Dont buy foreclosures!!!! “NOT”….

By Maycol Delgado | Published: October 16, 2008

Don’t buy foreclosures!!!! “NOT”….

There are many investing vehicle you can use. Stocks, mutual funds, CD’s, and money market accounts are a few of many. All investing vehicles aren’t the same, some can lead to great wealth and others can lead to poverty. There are many ways to buy stocks such as stock options, covered calls, naked calls and put options. Every strategy has a different purpose and projected rate of return. In Real Estate investing there’s also different ways to buy such as Lease options, Assigning contracts, auctions, short sales, and foreclosures every Real estate strategy has a different purpose and rate of return. It is proven buying Commercial Real Estate can reap you higher returns than residential but it is also a higher risk. Bidding at auctions can also be very risking but the returns can also be higher than buying a short sale. My point is buying Real Estate can be done in many ways. But something is certain buying Real Estate is historically the basis of wealth and financial freedom. Read this poem every time you doubt yourself on the biggest financial decision of your life. Read this poem if you have doubt on buying the next foreclosure in your market. Overheated housing market is cooling. Miami is a great city to invest in and to live in Dolphin Mall is one of the major malls in Miami Fl.

Who am I?

I am the basis of all wealth, the heritage of the wise, the thrifty and prudent.

I am the poor mans joy and comfort, the rich mans prize, the right hand of capital, the silent partner of many thousands of successful men.

I am the solace of the widow, the comfort of old age, the cornerstone of security against misfortune and want. I am handed down to children, through generations, as a thing of great worth.

I am the choicest fruit of toil. Credit respects me. Yet I am humble. I stand before every man bidding him to know me for what I am, and possess me.

I grow and increase in value through countless days. Though I seem dormant, my worth increases, never failing, never ceasing. Time is my aid and industrial and population growth heap up my gain. Fire and the elements I defy for they cannot destroy me.

My possessors learn to believe in me. Invariably they become envied for their foresight in acquiring me, for my value can bound upward in an amazing manner. While all things wither and decay, I survive. The centuries find me younger, more desirable, increasing in my strength.

The thriftless speak ill of me. The charlatans of finance attack me. I am trustworthy i am sound. Unfailingly I triumph to the chagrin of my detractors.

I am the provider of all of mans needs, the foundation of his homes, his industrial plants, his offices and other places where he earns his living.

Yet I am so common that thousands, unthinking and unknowingly pass me by.

I am called “the good earth” or just plain “land”

“The greatest dignity in mans achievement is the ownership of land.”

I got this poem from a fellow agent I don’t know who wrote it therefore I can t credit the person but one thing I do know it is true. If you buy a foreclosure in today’s market it can be the foundation of your financial life. If you want or need 5.5 more reason to buy in today’s market Click on this link.

Looking for a home in Miami Foreclosure? Youcan find Great Foreclosure properties in your ownarea.The city ofMiami is a great place to live and is served by the Dade county School District.

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Do you think you are the only Real Estate buyer in Miami? Think again.

By Maycol Delgado | Published: October 14, 2008

Do you think you are the only Real Estate buyer in Miami? Think again.

I remember many things in the peak of the Miami Real Estate market? I remember when the media would report and encourage buyers to buy and investors to invest. Real Estate Reality shows such as Flip this house, Designed to sale, and Location Location Location where many of the few Reality shows broadcasted in the peak of the Miami Real Estate market. Many home sellers sold their home on their own and saved themselves Real Estate commission. Americans experience job growth and unemployed rate where in all time lows. The average day on the market for a single family home was 15 to 25 days depending on the price. I also remember prices and appraisals going up 20% every month and home sellers enjoying every minute of the market. Many real estate agents would say those were the good old days. I would agree today’s real estate market is very different. We are now in a buyer’s market, property value has declined, real estate reality shows are not being watched, and foreclosures are in an all time highs.

If you are a Home buyer that wants to take advantage of home prices or invest this is your market. But if you think you are the only buyer looking to buy, if you think you are the only apple in the tree, the only survivor left think again. Read this article.

