Christopher & Natascha's Blog

US Treasury is to simplify short sales!

Christopher & Natascha Tello (The Tello Team) — Thu, 10 Dec 2009 15:36:24 -0600

The US Treasury has announced that it is setting a guidance plan to simplify short sales - huge news for our market! They are implementing "The Home Affordable Foreclosure Alternatives Program", which is going to provide financial incentives and simplify the procedure for closing short sales. This program is going to address barriers that often sideline short sales by setting limits on the time it takes a bank to approve an offer, which will free borrowers from debt and cap claims of subordinate lenders.

These incentives were first announced in May, however the program has stepped up the pressure on mortgage companies to make permanent the 650,000 trial modifications that they have started - you can see more information on what is going on with the mortgage companies here.

Short sales have long been frustrating for both agents and buyers alike, since they are constantly having to "wait" as the mortgage companies and lien holders are going through their negotiation processes. And, more than likely, many home sales have fallen through because of that waiting. Thanks to the US Treasury, this program will cease many of those barriers, and it should simplify the entire process!

But wait, there is more. There are financial incentives as well! Financial incentives for completing short sales or similar deed-in-lieu transactions -- in which the deed is simply transferred to the lender -- include a $1,000 payment to servicers, and a maximum of $1,000 to go to investors who sign off on payments to subordinate lien holders, the Treasury said. Borrowers would also receive $1,500 in relocation expenses. In the past short sales would not allow any monies to go to the seller.

Some important points about this new program are:

1. Mortgage servicers will have 10 days to approve or disapprove a short sale, and when done, the transaction must fully release the borrower from having any debt. There will be no-recourse to go after the debt at a later date.

2. This is also going to prohibit mortgage servicing companies from reducing real estate commissions on the sale, which as we all know has been a practice used far too often.

Second lien holders, such as Bank of America, JPMorgan Chase, Wells Fargo, and Citigroup will be able to proceed with a short sale outside of the program if they feel the cap is too low.

If you need help, and would like to discuss your foreclosure or short sale options, please contact the Tello Team at 954-237-0608 or email us at shortsale@telloteam.com. You can also check out our website at www.shortsalesoldnow.com. We're here for you, and will help you decide the right option for your needs!

Real Estate Sales in Miami-Dade County Increase 46% in 8 months!

Christopher & Natascha Tello (The Tello Team) — Tue, 01 Dec 2009 11:34:41 -0600

Miami-Dade County is seeing a significant increase in sales, particularly condominium sales, within the last 8 months. In the month of November, condominium sales rose .71%, while single-family home sales dropped 1.1%. Buyers are taking advantage of record-setting affordability conditions, the first-time home buyer tax credit, and a wide selection of properties to choose from according to the Realtor Association of Greater Miami and the Beaches (RAMB) and the Southeast Florida Multiple Listing Service. This coupled with increasing closed sales each of the last 15 months is indicative of a stabilizing and constantly improving market. The total number of sales in this market rose significantly, a 46% increase for pending sales from March 2009 to November 2009.

"A 46 percent increase in pending sales over this extended period is an important indication of the strength of the South Florida market, which is heavily impacted by first-time, vacation, second home, and international buyers," said Rick Burch, RAMB Chairman of the Board. "The Miami market is one of the first nationally to make such an impressive turnaround and is expected to outperform most other U.S. real estate markets. As the top spot in the U.S. for international real estate purchases, Miami is a world-class city with affordable options for all types of global buyers, who are taking advantage of current market opportunities."

Broward County has also seen an increase in both single-family home pending sales, as well as pending sales for condominiums. Single-family home pending sales have rose 34.2% within the last 8 months, while condominium pending sales have shown an increase in the last 8 months of 68.7%. The total number of sales in the market for Broward County rose significantly as well - a 50.6% increase for pending sales from March 2009 to November 2009.

FDIC Insurance Coverage Extension of Temporary Increase in Standard Maximum Deposit Insurance Amount

Christopher & Natascha Tello (The Tello Team) — Thu, 10 Sep 2009 09:26:03 -0500

FIL-22-2009
May 22, 2009

The final rule updates the FDIC's deposit insurance regulations and related examples to reflect a law signed in May 2009 extending the temporary increase in the SMDIA to $250,000 through December 31, 2013.

Summary:

On May 20, 2009, President Barack Obama signed the Helping Families Save Their Homes Act, which extends the temporary increase in the standard maximum deposit insurance amount (SMDIA) to $250,000 per depositor through December 31, 2013. This extension of the temporary $250,000 coverage limit became effective immediately upon the President's signature. The legislation provides that the SMDIA will return to $100,000 on January 1, 2014.

Highlights:

On May 20, 2009, the temporary increase in the SMDIA to $250,000 per depositor was extended through December 31, 2013.
Institutions are encouraged to post the following statement, or affix a sticker with this statement, next to the official FDIC sign (teller station sign): "FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013." Banks may use their own materials in any format for this purpose.
The FDIC will issue a temporary official FDIC sign that reflects the $250,000 increase in the SMDIA through 2013. Insured institutions may pre-order the temporary signage on the FDIC's Web site at http://www.fdic.gov/regulations/resources/signage/. Use of this temporary sign is optional. Institutions may continue to use the official FDIC sign as shown in 12 CFR Part 328.
The FDIC strongly encourages all insured institutions to inform depositors that the increase in coverage is temporary and effective only until December 31, 2013, particularly when opening new accounts and certificates of deposit maturing after that date.

Distribution:
All FDIC-Insured Institutions

Ten Broward County High Schools Honored by Newsweek Magazine

Christopher & Natascha Tello (The Tello Team) — Wed, 02 Sep 2009 09:12:50 -0500

Ten of Broward's High Schools were recently recognized as being amongst the best in the country.

Newsweek highlighted the schools as being in the top 6% of all public High Schools in the Country. The 10 schools that made the list were Flanagan High in Pembroke Pines, Plantation Senior High, Cooper City, Miramar, Nova, Fort. Lauderdale, Stranahan, Marjory Stoneman Douglas, Cypress Bay, and J.P. Taravella. The schools are ranked based on the number of advanced placement exams taken by students, compared to the number of graduates.

