Zolve

Another day of possibilities in the United States!

David Dweck, TRC — Fri, 21 Nov 2008 03:21:00 GMT

As we are troubled with the economy, Congress and the President continue along the lines of give an take. They chose not to give to the Automobile Industry (at least for now) awaiting a plan on how they will utilize funds given to them. This is one of the first major steps and gambles that Congress has taken in a long time. Considering the back and forth with the FHA bailout and other facets of the recently passed legislation, at least they will know where the money is planned to go and how it is to be used.

How should the FHA and Bank bailouts be spent?

Getting the Right Foreclosure Investors for Beaufort, SC

yourhomehunter — Fri, 21 Nov 2008 02:46:00 GMT

Foreclosure Real Estate Investors for Beaufort, SC

As a foreclosure sales professional with Exit Island Realty in Beaufort, SC I work with quite a few investors and am contacted frequently by customers wishing to invest in Beaufort, SC real estate. Some have experience while some are truly new. There are some obvious good and bad traits for each of them. However, the majority of both groups are often struggleing to make sense of it all as do a lot of agents. I will talk further on typical investor traits in future blogs.

This market has brought out all types of buyers and investors. Understanding that our time is valuable and is typically abused by a lot of investors I have made a concentrated effort to screen investors that I work with. I ask questions like..

How many properties have you purchased in the last 12 months?

How many properties do you anticipate to purchase in the next 12 months?

What are your real estate investment goals?

How many professional Realtors have you worked with in the past? (Usually stumps them)

How do you plan to fund your investments? Cash or Credit?

Do you typically use a real estate professional to re-sell the investment properties you purchase?

My list goes on but you get the point. Now more than ever we need to educate ourselves and our investors but most importantly we need to decide which investors to work with. I have turned down some investors and I am thankful that I had the opportunity to do so.

Do you qualify your investors like you qualify your home buyers and sellers? I would like to hear some of your criteria that you use to determine if they are a good fit for your business.

Just as clients make the decision to pick us as their Realtor let's make sure we protect our valuable time and make the right decisions in choosing the investors we work with.

Spousal Consent: Does it Need to Be Informed?

Brian R. Madigan LL.B. — Fri, 21 Nov 2008 02:28:00 GMT

Spousal Consent: Implied or Informed?

By Brian Madigan LL.B.

Now, we all know that the legal spouse must provide a consent under the Family Law Act in respect to the sale or mortgage of a matrimonial home.

The real question is whether the consent is to be simply implied or whether it is to be a real, truly informed consent.

The Ontario Real Estate Association (OREA) has prepared some standard forms. There are two documents that you should consider, the listing agreement and the Agreement of Purchase and Sale. In fact, we will also look at an Amendment to an Agreement.

1) Listing Agreement

SPOUSAL CONSENT: The undersigned spouse of the Seller hereby consents to the listing of the Property herein pursuant to the provisions of the Family Law Act, R.S.O.
1990 and hereby agrees that he/she will execute all necessary or incidental documents to further any transaction provided for herein.

2) Agreement of Purchase and Sale

Spousal Consent: The Undersigned Spouse of the Seller hereby consents to the disposition evidenced herein pursuant to the provisions of the Family Law Act R.S.O. 1990, and hereby agrees with the Buyer that he/she will execute all necessary or incidental documents to give full force and effect to the sale evidenced herein.

3) Amendment to Agreement of Purchase and Sale

The Undersigned Spouse of the Seller hereby consents to the Amendments hereinbefore set out.

COMMENT

You will notice that the wording in terms of consent is very similar in all three documents. However, if you are observant you will notice one significant difference.

The intention of the document is to have the non-titled spouse agree to sign away their possessory rights under the Family Law Act. These arise only in the case of a matrimonial home.

In the listing agreement, the spouse consents to the listing. In the agreement of purchase and sale, the spouse consents to the disposition. The document clearly does not say, accepts, approves or agrees to the agreement. This is intended to be a simple waiver of the right to remain in the matrimonial home. So, the spouse signs at the end of the document, but not any other part of the document. In fact, they don’t even have to see the rest of the document. The owner spouse will initial every page.

The difference occurs with the Amendment. Here the non-titled spouse who knew nothing of the deal, except to state that he or she would move, now has to consent to the amendments.

This presents a problem, particularly because they never had to consent to the original deal. They didn’t even know what it was, unless they happened to look over someone’s shoulder.

