Are you looking to buy? It is easy to find Aventuraq condos or homes  for sale on the Internet. You can also find information like the one I am posting below. What does that information mean? How should we read it.

Which would be the best offer? Are you a market insider?  How can you beat other buyers? These an other questions might come to your mind. And the answer is … Internet is great but a savvy buyer will still seek the help of a seasoned broker.

Market Report for Condos f in for August 2009

 

At this point Prices in Aventura for Condos for sale are in a plateau. Buyers looking for deals and opportunities in the Aventura market are now taking action and we see a more active market.

If the market action index begins to move up, we will see a shift towards a Seller’s market for the City of Aventura and a reduced number of condos for sale; although this may still take some time.

Local conditions are still int he Buyer’s market zone with a large inventory available of condos for sale in Aventura, Fl at the current sales rate.

Quartiles for Aventura Condos - August 2009

 

ADRIANA FAERMAN – REAL ESTATE SIMPLY BETTER

 Broker Associate, REO Certified – faerman.a@ewm.com | 305-773-0253

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Real Estate News for the Green Friendly Consumer

Things You Need to Know about Chinese Drywall

When selling and buying real estate, either homes or condos in South Florida, there is nothing better than an informed buyer and seller.

Here in the area of Aventura, Sunny Isles and Hollywood we have heard too many stories about developers being in trouble because of the suspected use of Chinese Drywall.

Well,  I bet we are all worried if this poses a health threat to us, our families or pets. However,  the Division of Environmental Health has yet to determine it.

The DOH does not have the necessary resources to visit homes and collect material samples for analysis. And, unfortunately the most definitive method to date is finding a “made in China” marking on the back of the sheet of drywall.

For more answers to your questions you can always visit Floridas Health site.

There is now an Chinese/Defective Drywall Addendum that buyers should require to be included in the buyers/sellers contract. Buyer may choose to conduct a risk assessment or inspection for the presence of Chinese/defective drywall.

If you would like to receive more information I can email you the addendum and guide you through your purchase especially if the home or condo you are looking to buy has been built or updated after 2003.

Please, leave me a note and I will respond.

President Obama’s Plan was created to help homeowners refinance or modify their mortgages to a payment that is affordable, both now and in the future.

Can someone translate all these refinance and loan modification terms into simple language for all of us?  I read blogs, news and listen to debates with specialists on TV; and the more I hear the more questions I have. And, I guess, I am not alone. So, I shared my concerns with my friend Philip Hatfield  who was kind enough to write the following article to help me understand the Loan Modification structure. Hope it helps you as much as it did to me. Please, let me know.

Home Refinance:
Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates, perhaps due to a decrease in the value of their homes. The Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac to refinance into a more affordable mortgage.

Refinance Common Questions:
1. How do I know if I am eligible?
You may be eligible if:
• You are the owner occupant of a one to four unit home,
• The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see below)
• At the time you apply, you are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months or, if you have had the loan for less than 12 months, you have never missed a payment),
• You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house,
• You have income sufficient to support the new mortgage payments, and
• The refinance improves the long term affordability or stability of your loan.

2. What information do I need to provide
It will help your lender if you gather some information and documents before you call. You will need:
• Information about the monthly gross (before tax) income of all the borrowers on your loan, including recent pay stubs if you receive them or documentation of income you receive from other sources.
• Your most recent income tax return.
• Information about any second mortgage on the house.
• Account balances and minimum monthly payments due on all of your credit cards.
• Account balances and monthly payments on all your other debts such as student loans and car loans.

3. How do I know if my loan is owned or has been securitized by Fannie Mae or Freddie Mac?
You should call your mortgage lender or servicer (the organization to whom you make your monthly mortgage payments) and ask about the program.
Both Fannie Mae and Freddie Mac have established toll-free telephone numbers and web submission processes to make this data available. Borrowers will provide or enter information to determine if either agency owns or securitized the loan. This information is not a guarantee of eligibility for the refinance program, as other qualifying criteria must also be met.

For Fannie Mae,
1-800-7FANNIE (8am to 8pm EST).
www.fanniemae.com/loanlookup

Freddie Mac
1-800-FREDDIE (8am to 8pm EST)
www.freddiemac.com/mymortgage

Home Modification:
Many homeowners are struggling to make our monthly mortgage payments either because our interest rate has increased or we have less income. The Home Affordable Modification will provide them with mortgage payments they can afford.

Modification Common Questions:
1. How do I know if I am eligible?
1. Is your home your primary residence?
2. Is the amount you owe on your first mortgage equal to or less than $729,750?
3. Are you having trouble paying your mortgage?
   For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?
4. Did you get your current mortgage before January 1, 2009?
5. Is your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues, if applicable) more than 31% of your current gross income?

If you found this article interesting you can alway leave your comment and contact information and I will contact you back.

For further questions on this topic you can reach Philip at – philip.hatfield@mindspring.com or 305-345-2781