Miami-Dade Pending Home Sales Increase Nearly 13% in Two Months

Christopher & Natascha Tello (The Tello Team) — Tue, 04 Aug 2009 11:29:20 -0500

Miami-Dade Pending Real Estate Sales Increase 13 Percent in Two Months

South Florida Data Continues to Point to Local Market Turnaround

Miami, FL - Pending home sales increased nearly 13 percent in just two months, from 6,390 in May 2009 to 7,197 in July 2009 in Miami-Dade County as more buyers continue to take advantage of improved affordability conditions and the first-time home buyer tax credit according to the Realtor Association of Greater Miami and the Beaches (RAMB). All of the latest market data is evidence that the South Florida real estate market has reached bottom and began recovery.

According to the Southeast Florida Multiple Listing Service, Miami-Dade pending sales of single-family homes rose 4.95 percent to 3,599 in one month up from 3,429 in June 2009. Pending sales of condominiums increased 7.98 percent, from 3,332 to 3,598 during the same time period. The total number of pending sales, including both single-family homes and condominiums, were 7,197, up 6.5 percent in July 2009 compared to June 2009.

In Broward County pending home sales increased by 14.22 in two months, from 5,465 in May 2009 to 6,242 in July 2009. Pending sales of single-family homes rose 5.16 percent in July 2009 from the previous month, from 2,987 to 3,141. Pending sales of condominiums in Broward County rose 9.22 percent from 2,839 to 3,101. The total number of pending home sales, including both condominiums and single-family homes, in Broward County increased by 7.14 percent in July 2009 from the previous month.

A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Increased pending sales are an indication of increased future sales, and in the current market, are signs that the South Florida Market is on its way back up.

Real Estate Outlook: Case-Shiller Reports Reversing

Christopher & Natascha Tello (The Tello Team) — Tue, 04 Aug 2009 11:27:25 -0500

by Kenneth R. Harney

When the Case-Shiller index reports that home prices have reversed course and are finally rising again, and you know that Case-Shiller has been the gloomiest, scariest-headline-producing monitor of the real estate market for the past three years -- some say: We have truly turned the corner here.

Not only are home sales up, new housing starts up, new permits up, but now the last of the doomsayers say that home prices are moving up.

For the month of June, in fact, the Standard&Poor's Case-Shiller index found prices up in 14 of the 20 major markets it covers -- and up nationally by one half of one percent.

That's the first monthly gain in the heavily publicized Case-Shiller index in three years!

Other indexes that get less attention on the evening news began trending more positive a few months earlier, such as the federal government's "FHFA" index.

But the Case-Shiller news, late though it was, should send a loud message to consumers: We're past the low point of the cycle on prices: If you were waiting to buy at the bottom, well - we've passed that point.

So don't sit on the sidelines if you're serious about buying a house this year.

Case-Shiller found prices in Cleveland up 4 percent for the month, Dallas up by close to 2 percent, San Francisco, Washington DC and Chicago up by a percent or more.

But the bottoming out on prices is hardly the only sign of the housing recovery underway:

New home building is beginning again even in the hardest-hit markets. In California, June bullding permits soared by 17 percent over May. In the high-cost San Francisco area they were up by 20 percent.
In Florida, sales of existing homes jumped by 28 percent, according to the Florida Association of Realtors. Condo sales were up by an average 37 percent for the month. And despite the foreclosures still weighing down Florida transactions, average prices in June managed to rise by two and a half percent!!
The share of distressed homes as a percentage of total sales is also on the decline -- thirty one percent of sales in June versus 45 to 50 percent earlier this year, according to the National Association of Realtors.
Meanwhile, the mortgage market continues to help sellers and buyers on the affordability front: According to the Mortgage Bankers Association, new applications for loans to buy homes remained steady last week. Thirty year fixed interest rates averaged 5.4 percent, while fifteen year loans went for an average 4.8 percent.

Tello Team Market Area Review - July 2009

Christopher & Natascha Tello (The Tello Team) — Tue, 04 Aug 2009 11:24:18 -0500

Market Area: BROWARD COUNTY

Current Market Area Conditions:

THERE ARE CURRENTLY:

9481 SINGLE FAMILY PROPERTIES FOR SALE ON THE MLS

1264 SINGLE FAMILY PROPERTIES PENDING SALE IN THE LAST 30 DAYS

1017 SINGLE FAMILY PROPERTIES THAT CLOSED IN THE LAST 30 DAYS

THERE ARE CURRENTLY:

15439 CONDO/TOWNHOMES FOR SALE ON THE MLS

1287 CONDO/TOWNHOMES PENDING SALE IN THE LAST 30 DAYS

971 CONDO/TOWNHOMES THAT CLOSED IN THE LAST 30 DAYS

ACCORDING TO REALTY TRAC THERE ARE CURRENTLY 12,153 BANK OWNED PROPERTIES (NOT ON THE MARKET) IN BROWARD COUNTY AND 23,556 PROPERTIES IN PRE-FORECLOSURE WITH AT LEAST 1 LIS PENDENS FILED.

SINGLE FAMILY HOMES HAVE SEEN A 33% DECLINE IN MEDIAN PRICE YEAR OVER YEAR WITH CONDOS DOWN 46%. FOR BOTH, SALES WERE UP IN JUNE 35% FOR SINGLE FAMILY AND 58% FOR CONDOS YEAR OVER YEAR.

THE LOCAL UNEMPLOYMENT RATE IS RISING AND IS RECORDED TO BE 9.4% FOR BROWARD COUNTY.

WE ARE STILL SEEING MANY FIRST TIME HOME BUYERS AS WELL AS CASH INVESTORS.

2. Market Area: MIAMI DADE COUNTY

Current Market Area Conditions:

THERE ARE CURRENTLY:

10202 SINGLE FAMILY PROPERTIES FOR SALE ON THE MLS

1208 SINGLE FAMILY PROPERTIES PENDING SALE IN THE LAST 30 DAYS

644 SINGLE FAMILY PROPERTIES THAT CLOSED IN THE LAST 30 DAYS

THERE ARE CURRENTLY:

18830 CONDO/TOWNHOMES FOR SALE ON THE MLS

1097 CONDO/TOWNHOMES PENDING SALE IN THE LAST 30 DAYS

638 CONDO/TOWNHOMES THAT CLOSED IN THE LAST 30 DAYS

ACCORDING TO REALTY TRAC THERE ARE CURRENTLY 4,466 BANK OWNED PROPERTIES (NOT ON THE MARKET) IN MIAMI DADE COUNTY AND 14,541 PROPERTIES IN PRE-FORECLOSURE WITH AT LEAST 1 LIS PENDENS FILED.