So, this begs the question: is this an informed consent? Does the sales representative have to explain the document? Do they have to explain the transaction? After all, it says “consent to the amendments”. So would it not be a reasonable question to ask; “what are the amendments that I am consenting to…?”

Seems reasonable enough!

But, that causes one more little problem: this must be an informed consent. The sales representative would be obligated to explain it. And, if they are obligated to explain this document, then, why not the Agreement of Purchase and Sale in the first place?

In my view, a sales representative is obligated to explain all the documents to the non-titled spouse.

However, in Ontario, at this moment the prevailing view of the Ontario Real Estate Association is that such consent may be implied from the simple execution of the Spousal Consent. The signature is all that is necessary. No need for an informed consent, just keep the spouse in the dark. Let’s just hope that an amendment is never required. That’s going to be a tough one to explain to a Judge.

Brian Madigan LL.B., Realtor is an author and commentator on real estate matters, Coldwell Banker Innovators Realty
905-796-8888
www.OntarioRealEstateSource.com

Closings better than expected for new Miami high-rise condos - Breaking News - Business - MiamiHerald.com

dienerph — Thu, 20 Nov 2008 22:20:52 GMT

Closings better than expected for new Miami high-rise condos

The number of closings at new downtown Miami condos has been better than many expected, a survey showed, but a big test still looms for the revitalizing urban center.

Construction cranes dot the skyline of Miami.

RICHARD SHEINWALD / BLOOMBERG NEWS

BY MATTHEW HAGGMAN

Miami's latest building boom is creating 22,000 condominium units in the city's urban core, more than double the number built in the last 40 years. But a long-standing question remains: How long will it take for all the condos to actually sell?

The answer: 70 percent have found a buyer, according to a new study by condovultures, a real estate consultancy. So far, 17,299 condos have been delivered with 12,169 closed at an average price of $405,966 per unit, according to the condovultures report. It amounts to a sales total of nearly $5 billion.

By year's end, 3,999 units are set to hit the market. Another 1,439 after that.

The sales have been better than many observers expected for a downtown area held out by some as ground zero for speculation and excess. And it underlines Miami's ongoing urban revitalization, fueled by people, builders and investors returning to the city center.

But it also comes with a big caveat: Nearly a quarter of new downtown condos produced by the boom are just being delivered and starting closings now, including many of the largest projects.

''South Florida developers have to be excited by the fact that more than two out of three downtown condo units have closed successfully,'' said Peter Zalewski, principal at condovultures.com in Bal Harbour. ``But the giants are coming.''

The massive projects include the three-tower, 1,800-unit Icon Brickell pinched between Biscayne Bay and Brickell Avenue, which starts closings this month. The 342-unit Epic Condo, rising along the Miami River, is poised to start closings. So too, 530-unit Mint at Riverfront, 459-unit Infinity at Brickell and 346-unit Paramount Bay.

''We are bullish,'' said Miroslav Mladenovic, vice president of Cabi Development, which started closings Thursday on its 848-unit Everglades on the Bay project along Biscayne Boulevard. ``Comparable projects to ours have fared well, we don't see why we can't fare the same.''

The new batch of condos are hitting the market as credit remains tight, consumers are increasingly cash-strapped and existing home prices continue to fall due to an outsized inventory of unsold homes throughout South Florida. Sales, however, have picked up in recent months.

Zalewski's report, culled from a review of property records ending Sept. 30, covers the greater downtown area between the Julia Tuttle and Rickenbacker causeways and Interstate 95 to Biscayne Bay.

The swath of land -- which includes the Brickell, central business district and Midtown neighborhoods -- has seen more development than any corner in Florida. The area is closely watched due to its significant construction and its implications for the broader housing market, but also because policy makers and many builders view redevelopment in the urban core as a key element to the region's overall economic success.

Meanwhile, the overall downtown closings have been solid so far, Zalewski said.

''We're like in the sixth or seventh inning of this,'' said the Bal Harbour analyst. ``We had a good starting pitcher, and some decent middle relievers, now the question is if it's going to be a blown save.''

Enter Brickell Avenue Condos Home Page

Ghosts of Christmas Past...

mitchellmote — Thu, 20 Nov 2008 20:27:00 GMT

Did you ever stop and wonder where all the thousands of faces that we have come into contact with throughout our lives are? What happened to all the people we've met over the years?

Hundreds of people we knew in school as kids, in college, when we were young and first starting out. Where are they now? We remain in contact with just a few...make friends with new people as the years come and go. And in real estate, we are truly blessed to meet scores of new people every year.

