Highland Beach Condos, Boca Raton Homes, Boca Raton Real Estate Advice and Opinions

RE/MAX Services Boca Raton would like to welcome Dan & Linda Tublitz.  They have long been a fixture in the Boca Raton Community.  Through their many charitable and networking organizations, Dan & Linda has made a difference in our community.

Please click on the link below to the short sale video.

http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1501830

After clicking on the link come back to comment as to what you think.  I as a consumer and a tax payer am apalled at the governement yet again not thinking before acting. 

We need to help homeowners.  I know you say we are helping millions of americans, but is this helping homeowners.  Is this why the loan modifications are not getting done?

Everyday something new comes out.  I am very dissappointed.  Are you?

They all stink. 

Why is it that our government did not actually speak to mortgage professionals, title professionals and people in the real estate industry so we could give our opinions on what would work and what would not.

Was it because the government thinks mortgage professionals are the problem?

Was it because the government believes realtors are the problem?

Was it because the government believes title agents are the problem?

I am thinking it is the government that is the problem.  Just like the HVCC and the new appraisal rules the government fails to receive input fromn the people who work in the industry. 

The governement has said that the reason for coming out with these new rules is to simplify things for the borrower.  They want to make sure that the borrower is not at the closing table expecting one figure and having to come up with a lot more then what was originally disclosed.  I totally commend them for that.  However, the execution is horrible.

Want to hear something funny?  The government says that they reduced the Good Faith Estimate (GFE) to 3 pages.  Huh.  I am not sure about you, but I have never seen a GFE more then 1 page. 

Why is it neccessary to put the title insurance premium on the GFE if the seller is paying for it?  How is that simplifying things? 

Why is it neccessary to lump all title charges into one large settlement fee?

Why is it that many of the fees are not itemized?

Now that you changed the process and form then shouldn't you have to have the borrower sign it to acknowledge that these fees were disclosed to them?

How many GFE's do you think a borrower will have before the final one is delivered?  A borrower takes the original one which has fees a lot less and brings it to closing then what?

This is just like our government to not think before we act.  I believe I was taught by mom to think before I act and if I have nothing to say nice then don't say anything at all.  We as a society and government need to look at the consequences of our actions.  It seems to me when we do not ask the people who are in the industry how these changes will effect things then we are doing an injustice to the industry.  The government wants to protect the borrower, and I do as well, but this is not how.  Make changes, but make beneficial changes. 

Do not say you want to simplify things for the borrower and make the forms more complicated.  It has an adverse effect on our industry, and I am very dissappointed with our government.  I see changes in the near future.  We will have a new HUD within 3 months I am sure of that.

I know you are not supposed to talk about politics or religion, but than I would have nothing to talk about. I read this story of a Pastor leading the charge of donating a nativity scene to the local library because they are displaying a menorah.  They are also displaying a Christmas Tree as well.  My question to you:

• Is Displaying a Nativity Scene the Same as Displaying a Menorah?

Definitions of a Menorah:

• (Judaism) a candelabrum with seven branches used in ceremonies to symbolize the seven days of Creation

Definition of Nativity Scene:

• A nativity scene is a depiction of the birth of Jesus as described in the gospels of Matthew and Luke.

I look at these definitions and I see with the Menorah that it is a celebration of lights and the creation of the world in 7 days which most people no matter what religion they are believe in.

I look at the nativity scene and I see the birth of Jesus which Christians believe in, but many other religions do not.

It appears to me that the Nativity Scene is a religious display and a Menorah is a symbol more associated with the Christmas Tree.

Definition of a Christmas Tree:

• The Christmas tree is one of the most popular traditions associated with the celebration of Christmas

I know people are very sensitive to this subject, but can't we all just get along.  Many people of faith I believe are a little hypocritical in the sense of how they live their lives and react to certain situations and how the religion they believe in tells them how to lead their life.  For instance people who are Jewish, Muslim, Christian, Catholic, and other religions believe in the utmost of modesty and humbleness.  However, many people who tend to be religious as a society try and tell each other what they should believe in because that is what we do believe in.  Kind of transferring if we believe it than everyone should believe it.   