Ask yourself if we are in such a bad market why are you having a hard time getting an offer accepted. Why theirs 3 to 4 offers in the same home in a matter of days. Why is it that your offer is never accepted unless it’s for full asking price or close to it?

Many Miami Real Estate Home buyers now are having a hard time getting their offers accepted for two reasons.

  • 1. Reason they offer 20% less than the asking price. We know we are in a buyer’s market and most of the foreclosures available today are priced below market.
  • 2. The financing of the home is one of the major reasons why lenders are not accepting your offer. If the lender has two offers one is cash with no financing contingencies and the other is 90% financing they would probably accept the all cash deal.
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Mortgage Report

By Maycol Delgado | Published: October 7, 2008

Mortgage Report

It seems that these days are getting darker and darker. You read about the stock market plunging and Miami real estate declining.It seems that everyonehas a horror story to tell for the next family event. The credit crunch, subprime market and mortgage default has affected our Miami Real Estate Market locally and nationally. Neat less to say this is the best Miami Real Estate market for buyers in a long time. Have you ever heard that one person trash is another person treasure? When one door of opportunity closes, another opens, but we look so long at the closed door that we do not see the one which has been opened for us ( Hellen Keller).

Well the day is not cloudy for you if you are looking to buy Miami Homes. In fact, it is very bright for buyers to own their dream home and for investors to increase their real estate portfolio. If you are a person looking to buy a home it has not been a better time, especially if you livein South Florida. It is actually a tremendous buyers market! ( a buyer’s market is considered when the market conditions favor buyers where there’s more sellers than buyers. As a result buyers have a ample choice of properties and may negotiate lower prices).

Interest rates are still historically low and prices are matching the downturn. You can secure a below 6.25% interest on a 30 yr fixed rate mortgage with the proper terms and conditionsbeing met. FHA secured loans are still allowing low down payment requirements and the local governments have plenty of money lined up for down payment assistance programs. Click here to view Freddie Mac programs.

There are still plenty of lenders willing to provide a mortgage product for a well qualified buyer. Plus, with the changes within the lending industry there areno more high risk products like the adjustable rate mortgages and option arms readily available to consumers. Heres a list of Miami Local Banks City National Bank,BankAtlantic, Transatlanticand Mellon Bank.

If would like a list of our banks or mortgage products please click on the link

Looking for a home in Miami Foreclosure? Youcan find Great Foreclosure properties in your ownarea.The city ofMiami is a great place to live and is served by the Dade county School District

Jorge Tabares

Licensed Mortgage Professional

305607-5144

786363-8867

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Can this 700 billion dollar bill be the difference in our Miami foreclosures and our economy?

By Maycol Delgado | Published: October 3, 2008

Can this 700 billion dollar bill be the difference in our Miami foreclosures and our economy?

Our financial system is in the verge of collapse many of our major lenders Country Wide, Indy Mac, Lehman Brothers, and Bear Sterns filed Bankruptcy Because of the amount of defaulted loans and foreclosures. The Credit crunch has hit us like a Radiation blast from a nuclear explosion many are left in credit turmoil with little hope of any near future. The credit crunch has also impacted and cripple local and national business, directly affecting employee and employers. Credit has been restricted and even if companies are seeing great growth the amount of money to lend is very minimal.

“But the drumbeat of bad news rattled on. A government report said that orders to U.S. factories plunged by the largest amount in nearly two years as the credit strains smashed manufacturers with hurricane-like force.”

The Dow Jones drop 777 points in one day setting a new record after the rejection of the 700 billion dollar rescue bill. President Bush presented the Bill on September 30 and urge congress to take immediate action to stabilize our financial system. Read more.This has been the largest bailout plan since the Great Depression .The amount of Miami foreclosures and defaulted loans are at its peak and experts say that this is just the beginning.

Can this rescue bill be compared to a life guard applying CPR to a drowned victim or a doctor performing a life and death operation? IS the bill the determining factor between employed or unemployed, homeowner or homeless? Can the bill be the difference between an approved student loan or a denied application? Clearly all of the above is uncertain but this Rescue bill is a huge decision that our lawmakers are taking. The bill was rejected and denied and the house demanded a revised plan and vowed to enter into renegotiation.

