Like to get a better look? Ken Can Help! Call me a 954-567-2222 or email me at KenCanHelp@gmail.com to arrange a private showing or to get more information.

high-end remodeled kitchen in a bargain beach condo.

New guidelines issued under the Federal Housing Finance Agency will require Fannie Mae and Freddie Mac to give homebuyers of short sales notice of their final decision within 60 days. The new guidelines also will require the mortgage giants to respond to initial short-sale requests within 30 days of receiving an offer.

That’s great news for buyers. Since short sales can generally be purchased at as much as 20% below fair market value, with approvals in a timely fashion, they become a great option for home buyers.

With many banks choosing to streamline the short sale process in lieu of foreclosure, the best deals are actually short sales.

Ready to sell your home as a short sale, or find a great deal on a short sale home?  Ken Can Help! Shoot me an email at KenCanHelp@gmail.com or visit my website at www.KenHelps.com and start searching for your new home.

For more information on the new streamlined short sale process follow this link:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=3&id=276506

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Can You Say Betty Crocker Kitchen?

Soaring Vaulted Beam Ceilings. Amazing Great Room Potential.

A Mid-Century Classic!

Click Here for Complete Details on this beautiful property.

Big Open Kitchen. Breakfast Area with Bay Windows

Open Plan Living Area Leads to Private Deck with Private River View

Key West Lifestyle Across the River From Equality Park

Ready to find your place in paradise? Ken Can Help! Call or email me today to see this fantastic home, or put me to work finding the home that is perfect for you.

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Corner Unit Provides Privacy, Light and Lots of Outdoor Entertaining Space.

Wraparound Patio With Lush Landscaping is a Private Oasis.

Corner Living Room With Lots of Windows and Light.

Granite and Cherry Kitchen Open and Beautiful.

The Sun is Shining on the Fort Lauderdale housing market.

Two Florida cities made the top eight nationwide. Jacksonville came in at No. 4, and South Florida (Miami-Fort Lauderdale-Pompano Beach) ranked No. 5,  according to an analysis by Builder Magazine.

To find the cities with the greatest potential for growth, Builder Magazine asked Hanley Wood Market Intelligence to consider local factors, such as major universities, military bases, and the strength of businesses in the private sector. The study also considered Economy.com’s housing projections, expected price appreciation, and estimated employment and income growth.

Ready to find your place in paradise? Ken Can Help! Visit my website at www.KenHelps.com or contact me directly at KenCanHelp@gmail.com.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=267157

SERIOUS BUYERS: Banks will only review offers from buyers who have been pre-qualified by a lender, and included a written pre-approval letter from their lender with the offer.  The stronger the pre-approval, the more negotiating power you have.
REPUTABLE LENDER: Many banks will require that you finance the property through them.  If not required, they will still insist that you work with a well known reputable lender…ask your agent for a list of lenders to choose from.

BELOW MARKET VALUE: Remember, Bank Repos are already priced well below market value, so it’s okay to offer more than the asking price to secure the property.  In most cases, it’s still a great bargain.

MULTIPLE BUYERS: Understand all Bank Repo’s have multiple buyers bidding on the property.  All offers are reviewed by the bank’s asset manager and loss mitigation departments which can delay the bank’s response to your offer.  However, immediate response to any bank counteroffer is of highest priority.  Failure to do so can result in loss of the property.

BIGGER IS BETTER: To insure another buyer does not get your home, consider offering a large deposit…the bigger the better.  Banks often choose an offer based on the size of the deposit.

KEEP IT SIMPLE: Banks love clean and simple offers, so eliminate contingencies and buy “as-is” if possible.  The fewer requests, the more likely they will be to accept your offer over the other 15 to 20 bidders.

NUMBERS GAME: You may want to submit offers on more than one property at a time to increase your chances of securing a property.  Decide in advance what is the most you are willing to offer on each property.

EXPERIENCE MAKES ALL THE DIFFERENCE: Choose an agent that has experience negotiating with banks…not all agents are alike.

TOP PRIORITY: Create a win-win relationship with your agent by insisting on a Buyer Broker Agreement for at least 30 days to insure you have their full attention as a Top Priority Client.

