Monday, November 21, 2011

Painting Tips from the Pros

A successful do-it-yourself painting project takes more than the right tools and a steady hand. Follow these tips and tricks to make your walls look like they were painted by a pro.
Preparation
Take your time. That's what the professionals do. Remember that proper prepping and cleanup can take longer than the actual painting.
Use rubber-backed drop cloths to cover your floors. Old bed sheets and canvas cloths don't give complete protection.
Store all hardware from outlets and switch plates in a baggie, and label with masking tape.
When filling cracks in the baseboard with caulk, cut the tip of the tube smaller than you think it should be. Too much caulk can make a mess.
Invest in high-quality woven roller covers. The cheap ones will leave fuzz on your wall and need to be replaced more frequently.
To make a perfectly straight line with tape, invest in a tape machine.
For an extra-professional touch, smooth down drywall — no matter what shape it's in — with a drywall pole sander. If your walls are plaster, gently sand the necessary areas with a dry sanding sponge.
Don't forgo primer. A good primer will seal stains, establish an even base and ensure that the topcoat goes on smoothly.
Painting
Don't open your paint canwith a screwdriver, as it can damage the lid. Instead, use a lid opener. Many hardware stores will give these away for free when you purchase paint.
Always stir the paintwith a long wooden stick (usually available at the store for free) until all the sediment on the bottom has been mixed in.
Don't submergea brush into the paint more than one-third of the way, or you'll clog the base of the bristles, making clean up more difficult.
Apply a coat of paint to the backside of the light switch plate in the room. After it dries, jot down all the project details — date, paint brand, name, number of gallons required, number of coats applied and any other relevant information.
Clean up
Don't waste time cleaningif you're going to be painting the next day. Place rollers and brushes in Ziploc or plastic bags and store them in the fridge. Make sure you allow them to return to room temperature before reusing.
If the store didn't do this for you, dab some paint on the lid to help you identify the color later. Write the name and number of the paint on the lid with a permanent marker.
Use a screwdriver wrapped in an old t-shirt or rag to wipe the rim of the paint can clean.
To avoid damaging the lid, don't seal the can with a hammer. Use a rubber mallet instead.
Store cans upside down to create a tight seal around the lid. Because latex paints are water-based, keep them where they won't freeze.

Rain Gutters: Make Clean Up a Snap

Rain Gutters:
Make Clean Up a Snap

With leaf season right around the corner, now's a great time to make sure your rain gutters are clear of debris. While you can hire a service to do the work for you, doing the job yourself is easy and affordable with these tips:
  • Clean your gutters at least twice a year, more if your home is surrounded by trees
  • Wear heavy work gloves to protect your hands from sharp metal that may be on the gutters
  • Don't let the gutter back up with leaves since they'll eventually come loose from their mountings and destroy the gutters
Ready to clean? Follow these steps:
  1. Remove loose debris from the gutter using a small tool, such as a garden trowel, and scrub encrusted dirt with a stiff brush
  2. Power wash gutters with a hose to clear debris – just make sure you send it toward the drain outlet
  3. Make sure drainpipes are clear, if necessary use a plumber's auger to pull debris from the bottom of the drain

Down the Drain: Garbage Disposal Dos & Don'ts

Down the Drain: Garbage Disposal Dos & Don'ts

If your kitchen has a garbage disposal, you know how easy it makes mealtime clean up. But what you may not realize is that your disposal comes with some pretty important rules. Here are some of the most vital:
Do:
  • Insert food slowly. Stuffing it all into your disposal at once can cause clogs and shorten the life of your system.
  • Grind hard materials. Many people think food like chicken bones or small fruit pits are a no-no, but they can actually help clean the walls of the disposal.
  • Use cold water for at least 20 seconds. This will solidify grease so that it can be ground up. Also, make sure that all food particles are washed completely down the drain.
  • Keep it clean. One good way to eliminate drain smells is by grinding citrus fruit peels. You can also add a few drops of dish soap and let the disposal run for a few minutes.
Don't:
  • Use hot water. This will make grease liquefy and build up, which can clog the drain.
  • Grind fibrous or expandable foods. The former, like celery stalks and onionskins, can tangle up the disposal. The latter, like pasta and rice, can clog it.
  • Turn off the motor too quickly. You'll want to make sure all food particles are completely ground. Once done, continue to run the water for at least 15 seconds to flush out particles.
  • Wash coffee grounds down the drain. While they won't harm the disposal itself, they can clog pipes and drains.
  • Forget to use it. Lack of use can cause rusting and corrosion, which can lead to premature system replacement.