“Under the bill the government could get 250 billion dollars immediately, 100 billion dollars more if the president certified it was necessary, and the last 350 billion dollars with a separate certification and subject to a congressional resolution of approval.”

Do you think the government should use taxpayer’s money to stabilize our economy? Can this bill help stabilize and minimize our Miami Foreclosures? To search for hundreds of Miami Foreclosure click on this link.

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Ready to move to Miami? Learn more Why Miami is one of the busiest city to travel to and to invest in. Learn more about our public education.What a list of We have several Miami Homes, Miami Foreclosures, Miami Rentals, Miami luxury foreclosures, Miami Condo foreclosures. Search the Local MLS for Hundreds of Miami Foreclosures.

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Miami Real estate homes are sold more to internet buyers.

By Maycol Delgado | Published: September 30, 2008

Miami Real estate homes are sold more to internet buyers.

The internet has changed the way we live our daily lives. Most of the civilize world depend on technology, and computers. Internet is used for business, shopping, entertainment and to connect across the globe. With property details, pictures, and real estate trends only a click away the internet changed the way the Miami real estate market operates. Most companies have websites and different online marketing, but now on days a website is not enough with search engines growing in popularity websites compete for the keywords and page rank. The demand to place high in keywords and to have an internet presence is growing bigger every day. It’s not just about a professional website it’s also about social networks, keywords, SEO (search engine optimization) and page rank. The real question is can your Miami real estate home be sold to an internet buyer?

IF you are selling your Miami real estate home don’t you want your Real Estate agent to market your home the best and most effective way? Putting the property in the MLS is not enough anymore. It is proven 70% of Real Estate buyers start their search online. Google is by far the most used search engine in the world it attracts billions of people every day. Google also tracks the keywords that we input when we search for a product or a service. This allows us to target those keywords to get the most hits to our site and to sale your Miami real estate home.

Bidselect.com is a site that contains over 87,000 thousands foreclosures homes for sale, over 508,000 thousand offers were submitted this year that means an average of 5.8 offers per home. Bid select views are an average of 10 million pages per month. Wow those numbers are impressive. Buying with bid select is not different than looking at your real estate section Sunday’s newspaper. Bid select contains all of the important information of the home details and pictures that helps you in your buying process. If you are a seller wouldn’t you want your Miami real estate home to be positioned among the leaders in internet sales?

MySpace and face book are among the leaders of online social networking. Every person has its own profile with information all about themselves. This will allow them to keep in touch with their friends and to meet new people. But MySpace and face book goes beyond the obvious it is a site of many hits, and high page rank attracting major companies to advertise and offer their service. MySpace and face book can be an effective way to market your home to millions of MySpace and face book users. It will not guarantee a sale but it will improve and increase the amount of people that see your property. Isn’t this, what marketing is all about?

Having a internet presence is highly recommended not only for product or company image but for sales. We demand our presence in the internet world we position our self and our homes in our blogs, MySpace, Trulia, Craigslist, and Active rain, in result we are among the leaders in keywords and hits in our local market. Want a list of our Marketing plan click on this link..

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5 common Symptoms of a novice investor.

By Maycol Delgado | Published: September 25, 2008

5 common Symptoms of a novice Miami Real Estate investor.

You have gotten sick before, sometimes more often than others. Before you get a common cold or an infection you will get symptoms and your body will begin to adjust and try to fight the bacteria or infection. The Fever is not the actual infection a fever it’s your body fighting back. In your daily life you are conditioned and trained to look for symptoms whenever you feel oozy or sick… Miami Real Estate investing is no different you know there’s amateur investors and Pro investors; there’s good decisions and bad decisions. The Pro investor knows know their market and most importantly knows themselves. The novice investor is usually the one that over pays and overestimates they don’t last too long. Learn these symptoms to prepare you for your next big investment. Wall Street strategies

  • 1. Lack of preparation

You have look at the foreclosure home or you went to auction and you decided that you want to purchase the 3 bedroom 2 bathroom home in the zip code you like but you are still not too sure. In your mind you begin to doubt yourself and you begin to worry about if it’s the right size would it be easy to rent all this questions you thought you have answered begin to sneak up again. News flash you haven’t done your complete homework nervous is a symptom of lack of preparation. If you have done all your homework and studied buying trends, days on the market ratios, closed homes, and neighborhoods trend you shouldn’t be nervous. Nervous is a lack of preparation.

