Green Home LEED Certified

When I was getting my GREEN designation in real estate this home was under construction. The LEED designation requires all kinds of specific materials and building methods that are environmentally safe as well as cost effective in operation. This is a spectacular house. If you or a friend is interested in a GREEN home and are in this price range, please contact me to view this home.Information on LEED Home in Ft. Lauderdale, FL

Condo groups facing unpaid dues push for foreclosures

MIAMI – Nov. 24, 2010 – In Florida, a lawyer representing condo associations is taking a new approach with mortgage lenders in order to prevent the associations from being saddled with unpaid dues while lenders put off foreclosure because they do not want to be responsible for those costs. The attorney is giving banks two choices: foreclose now or have the mortgage terminated, a process also known as reverse foreclosure.

When an owner falls behind on condo fees, associations can file a lien against the unit, demand the balance of the yearly assessment or foreclose; but the latter option generally means that they own the unit and likely will be unable to sell it because the mortgage balance is greater than the unit’s value. However, the mortgage lender often doesn’t want to foreclose in these cases because it will then become responsible for the condo fees, real estate taxes and insurance.

Ben Solomon, an attorney with the Association Law Group, recently filed suit against Citibank after the association foreclosed on an owner who was delinquent on her condo fees. The lawsuit cited a “restraint on alienation,” meaning that the outstanding first mortgage and the fact that the mortgage balance was greater than the fair market value of the unit impeded the unit’s sale.

Citigroup ultimately released the mortgage so the association could sell the unit for whatever price it could fetch on the open market, with the new owner taking over the condo fees and real estate taxes.

Source: Washington Post (11/20/10) P. E1; Kass, Benny L.

© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688

Add Value to Your Home When Selling

Survey: Well-kept yards signal neighborhood safety

WASHINGTON – Nov. 16, 2010 – New research conducted by Relocation.com concludes that most Americans identify maintenance of surrounding residences as the key factor in determining the safety of a neighborhood.

Fully three-quarter of respondents agreed with that sentiment, with a particular emphasis placed on the appearance of front lawns. A total of 74 percent of survey participants said they would choose a community based on “word-of-mouth” feedback or the neighborhood’s local reputation, while 67 percent said that local crime reports and statistics found in the local media would factor heavily into their home buying decision.

Of lesser importance to house-hunters who want to evaluate the safety of an area, according to the research, are location within gated communities with security patrols and proximity to police barracks or fire stations.

“Our findings suggest that some home sellers who are struggling to generate interest may want to go the extra mile and help their neighbors with landscaping needs in order to create buyer interest,” remarked Relocation.com Chairman and founder Sharon Asher. (http://rismedia.com/2010-11-15/well-kept-yards-signal-neighborhood-safety-suggests-new-relocation-survey/)

Source: RISMedia (11/16/10)

© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688

Sellers sometimes forget the outside appearance of their home and that of your neighbor impacts buying decisions. I have had buyers who wouldn't even go look inside a house if the outside was a mess or the street gave the impression neighbors didn't take care of their property.

Mortgage Rates Still Down

This week the mortgage rates went back down. Now is the time to buy or refinance. Many financial commentators are expecting inflation in 2011. If that comes about, mortgage rates will rise. We currently have about a 6 month inventory of single family homes priced up to $499,000.  That inventory is usually considered normal and means that prices have stabilized at that price point. (What is inventory? It means if no new homes came on the market, at the current rate of sales, we would sell all the houses in a six month time frame). If inventory goes down to less than six months there is more demand at that price point and prices will go up.

So if you are looking for a home or want to sell your home, do it now!