SINGLE FAMILY HOMES HAVE SEEN A 28% DECLINE IN MEDIAN PRICE YEAR OVER YEAR WITH CONDOS DOWN 49%. FOR BOTH, SALES WERE UP IN JUNE 54% FOR SINGLE FAMILY AND 19% FOR CONDOS YEAR OVER YEAR.

PRICING HAS BEEN PRETTY STABLE SINCE APRIL AND WE DO NOT BELIEVE THE MARKET IS CURRENTLY DEPRECIATING ALTHOUGH WE ARE STILL SEEING THE APPRAISERS DEPRECIATING VALUES AT A RATE OF 1-2% PER MTH AREA

THE LOCAL UNEMPLOYMENT RATE IS RISING AND IS RECORDED TO BE 11.5% FOR MIAMI DADE COUNTY.

WE ARE SEEING MANY INVESTORS BOTH FOREIGN AND DOMESTIC.

Additional Comments:

DUE TO THE LACK OF AVAILABLE INVENTORY IN CERTAIN NEIGHBORHOODS, BUYERS ARE BIDDING AT TIMES WELL ABOVE THE ASKING PRICE WITH HOPES THAT THEY WILL SECURE THE PURCHASE OF THE PROPERTY. IN SOME CASES THE BUYERS PAY CASH AND THAT IS NOT A PROBLEM, HOWEVER WE ARE FINDING MORE FINANCING BUYERS DOING THIS AND WE ARE THEN SUBJECT TO THE APPRAISERS OPINION OF VALUE

ALTHOUGH THE MARKETS HAVE STABILIZED MOMENTARILY THE EXPECTATION IS THAT WE WILL CONTINUE TO SEE A DECLINE LOCALLY AS MORE REO PROPERTIES ARE RELEASED. (DEPENDING ON HOW FAST AND WHEN THEY ARE RELEASED ON THE MARKETS) THE LOCAL ECONOMY IS STILL IN A DECLINE IN BOTH COUNTIES.

DONOVAN ANNOUNCES RECOVERY ACT'S HOMEBUYER TAX CREDIT CAN IMMEDIATELY HELP THOUSANDS OF FIRST-TIME HOMEBUYERS TO BUY A HOME

Christopher & Natascha Tello (The Tello Team) — Mon, 01 Jun 2009 09:40:58 -0500

Great News!!! The Federal Housing Administration (FHA) rolled out details of its policy on Friday that will let first-time home buyers apply an $8,000 tax credit to fund home purchases.

Until now, home buyers were only able to get that money after they bought a home, by applying for the credit-10% of the home's price up to $8,000-on their tax returns. The policy change means home buyers, who use FHA-backed financing, can get a short-term loan to help buy a home. The loan is repaid a few months later, after the buyer files an amended tax return and receives the credit.

Dont delay, call The Tello Team today at 954-237-0600 for more details on how we can help you and your family into your new home. Not moving?? Please let us know who is so we can provide them the same great level of service!

Below please find the actual News Release from HUD.

FHA plan will stimulate new home sales and help stabilize housing market

WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today's announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's new mortgagee letter, visit HUD's website.

"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation's housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."

Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today's announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower's own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. Today's action permits the first-time homebuyer's anticipated tax credit under the Recovery Act to be applied toward the family's home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.

According to estimates by the National Association of Home Builders, the Administration's homebuyer tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first-time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first-time buyer purchased their home. Given FHA's current market share, it's estimated that thousands of families will be able to purchase a home by allowing the anticipated tax credit to be applied toward their purchase together with an FHA-insured mortgage.

Homebuyers should beware of mortgage scams and carefully compare benefits and costs when seeking out tax credit monetization services. Programs will vary from organization to organization and borrowers should consider whether the services make sense for them, as well as what company offers the most suitable and affordable option.

For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary.

Natascha Tello, Broker
Operating Partner
Keller Williams Realty Partners SW
2000 NW 150th Ave, Suite 2000
Pembroke Pines, FL 33028
954-237-0608

IMPORTANT NEWS FLASH * How The Home Affordable Short Sale/DIL Program Works‏

Christopher & Natascha Tello (The Tello Team) — Fri, 15 May 2009 15:39:01 -0500

The Making Home Affordable (MHA) Program provided additional details yesterday on its plan to stabilize the US housing market and prevent avoidable foreclosures, and it is good news for short sales. The latest foreclosure alternatives include:
- A Short Sales/Deeds-In-Lieu Program to Facilitate Foreclosure Alternatives
- Incentives for servicers to pursue alternatives to foreclosures
- Borrower incentives to cover relocation expenses to homes that are affordable
- Streamlined process combining short sales and deed-in-lieu transactions
- Borrower Eligibility. Borrowers will be eligible for the Foreclosure Alternative Program if they meet the minimum eligibility criteria for a Home Affordable Modification but did not qualify for a modification or were unable to sustain payments under a trial period plan or a modification. Prior to proceeding to foreclosure, participating servicers must evaluate each eligible borrower to determine if a short sale is appropriate. Considerations include: -Property condition -Current Value -Average marketing time in the community where the property is located -Condition of the title including the presence of junior liens and a determination that the net sales proceeds are expected to exceed the investor's recovery through foreclosure Incentive Payments.

- Servicers may also receive incentive compensation of up to $1,000 for successful completion of a short sale or Deed in Lieu.

- Borrowers may receive incentive compensation of up to $1,500 to assist with relocation expenses.

- The US Treasury will also share the cost of paying junior lien holders to release their claims, matching $1 for every $2 paid by the investors, up to a total contribution of $1,000 by Treasury.

- Standardized Documentation: The program will publish streamlined and standardized documentation, including a Short Sale Agreement and an Offer Acceptance Letter. These documents will outline specific marketing terms, describe the rights and responsibilities of all parties and establish clear time frames for performance. Creating one standard set of documents that the industry can use is expected to minimize the complexity of these transactions and significantly increase use of the short sale option.

- Property Valuation: The servicer will independently establish both property value and the minimum acceptable net return in accordance with investor guidance and will provide instruction to the borrower regarding the list price and any permissible price reductions. The price may be determined based on either: (1) an appraisal performed in accordance with USPAP and/or (2) one or more Broker Price Opinions either of which must be dated within 120 days of the Short Sale Agreement.

- Minimum and Maximum Duration: Under the program, servicers will allow borrowers at least 90 days to market and sell the property, with possibly more time based on local market conditions. The property must be listed with a licensed realtor experienced in selling properties in the neighborhood. Marketing of the property may run concurrently with the foreclosure process, however no foreclosure sale can take place during the marketing period specified in the Short Sale Agreement as long as the borrower is acting in good faith to sell the property. There will be a maximum marketing period of 1 year for the property, provided any longer period not otherwise delay foreclosure sale, to ensure diligence by servicers and borrowers in moving as quickly as possible to complete the short sale and deed-in-lieu process.