2. Lack of practice.

Many people ask me how can they give a killer presentation or how they can write a great Post. There’s no secret practice,practice,practice there’s a quote I live by ” Practice makes perfect”. If you want to make better investment decisions and if you want to think like a Pro you need to start today not buying but studying your market. Select a Miami Real Estate neighborhood try to attract as many home buyers don’t wait until you actually have the property before generating the buyer. It is called being proactive not reacting.

3. Over aggressive

You are a competitor by nature if not, you wouldn’t have selected this business. You are competing everyday competing for the same buyers, the same properties and the same information. This can be a very good quality but it can also be your down fall. My advice,don’t be over aggressive if it doesn’t make sense it doesn’t make sense. You will not only save yourself bad investments but also money. I am a competitor and love to compete but I also have been in the situation where I over offer because I just needed to feed my ego and buy the property. Keep in mind if you are not feeling bad on the offer that you placed chances are you offer too much..

4 Lack of Social skills

I was once told Real Estate was not a People business and that to be in our business we don’t have to deal with employees, customers, or vendors. This is baloney Real Estate is a social people driving business than any other business. Don’t you deal with tenant, attorneys, buyers, sellers, neighbors, and even contractors? I F you are not a people person or not social stay away from this business. You would create more enemies than Friends. Lack of Social Skills is a symptom of a poor personality trait for a Miami Real Estate investor to have.

5. Procrastination..

It is good to wait and anticipate good deals these are tell tale signs of a pro investor. But there is a thin line between Procrastination and Patience’s. Many buyers today are waiting for a miracle a sign from God to thunder and point to the right House for its angels to guide them and choose the house for them news flash this wont happened. Don’t Procrastinate, start working on yourself development and armed yourself with the basic essentials you need to finish your Real Estate investment journey.

Noticing early symptoms can help you defeat and fight infection and bacteria. In Real Estate investing it isn’t any different. Call us today if you would like a list of Hard Learned Mistakes you would want to avoid when you are buying either as a first time buyer or a pro investor.

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5 questions to ask when you interview a Real estate agent….

By Maycol Delgado | Published: September 20, 2008

5 questions to ask when you interview a Real estate agent….

Do you remember one of the biggest and most famous American trials in our decade? It was in 1995 when O.J Simpson was standing trial for the murder of his wife Nicole Brown and Ronald Goldman? O.J Simpson didn’t go and hire a part time attorney he hired the best attorney he could find. His decision right then and there hiring Johnnie Cochran could have been the difference between life in prison and complete freedom. You as a home seller are not facing conviction or murder charges but your decision on hiring the best real estate agent you can find can make the difference between a Sale or a waste of time.

  • 1. Check history

Would you hire a convicted felon to represent you in the sale of your home? Would you trust him with your house and most importantly financial information? Believe it or not I thought I have seen it all until Miami herald Special investigation (click here for Miami Herald Report) proved me wrong. According to the Miami herald special investigation report, Over 1,000 convicted felons got licensed to work in real estate and 2,000 more felons were allowed to write loans without any license at all. Yes felons who were charged for drug trafficking and Rape could easily be welcome into your own home…This report should give you chills… the very most important questions you should know is the history and background of the Real Estate agent. We live in a internet based world you can find out information of criminal offense or even Real estate complaints in the comfort of your own home. This can give you a background and history on the real estate agent you plan to hire.

DBPR

Criminal website.

How effective is your Marketing?