We need to be able to get along, and every religion should display their celebration, but I believe religious symbols, Not tradition symbols, should not be displayed in government or public places.  

What are your thoughts? 

Watch CBS News Videos Online

I do not get amazed much these days, but I was watching 60 minutes yesterday, and I could not believe my eyes.  They grew an ear with a few cells then they talked about growing heart valves.  Wow, what this regenrative medicine would do for those who are about to die on the transplant list is amazing.  This type of medicine may also cure cancer as it did for a man with one of the deadliest forms of cancer in esophogial cancer.  Instead of doing a procedure where they take the esophagus out and tie the stomach upwards they actually grew a knew esophagus with these cells from a pig called ECM.  Amazing.  Take a look at the video.  I believe there are the other clips on www.60minutes.com

I was going around as I normally do talking to the agents in the office seeing how their business is going, and what is working and what is not.  I come across one of my agents, and she says I have to tell you this funny story.  You will not believe this story.

"I received a referral from another agent.  So I spoke to them several times, and they were looking in and around the $600,000 range.  They preferred something on the water.  They were a young couple and were dating for about 6 months, and also were recently engaged.  I made nice with them and showed them several homes over the course of 4 days.  The woman told me that she was a doctor and that she was pregnant with twins.  She also told me that she was doing some kind of stem cell research and planned on paying cash for the property as she has a trust account with $300,000 in the account for doing the research.  The boyfriend told me that they were going to make an offer on this house, but would like to speak to the attorneys before putting it down on paper.  They were going to fly out to New York and get back to me.  A few days and go bye, and low and behold the husband calls me and says are you sitting down?  I am kind of baffled, but proceed to answer yes.  He explains Apparently, the person that I have been dating, and plan on marrying has lied to me about everything. 

• She is not pregnant.
• She is not a doctor or a surgeon.
• She is not part of a stem cell research project.
• She does not have any money.

I have been duped he explains, and I am so very sorry for wasting your time.  He even spoke to the girlfriends family, and they explained that she is a pathological liar and she has done this before."

I am not sure who I should be more sorry for the guy that had to endure that craziness for 6 months or my agent who wasted her time for 4 days.  Crazy times make for Crazy People. 

I hope you may have laughed about this story.  I know I did.  Thank you Claudette.

It is the first thing many of us were taught in the real estate business.  I can hear my mentor 10 years ago say now "You Can't Want the Deal to Close More than your Buyer or Seller". 

We all know this, but why don't we always practice this?

1. We need the deal to close because we need the lights on.  We must pay the electric bill on the day of closing.
2. We have such a vested interest in the deal closing because in our mind we already cashed the check.
3. We need the deal to close because the last day to pay for private school is the day of closing. 
4. We need the deal to close so we can continue to take showers.  We all know the water companies are ruthless and if we do not pay the water bill than it is going to be a little harder to sell real estate without taking a shower for a week or two.
5. We need the deal to close because we do not want to continue to eat maccaroni and cheese and roman noodles for dinner.  The kids are getting tired of jelly sandwiches too.
6. We need the deal to close so when the ice cream truck comes around we can afford to buy our kids a Chipwich.
7. We need the deal to close so we can pay back thee family and friends you borrowed from last month citing this deal would close on this date and I will pay you back then.  I promise.
8. We need the deal to close so we can stay in this business and continue to provide for the family.  We love the real estate business so we do not want to leave it.
9. We need the deal to close because our dog has cancer and needs surgery.
10. We need the deal to close so we can go on a vacation as we have not been on a vacation since last Thursday.