10 Easy Upgrades to Add Style & Value to Your Home

10 Easy Upgrades to Add Style & Value to Your Home

Sometimes, it’s the little things that make the biggest difference in the value and appeal of your home. Whether you’re trying to sell your home of just spruce up the place, here are 10 easy ways to get started.
    1. Update hardware on cabinets and drawers
    2. Replace towels and rugs in the bathroom(s)
    3. Add overhead lighting or wall sconces to brighten rooms
    4. Declutter small spaces and closets with DIY storage kits
    5. Wash or power wash the exterior of your home (especially windows)
    6. Add area rugs to throw in a hint of color
    7. Hang a mirror in small rooms to give the illusion of more space
    8. A fresh coat of paint on walls and trim brighten any room
    9. Try a fresh new color on your front door for character
    10. Mow and mulch your lawn even in the cooler months
Make a plan. Set a budget. Get started!

Tuesday, November 1, 2011

Modified Home Affordable Refinance Program (HARP)

Potential Impacts of Modified Home Affordable Refinance Program (HARP) Announced by the President: Requires borrower to be current on their loan payments and the loan must be a Fannie Make or Freddie Mac Loan. Home value is irrelevant, it does not require appraisals or extensive underwriting requirements. Loan servicing companies are currently defining the process.

Monday, October 10, 2011

Bank of America offers up to $20,000 short sale incentive to struggling homeowners

Bank of America offers up to $20,000 short sale incentive to struggling homeowners

Bank of America, the nation's largest mortgage servicer, is offering Florida homeowners up to $20,000 to short sale their homes rather than letting them linger in foreclosure.
Only homeowners whose short sales are submitted for approval to Bank of America before Nov. 30 will qualify. The homes must have no offers on them already and the closing must occur before Aug. 31, 2012.

Wednesday, August 10, 2011

Top 5 Things You Should Know to Help Sell Your Home Fast By Sharon Snyder -- The Richter Team Top 6 Things

RISMEDIA, August 8, 2011—While many markets around the country continue to experience challenges as the market makes its slow turnaround, Ann Arbor real estate is selling fast, and it’s because we follow some simple rules.
1. Curb appeal is key to selling your home
If it looks rundown from the outside, then it probably is on the inside too. Curb appeal is all about first impressions. Buyers want to feel like they could live in a home from the moment they pull up in front of it. Basic improvements such as exterior painting, cutting the grass and planting some flowers improve the look of a home from the outside tremendously.
2. Deodorize
Every home has a unique odor, especially if pets are present. Be sure to professionally clean the carpet and the furniture and replace carpets if necessary. Keep pets clean and the home free from dander. Consider taking pets and pet cages if present in the home with you when you leave for showings.
3. Really want to sell your home? Repair and repaint
A little putty and paint can make all the difference. Repair damaged dry wall, gouges in wood surfaces and paint the walls. Bright colors such as those in children’s rooms should be repainted with a neutral color. We like to repaint our Ann Arbor homes with a neutral shade that will be attractive to a wide variety of buyers.
4. Put away your personal collections
Here, the old saying that one man’s treasure is another man’s junk rings true. De-clutter your home by packing up knick-knacks, heirlooms, personal collections, and even family photos. After all, they are special only to you and your goal is to make the home presentable to the widest number of people possible. Expensive collections should be packed away as well to keep them safe.
5. No guns, drugs or valuables
If you own a gun, be sure it’s unloaded and lock it away. Don’t leave it accessible to anyone viewing your home, especially anyone with children. The same is true for prescription drugs, fine jewelry, valuable art work, money and anything else you want to keep safe.
6. Staging
Staging is the Richter Team additional advise to sellers. We work with our clients to make the property look its best. Sometimes simple changes in furniture make a great difference. Depersonalize and de-clutter to make a house look roomy, clean, warm and inviting. Investing in a coat of paint and new flooring can give you a great return - a quick contract at the higher end of the market scale.