I wonder, are they happy? Did they get married and have 2.5 kids, get a dog and a little house with a white picket fence? Did they land the job of their dreams? Did they find their "soul mate"? Did they ever figure out what they wanted to do when they "grew up"? (I envy those people) Did they: join the Peace Corps? Rob a bank? Head up a rock band? Play pro football? Become a preacher? Cure a disease? Get married and divorced? Did they die? Did they struggle with some horrible illness?

I pray for those people that have had tragedy and heartache. I pray for those that had love and lost it. I pray for those who are sick and hurting right now. I pray they can all somehow have an enjoyable holiday season, and a warm CHRISTmas time.

God bless all of them.

Westchester County, New York Third Quarter Sales Report

christopherpagli — Thu, 20 Nov 2008 19:42:00 GMT

10-27-08 - 2008 THIRD QUARTER
RESIDENTIAL REAL ESTATE SALES REPORT
Westchester and Putnam Counties, New York
October 27, 2008

The third quarter residential closing activity in Westchester and Putnam Counties
continued the prevailing pattern of reduced sales volumes, moderately impacted prices
and slight gains in inventory that has characterized the local real estate market for the
past eighteen months. Realtors participating in the Westchester-Putnam

Multiple Listing
Service, Inc. reported 2,102 closings in Westchester during the third quarter of the year,
23% less than last yearâ€^TMs level. The 277 closings in Putnam County were 16% fewer
than during last yearâ€^TMs third quarter.

The third quarter closings largely followed upon sales and marketing activity that took
place during the spring months, thus these latest data do not in any way reflect the
calamity in the financial markets that has occurred in recent weeks.

However, key
economic conditions affecting real estate during the spring months of 2008 were
trending to the negative. Mortgage interest rates climbed about one-half percentage
point during the period, from a January low of just 6.0% on average for a conventional
30-year loan, to about 6.5% by the end of June. Credit standards were becoming
tighter although qualified buyers had few problems obtaining mortgages.

At the same
time, however, Fannie Mae and Freddie Mac were visibly exhibiting the weaknesses in
their mortgage portfolios that would lead to drastic government intervention several months later.

Also troubling was a steady increase in Westchesterâ€^TMs unemployment rate from one-half

to one percentage point over 2007 levels. By the end of June the unadjusted
unemployment rate was 4.7% - lower than that of New York City or the State, but
nevertheless a sharp departure from rates as low as 3.4% over the past several years.
Also in this period, the volatility in the financial markets began to evidence itself in a
significant way, with indicators such as the Dow Jones Industrial Average sliding by
more than 2,000 points between January and June.

The Westchester â€" Putnam real estate market fared well considering the negative
forces. Sales volume has suffered all year long but so far prices and inventory have not
been severely impacted. On a year to date basis through the end of the third quarter,

2008 sales were down by 25% from last yearâ€^TMs. This was an improvement over the first

quarter when volume was down by 30%. Seasonally adjusted1, the third quarter sales
rate for all categories of housing was a weak 3% slower than the second quarter pace.
However, single family house sales outperformed the other housing categories with a
small 2% gain over the second quarter rate.

Notwithstanding the persistently low sales activity over the past year, Westchester and
Putnam Counties have not experienced a significant accumulation of inventory. At the
end of the third quarter, total residential units for sale in Westchester numbered 7,294,
just 4% more than at the same date in 2007. The 2008 level actually was lower than
that of 2006. As has been repeatedly observed in these reports,

Westchester appears
to have a larger than average population of homeowners who have the financial means
and the lifestyle flexibility to chose whether and when to place their properties for sale.

For the near term at least, it appears that many of them are electing to stay out of the
market until conditions improve.

The result of relatively stable inventory is that there has been less downward pressure
on prices here than elsewhere. The third quarter median2 sale price of a single family
house in Westchester was $710,000, a decrease of only $20,000 or 3% from last yearâ€^TMs
record-setting third quarter median of $730,000. The mean2 sale price was down by
5%, to $918,737, still a high number by any accounting. Properties selling for over one
million dollars in the third quarter accounted for 25.3% of all Westchester single family
house sales, just a fraction of a percent more than last year.

A particularly difficult factor to assess is the impact of foreclosures on the local sales

market. The County Clerkâ€^TMs office reports monthly levels of more than 200 foreclosure
filings in recent months whereas that number was in the range of 80 to 90 per month in
2005 and even 2006. Actual foreclosure judgments have also increased, from 20 or 30
monthly in 2005 to more than 100 in recent months. Clearly, a great many of the filings
were resolved by short sales, refinancing, or other work-arounds before they became
lender-owned properties. We must conclude from the overall stable inventory and
pricing data that there were not enough troubled properties languishing on the market
so as to bloat the inventory, nor were they being sold at fire-sale prices â€" at least not up
through the third quarter of 2008.