We all want to take care of our clients, and sometimes our fear of losing the deal dictates how we react to our client, and perhaps is not in the best interest of our client.  The amazing thing here is that if you truly take care of your client, and do not fear losing the deal it comes back 10 fold. 

Buyers are very sophisticated now.  Even the retired school teacher from the midwest will try and steal a home in South Florida.  They will have all the statistics and information about the market. Buyers are very sophisticated.

Since Buyers are so sophisticated you must make sure you have their best interest or not only will you lose that buyer, but you will also lose your reputation.  In order to stay in the business and be successful take care of your clients, and do not push deals on your buyers because you need to pay your electric bill.  Push deals on your buyers because you believe it is the best thing for them. 

We all like to bring up the Short Sale Process.  We all like to tout what we know about Short Sales, and how we are the specialist or the expert, but the truth is no one knows much about Short Sales.

The reason why none of us know about Short Sales is because the bank changes their guidelines everyday.  I almost think that the executives in the banks sit around laughing at us realtors and clients as they change another guideline to make it more difficult and to make it longer than what it used to be. 

The average short sale for us has been taking about 58 days.  It would be less days if it were not for Countrywide which is 162 days.  

We have found a refreshing trend out there that I wanted to share with everyone.  A couple banks have been changing their guidelines for the better.  Wachovia in some cases will call the listing agent and or the seller and offer $2000 and an extra 1% to the listing agent if they close by a specific time.  One of my agents had 1 where they received an offer and were able to get an approval in 2 days and close prior to the specified time.  Kudos to Wachovia as they are one of the only banks trying to shorten the process and being proactive about it.  This program is not for all loans, but for some it really gives the seller an true incentive to move quickly as well as the agent. 

I also saw where FHA backed loans are giving struggling homeowners $2500 in a program called "Cash for Keys".  They are giving a homeowner who looks as though they will be facing foreclosure $2500 in order to move out quickly.  They will essentially be doing a deed in lieu of foreclosure signing over the property to the bank.  There are a couple stipulations:

1. It must be a FHA backed loan
2. It must be on the market for at least 90 days at a realistic list price.
3. It must be left in good condition including the leaving of appliances and so forth.
4. The homeowner must leave within a reasonable time period in which the bank sets.

The above are just some examples of why no one is an expert in a short sale.  Many may know a little more than most, but like the old adage "He who speaks the loudest, knows very little"

It is a little funny in that Short Sales have become such a sensitive topic with most.  We all become so defensive when a buyer's agent calls up and asks about multiple offers or how we process a short sale.  The listing agent all of a sudden becomes that annoying kid in elementary class.  You know the one.  The kid who raises his or her hand and spouts off they know the answer to everything and goes on and on not just answering the question, but showing that they know everything about everything. 

My advice to everyone who processes short sales is be knowledgeable, but be open minded.  Maybe you do not know all the answers. 

I saw this article and thought it would be of interest to some of my colleagues:

 NAR: Agents and brokers can get SBA help

WASHINGTON - Oct. 1, 2009 - The U.S. Small Business Administration (SNA) has clarified its rules, saying that individual real estate practitioners and brokers are eligible for the agency's loans, which many could find helpful during tough economic times.

According to analysts with the National Association of Realtors, brokers may apply for America's Recovery Capital (ARC) loans, Section 7(a) loans, and Section 504 small business loans.

An initiative of the Obama administration's economic stimulus package, the ARC program offers no-interest, no-fee, deferred-payment short-term loans up to $35,000 that can be used to make payments on or replace existing business debt.

Under the 7(a) Guaranty Loan Program, individual practitioners can use money from participating lenders for working capital or debt replacement. Intended for long-term needs, the maximum loan amount is $2 million.

The 504 Loan Program, facilitated through community agencies, is ideal for individual practitioners expanding their business and in need of money to pay for fixed assets.

For more information, visit the Small Business Administration website. 

Source: Realtor (10/09) Vol. 42, No. 9, P. 10; Freedman, Robert

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