One thing about the current market conditions is that we are seeing a lot of situations where cash is the only way to purchase.  Many condos are not FHA approved or approvable.  Any property with Condo Documents stating "right of first refusal" are our worst enemy.

I just experienced having a buyer who was just trying to get in on a good deal on a cheap condo with an FHA loan.  We did the FHA spot approval check list directly with the president of the condo association.  She answered every question correctly, or so she thought, until the very last minute in underwritiing and the lender found out that the association had right of first refusal for any reason.

I no longer have that customer, and I have to say it is almost a relief.  We went through 3 attempts, she was qualified, and the last attempt, she backed out because she didn't like the unit.  This was the ONLY unit in her price range that was FHA approved.  Most condos around here are only puchasable with cash now.

Cash is like gold, but the limitations are that we have to find units or homes that are to the limit of the buyer's comfort zone, or of what cash the buyer has in the bank.  My newest buyer is looking for a nice home to house her 2 dogs and 3 cats and have a yard and a safe neighborhood as well.  Without suffering through short sales and foreclosures, we have been looking in 55+ neighborhoods.  Finally I have found some that are not in 55+ neighborhoods and are for the most part in safe areas.  Tomorrow will be the deciding day. 

Buyer.....bring your checkbook.

 

NETWORKING WITH A CAUSE
10/27/2009
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We could call this Networking for a Cause as well. I am a passionate supporter of the American Cancer Society. My daughter is a community representative for the ACS and has gotten me involved most recently in team membership and development for… more
THE DEVIL IS IN THE DETAILS
10/26/2009
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"THE DEVIL IS IN THE DETAILS… " Or so the famous saying goes. A good friend of mine in the Mortgage business wanted me to share these details with you. Decent news in a trying time. In housing news, Housing Starts and Building Permits both came… more
DON'T BE SPOOKED BY THE CURRENT REAL ESTATE MARKET
10/23/2009
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This post is about getting back to basics as a part of marketing to your sphere. Do what works for you, I've always said, and my sources of leads for buyers and listings have always responded to cute mailers that remind them of the season. My… more
New Listing in Pompano Beach, Walk to everything!
03/17/2009
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Check out this new listing in beautiful Pompano Beach, Florida Great location for anyone looking for the convenience of a short walk to Golf, Community Center for Concerts, Mall, and even the Beach. /2 block to the busline for those not wanting… more
THE DOG IS BACK!
03/17/2009
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Hey Folks. Remember our little friend Larry from the Dog Ate My Blog? Well, he and I are back and here to wish everyone a Happy St. Patty's Day. Larry is wearing his official Shamrock Collar today and wishes he could go Pug (pub) Crawling with… more
THE DOG ATE MY BLOG!
08/06/2008
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LARRY, AKA BLOG EATER. My newest companion of late and for a long time to come is a rescue Pug from the Compasionate Pug Rescue league here in South Florida. This little guy is the cutest (so ugly he's cute I should say) animal I have had the… more
FIRST TIME CALLER… NOT FIRST TIME BLOGGER…
08/05/2008
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First let me introduce myself to any readers out there. I am Wayne Raulin from Boca Raton, Florida. I have been in the Real Estate profession for just over 16 years now and decided to do so as a partner with my wife who was in the business a few… more
 

Wayne Raulin

Boca Raton, FL

More about me…

RE/MAX Services

Address: RE/MAX SERVICES, 6070 North Federal Hwy., Boca Raton, FL, 33487

Office Phone: (561) 912-3500

Cell Phone: (561) 654-3423

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