Monday, August 1, 2011

The debt and spending debate

Honorable Senators and Congressmen,
I realize that this past several weeks you have been working hard on the debt situation for our country.  I regret to say that it seems to me that this is a chess game rather than a real attempt to solve a very serious issue for our country.
From watching the news reports, it seems to me that several things are happening:
1. Spending continues at the base line rate and it is not frozen at current levels.
2. The cuts are not cuts, but rather reduction in future increases.
3. The triggers seem to favor the Democrats, since social issues will be considered more favorably than defense.
4. The proposed plan will not prevent the reduction of our country's financial rating, as it falls short of the stated required cut (reduction in spending growth) stated by Moody.
5. The only winner in this game is Mr. Obama, as he gets a pass on dealing with the problems (spending) until a new Congress and/or President is in place.

For these reasons, and several others, I respectfully request that you vote against this plan in front of you, and negotiate a freeze in spending and a reduction of future spending of 1% across the boards.  Everybody shares in the pain.

Respectfully,
Monica Richter

Friday, July 29, 2011

Very interesting and worth pursuing -

Ocwen Offering Mortgage Modifications That Restore Equity for Underwater Borrowers...

Friday, June 10, 2011

Central Florida Communities

Seminole County Florida

Lake County Florida


Volusia County


Osceola County

Unites States Military Academies




United States Coast Guard


Annunciation Catholic Church

University of Central Florida

SAT and more... College Board

Central Florida Public School Links.....easy access!

Orange County Public Schools
Seminole County Public Schools
Lake County Public Schools
Osceola Public Schools
Volusia County Public Schools
Florida High School Association

    Find the school near your home

    Great Real Estate Directory

    National Association of Realtors

    A great way to read news releases and real estate market information.

    Property Appraisers Websites - Quick links for you!

    Orange County Property Appraisal

    Seminole County Property Appraisal

    Lake County Property Appraisal

    Osceola County Property Appraisal

    Volusia Country Property Appraisal

    Why Would a Lender Do a Short Sale?


    There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."

    When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.
    If you are considering buying a short sale, there could be drawbacks. For your protection, I suggest that all borrowers:
    As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise on those consequences. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. could consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.
    Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect.
    • Call the LenderYou may need to make a half dozen phone calls before you find the person responsible for handling short sales. You do not want to talk to the "real estate short sale" or "work out" department, you want the supervisor's name, the name of the individual capable of making a decision.
    • Submit Letter of AuthorizationLenders typically do not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent, closing agent, title company or lawyer, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with those specific interested parties about your loan. The letter should include the following:
      • Property Address
      • Loan Reference Number
      • Your Name
      • The Date
      • Your Agent's Name & Contact Information
    • Preliminary Net SheetThis is an estimated closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, if any. Your closing agent or lawyer should be able to prepare this for you, if you do not know how to calculate any of these fees. If the bottom line shows cash to the seller, you will probably not need a short sale.
    • Hardship LetterThe sadder, the better. This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. Lenders are not inhumane and can understand if you lost your job, were hospitalized or a truck ran over your entire family, but lenders are not particularly empathetic to situations involving dishonesty or criminal behavior.
    • Proof of Income and AssetsIt is best to be truthful and honest about your financial situation and disclose assets. Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value. Lenders are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving.
    • Copies of Bank StatementsIf your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a good idea to explain each of those line items to the lender. In addition, the lender might want you to account for each and every deposit so it can determine whether deposits will continue.
    • Comparative Market AnalysisSometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA). Your real estate agent can prepare a CMA for you, which will show prices of similar homes:
      • Active on the market
      • Pending sales
      • Solds from the past six months.
    • Purchase Agreement & Listing Agreement
      When you reach an agreement to sell with a prospective purchaser, the lender will want a copy of the offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to pay for certain items such as
      home protection plans or termite inspections.
    Now, if everything goes well, the lender will approve your short sale. As part of the negotiation, you might ask that the lender not report adverse credit to the credit reporting agencies, but realize that the lender is under no obligation to accommodate this request.
    Presented by  About.com  Buying and Selling

    Short Sale Requirements - Do You Qualify for a Short Sale?