Written by A. Sebastian Fortino, SFGN

Wilton Manors, known for eateries, bars, and shops lining Wilton Drive offers other amenities, which only small towns can offer. There is a sense of civic pride and fun in towns like this. In fact, SFGN participated in the 20^th Annual Island City Canoe Race this past May although we won’t reveal at what number we placed.

“The Island City,” once again named a top mailing address for the gay community, maintains several parks and green spaces, several of which are on waterways. There are 17 parks and public facilities ranging in size from the 0.1 acre N. E. De Palma Park, located a block behind the Shoppes of Wilton Manors, to the 8.5 acre Colohatchee Park and the medians on Wilton Drive.

In fact there are so many green areas Wilton Manors is considered a Community Wildlife Habitat, certified through the National Wildlife Federation. Residents and businesses can also apply to qualify for Backyard Habitat status, in which the NWF surveys private property to see if candidates meet criteria to support local wildlife.

Parkland is managed by the City of Wilton Manors Leisure Services Department, in their mission to improve the life of residents, those who work here, and visitors.

Hagen Park, is located just behind Wilton Manors City Hall. They have a Community Center, available to rent for private events, flanked by a tennis court to improve your serve. On weekends the parking lot hosts a well-attended farmers market. The center also boasts a small, well-equipped municipal gym.

“Not many cities have gyms,” said Chris Cooper, Administrative Program Director for the Department of Leisure Services. Cooper, who is earning his masters in public administration and already has a bachelor’s degree in parks and recreation administration, is clearly well-suited to the task. Yet, sourcing funds are always an issue in his line of work.

“It’s a challenge to find revenue supporting these facilities,” he said. “We opened four years ago and were able to pay off the equipment within three years. Now it’s a new source of revenue for the city that supports the health and well-being of the community.”

The gym has 175 members, with reasonable rates for people who live or work in Wilton Manors.  Mornings are busiest, but only half-a-dozen people seem to work out at the same time.

“It’s great for people who want to work out at a smaller gym,” said Cooper, of the gym. “It’s more private.”

If you haven’t heard about the fitness center that’s because Cooper and his staff work without a marketing budget.

The Island City Park Preserve, in the Highland Estates section of town, is a large green area along the water boasting a canoe and kayak launch, outdoor pavilions, playground and – when I went through the space during the summer – a day camp for local children.

“This is a transformation for that neighborhood,” said Cooper. “The Island City Park Preserve receives federal funding from the Community Development Block Grant to rehabilitate blighted areas.”

The main meeting room can hold about 100 people. As the park is not located on Wilton Drive, in a quiet residential section of the city, it is a bit more private than the Community Center at Hagen Park.

“We strive to make the parks and other amenities integral to life here in the Island City,” Cooper said proudly. “Leisure Services is, ultimately, a direct reflection of what the city can and should be.”

In addition to the parks mentioned above Colohatchee Park offers a boat ramp to launch boats into the intercoastal, a dog park, and other amenities including barbeques. Mickel Field is an athletic complex with baseball fields, dugouts, press box and has been home to Wilton Manors Little League since 1995. TheSnook Creek Boat Ramp is yet another location for waterway enthusiasts which can accommodate boats up to 17 feet long, and serves as the only access to the water on the west side of the city. Donn Eisele Park also has a floating dock, pavilion offering shade and a butterfly garden.

The Island City, it seems is also a City of Parks. Next week SFGN will tour the Wilton Manors Historical Society and the Richardson Historic Park and Nature Preserve.

Visit WiltonManors.com for more information, or be neighborly and drop into the Community Center at Hagen Park for brochures.

Historically, Florida is usually the first to fall into recession and also the first to  begin to come out of recession.  Our recession actually began in 2005. So this new report is just another signal that we may be slowly beginning our recovery.

With 30 year fixed mortgage rates at 4.08% and prices still at deep discounts from the 2006 highs, NOW is the time to consider buying your piece of paradise.  If you’re ready to begin your search Ken Can Help!