  • 2. Once the criminal history test has been past now you can begin to ask the right questions. One of the most important questioned should be the Marketing of your home. We are in the business of marketing no matter what other agents think. Real estate agents should have monthly budgets and marketing strategy every month, Marketing is 65 percent of our business. There’s all different type of marketing there’s printed marketing such as printed flyers, postcards, ads in your local newspaper etc. There’s online marketing such as e flyer emails, websites, blogs, video blogs, virtual tours and online ads. Which one of these is the best form of marketing? Online marketing is the most effective way to capture buyers. We have entered in a new world of real estate. Statistics shows most home buyers begin their search online before they call any realtor. How is your home positioned in the internet world?
  • 3. Support staff

This is a team sport the days of I do it myself days are over. Does your real estate agent have a good support team? Many professionals are behind the scenes when you hire a Real Estate agent. Think about it like this you’re Real Estate Agent is your Producer the producer’s job is to hire and overlooked the filming and closing of your home. The title company is the director their job is to make sure the title history and disbursements are done correctly. When you see a movie in the theatre you are seeing the finish product of hundreds hours of work and preparation in real estate the closing day it’s exactly that the finish product of many professional coming together for one common goal and purpose to sale your home. Ask the realtor how strong his support team is and have them give you a list of all his professional contacts. Please keep in mind their Professional history is just as important as the Real estate agent own history.

  • 4. Full time or part time

The fact is it’s very easy to get into this business let’s be honest you take a course pass two test Walla you are licensed to make a ton of money and have access to personal information… Our industry has taken a big hit because of this. Keep in mind that not every Realtor is the same.. One of the main questions you should ask. Are you a full time Realtor or Part Timer, Full time Realtor this is their profession they invest in their time and money in themselves when par timers don’t, they invest in marketing and Professional associations when Par timers don’t, they care about their business and reputation because after all this is their only source of income.

  • 5. Grade you on performance not on promises.

When you interview a Real estate agent he will make promises and tell you everything you want to hear. I strongly suggest you request everything to be in writing from open houses to public publications and marketing material. Hold him accountable on his obligations and duties. Selling your home is not a one Way Street neither the good Real estate agent would also hold you accountable for your duties as well.

It is true we are not Johnnie Cochran and you are not O.J Simpson facing trial. But we are the best in what we do we have a full support staff team, we invest in our marketing of every home and we do expect our performance to speak louder than our promises. Give us a call today it can mean the difference between a full asking price contact and a ridiculous low offer.

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Top 5 Insiders secret to Buying Miami Real Estate Foreclosures.

By Maycol Delgado | Published: September 17, 2008

Top 5 Insiders secret to Buying Miami Real Estate Foreclosures.

Buying Miami Real Estate Foreclosures can be a very rewarding career it can lead to financial independence and Wealth. It can also be a part time job or even a hobby it is entirely up to you. Good buys can be 30%-50% below market value this can mean thousands of dollars profit. As many would say you make your profit when you buy not when you sale. To Reach this level of success it does require research, preparation, patience and great persistence. Note lenders will fight for every penny after all they have lost thousands already.

  • 1. Offer cash.

Whenever you consider buying a Miami Real Estate foreclosure below market value banks like to see no contingencies and quick closings. I know what your thinking were can you come up with 80,000 dollars in 30 days you don’t have to. Just because you offer all cash it doesn’t mean you have to have the money. But it does mean you need to make sure you are qualified and approve for the amount of the loan. You could also get a Hard Equity loan, Hard money lenders will gladly lend you on 50%-65% percent of the value of the property. I would recommend for you to notify the hard money lender before hand with the Purchase Price, Loan Amount, and appraised value.

** Please be reasonable on the comparables because most hard equity lenders are very conservative**

  • 2. Get an estimate on repairs.

Being in the Miami Real Estate Foreclosure business you must have key relationships including a contractor or handyman. Repair reports are very important they will notify you with the cost of all repairs. Note most foreclosure need repairs some are minor and some are major you must consider this cost in your offer it can mean a big difference in your profit. ** click here for buying formula**

  • 3. Relationships

Most investors who have been in the Miami Real Estate foreclosure business not only have they improve their financial portfolio but they have build many relationships. Building good relationships is essential in your investing career. True professionals can help you and make your decisions seem easier and the process faster. For a list of the Professionals we use please click on the link.