    Short sales is a hot buzz phrase. Some sellers who decide that their home won't sell at the price they had imagined often start to wonder if they should do a short sale. A short sale doesn't always solve problems, but it most assuredly can create problems. Short sales are not the "saving grace" some home sellers would like to believe.
    What is a Short Sale?
    A short sale happens when the lender is shorted on a mortgage, meaning the lender accepts less than the total amount that is due. If your mortgage is $100,000, but your home is worth, say, $90,000, you are $10,000 short, not including costs to close the sale such as real estate commissions, recording fees or title and escrow charges.
    Sometimes, to avoid going through the costs of foreclosure, a lender will sanction a short sale by letting a buyer purchase the home for less than the mortgage balance while the home is in pre-foreclosure stage.
    A pre-foreclosure stage is one of the three stages of foreclosures.
    Here are sample steps of a short sale:
    • Seller signs a listing agreement with a real estate agent subject to selling as a short sale with third-party approval.
    • The agent finds a buyer who makes an offer for less than the amount of the mortgage.
    • Seller accepts the buyer's purchase offer.
    • Seller's lender accepts the buyer's purchase offer.
    • Transaction closes when the buyer delivers the funds, the lender releases the lien and the seller delivers the deed.
    In fairy-tale land, everybody lives happily ever after. Except the seller. There are consequences.
    Qualifications for a Short Sale
    Before you eagerly climb aboard the short sale bandwagon, consider the following to determine whether you may qualify for a short sale. If you cannot answer yes to all four requirements, you may not qualify for a short sale.
    • The Home's Market Value Has Dropped.
    Hard comparable sales must substantiate that the home is worth less than the unpaid balance due the lender. This unpaid balance may include a prepayment penalty.
    • The Mortgage is in or Near Default Status.
    It used to be that lenders would not consider a short sale if the payments were current, but that is no longer the case. Realizing that other factors contribute to a potential default, many lenders are eager to head off future problems at the pass.
    • The Seller Has Fallen on Hard Times.
    The seller must submit a letter of hardship that explains why the seller can not pay the difference due upon sale, including why the seller has or will stop making the monthly payments.
    A few examples that do NOT constitute a hardship are:
        1. Bad purchase decisions. Blowing your paycheck on a home theater system with surround sound does not qualify as a hardship.
        2. Unhappy with the neighbors. Even if every home on your block has turned into pot growing houses, that will not qualify as a hardship.
        3. Buying another home. The lender will not care if you have decided the home is no longer suitable for you or your family.
        4. Pregnancy. Increasing the size of your family or starting a family is not considered a hardship.
        5. Moving into an apartment. If you decide to move out of your home, that is a lifestyle decision and not a very good reason to abandon your home.
    Examples of hardship are:
        1. Unemployment
        2. Divorce
        3. Medical emergency / sudden illness
        4. Bankruptcy
        5. Death
    • The Seller Has No Assets
    The lender will probably want to see a copy of the seller's tax returns and / or a financial statement. If the lender discovers assets, the lender may not grant the short sale because the lender will feel that the seller has the ability to pay the shorted difference. Sellers with assets may still be granted a short sale but could be required to pay back the shortfall.
    For example, if the seller has cash in a savings account, owns other real estate, stocks, bonds or even IRA accounts, the lender will most likely determine that the seller has assets. However, the lender might discount the amount the seller is required to pay back.
    Many entities profit from short sales, but there is no seller short sale profit.
    Short Sale Consequences
    A short sale is dependent on a buyer making an offer to purchase. If you do not receive an offer, you will not qualify for a short sale. So even if you meet all the other criteria, it is possible that no one willbuy the short sale. It is also dependent on the lender accepting the buyer's offer. If the lender rejects the offer, a short sale will not take place.
    • Tax Consequences
    If the lender agrees to the short sale, the lender may possess the right to issue you a 1099 for the shorted difference, due to a provision in the IRS code about debt forgiveness. Many situations are exempt from debt forgiveness, according to the Mortgage Forgiveness Debt Relief Act of 2007.
    You should speak to a real estate lawyer and a tax accountant to determine the amount of short sale tax consequences, and whether you can afford to pay those taxes, if any.
    • Blemished Credit Report
    A short sale will show up on your credit report. It's a pre-foreclosure that has been redeemed. Short sales affect credit ratings. While the damage to your credit report may not seem as significantly bad as a foreclosure to you, creditors may not make the distinction. Experts say the drop in your FICO score is identical to a foreclosure reporting.
    Always seek legal counsel before attempting to pursue a short sale. A real estate agent cannot give you legal advice

    Presented by  About.com  Buying and Selling

    Sell Your Home But Keep the Profits

    Great taxable information in this newsletter....worth reading.