The hardest hit sector of the local real estate market has been two- to four-family
houses. The seasonally adjusted rate of sales in the third quarter was barely one third
of the rates achieved at the top of the market in 2005 and 2006, and median sale prices
have dropped by about 18% over the same period of time.
The best performing sector of the local market from a price aspect was the
condominium sector. The third quarter median sale price of $395,900 was barely
changed from 2007 and was higher than in 2005 and 2006. The mean sale price of
$449,235 was 3% above last yearâ€^TMs level. Sales volume, though, lagged last yearâ€^TMs by
26%.

A Look Ahead
If the local real estate market were to close out 2008 at the same rate as experienced in
the past three quarters, total sales volume would be around 7,000 units for the year for
the four housing categories tracked by this multiple listing service. That low count was
last posted in 1994 (although at the time, 1994 volume was record-setting and was
perceived as a powerful recovery from the 1990 recession - everything is relative!). But
to return to todayâ€^TMs reality, after the government takeover of Fannie Mae and Freddie
Mac in September, the near collapse of both domestic and international credit markets,
the introduction of emergency measures such as the economic stimulus package and
the $750 billion â€œrescue planâ€, the failure of several large investment houses and banks,
and the wild plunges of the stock market, all bets are off with respect to how the

Westchester-Putnam real estate market is going to fare by year end!

Your Credit Rating DOES Affect Your Mortgage

The Jay Magnussen Real Estate Team — Thu, 20 Nov 2008 16:34:00 GMT

When you are planning to purchase or refinance a home, your personal credit history factors heavily on the lender’s decision to approve your mortgage, and at what interest rate.

While it is true that they also take into account the applicant’s strength of income and overall debt load, ability to manage the current debt speaks volumes to mortgage lenders and could influence the lender’s decision, so it is beneficial to understand the process before getting started.

In Canada there are two companies, Equifax Canada and Trans Union, that collect credit information and generate a report, known as a credit bureau. Equifax is predominantly used by mortgage lenders so we will focus on their scoring criteria. Equifax analyzes each bureau and awards the individual an overall score, known as a beacon score or FICO score. In Canada the score can range from 300 up to 900, with the highest score being the goal.

The beacon score itself is derived from five distinct characteristics of your credit history, each playing an important part. Clearly understanding these components will show you how to make your credit score work in your favour and correct any old patterns that could be dragging your rating down.

Approximately 35% of your beacon score is determined by your previous credit patterns. This is the largest consideration when generating your beacon score and therefore should be treated as sacred.

It is extremely important to make at least your minimum payment on any loan or credit card by the required due date. The size of the minimum payment does not matter, only the fact that you are on time. There is no discretion here so don’t lose points on this one.

The second most important component used to determine your beacon score is how much debt you currently have. Equifax allocates 30% of your score here. Carrying a balance of more than 75% of your total limit is a big no-no. Even more damaging to your score is exceeding your credit limit, so be wary of getting into that habit.

If your credit balances are over the 75% marker and you are unable to pay them down quickly, consider requesting an increase in your credit limit. This will improve your beacon score and look better to potential mortgage lenders, providing you don’t rack it back up again.

The third determination, weighing in at 15%, is the length of time your accounts have been active. Opening and closing credit accounts every couple of months does not score high with Equifax. They are looking to see a long term trend of strong borrowing history here, not constant rearranging.

The final two components, both worth 10% of your beacon score, are determined by your eagerness to apply for credit and the types of credit you have.

Continually allowing companies to check your credit does not earn you any points so be cautious of that habit. The more inquiries you have, the lower your score will be dragged down.

Mortgage lenders will be watchful as well, because to a lender this could be considered a lack of control with your credit and you may end up over your head in debt--not a ride they are willing to go on with you.

The last consideration refers to the type of trade lines or accounts you have. Credit cards and lines of credit are called revolving, meaning they can be used, paid down, and used again. There is no specific end to this type of debt.

An alternative to this is installment debt, which is set up with the end in mind. Car loans and student loans are an example of installment debt. Having a mix of both revolving and installment debt will earn you points in this category.

Equifax also believes having more than five active trade lines is excessive. If you find yourself with ten credit cards in your wallet, consider consolidating the balance onto one or two cards and cancelling the others.