  • 4. Refinancing option

Once the property is yours you can go to a regular lender and Rate and Term Refinance to receive a lower interest and better conditions. This can also mean you can add the cost of repairs and cash out money remember you would only be able to do this is you purchase at a great price.

**For this to happened yes you must have a good credit score preferably 650 FICO or better**.

  • 5. Lease Option

Because of the foreclosure market it has force many banks to tightly up their standards that means higher credit scores and full doc loans. That would mean a high percentage of buyers can’t qualify for a loan. A lease option can be offered to them for one year they would have to give you the seller a deposit that would not be returned to them if they don’t buy but it can be credit to their closing cost at closing. Within this year measures can be taken to improve their credit score and reduced their debt **For more information on Lease Option click here**

  • 5.5 Renting the property and insuring your monthly income ( rent) is very important. Most of Miami Real Estate Foreclosures can be rented to Section 8. Section 8 is a great option it guarantees your monthly rent after all your tenant doesn’t pay the government does.

To learn more on section 8 click on here.

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Ready to move to Miami? We have several Miami Homes, Miami Foreclosures, Miami Rentals, Miami luxury foreclosures, Miami Condo foreclosures. Search the Local MLS for Hundreds of Miami Homes and Miami Real Estate. Please contact us for a list Miami homes. Click here to see our Public Schools website.

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Miami Luxury Home V.S Miami Luxury Condo

By Maycol Delgado | Published: September 15, 2008

Miami Luxury Home V.S Miami Luxury Condo

Miami is a known city for its entertainment, outstanding schools and Luxury Real Estate. Are you searching for a waterfront Home or a Water view Condo that coveys your personality and style? A home in Palm Island or a Penthouse suit in the Villaggio will upgrade you in the list of who is who in our city. You can own a Luxury home or a top floor penthouse suit and live next to the Rich and Famous while enjoying the beaches, the nightclubs or the New Adrienne Arsht performing art center formerly known as the Carnival Center. IF you are in the market of purchasing a luxurious home or luxurious Condo and you have to make the decision between a luxury paradise style home or a modern eloquent roof top pent house suit which one would you prefer? These two properties are in the market today they both are breathtaking and have their own selling points.

Palm Island is a manmade island, early investors and entrepreneurs such as John Collins and Harvey firestone were its earliest residents. Since the last Decade Palm island has been the home to many celebrities including former Miami Heat Center Shaquille O Neal, Music producer and mogul Scott Storch and the late Al Capone.

Palm Island is home to this immaculate Modern Mediterranean estate which is one the most expensive luxurious homes in the market today. It features 8 princely bedrooms all in which have their own characteristics and grand detail finishing. The High ceiling renders the feeling of a queen’s palace creating the ultimate buying experience. Its vanishing edge pool gives the pool a great visual effect the water looks like if it vanishing and disappearing to the horizon. Accommodating a guest in your guest house it’s just as good as any 5 star hotel. This grand estate has over 12,000 square feet of living area with every square inch detailed and refined with complete delicacy. The 30,000 square feet of lot contains glorious landscaping marvelous outdoor lighting and splendid water fountains..

Would you purchase this Miami luxury home or would you consider a roof top penthouse suite?

The Villaggio on Ocean Drive is a spectacular building that has Five star amenities that would leave you in awed. If you enjoy privacy you can also enjoy living in the building the building has Private elevators that go directly to your suit. Once you enter a four story lobby that has immaculate finishing and pure elegance awaits you. IF you are in the mood of exploration you can quickly enter in a new adventure whether it’s in the glistening heated swimming pool, the state of the art fitness center, or the quaint picnic areas the building can awe you in every sense of the word. The penthouse unit has is unique luxurious splendor look it can leave you hypnotize .In the Day you can enjoy the ocean view and the blue sky, in the night you can enjoy the glowing lights of Miami Beach night life. The unit features custom Fiber optic lighting, Lalique light fixtures and beyond luxurious finishes. The Gourmet kitchen and Miele appliances can accommodate any chef. The marble the granite and the stairway gives it a Luxurious look next to none. Miami Beach and entertainment it’s just a couple of floors away this is equivalent to court side game seats or front role seats to your favorite concert it is safe to say “Life doesn’t get any Better”.

