all!

On 10/01/08 seller funded down payment assistance programs will be going away due to the new bill signed into law on 7/30/08.

If you want to purchase a home and have the seller contribute up to 6% in money for your down payment you need to act quickly.

Currently you can receive 6% towards closing costs and an additional 3% in down payment assistance, for a total of 9% at closing!

• Price declines over the past year have made this the best time to buy.
• The inventory of homes for sale gives Buyers incredible selection.
• The number of homes for sale is greater than it has been in 15 years. Real estate continues to be a great financial investment.
• The average return on a five percent down payment over 10 years is usually three to five times greater than the stock market returns.
• Mortgage companies have "buy and repair" programs for those homes that need "TLC". Repair costs can be financed into the loan and then completed after closing.

The current favorable market conditions won’t last long. Research shows that prices are beginning to stabilize and price declines will soon be over.

News stories and advertising of the current "mortgage crisis" would suggest that borrowing will become much harder to achieve for many.

Remember: Seller funded down payment is going away on 10/01/08, if you want to get up to 9% towards your down payment and closing costs act now.

I have worked with Mark Cornwell of Chase Mortgage for the past several years and he is up on all of the latest changes in the mortgage arena. Please feel free to contact Mark to find out how you can benefit! Mark.cornwell@chase.com

If you would like to receive a daily list of homes as they hit the market please visit: www.getsouthfloridalistings.com.

It would be my pleasure to assist you in all of your South Florida Real Estate needs, from Miami to Fort Lauderdale; I am here to be of service.

ELLEN BITHELL
CRS, CERTIFIED REO SPECIALIST, HOUSING OPPORTUNITIES SPECIALIST
SELLING SOUTH FLORIDA

This weekend I am participating with the Hollywood Jaycees in a Back Pack Give Away. We will be giving out 500 backpacks with school supplies and a $10.00 Commerce Bank Savings Certificate to children under 18. In order for the children to receive the merchandise they must be in attendance.

We have a concession stand opening at 6:00 and will be selling hot dogs, soda, water and popcorn for a nominal fee.

There will also be free face painting and balloon twisting!

At 7:00 we will be rocking out to a local Classic Rock Band called Crisis.

So come on out with your family and enjoy all that South Florida has to offer, I am looking forward to seeing you all there!

Hollywood is conveniently located between Ft. Lauderdale and Miami!

Date: 8/02/08

Place: Bicentennial Park
7300 Farragut Street
Hollywood, FL 33024

6:00-7:00 Hollywood Jaycees are again sponsoring a free book bag give away

7:00-9:00 Free Classic Rock Concert-Group is Crisis.

For more information please go to the cities website at: http://www.hollywoodfl.org/parks.

Ellen Bithell, CRS
SELLING SOUTH FLORIDA

Washington has heard the message! The Housing and Economic Recovery Act of 2008 was signed into law by the president this morning. Many homeowners will soon have access to more affordable financing, and first-time homebuyers (those who have not owned a home for three years) will receive a tax-credit to help them enter the market.

 Last week I was interviewed on Channel 4 for Al Sunshine’s report on the bill and I supported the passing of the Recovery Act to help give people a hand up, not a hand out. You can access this interview at http://cbs4.com/video/?id=58962@wfor.dayport.com (There is a 15 second commercial prior to the interview.)

I happened to be in Miami attending a two-day training course on REO’s (real estate owned) foreclosure transactions when I heard the bill had been signed into law. As luck would have it, my instructor is Cathy McDaniel, who is a certified trainer and HUD course instructor; has her certified mortgage specialist designation and residential finance designation; and host’s 50 classes per month throughout Georgia, Tennessee, South Carolina and Florida. Cathy hosted an impromptu call this evening to educate her REO students on the highlights of the 700+ page Recovery Act! Also attending the class is one of the mortgage planners I work with, Orlando Cruz-Solano who is highly qualified to assist people that would benefit from this bill and participated with Cathy in explaining its features. As I understand it the housing bill is aimed at helping desperate homeowners avoid the pain of foreclosure as it devotes $300 billion for immediate assistance

Up to 400,000 at-risk borrowers will be able to refinance their old high-cost mortgages for new low-cost mortgages at fixed-rates insured by the Federal Housing Administration.

This bill is not intended or crafted to allow irresponsible borrowers to escape foreclosure by refinancing their homes and then turning around to sell them. Lenders will be asking borrowers to qualify for these funds and the borrower will have to have a verifiable hardship such as illness, loss of job, divorce, etc. The following are some of the criteria to be eligible:

• Must be your primary residence
• Must have received a loan between January 2005 and June 2007
• Debt ratio cannot be less than 40%
• May or may not be current on mortgage (should not be more than 90 days late)
• Must retire all debt including lines of credit
• Cannot take a new HELOC for 5 years

I am including a link to an article that was e-mailed to me by realtor.org on 7/30/08 and seems to really hit the highlights of the bill!
http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument

One big change current buyers should be aware of is that buyers can now get a 100% loan via down payment assistance that is seller funded. After 10/01/08, seller funded down payment assistance programs will no longer be available. In addition FHA down payment will go up from 2.75 to 3.5%. So, if you are looking to buy with 0 down, make sure that you have your loan closed before October 1, 2008.

For more information on Seller Funded Down payment Assistance or any other questions please don’t hesitate to contact me, if I don’t have the answers I can certainly help to point you in the right direction!

For more information about the bill, visit http://www.realtor.org/governmentaffairs.

To see if you qualify for the new FHA secure loans you may contact Orlando Cruz-Solano of Stockton Turner and Company at 305 491-5771 or via email at ocs@stocktonturner.com. You can check out his website at http://www.ocsfinancial.com.

Ellen Bithell, Certified REO Specialist, CRS, Housing Opportunities Specialist
SELLING SOUTH FLORIDA