    Fannie Mae Issues Servicing Standards for Delinquent Mortgages

    RISMedia, June 9, 2011—Fannie Mae recently issued new standards for mortgage servicers regarding the management of delinquent loans, default prevention and foreclosure time frames under the Federal Housing Finance Agency’s Servicing Alignment Initiative. The new standards, reinforced by new incentives and compensatory fees, require servicers to take a more consistent approach for homeowner communications, loan modifications and other workouts, and, when necessary, foreclosures.  Read more..

    HUD Announces $3.6 Million Available to Help Communities Plan for Next Generation of Neighborhood Revitalization

    RISMedia, June 9, 2011—The U.S. Department of Housing and Urban Development announced recently that $3.6 million in Choice Neighborhoods Planning Grants will be awarded in fiscal year 2011 to assist in the transformation, rehabilitation and preservation of public housing and privately owned HUD-assisted housing.  Read more...

    Thursday, June 9, 2011

    What is an escrow deposit? How does it work?

    What is an escrow deposit?
    It's a good faith deposit but not to be confused with a down payment.  When buyers execute a purchase contract, the contract specifies how much money the buyer is initially putting up to secure the contract and to show "good faith".  In just about every purchase of a home, the buyer is asked to make a deposit as a sign of good faith to the seller that the buyer is actually serious about purchasing the seller’s home. Once the buyer and seller reach an agreement on price and terms, this monetary deposit is deposited into a trust account (generally the real estate brokerage’s or title company's escrow accounts) and sits there until closing at which time it is credited to the buyer in the closing settlement statement.

    How much the escrow should be?
    Escrow Deposit is not mandatory, however is highly recommend. Escrow varies from market to market and across the country. Deposits are generally 1% to 3% of the sales price. Sometimes, a buyer may offer 1% with the contract offer and the seller may counter requesting an additional escrow deposit after some contingency is met, i.e. inspections.  In buyer's markets as we are experiencing now, a larger earnest money deposit might entice a seller to accept a much lower purchase price. So you see, it all depends!

    Who holds the earnest deposit?
    Here are some important practices recommended to buyers and sellers by real estate professionals.
    - Never give an earnest money deposit to the seller.
    - Make the deposit payable to a reputable third party such as a well known real estate brokerage, legal firm, escrow company or title company.
    - Verify that the third party will deposit the funds into a separately maintained trust account.
    - Obtain a receipt.
    - It is not advisable to authorize a release of your earnest money (or a pass-through) until your transaction closes.
    -- Realtor must use an "escrow release form" which must be executed by both parties in the transaction.

    Is Your Earnest Money Deposit Refundable Upon Cancellation?
    First, read your contract. Laws vary from state to state. In Florida, purchase contracts allow for the return of the earnest money deposit to the buyer within a specified time period and contract guidelines should the buyer elect to cancel the transaction. Upon cancellation, the sellers and buyers are asked to sign the escrow release form according to mutual release instructions. If an agreement cannot be reached, the party holding the earnest money deposit will continue to hold it until an agreement is reached.  Real Estate brokerages in Florida must follow the Department of Business and Professional Regulations (DBPR) specific steps when an escrow is in dispute. However, title companies, lawyers, or any other escrow company are not required to follow DBPR guidelines, consequently the legal system may intervene.

     Why have escrow deposits at all?
    Technically, the buyer could bring all the down payment money to closing, but in the majority of sales, in reality 99% of them, the deposit shows the seller that the buyer is truly serious about buying the seller's home. In reality, the buyer is asking the seller to take his home off the market for anywhere from 30-60 days in normal sales to months in the case of short sale transactions on the promise that the buyer can, and will, perform on the purchase. When the seller’s home is off the market, even in the current "active with contract" option, the seller may be missing out on other potential buyers’ offers; consequently, the seller wants some assurance that the buyer is ready, willing, and able to complete this purchase. Hence, a monetary good faith escrow deposit is not only advisable, it is encouraged; it is the best way that the buyer can demonstrate his good faith and ability to perform on the purchase contract.  Likewise, realtors ask buyers to provide proof of funds on cash transactions or a prequalification letter if financing is involved to submit with offers.

