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Barbi Veitch's Blog

By Barbi Veitch | Agent in Fort Lauderdale, FL
  • Foreclosures/Short Sales may not be the

    Posted Under: Home Buying in South Florida, Foreclosure in South Florida  |  December 6, 2012 4:27 AM  |  65 views  |  No comments

    If you are thinking that buying a foreclosure or short sale can get you a deal that is well below market value, you may want to re-think that one. In 2009 and 2010 that may have well been true, bbut in the last couple of years, and especially recently, with inventories shrinking and prices rising, the banks have begun to take multiple offers on both foreclosures and now even on short sales. This creates a bidding war and pushes prices up.....sometimes over market value. It can also be a problem if you need a mortgage to purchase your home, because Cash is still King, and given mulitiple offers, the banks (and most sellers) will always take the highest cash offer over finanicing....even if the financing offer is slightly higher!

    With regards to short sales, besides the problem of a possible multiple offer situation, the price ioften goes beyond what the original contracted price is for several reasons. One, is that once the bank does an appraisal, if it appraises higher than the contracted price, the bank may ask for more money in order to sign off on the deal. There may also be back taxes, association dues, fees or assessments, and even open permits that can all push the price well beyond the original contracted price that you and the distressed owner agreed upon. Don't discount the motivated sellers out there that are NOT underwater. Some of those regular sales.....you know, the ones that actually close in 30 days......some of those homes can still be the best deals going.

    So when you are coming to Florida to find a "deal," keep in mind that the real deal today is BUYING today. That's not just a slogan. Prices are still at record lows, (though they have risen some over the last two years), and with interest rates at all time lows, the savings of buying now are tremendous over the long haul. If you are looking for a property to flip, however, you may have missed that boat!
  • TOO BIG TO FAIL......AND GETTING BIGGER!

    Posted Under: Market Conditions, Financing, Credit Score  |  November 7, 2011 5:54 AM  |  120 views  |  No comments

    This has been a topic much discussed and even with the recent "Move Your Bank" campaign, seems to be on the minds of the average consumer. But how much do we really know about these big banks, their power to sway Washington on a huge amount of issues, and what can we do to have a part in THAT conversation?

    The public showed that they can use their checking accts to make a statement, by moving their money to credit unions.....but does the average checking acct.,  ($5200 according to CNN), really make a dent in the Big Bank's business....enough to begin to actually impact their decisions that affect all of us? It's doubtful.

    Don't get me wrong, I love the grass roots effort and the media publicity that a small idea got, by turning into a giant movement......it is the American way right? Democracy at work.

    However, if you REALLY want to make a difference, and understand the intricacies of how the decisions of the largest  banking institutions  effect our economy, you will need to first learn what is happening behind the scenes that is NOT making the news.

    Why are the billion dollar decisions, that these giant institutions are maneuvering through congress,  not making the news....... while a few hundred thousand dollars being moved to credit unions is big news on all networks?  Because the major news corps are owned by the same folks who sit on the boards of these Too Big To Fail institutions......we will not see this on the television networks.

    But you can go here and read about the recent decisions that have  been made regarding these banks at the G20 Summit. (They even have a new softer, sexier name for the Green Giants).

    <a class="yui-spellcheck" <span="">href="</a>http://www.housingwire.com/2011/11/04/g-20-labels-eight-us-banks-as-sifis">http://www.housingwire.com/2011/11/04/g-20-labels-eight-us-banks-as-sifis</a

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  • Top Five Rules for Renters

    Posted Under: Property Q&A  |  February 5, 2011 3:42 PM  |  121 views  |  No comments

    1)   Get your paperwork ducks in a row in advance. Completing a rental application, having a current copy of your credit report, employment history and past rental history (along with references) prior to finding your perfect home is crucial if you want to be competitive. With these tools in hand, your Realtor can negotiate the best deal for you on price and terms.

    You can order your credit report by mail, phone, or online at www.annualcreditreport.com or directly from the websites of the three major national credit bureaus:

    ·     Equifax: www.equifax.com

    ·     Experian: www.experian.com

    ·     TransUnion: www.transunion.com

    2)   Review the lease with your Realtor to make sure all terms and conditions of the tenancy meet your needs. These may include deposits, late fees, pet, parking and visitor restrictions, running a business from your home, subletting, repairs garbage, pest control and utilities etc. Make sure everything your landlord has agreed to do prior to your moving in, is in writing.

    3)   Know your privacy rights and demand any repairs be done. Landlords are required to offer tenants inhabitable including water, electricity, clean, sanitary and structurally safe environment. Your rights to demand repairs may include withholding rent, paying for repairs and deducting rent, calling the building inspector who can force the landlord to make repairs or moving out without being held responsible for the duration of your lease. Know your rights to privacy when it comes to the landlord entering your unit to make these repairs.

    4)   Protect your deposit. When you move in be sure to do a walk-through with your landlord or Realtor to record any current damage to unit on a checklist sheet. Make sure your lease is clear on the use and refund of security deposit, including allowable deductions. Keep communication open with your landlord regarding needed repairs, to avoid future legal battles. Usually, talking it over rationally, and early, can resolve any issues.

    5)   Protect your safety and security. Know the crime statistics in your neighborhood. Make sure you have proper door and window locks prior to moving in and that they are in working condition. Report any suspicious behavior to the authorities. Acquire renter’s insurance. The average renters' insurance policy covers tenants against losses to their belongings occurring as a result of fire and theft, up to the amount stated on the face of the policy, (such as $25,000 or $50,000) after a small deductible. Most renter’s policies include also include personal liability coverage ($100,000 is a typical amount) for injuries or damage caused by the tenant, for example, if a tenant's guest is injured on the rental property due to the tenant's negligence.

 
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