As mortgage brokers only have to check your credit bureau once to find a good fit with over forty lenders, this is just one more reason why an experienced broker is an invaluable ally when you’re looking to arrange a mortgage and keep your credit score high.

Home-Staging Secrets

Jon Huther Albany NY Homes — Thu, 20 Nov 2008 15:22:00 GMT

With inventory piling up and home buyers now faced with multiple home choices in the same neighborhood, the first impression your home makes is more important than ever.

It's no longer acceptable to pass off unfinished projects to home buyers in hopes that the buyers will overlook the flaws in favor of your home's more positive characteristics. Today's home buyers care about two things: location and price.

To offset tough competition and make home buyers fall in love with your home, check out the top seven home staging secrets of the pros:

How are your floors? - The very first thing every home buyer will do is watch their step as they enter the doorway of your home. If you have dingy, wet dog looking carpet or severely worn hardwood floors you should replace your carpet/refinish the floors before putting your home on the market. You will easily reap the benefits of new flooring with fewer days on the market and possibly receiving an offer closer to asking price.
When you have less than three bedrooms do NOT convert one of the bedrooms into a home office. - Although home offices are easier to set up and the smaller furniture will complement a narrower room, bedroom space is at a premium in two bedroom or less abodes. Instead, use a day bed to show off the flexibility of the space while still showcasing it as a bedroom.
Share your views with the world! - Overlooking a river, park or private garden is a tremendous asset for any home seller. When staging your home for sale, move large objects away from the windows and keep window treatments to a minimum. A stunning panoramic view can win over even the biggest home buying critic.
Don't interrupt the flow of the room. - Ninety degree angles are great in math but square edges create visual interrupters that catch the eye as buyers navigate the flow of a room. When possible, use round tables to create a visible, circular flow throughout the room.
Use rugs to anchor furniture. - Especially popular in dining rooms, stagers love to use rugs underneath dining room furniture to anchor the furniture to the space.
Soften hard furniture edges using pillows and/or blankets. - Square edged furniture can look very substantial and executive, evoking the styling of a boutique hotel room. Be sure to try different styles of pillows and blankets to soften the edges of the furniture and make the room more inviting.
Clearly define each room's purpose. - Multi-tasking has become a part of everyday life for most of us and we tend to apply this characteristic to our homes. Clearly define each space so home buyers don't have to think about how a room will be used and possibly lower their offer price to compensate for missing rooms.

Utilizing the steps outlined above you will be able to create a warm, inviting space that will entice home buyers to pay top dollar for your home. For more extensive staging or to rent furniture, consider hiring a professional home stager who will be able to guide you through the staging and, if necessary, furniture rental process.

==============================

Albany NY Homes from Albany NY Realtor Jon Huther of Nick DeMase & Associates Real Estate.

Phone: (518) 495-9393
Website: http://www.albany-ny-homes.com

==============================

Free Orange Park FL List of Foreclosures

Mike Schwiebert — Thu, 20 Nov 2008 13:14:00 GMT

Free Foreclosure List!

Don’t pay for a foreclosure list. Let me send you one for free.

Click Here for the Free List

Be sure to Type "Foreclosure List" in the description.

Foreclosures don’t last long. Get a list of homes emailed to you daily...

so you find the best deals!

Mike Schwiebert, Realtor
INI Realty Investments, Inc.
Mobile: 904-562-9345
www.MrOakleaf.com

Check out one of the most searched websites for homes for sale in Oakleaf Plantation
and Orange Park FL www.MrOakleaf.com

Briargate Homes For Sale Colorado Springs, CO

jaycarden — Wed, 19 Nov 2008 22:50:00 GMT

Looking for a Home in Briargate?

This is a free List of All the Homes Listed In Briargate
Single Family Briargate Homes

Click to See all Briargate Homes Under $300,000

Click to See all Briargate Homes Over $300,001

Click to Have a Custom Search for Your Needs

Info about the area:
Active homes for sale: 309
Homes sold in October 2008: 35
Average Sale Price: $317,565
Median Sale Price: $290,000
Average Days on Market: 87 days (compared to 105 days in September)
Average Sale Price/List Price: 97.1%

Townhomes and Condos in Briargate

Active homes for sale: 33
Homes sold in October 2008: 8
Average Sale Price: $168,062
Median Sale Price: $177,000
Average Days on Market: 92 days (compared to 140 days in September)
Average Sale Price/List Price: 96.8%

Jay Carden
Broker Associate
http://briargaterealestate.com
719-322-4939