I often hear about the lengthy letter borrowers are sending their banks to explain their hardship. Once the letter is sent they expect the bank will contact them right away to offer a loan modification; but it doesn’t work that way and borrowers get frustrated. Even though having gone through some financial issues help banks being more empathic; what they really want to know is if you can afford a “modified payment”.

Fannie Mae uploaded a Video in YouTube explaining the documents your lender need to be able to help you. Before you call your Lender gather the following information:

• Mortgage Statement
• Condo/Homeowners Association Statement (if applicable)
• Pay stubs and W-2’s if employed or Profit and Loss Statement if Self Employed
• Income Tax Returns
• Statements on every other debt, balance owed and monthly Payment. Including lines of credit, credit cards, car loan, student loans in other words….document every single penny you owe. Remember that this is not to tell the bank how broke you are but to help them figure out if you qualify for a “new loan”.
• And of course a letter stating the reason why you can’t pay the current mortgage payment.

Be truthful, don’t hide anything!!! and Good Luck

Except for the Alvin Sherman Library at NOVA Southeastern University the other libraries will no be open on Sundays.

To check the hours of operations of a library near you click here!

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If you are interested in buying or selling Real Estate in West Broward, please call me at (954) 588-7260 or contact me.

Even though it was approved by the Congress we were not 100% sure it would be extended. It’s oficial! Obama signed it as part of his plan to stimulate the US housing market.

Other than the extension of the deadline who favors Buyers seeking Short Sales and the addition of existing Homeowners as beneficiaries of the Tax Credit, the most interesting addition to the law is the increase in the amount a Buyer can earn to Qualify. Ir went from $ $75,000 to $125,000 for single Buyers and from $150,000 to $ 225,000 for married couples. This increase mat trigger the sales of higher priced homes.

Links:
Article at www.Realtor.org: The Basics: Extended Home Buyer Tax Credit

For a list of the Properties Listed in the last 7 days as of Oct 28,2009 click here.

How Weston’s single Family Home Market looks Today?

Active Listings: 320
Of those 103 (32%) are Short Sales and 7 are Foreclosures
There are 106 Homes for Sale under $ 400,000. 00, of those 54 (50%) are Short Sales

Closed Sales in the Last 30 Days: 63
Months of Inventory based on Closed Sales: 5
This indicates a low inventory and a Seller’s Market

Yappie Hour Events and Barkham Park

I found an interesting article at the Weston Gazette about an event at Hyatt Regency Bonaventure for Dogs and their owners. It takes place every Thursday from 5:00PM to 7:00PM at the Hotel’s Cabanna .
Puppies get to enjoy appetizers created by Executive Chef Bob Axenfeld and ALL YOU CAN DRINK Water!

For a couple of years now Weston’s dog-owners can take their loved pets to Markham Park for networking purposes at the Barkham Park.

I don’t have Dogs and obviously I am not one; but I guess if I were to have or be a dog I would love to live in Weston as much as I do.

Starting October 16th the  City of Miramar, Florida in an effort to keep up with their projects for the city is moving to 4/10 Days Work Week. They will be open from 7:00 AM to 6:00PM Monday thru Thursday.

Domenick’s Pizzeria & Fine Italian Food in Weston

The original DelVecchio Pizzeria owners found their way to a bigger place where they can offer full menu, take out and delivery. They opened one month ago in their new location.  They have been more than 30 years in the business; 20 of which in Florida.

For Breakfast they offer Bagels, Eggs and Breakfast Pizzas with a choice of toppings including eggs. The Cappuccino is very good!

For Lunch and Dinner you can choose from a variety of items, from soups, salads, a variety of fresh vegetable to wood burning pizzas, pastas and almost 30 Entrees. Some light choices are also available: organic whole-wheat pastas and pizzas, organic chicken, salmon and vegetables upon availability. Very soon they will be offering Lunch Specials

A variety of Nadia’s Desserts created by Nadia looking so good that you won’t be able to resist tasting them.  Homemade Italian Ice Cream, Italian Ices and the “true neighborhood treat Zeppoli’s leaves us with a flavor of Italy in the newer part of town.

As quoted from their Menu:
“When you dine here with us, be it were you born in New York or Weston, you get a sense of Nostalgia. This is the taste of your home always! We are the DelVecchio family of Weston…the One and Only
Remember, to experience real N.Y Pizza; you need to go eat at a real N.Y. Pizza Place!!! Thank for all your Support throughout the years. We are here to Serve you!!!

Domenick’s Pizzeria opens 7 days a week and is located at:
2600 Glades Circle North Suite# 1100
Weston Fl 33327
Phone: 954-659-7778

Jill Bolte Taylor got a research opportunity few brain scientists would wish for: She had a massive stroke, and watched as her brain functions — motion, speech, self-awareness — shut down one by one. An astonishing story.

Source: www.TED.com

In my personal Facebook account I have no idea how many of my friends are fellow Real Estate agents, but I can tell you that MANY. Yesterday the following Video kept coming and I couldn’t resist the temptation to share it with you. At the beginning I had second thoughts if I should post it. That is the perception among many Real Estate agents and Buyer; sadly in certain way it is not far from the truth in our every day dealings.

Since I am believer that numbers don’t lie I researched what happened in the West Broward Market regarding Foreclosure Sales in the last 6 months.

Click here to view the embedded video.

I counted 201 Sales of Bank Owned-Foreclosed Properties in the area in the last 6 months.
93 Sold below Asking price.
Min. -0.04%
Max. -27.97%
Median -4.71%
Average -6.19%
15 Sold at Asking Price
93 Sold above Asking price.
Min. +.16%
Max. + 23.94%
Median +4.04%
Average +5.62%

How were they paid?
CASH    26.86%
CONVENTIONAL   46.76%
FHA   24.38%
OTHER   2%

Average Days on Market
Min.   0
Max.   435
Median   18
Average   48.1

The interesting part of this Myth-Reality Conundrum is that Perception always prevails over Reality.  When we call to make appointments half of the properties are already under contract. In certain Price ranges we have to present 2,4,6 or even 9 offers to get one signed contract. As frustrating as it is for both Buyers and Agents there is no way around for now.
Please share your experience!