- Selling Commissions and Fees: Reasonable and customary real estate commissions and selling costs that may be deducted from the sales price will be specified in the Short Sale Agreement. The Servicer will agree not to negotiate a lower sales commission after an offer has been received.

- Fees and Charges: Servicers may not charge borrowers fees for participation in the Foreclosure Alternative Program.

- Property Eligibility: Any junior liens, mortgages or other debts against the property must be cleared for the property to be sold as a short sale or deeded to the servicer. The servicer can proceed with a short sale or deed-in-lieu if there is a reasonable belief that all liens on the property can be cleared.

- Program Expiration: Eligible borrowers will be accepted until December 31, 2012. Program payments will be made upon successful completion of a short sale or DIL.

- Deed-in-Lieu: At the servicers option, the Short Sale Agreement may include a condition that the borrower agrees to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time specified in the Agreement or any extension thereof. In this case the borrower would have 30 days to vacate the property and would be entitled to $1,500 to assist with relocation expenses, in addition to any other funds the servicer may provide to the borrower

Regards,

Natascha Tello, Broker
Operating Partner
Keller Williams Realty Partners SW
2000 NW 150th Ave, Suite 2000
Pembroke Pines, FL 33028
954-237-0608

www.telloteam.com
www.kwpines.com
www.thesouthfloridarealestateblog.com

"Aim High, but stay humble in your heart"

Cheri Kaplan joins Keller Williams Realty of Pembroke Pines

Christopher & Natascha Tello (The Tello Team) — Wed, 13 May 2009 08:37:08 -0500

(April 1, 2009) - Keller Williams Partners Realty SW (KW Pines) and the Tello Team is proud to announce that Cheri Kaplan has joined as the Director of the KW Pines Commercial Division.

"Cheri Kaplan has been a real estate icon in Southwest Broward for over a decade", says Rita Polit, Team Leader of KW Pines. "Cheri has been a trailblazer in both the residential and commercial real estate industry. Her extensive background in the education sector has been helpful in creating a niche selling private schools in South Florida. We are expecting Cheri to be a tremendous leader for Keller Williams Realty all throughout the region."

Cheri Kaplan is originally from Colorado and she graduated from the University of Colorado with degrees in business, psychology and Spanish. Cheri worked for Manville Corporation in the international division and has also worked in fashion, as a flight attendant, and as a school principal. Her interests include a love for animals as she volunteers for the Animal Wildlife Care Center. She also enjoys the arts and travel.

"I have worked in real estate for over ten years in all facets of residential and commercial real estate", says Cheri. "I have always enjoyed real estate as every day is different. My customers have been outstanding and provide me with a great referral base......and most of them are personal friends now." "I made the move to Keller Williams for the opportunity to get in on the ground floor of the Commercial Division", says Cheri. "When I heard about the launch and saw the level of professionalism that was required and the amount of experience backing the decision, I felt that it would be a good fit for me. I am looking forward to working as a Commercial Director at Keller Williams Pines!"

Keller Williams Realty continues to attract agents. In North America, Keller Williams Realty has been gaining ground for the last three years in both Canada and the U.S., outpacing pervasive downward trends in the real estate industry. Comparing the average annual performance of the company from 2004 - 2005 (before the shift in the real estate market) to 2006 - 2008, Keller Williams Realty increased its associate count by 52 percent, while market share for its offices increased 83 percent and agent gross commission income went up 35 percent. In 2008, the company shared more than $30 million in profits with its associates through its profit sharing program.

The company also recently announced that it had surpassed RE/MAX® International as the third-largest real estate franchise in the United States, according to Steve Murray of REAL Trends, a leading source of analysis and information in the residential real estate industry. The Austin, Texas-based company claimed the number three spot with 72,794 U.S. associates at the end of 2008.

### About Keller Williams Realty Inc.: Founded in 1983, Keller Williams Realty Inc. is the third-largest real estate franchise operation in the United States, with 679 offices and 74,000 associates in the United States and Canada. The company, which began franchising in 1990, has an agent-centric culture that emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. For more information, visit Keller Williams Realty online at (www.kw.com).

Over 40 Agents join Keller Williams Realty of Pembroke Pines‏

Christopher & Natascha Tello (The Tello Team) — Tue, 12 May 2009 12:39:03 -0500

Over 40 Agents join Keller Williams Realty of Pembroke Pines Since January 1, 2009, KW Pines is expanding rapidly

(May 5, 2009) - Keller Williams Realty Partners SW (KW Pines) is proud to announce that over 40 agents have joined the company since the beginning of the year.

Agents that Joined Our Family	Formally of
Cristina Arias	New Agent
Luis Arias	Remax
Maria Barrial	Oceanview
Monica Beltran	New Agent
Girvan Billings	New Agent
Teresina Canizales	EWM
Rafael Carrero	Rickenback Associates
Emelie Chang	Prudential
Leticia Cohen	Oceanview
Eric Conde	The Lyon Company
Julio Contreras	Remax
Robert Coronado	Oceanview
Dan Crispino	The Lyon Company
Luisa Diaz	The Lyon Company
Alfonso Duran	Rickenback Associates
Cristina Filippelli	KW Ft Lauderdale
Rosa Flores	Remax
Barbara Hammerschmidt	New Agent
Nilsa Irizarry	New Agent
Maria Jiménez	Remax
Jodie Jonson	The Lyon Company
Tracie Knowles	New Agent
Cheri Kaplan	EWM Realtors
Gloria Londono	New Agent
Lili Kilgore	Remax
Kristy Lyon	The Lyon Company
Mark Lyon	The Lyon Company
Mark Lyon II	The Lyon Company
Monin Lyon	The Lyon Company
Maria Monserrat	New Agent
Burnette Niblack	Prudential
Guerline Osterval	New Agent
Cecilia Richard	Remax
Dave Robinson	The Lyon Company
Magda Robles	Prudential
Kathleen Salvant	New Agent
Silvia Sotelo	Prudential
Anita Vaswani	New Agent

"We are off to amazing start this year", says Rita Polit, Team Leader of KW Pines. "Local realtors have decided to join us because our culture, training, and financial stability are in ideal shape for the shift that is taking place. We are increasing our services and that is why agents are curious in checking us out."

