Opportunities Always Available

For patient investors and home buyers, opportunities are still plentiful. There were over 110,000 foreclosure filings in Florida in just the first 3 months of the year and while banks are trying to mediate with homeowners to avoid the lenghtly and costly court process, this is not always possible. So, expect the massive numbers of foreclosures to continue unabated throughout 2010 and beyond. For investors, this spells enromous opportunity to purchase investment units that can bring returns of up to 10% per annum.

For home buyers loking in a specific community or subdivision, patience pays off. I've worked with 2 buyers from the Northeast recently who wanted to buy second homes in an exclusive country club community in Palm Beach Gardens Florida. My first buyer bided his time for almost 8 months until a deal appeared on the market that was 25% lower than current market value for similar homes in the community. He snapped up the deal without even flying down to Florida to see it. My second buyer came to view homes about 8 weeks ago, selers were being a litle unreasonable, so none of our offers were accepted. On Thursday a home was listed in the community at an amazing price as the Selers needed to move quickly. We got the deal done in 24 hours, once again with the buyer not wasting time to come down to Florida to view the home. While the house floor plan is slightly smaller than what he was looking for, the amazing price made the deal worthwhile. Keep in mind that if you want to snag a great deal you have to move fast.

So, the bottom line is that buyers should not give up or make rash decisions, in this market, the right deals will come if you are patient and prepared to move quickly once the deal appears on the market.

Remember that I work with buyers to get the best deals in Florida real estate.
Call me or check out my website:
Tali Wolder
561-866-9372
tali@floridianinternational.com
http://www.talisellsflorida.com/

Real Estate Updates

As I sit here typing, I am loking at a gorgeous mountain view from our vacatiopn villa in the Shenandoah Valley in Virginia. So different from Florida.
Anyway, some important new. Legislators may extend the firt time homebuyer tax credit until September 30 from the originial closing deadline of June 30. This is to allow for all the qualifying purchases that are short sales taking longer to close than expected. Great news for Buyers.
Another bit of news, mortgage rates fall to an all time low for the year and almost as low as we have seen for the past 10 years to 4.72% for a 30 year mortgage. If this news isn't the best motivation to buy then I don't know what is. Take a look at homes for sale here
Thee seems to be no let up in the number of foreclosures coming onto the market, deals are still exceptional but if you buy a foreclosure you need to take a deep breath, put on the big boy pants and play with seasoned investors who understand the bidding process. Remember, no deals can be purchased at half the list price, most foreclosures sell for more than list price.
For buyers interested in buying at foreclosure auctions, talk to me, I will review the process and the homework you will need to do.
As always, thinking of buyiong in Florida, call me:
561-866-9372
http://www.talisellsflorida.com/
info@floridianinternational.com

Buying Bulk REO's

Many people have asked me about buying bulk REO or foreclosed properties directly from the banks. This market is overwhelmed by intermediaries on the buyer's side, the seller's side and on the intermediaries side. But there are bulk REO (tapes) to be had and regardless of all the middlemen, the deals can be exceptionally good for investors who understand that they are buying properties at 40 - 50% of current market value. So, if you feel the need to investigate and inspect every property then this type of purchase is not for you.

The minimum purchase price of these foreclosed property tapes is generally $1,000,000 but there are occassionally smaller tapes available. Sellers want a letter in intent and proof of funds and will provide the tape details within 24 - 48 hours. Buyers usually have 7 - 10 days to review the tapes and make the decision to purchase. Most tapes have properties located in Florida, California and Nevada and buyers can specify preferred locations.

Anyone interested? contact me, let's work together to find some great investments.
Tali Wolder
tali@floridianinternational.com
http://www.talisellsflorida.com/
561-866-9372

Two new bills recently signed by Govenor Crist are very beneficial to anyone considering a purchase of real estate in Florida. First, the Distressed Condominium Relief Act (SB 1196) does away with a requirement that individual condo unit owners carry hazard insurance. Also, investors purchasing block of condos are no longer assumed to be developers and so do not have developer's responsibilities and liabilities. It also lets a condo association decide whether or not to retrofit a building with sprinkler systems and removes mandatory retrofits of sprinkler systems in condos over 75 feet. This is a huge relief to struggling associations, many of whom could not afford the costs asociated with a retrofit.

Living in a house tainted with Chinese Drywall. Well, with bill HB 965, property appraisers must  adjust the assessed value of single-family residential properties affected by tainted drywall. If the home cannot be used for its intended purpose without remediation or repair, the value of the property must be assessed at $0. To qualify, a home must have imported drywall that causes a significant impact on the just value of the property. Also, the buyer must not have been aware of the presence of the tainted drywall at the time of purchase. This tax break will hopefully allow owners to remediate the problems and either live in their homes safely or sell.

So much affects the value of Florida real estate - call me if you need information or if you're thinking of investing in a florida property.
561-866-9372

tali@floridianinternational.com
http://www.talisellsflorida.com/

Investing in Real Estate - For Real This Time

Getting an acceptable return on investments these days is quite a challenge, the days of a high rate on your CD or other trandional type of investment are over for the moment. If you're looking for an alternative, real estate makes a lot of sense thse days. I would not be the only person to see the potential, bank owned properties are usually snapped up within days sometimes after a heated bidding battle. In addition, foreigners from South America, Europe, Canada and even Africa are seeing the We believe that about 60% of condos in the Miami area are being purchased by foreign buyers.
There are many condo units that come onto the market every week starting at $40,000. Rates of return can equal anything from 4 - 8% annually.
An example would be a community in Margate Florida, located near Fort Lauderdale. 1/1 Units are selling at around $40,000. Most need at least $5,000 in repairs but once complete can be rented out for around $650 per month. After association fees and taxes, the investor nets about $250 per month. A return of 6.6% and the good news is that in time these units will appreciate, my estimate would be that in 48 - 60 months, these units will sell for around $60,000.
Looking to invest, don't wait too long, Call me!
Tali Wolder
561-866-9372
tali@floridianinternational.com
http://www.talisellsflorida.com/