    Monica Richter, The Richter Team, Coldwell Banker Real Estate
    Monica.richter@floridamoves.com

    Thursday, June 2, 2011

    EPA: Chinese drywall contains suspect material

    EPA: Chinese drywall contains suspect material

    Making Sure Congress Gets It Right

    Regulators are proposing a narrow definition of "qualified residential mortgage" that would make 20% the minimum down payment. You and I know that most buyers need to put less down, so we want to make sure that is not the constraint. 

    Monday, May 23, 2011

    Rising Gas Prices Drive Desire for Shorter Commutes and Home Offices


    May 18, 2011 05:00 ET

    Coldwell Banker Real Estate Survey Finds Spike in Gas Prices Is Impacting Where Home Buyers Choose to Live

    Congratulations to Coldwell Banker, we rock!!!

    CONGRATULATIONS to the Winter Springs Team of Coldwell Banker Residential Real Estate for being voted the top real estate office in the 2011 Fan Favorite Ovations Awards as selected by the readers of the Seminole Voice newspaper and the members of the Oviedo / Winter Springs Regional Chamber of Commerce. 

    This listing is a great buy!!!!

    Beautiful and spacious two-story townhouse feature 4 bedrooms & 3.5 bathrooms, featuring two master bedrooms. Located in a cul-de-sac with great views,secluded courtyard, beautiful lanai, brick pavers driveway, 2-car garage. New roof, and newer AC system, receipts available. The Springs offers a serene park-like lifestyle and many enjoyable amenities such as an inviting natural spring and beach; pools, his and hers health spa; tennis, basketball, clubhouse, jogging paths, horse stables, RV and boat storage and 24 HOUR MANNED SECURITY. A true private paradise!! This home can be your second home or downsize to a 2563 SF home. Priced to sell.

    THIS IS THE ONLY TIME WE WILL SEE AND LIVE THIS EVENT


    Calendar for July 2011
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    Money bags

    This year, July has 5 Fridays, 5 Saturdays and 5 Sundays. This happens
    once every 823 years. This is called money bags. So, forward this to
    your friends and money will arrive within 4 days. Based on Chinese
    Feng Shui. The one who does not forward.....will be without money. 

    Kinda interesting - read on!!!

    This year we're going to experience four unusual dates.

    1/1/11, 1/11/11, 11/1/11, 11/11/11 and that's not all...

    Take the last two digits of the year in which you were born - now add
    the age you will be this year, 

    The results will be 111 for everyone in whole world. This is the year of
    the Money!!! 

    The proverb goes that if you send this to eight good friends money will
    appear in next four days as it is explained in Chinese FENG SHUI.

    Those who don't continue won't receive.......

    Its a mystery, but its worth a try. good luck.

    3 New Anti-Foreclosure Strategies

    Critics of the government's Home Affordable Modification Program offer fresh proposals to slow foreclosures.

    Real Estate and Banks

    Banks across the country are cancelling, holding, removing and investigating prior foreclosure steps to validate that they were done properly. Accordingly, Realtors are following banks instructions to withdraw or cancel REO foreclosures in the MLS.

    Meanwhile, the house market is suffering. There are plenty of short sales, but the process has slow down a bit; consequently, buyers are scared to commit their resources to short sale transactions. What is there? Buyers have to content with the fewer REO sales and an increased number of traditional sales which are priced more aggressively.

    Real Estate Market Trends

    Real Estate Market Trends in the Florida market for your trusted real estate professionals.

    FHA/VA lowered the credit score

    FHA/VA lowered the credit score requirements for loans. Before- 620 minimum credit score, now minimum score 500-599. FHA and VA requirements: 10% down payment, 2 months of PITI in reserves, maximum 3% seller contribution to closing costs. In addition FHA requires a maximum 36% Debt to Income Ratio and buyers' funds must be from own funds (NO GIFTS)

    Cash buyers lift the housing mark

    Cash buyers lift the housing market.... It is true and it is a good thing. The downsize, cash buyers often command 5% to 15% more off the asking price than a potential buyer using a mortgage, thus affecting market values. The upside.... cash buyers are taking inventory off the market, fixing homes that often times are not desirable to buyers that are financing a purchase. There are great FHA renovation loans available to buyers who want to take on renovations.