Natascha Tello has been the Broker and Operating Principal of the market center since its beginning. "The number of agents producing in our company is rising steadily. We have in place proven systems that hold Realtors accountable to achieve their goals. We also provide a wide variety of programs for team building, networking, and charity work that makes working here fun."

"Keller Williams recharged me! I was ready to walk away from my 12 year career and they came out with SHIFT. They gave me the tools to survive and I am not only surviving, but loving it", says Elizabeth Echeverry formally owning her own company, Homeland Real Estate.

"I joined KW for various reasons. Their reputation piqued my curiosity. Is KW as good as everyone I spoke to said it was? After my interview I realized that it is even better. The training is fantastic. The daily networking possibilities are beyond my expectations. But most importantly is the heartfelt warmth I sensed immediately. I have been welcomed like a long lost "family member", says Elmer Mercado formally of Oceanview.

"In this business there are a lot of Realtors, however I believe my work and service that I provide for my clients is what separates me from the majority. That being said a name and what it stands for is important to me and after working with a few agents with KW I was ready to make the move. KW operates and represents professionalism, that's important to me", says Yvonne Rowan formally of ReMax.

For more information on how to take your Real Estate Career to the next level please contact Rita Polit, Team Leader at 954-237-0394. All inquires kept strictly confidential.

New Federal law states Mortgage Brokers, Realtors, Buyers and Sellers will have NO CONTROL over appraisal process

Christopher & Natascha Tello (The Tello Team) — Tue, 05 May 2009 09:57:36 -0500

Effective today May 1, 2009 a new FEDERAL law takes effect which states Mortgage Brokers, Realtors Buyers and Sellers will have NO control over the appraisal process. Brokers can no longer order appraisals directly from appraisers, Realtors, Buyers and Sellers can no longer order an appraisal and then bring it to their lender or bank for a loan. Banks are the only ones who can order the report directly from the appraiser or a third party will do the ordering hired by the Banks. These third parties are what we call Appraisal Management Companies (AMC's). The banks are hiring these companies to put a layer in between the banks and the appraiser for more independence and less lender pressure on the appraisers to "make the value". HVCC stands for Home Valuation Code of Conduct If you are interested in background reading here are a couple of sites:

If you have any questions about this new law, let me know it is just around the corner. Here's to your success,

Natascha Tello
Operating Principal
Keller Williams Realty Partners SW
2000 NW 150th Ave, Suite 2000
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"Aim High, but stay humble in your heart"

Study: South Florida wages have improved

Christopher & Natascha Tello (The Tello Team) — Fri, 24 Apr 2009 14:43:12 -0500

Despite higher unemployment, wages have improved in South Florida, according to a study released Wednesday by the U.S. Department of Labor.

However, paychecks in South Florida did not rise as fast as salaries in most large counties.

In Miami-Dade County, the average weekly wage in the third quarter was $842, up 2.2 percent from the same period of 2007. In Broward County, the average weekly wage was up 2.2 percent to $792. In Palm Beach County, the average weekly wage was $811, up 0.9 of a percent.

Having a 2.2 percentage improvement ranked Miami-Dade and Broward 201st among the 355 largest counties in fastest year-over-year wage growth. Palm Beach ranked 275th.

The top-ranked county for wage growth in the third quarter was Rutherford County, Tenn., which is near Nashville, with a 17.3 percent.

Nationwide, the average weekly wage was $841 in the third quarter, up 2.8 percent. Only Miami-Dade beat the national average wage.

In Florida, the average weekly wage was $756 in the third quarter, up 2.2 percent. The District of Columbia had the highest wage, at $1,391. Connecticut, New York and Massachusetts were the only states with weekly wages averaging above $1,000.

The highest county wage was in New York City, at $1,552.

Miami-Dade was one of 10 large counties where the government broke out weekly wages by industry. The industry with the most annual weekly wage growth in the third quarter was government, which increased 4.9 percent to $1,058. That was followed by professional and business services, which grew 4.6 percent to $1,011.

The only industries in Miami-Dade that experienced wage contraction were natural resources/mining (down 2.3 percent) and trade/transportation/utilities (down 0.4 of a percent).

The best weekly wages in Miami-Dade were in the information industry, at $1,227 a week.

South Florida housing market remains conflicted: Sales soaring but prices plunging

Christopher & Natascha Tello (The Tello Team) — Fri, 24 Apr 2009 14:41:36 -0500

By Paul Owers | South Florida Sun-Sentinel

8:46 PM EDT, April 23, 2009

Home buyers are seizing the opportunities in South Florida's housing market as deeply discounted prices and historically low mortgage rates drive sales. Many sellers, however, are reeling, not able to unload their homes for close to what they paid.

Until the sharp price declines ease - and that may take awhile - the region's housing market won't begin to recover from a slump that's nearing 40 months.

Sales of existing homes rose 47 percent in Broward County in March, to 680 from 463 a year ago, the Florida Association of Realtors said Thursday. The median price plunged 30 percent, to $219,500 from $311,400 last year.

In Palm Beach County, sales rose 20 percent, to 685 from 572 a year ago. The median price plunged 29 percent, to $228,100 from $320,200 last year.

Cash buyers and investors are returning to the market. And first-time buyers are taking advantage of the bargains, seller concessions, mortgage rates of below 5 percent and an $8,000 tax credit that expires Dec. 1.

"The combination of much lower home prices and record low interest rates represents affordability that home buyers haven't seen in a long, long time," said Greg McBride, senior financial analyst with Bankrate.com in North Palm Beach. "Even in a lousy economy, that will add a boost to home sales for the balance of 2009."

Still, the supply of available homes in South Florida, while decreasing, remains at a high level, weighed down by a steady stream of foreclosures and short sales.

Broward County has 28,898 homes, townhouses and condos for sale, down 19 percent from the end of November, according to Condo Vultures, a Bal Harbour-based real estate consulting firm. Palm Beach County has 26,808 properties, a 10 percent dip.

When banks slash prices on distressed properties, it reduces the values of homes nearby. That, in turn, feeds the foreclosure cycle. The price declines lead to homeowners walking away, frustrated that they owe more than their properties are worth.

Moody's Economy.com, of West Chester, Pa., says Broward's median home price might not bottom out until falling below $130,000 - which would mean a decline approaching 70 percent from the November 2005 peak of $391,100.

Palm Beach County's median is expected to bottom out in the $150,000 range - roughly a 65 percent drop from the 2005 peak of $421,500.