Florida bouncing back, and recession not likely, report says

What is a “short sale”?

A short sale is a property being offered for sale at a price that it lower than the amount of the outstanding mortgage on the home. Since the sale price of the property will not satisfy the seller’s obligations to their lender, the seller cannot make the sole decision to accept your offer. That means the seller’s mortgage lender must also approve your offer in order for you to be able to purchase property. This process can be a lengthy and is not always successful. Some short sale lenders move directly to foreclosure instead of approving a qualified offer from a buyer. Its a tricky process and maddening  process.

When I first speak to a buyer, we talk about what is involved in successfully negotiating a short sale transaction. The primary question I ask is if they have the time and patience to wait an unpredictable amount of time for an approval of their offer? If the do not have both, the I encourage them not to consider any short sale properties. Period.

We continue to hear that lenders are shortening  the approval time  on these transactions, but I’ve done a lot of them and they continue to take months to close. IF they close at all.

Some of my buyers have gotten very good deals by patiently waiting for months for approval to buy a home.  But it’s no fun for anybody and many loose their patience and ask to begin looking for an alternative to buy.

Think about your personal situation. If you have the time and patience, and the home of your dreams is offered as a short sale – take your shot. But if you need to be in your new home on a date-certain, or if you are going to be brokenhearted if you loose that home, then don’t put yourself in short sale purgatory.  Go for the regular sale where you can negotiate directly with a seller and close in 30 days.

A title company I often use, Roberto and Associates, are experts at short sale negotiations and many of the successful transactions I’ve been involved in have been negotiated by them. In a recent newsletter, they published some FAQ’s about short sale transactions. I post them here to help you get a better handle on these tricky transactions.

Ready to buy  a short sale, or regular sale home in Fort Lauderdale/Wilton Manors? Ken Can Help!

• ·         Do lenders of short sales prohibit “flips” and/or define a flip?

o    We have heard that lenders need to inform their investors of an intent to “flip/re-sell” for consideration to approve a short sale.  We have seen GMAC require an Affidavit to be signed at or before closing stating that the buyer has no intentions to “re-sell” the property within 90 days.  We have also seen on approval letters language stating the same.  One may want to be cautious and ask for their acknowledgement of an intent to re-sell when the file is submitted and long before a surprise with the approval letter.

• ·         How often do we contact a lender for updates on short sales?

o    Minimally, every 3-5 days and communicate updates to all parties of the transaction (agents, seller, mortgage professionals, etc.).

• ·         How much time after a short sale is approved are buyers given to close?

o     Short sale lenders assume that since buyers are anxiously awaiting a decision they will be ready to close soon after they issue an approval letter.   We have seen requests to have files closed in a week.  This is obviously possible for cash buyers but for those with mortgages, this can be a problem.  You would think the same lenders would know the delays with buyers getting mortgages these days but apparently they do not.  We strongly suggest that buyers getting a mortgage, submit all documents requested by their mortgage professional/lender and be as close to ready as possible.  But we also understand and expect to have to get extensions to short sale approvals.  Usually we can get an extra 1-2 weeks.  We work closely with the buyer, agents and mortgage professionals to determine a requested closing date that will yield success for all parties.  What is really important is that sellers be ready to close as short sale lenders do not like to hear that a seller can not be ready.

• ·         What is the BPO value and can we get a copy?

o    After many years and closing thousands of short sales, we have yet to “see” a BPO.  Lenders do not provide a BPO report, unlike a conventional transaction where one can get a copy of an appraisal.  Many times lenders will not share the actual BPO value they have and will solely respond generically like “based on the BPO the offer.. or the net.. needs to be___.” 

• ·         Why do lenders ask for the same information, like bank statements, when they got it before?

o    Sometimes by the time a loss mitigator is assigned to a file, and/or the investor is about to review and hopefully approve the short sale, the lender/servicer will ask for a more recent copy of documents.  We have even been told that it is to see if the same documents, including the ones that would not change (like tax returns) come over as previously submitted.  Our suggestion – the seller needs to promptly provide the documents their lender is requesting in order for the file to continue to move through the process