    Multi-generational Market


    Multigenerational Market – a new trend or market reality?
    In a proactive approach to understand market conditions, Coldwell Banker surveyed 2362 real estate sales professionals in 2010, the survey results indicated that about 37 percent of its sales professionals saw an increase in the number of homebuyers looking to purchase a home that could accommodate more than one generation over the last 12 months. 
    Almost 70 percent of Coldwell Banker sales associates believed that economic conditions driven in part by the job losses and home foreclosures of recent years will cause a greater demand for multigenerational homes in their market during the next year. Financial drivers (29%) and health care issues (29%) were cited as the main factors behind this trend, whereas 6% mentioned a desire to help and unite family as a strong factor.
    Certainly assisted-living care is cost prohibitive for a growing number of families since basic services can begin at $4,000 forcing elderly parents to move in with their children.  But the benefits go beyond just financial reasons, with two or three generations living under one roof, families often experience more flexible schedules, quality time with one another and can better juggle childcare and eldercare.
    Other reasons for the rise in multigenerational living can be attributed to a growing number of children who are moving back in with Mom & Dad due to financial, economic and employment issues.  Also, a good number of college students are living at home until their career advance. Moreover, there is change in median age of first marriage and child bearing too, the typical man now marries for the first time at age 28 and the typical women at age 26. 
    The 21st century is looking more and more like the 19th century. The 2010 Pew poll states that in 1940, about a quarter of the population (24.7%) lived in at least two adult generations; but by 1980 it was reduced to just 12%. By 2008, a record 49 million Americans (16.1%) lived in multigenerational homes, an increase of 2.6 million from 2007. 
    Today, there are 6 million U.S. “multi-generational” households that consist of at least three generations of family members, 30 percent higher than in 2000 according to a recent New York Times article that cited Pew Research findings.
    Cultural Trend and Immigration.  Multi-generation or joint household is an everyday life and housing pattern in cultures around the world.
    Immigrants are a source of this growing multigenerational housing demand in the United States -- dominated by Latin Americans and Asians. The Latino and Asian household composition is different in fundamental ways from the domestic-born, declared said Kermit Baker, a senior fellow at the Joint Center for Housing Studies at Harvard.
    Even when several generations are not living together permanently, more and more families are looking for housing alternatives that can readily accommodate extended visits from overseas relatives.
    Multigenerational communities. Many new communities in Central Florida are answering to this demand, housing projects aimed at accommodating extended families is becoming a growing real estate niche according to The New York Times report. 
    Builders and architects are mindful of multigenerational needs, designing some units with a bedroom and a full bath on the main level so the elderly could avoid the stairs.  Multigenerational town houses and single family homes, designed primarily for families that include grandparents or grown siblings, have become one of the housing market few growth areas.
    Tips on dealing with multigenerational buyers and sellers.  As leaders in the real estate industry, real estate professionals must possess
    *     Flexibility, knowledge and understanding of the market and its trends to effectively work with multigenerational buyers and sellers.
    *      Adequately prepare to serve a multiethnic – multicultural clientele needs and demands, such as language ability and cultural understanding; use of technology such as Internet, social media, smart phones, videos, etc.  Buyers like property and community videos.
    *      Knowledge and understanding of real estate contracts, REO, Short Sales, negotiating skills.
    *     As a listing agent -- it’s important to highlight the multi-generational features of the home, such as second master bedrooms with private bath or separate entry, garage apartments or finished basements, "mother-in-law suite" or bedrooms in the first floor.
    *      When working with buyers --prompt questions to understand their exact needs when discussing housing requirements, are other family members a consideration?  Do you just need an extra bedroom or will additional living space be required? Also, consider the location and its proximity to heath care facilities, schools, childcare facilities and other areas that are important to your family.
    Recommendation to multi-family living: Extended families buying a home together should consider signing a written contract outlining everything, from finances to chores and childcare.
    Multigenerational housing is a market reality and will continue to be the hot niche in a cooled market for several years to come. Let be prepared.



    Monica Richter,
    Coldwell Banker Real Estate
    Broker Associate, GRI, CSIP, REO
    Rollins Crummer '10 MBA Management, Marketing
    Member of ORRA, FAR, NAR
    Grievance Committee Member
    Budget and Finance Committee Member
    Communications Committee Member