"We don't think house prices will rise in a meaningful way until the end of 2011 or toward the beginning of 2012," said Chris Lafakis of Economy.com.

Meanwhile, the sales and price trends held true for the two counties' existing condominium markets in March.

Broward sales rose 28 percent, while the median price plummeted 40 percent to $82,100. Palm Beach County sales increased 17 percent, while the median dropped 33 percent to $99,800. That's the first time it has been under $100,000 since the Realtors' group started tracking condo sales in 2006.

Rising unemployment is expected to affect housing, particularly people who already live here and want to move into larger homes. But for now, at the height of the spring home-selling season, real estate agents across South Florida report increased showings and more interest from buyers as prices fall.

Agent Randy Bianchi said he had four showings on a waterfront home Thursday. "I haven't had four showings on it in three years," he said.

Lewis Lopater recently bought on a three-bedroom house in Palm Beach Gardens. He paid $174,000 for a home that was listed last summer for $229,900.

Lopater and his wife, Dawn, have a monthly mortgage payment of about $1,400, only $200 more than they paid in rent.

"It's well worth it to have a fenced-in back yard and a piece of the pie, so to speak," said Lopater, 48, a father of two and a food service employee at Boca Raton Community Hospital. "I really lucked out."

Nationally, home sales fell 3 percent from February. The median sales price plunged to $175,200, from $200,100 a year earlier. In Florida, sales rose 30 percent, while the median dropped 30 percent to $141,300. The median means half sold for more, half for less.

"The general public is starting to get it, that it's a good time to buy," said Michele Bellisari, an agent in Broward and Palm Beach counties. "Buyers are starting to have more confidence."

Two Large South Florida Loan Modification Companies have been closed down by the Attorney General’s office

Christopher & Natascha Tello (The Tello Team) — Wed, 01 Apr 2009 10:06:04 -0500

The Attorney General's office has shut down 2 very large loan modification offices, and both are pending lawsuits due to improper legal services and actions.

The first office, which is a South Florida loan modification company , has had it's company's assets frozen until a lawsuit filed against the company could be

heard in court. Miami-based Mortgage Crisis Solutions Association, LLC and owner

Donald Gillette are accused of charging homeowners in foreclosure up-front fees as

high as $2,995 for loan modification services, but never providing the services.

Additionally, the lawsuit alleges Gillette and his company improperly advertised legal

services and counsel.

"We sought this injunction to better protect this company's victims," said Attorney

General McCollum. "Judging from the complaints we have received, many people have

been sorely taken advantage of by this company and Mr. Gillette."

The lawsuit, filed yesterday by the Attorney General's Economic Crimes Division in

Miami-Dade County Circuit Court, was accompanied by an injunction which requested

the court freeze the company's assets and prevent it from destroying any evidence of

the violations of Florida law.

According to the request for injunctive relief, the defendants - including three related

companies and a high-level Gillette employee - obtained clients by claiming expertise in

helping homeowners prevent foreclosure. The defendants also claimed they could

provide "practical information and education on legal alternatives, mediation,

negotiation, defense and proactive steps to save [homes] and equity and deal with the

threat of foreclosure" even though none of the defendants is an attorney.

One of the victims who filed a complaint with the Attorney General's Office stated

Gillette and his company failed to provide her with representation at a foreclosure

hearing and a foreclosure sale and advised her to file for bankruptcy without reason.

The woman paid Gillette nearly $13,000 but was denied a refund.

A related company, Property Solutions Specialists, Inc., is also named in the lawsuit

and allegedly guaranteed to make available all laws applicable to the homeowners'

situation to better assist them with the defense against foreclosure, even though the

company is not a legal services entity.

The lawsuit alleges multiple violations of the Foreclosure Rescue Fraud Prevention Act

and the Florida Deceptive and Unfair Trade Practices Act. Full victim restitution has also

been requested. A copy of the lawsuit has been served on Gillette and his employee, Flynn McCarthy.

The second company, which is a Miami company has allegedly engaged in foreclosure rescue fraud. According to the lawsuit, Lincoln Lending Services, LLC targeted Hispanics facing foreclosure and charged up-front fees for loan modification services, both in violation of the Foreclosure Rescue Fraud Prevention Act.

"Our citizens should not be targeted when they are in a time of financial distress and

are desperately trying to protect their homes," said Attorney General McCollum.

According to consumer complaints, Lincoln Lending advertised for mortgage

foreclosure assistance and rescue services. The complaint alleges that to get around

the statutory prohibition against up front charges, the company would have consumers

pay $2,700 for "forensic analysis" services, then sign a contract for alleged modification

services. The forensic analysis fee was allegedly created to circumvent the new law,

which the Attorney General helped create last year. Lincoln's business of offering legal

services, directly or indirectly, constitutes the unauthorized practice of law and violates

FS 877.02(1).

The Attorney General's Economic Crimes Division determined Lincoln Lending also

forwards consumers to an attorney working under the business names of Florida

Foreclosure Law Center, LLC and Florida Homeowner Assistance Center, LLC.

The lawsuit petitions the Court to issue a temporary injunction against the company

while litigation continues. It also seeks consumer restitution and ultimately a permanent

injunction prohibiting the company and its owner, Rita Gomez, from engaging in similar

business practices.

Great news! The Tello Team of Keller Williams Realty Partners SW & The Keller Williams South Florida Region is going to help protect you, from the unexpected!

Christopher & Natascha Tello (The Tello Team) — Wed, 01 Apr 2009 10:04:30 -0500

With the uncertainty of today's economic environment so many people are delaying or wondering if that home purchase that they really want to make would be a wise move.

Well, there's good news for all! The Tello Team of Keller Williams Realty Partners SW and the Keller Williams Realty South Florida Region has partnered with "The Rainy Day Foundation", which is bringing SAFE HOME to the South Florida real estate marketplace. SAFE HOME is the private label version of "Homeowner Education & Loan Protection" (HELP) offered by The Rainy Day Foundation.

What is "The Rainy Day Foundation"? It's an organization that provides financial protection to homeowners for life's unpredictable and unexpected events. In other words, if you purchase a home now, and unfortunately loose your job 4 months down the road, "The Rainy Day Foundation" would step in and assist in your mortgage payments with their "Mortgage Protection Program". Through this program, qualified homeowners who have either and FHA or VA loan, who experience involuntary loss of employment, will receive up to $1,800 or $2,500 per month for up to six months coverage.