Miami Luxury Home

Address: 100 Palm Ave

Asking Price: 20,000,000

LA: 12,034

Lot: 30,000

Bedrooms: 8

Bathrooms:9

Waterfront

Yr Built: 2006

Miami Beach Luxury condo

Address: 1455 Ocean Dr

Asking Price: 17,500,000

LA: 5,700

Bedrooms: 3

Bathrooms: 4

Waterfront view

Yr Built: 1998

In the world of luxurious and theft spending there’s no limit to a buyers expectations. Are you searching for the grand property that is going to portray your style and personality? Which one of these properties would you consider, would you buy the Luxury Home or would you settle for the roof top suite? Call us today for a list of Luxury condos or Luxury Homes.

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How does the takeover of the two biggest Mortgage Lenders affect Miami Real Estate Sellers and Buyers…?

By Maycol Delgado | Published: September 10, 2008

How does the takeover of the two biggest Mortgage Lenders affect Miami Real Estate Sellers and Buyers…?

September 7, 2008 wasn’t just a day we prepare for Hurricane Ike many of us put hurricanes shutters, went grocery shopping and others watched the Miami Dolphins play their first game. Sunday was a day of Mortgage history two of the biggest Mortgage Lenders that underwritten about 5.3 trillion dollars of the mortgage debt in the United States went under federal control. The two mortgage giants are now going to be overlook and operated by our federal government it is in a state of “conservatorship” said Henry Paulson secretary of the Federal Reserve. This wasn’t such a big surprise after Bear sterns, Indy Mac and countrywide were early victims in the Mortgage fall out this year. The financial report that ended this August showed a combined lost over 3 billion dollars. This would have been enough for investors to plan an exodus from their financial stocks. The big question is how does the take over from this two huge mortgage lenders affect Miami Real Estate sellers and buyers? Miami Real Estate home buyers and Sellers have experienced tight lending standards which make it more difficult to qualify for a buyer to purchase and harder for a seller to sale. Credit scores, increased fees, higher down payments and eliminating seller contribution as been the biggest changes the mortgage market has made.

The takeover of these two mortgage giants can affect directly any buyer in today’s mortgage market. This financial move will tighten up standards even more. Credit scores has been one of the major changes made in the industry as far as qualifications. If you take a look over 2 years ago credit scores were accepted anywhere from the 600-620 now in today’s mortgage market 700 would be the common required credit score, This will narrow the list of qualified Miami Real Estate buyers .

Will mortgage fees continue to rise?

“The mortgage titans have also increased their fees in hopes of shoring up their finances. Just last month, Fannie Mae announced higher surcharges for loans to weaker borrowers. For instance, applicants with credit scores between 640 and 659 who are putting down 15% to 20% will pay an additional 2.25% charge.” Click here to read more on Fannie Mae and Freddie Mac

“The same borrower would pay 1.7 percentage points more because of higher fees and rates for the same loan today as he or she would have paid 18 months ago, LaMalfa said.”

If you are looking into purchasing please prepare yourself for higher down payment. President George Bush particularly signed a law that would eliminate any seller concession and contributions that seller made to incite buyers in the past. Do you remember reading such words “seller will contribute 6 percent of buyers closing cost” or “No closing cost required” that was very popular the last 5 years when prices were soaring.

If you are a buyer and have financing problems or questions please click on this link and contact us we can help you and guide through your questions.

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Ready to move to Miami? We have several Miami Homes, Miami Foreclosures, Miami Rentals, Miami luxury foreclosures, Miami Condo foreclosures. Search the Local MLS for Hundreds of Miami Homes and Miami Real Estate. Please contact us for a list Miami homes.

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