Buyers would be enrolled into this program at the time of purchase. And, they don't wait until the homeowner is experiencing problems to speak with them. They call each home buyer within 72 hours of receiving the application to introduce themselves, explain who they are, and inform you of the services that they offer. Before your first mortgage payment is due, and continuing each month for up to 2 years, they will call to provide sound financial tips and informational resources to assist the homeowner in maintaining financial stability. During the first 6 months of mortgage payments, they also will call the new homeowners to review the services that are available to them, to gauge their current financial state and to validate that their mortgage payments will be made on time.

Sound too good to be true? It's not! If you purchase a qualified home through the Tello Team, you too can be enrolled in this great service with no out of pocket cost to you! Coverage is not just for those that may lose their jobs. Don't miss this great opportunity!

Need more information? Ready to go out today to look for that new home? Call a member of our team today!

Best specialty parks in South Florida

Christopher & Natascha Tello (The Tello Team) — Thu, 19 Mar 2009 12:43:01 -0500

Those who seek memorable vacation experiences on their visit to West Palm Beach, Fort Lauderdale or Miami, can seek variety at these parks.

By Brian J. O'Connor | Sun-Sentinel

Looking for somewhere to try cable water-skiing? How about some skeet-shooting or horseback riding? You can find all that and more at the plethora of parks in the region.

1. Cable water-skiing Quiet Waters Park, 401 S. Powerline Road, Deerfield Beach, 954-360-1315.

It's water, water everywhere at this county park, which includes a freshwater swimming beach, cable water-skiing, a variety of boats for rental, and Splash Adventure, an interactive children's water playground. Admission: $1 per person on weekends and holidays, $3 for Splash Adventure.

2. Rifle, pistol and skeet shooting Markham Park, 16001 W. SR 84, Sunrise, 954-389-2000.

The park boasts an outdoor target range for pistols, rifles and skeet shooting, including a sporting clays course, clubhouse, snack bar and meeting room. Admission: $1 ages 6 and older on weekends and holidays.

3. RC Racing Mills Pond Park, 2201 NW Ninth Avenue (Powerline Road), between Oakland Park and Sunrise boulevards, Fort Lauderdale, 954-828-4565.

This city park features a public remote-control racing track. For information on RC racing, check out Broward County RC Club. (RC car racing also offered at South County Regional Park in Boca Raton, listed below.) Admission: adults $1, free for children under 12.

4. For the Disabled Colohatchee Park, 1975 NE 15th Avenue, Wilton Manors, 954-390-2130.

Amenities at this city park along the south fork of the Middle River include a playground with ADA-accessible equipment, basketball, horseshoes and volleyball. Fees: Must pay to use pavilion, playground and volleyball court if you have a group of 15 or more. Also, Tropical Park, 7900 SW 40 Street, Miami, 305-226-8315, ext. 221, offers 12 lighted wheelchair-accessible tennis courts, as well as racquetball facilities.

5. Bicycle racing course

Brian Piccolo Park, 9501 Sheridan Street, Cooper City, 954-437-2600. Admission: $1 ages 6 and older on weekends and holidays. This county park offers a number of sports facilities, including a 333.3-meter velodrome bicycling track and a 200-meter banked track for in-line skating, as well as three bike and jogging paths. For bike rentals and cycling and in-line skating programs and lessons, call 954-437-2626.

6. RC Airplane Field South County Regional Park, 1200 Park Access Road, Boca Raton, 561-966-6600.

This county park features a remote control airplane field, as well as remote control off-road car track. The privately run Coconut Cove Waterpark and Recreation Center is located in the park as well, with waterslides, a river ride and water playground.

7. Disc Golf Kendall Indian Hammocks Park, 11395 SW 79th Street, Kendall, 305-596-9324.

This park boasts an 18-hole disc golf course at the eastern end of the park. Players use a Frisbee or other disk and aim for the "hole," which are low posts supporting a 3-foot chain basket. As with regular golf, there are varying yardages from each tee, and the object is to have your disc land in the basket. Players should bring their own regular or competition Frisbee and a pencil to record the score. Admission: free. Another disc golf course (18 holes) is located at Tradewinds Park, 3600 W. Sample Road, Coconut Creek, 954-968-3880.

8. Picnicking Matheson Hammocks Park, 9610 Old Cutler Road, Miami, 305-665-5475.

While visitors can pack a picnic to any park in the region, this beachside park was selected as "Best Picnic Spot" by South Florida Parenting magazine. Besides its man-made atoll pool and beach area, the park offers a full-service marina and a snack bar, picnic pavilions and nature trails and bike paths. Admission: Free, but it's $4 per car to park in the two beach lots.

9. Antique Carousel: Crandon Park, 4000 Crandon Boulevard, Key Biscayne; 305-361-5421.

Take the Rickenbacker Causeway to Key Biscayne ($1 toll). This former coconut plantation boasts one of the top beaches, not just in the state, but also in the country. The Family Amusement Center features a restored 1949 carousel left behind by the old Crandon Zoo. Hours: 10 a.m. to sundown, carousel open until 5 p.m. Admission: Free, but parking is $5 per car, $10 for RVs and buses. Fees for some amusement center activities.

10. Petanque Court: John Prince Park, 2520 Lake Worth Road west of I-95, Lake Worth, 561-964-4420.

Other entrances at 27600 Sixth Avenue South and 4759 South Congress Avenue. This large 726-acre county park features fishing, water skiing and boating, along with its own petanque court, for a round of the European lawn-bowling game, a distant cousin of horseshoes and a close relative of bocce.

Tips for 2009 taxpayers

Christopher & Natascha Tello (The Tello Team) — Thu, 19 Mar 2009 12:41:06 -0500

FLORIDA: The Internal Revenue Service gives tips for taxpayers who haven't yet filed or taken the necessary steps to ensure they receive the economic stimulus payment they qualify for.

Do your own taxes for free
Use IRS Free File at www.irs.gov to do your own tax return and e-file it online at no cost.
Filers with income of $56,000 or less can use tax software free. Those with higher incomes can use the new fillable forms at no cost.

Get free tax preparation and e-filing
Go to a community help site staffed by trained volunteers.
Sites will help those with income under $42,000 or who file a simple return. Some specialize in helping seniors.
Call 1-800-906-9887 for the site nearest you.

Get tax credit for home purchase

Take a tax credit of up to $7,500 if you bought a home after April 8, 2008, and had not owned one for at least 3 years the purchase date.
(Note: credit is paid back starting 2 years later over 15 years.)

Qualify for more of last year's stimulus payment?
Claim the Recovery Rebate Credit (up to $600 for individuals, $1200 for couples)
If you didn't get a stimulus payment last year or didn't get the full amount but you qualify based on 2008 income.

Also, if you had a child or ceased being a dependent in 2008, you may qualify for this credit.

Income down in 2008
See if you qualify for Earned Income Tax Credit.
A married couple filing jointly with income under $42,000 and 2 or more children could qualify for up to $4,824.

Deduct your real estate taxes
Add your real estate taxes to your standard deduction.
Up to an extra $500 for individuals, $1000 for married couples filing jointly.

Get your money faster
With e-file and direct deposit, your tax refund can be in your bank account in 10 days or less.

Get free help and forms
Don't be confused by internet sites that end in .com, .net, .org or other designations.

Top 10 Tips for Buying Your First Home

Christopher & Natascha Tello (The Tello Team) — Mon, 02 Feb 2009 12:56:31 -0600

Buying your first home is a major milestone and it is important that you acquire as much information as possible before taking this big leap. While my clients generally ask me questions about improving their credit and getting a lower interest rate, this outline covers the entire process to, hopefully, make it an enjoyable and stress-free experience.

1. Be Prepared & Knowledgeable - Consult with a buyer's agent who is familiar with the area in which you want to buy a home; independently search your local MLS and realtor.com; and find a mortgage banker who inspires confidence and has a solid reputation.

2. Getting Pre-Approved - Before you actually visit any homes, research and select a lender. Mortgage Criteria is changing daily, so even if you have been pre-approved in the past you will need to have it updated. After you have chosen the lender that is right for you, get pre-approved to determine your price range and show potential sellers that you are a serious buyer, which can also increase your bargaining power when you find your dream home.

3. Understand Your Loan - There are various types of mortgages, 30 year fixed, 15 years fixed, 5/1 ARM, 3/1 ARM, etc., that you need to be familiar with before you can sign on the dotted line. While a 15 or 30 year fixed mortgage with 20% to 25% down is the best option for most first time buyers, I occasionally advise some people to do an 80 / 10 / 10. 20% down may seem excessive and unexpected, but paying 20% down or more towards the note allows you to avoid the PMI (Private Mortgage Insurance) cost that can be expensive and useless.

As a general rule, avoid exotic loans so you don't need to worry about fluctuating costs from month to month and changing interest rates. If interest rates plummet from what you signed up for, in many instances you can refinance.

4. Preparing Your Credit - While everyone knows that their credit score will be an important element in determining their mortgage payments, most do not follow a few simple tips for improving their score in the months leading up to the closing. First, make sure you keep the balance on your credit cards under a quarter of the total line of credit. Also, avoid large purchases or transfers that might appear out of the ordinary. And finally, pay off debts such as student loans that may be keeping your score down.

5. Gather Data - Your lender will require 2 years of tax returns, a year of bank statements, W-2's and 1099's from the past 2 years, and a list of your current debts such as car and student loans. By having these prepared before they ask for them, you can save yourself a lot of time and avoid unnecessary stress.

6. Learn The Local Market - Many realtors will offer you "comps" on recently sold homes in your area of interest. Be sure to look over these carefully, particularly the asking price of the homes, what they sold for, and the price per square foot. With this information in hand, you can submit a more competitive first offer and come across as a serious buyer.

7. Compare Lenders - After your offer is accepted, we suggest that you compare interest rates for your mortgage. While you may have found already found a trusted lender for your pre-approval, there is no guarantee that he will give you the best rate and terms.

8. Avoid Pricey Closing Costs - As you narrow down your list of mortgage lenders and receive some great quotes on interest rates, ask for a good faith estimate so you can estimate your closing costs. Although many individuals overlook these one-time, up-front costs, they can add up quickly and are an important element in selecting a lender who is right for you.

9. Get an Inspection - When your offer is accepted and it seems that the process is almost over, do not get too attached and believe that the home is already yours. Although it can be a major stumbling block in the negotiations, you absolutely need to have a qualified inspector look for termites, pests, foundation problems, and numerous other things that cannot be seen when you stroll through a home. Sometimes the inspector will only find minor problems, but other times there are extremely expensive issues that may make your purchase impossible. Under any circumstances, you should not skip this step.

10. RELAX - It can be expected that this major milestone is going to be somewhat stressful considering the major investment and lifestyle change you are making. However, it should also be fun so take pictures of the homes you like, both inside and outside, and write notes about each place you see. At the end of the day, if you follow the above steps and listen to your heart, you are bound to be one happy homeowner.

Good luck and happy house hunting!

Where are the best places to live in Florida?

Christopher & Natascha Tello (The Tello Team) — Fri, 09 Jan 2009 12:37:08 -0600

CNN Money creates a list each year of the best small towns in each state to live. Here in Florida, we are happy to say that for the year 2008, our top 3 places to live are, in ranking order of the top 3, Weston, Coral Springs and Miramar! Here is some information on each of those towns! Weston, FL - Because Weston is a planned community, local realtors often say that "everything is located exactly where it should be." Golf courses dot the landscape, and Weston Regional Park is a weekend destination for families. The venue for the Florida Panthers hockey team is just a short drive away. Carved out of the Florida Everglades, Weston is a bedroom community for commuters to Fort Lauderdale and Miami – but the area's popularity leads to gnarly morning rush hour commutes. Coral Springs, FL - A sprawling planned city, Coral Springs is home to a vibrant economy with above-average wealth levels and consistently low unemployment. The city's "Our Town" Festival has been continuously held since 1979, an event boasting a car show, beauty pageant and carnival rides. Electronic commerce company First Data and music, movies and games distributor Alliance Entertainment Corp. are the area's primary employers. The city's downtown is the focus of an extensive redevelopment plan, anchored by an open-air shopping and entertainment center called "The Walk" – another reason to use one of Coral Springs' free city buses. Miramar, FL - Located in South Florida, Miramar is a popular business location for major corporations as well as for small- and mid-sized companies. Yet the city is also a family-oriented place, with safe neighborhoods and plenty of parks. The newest focal point here: The Town Center, a pedestrian-friendly downtown complex that includes condos, shops and restaurants with waterfront views. The center is also to house the city's library and a cultural arts venue. Looking for a new home in Florida? Check out available homes in these top 3 Florida towns today, and you can say that you live in one of the top 3 places to live in Florida!

Federal grants to be used to buy up South Florida foreclosures

Christopher & Natascha Tello (The Tello Team) — Wed, 26 Nov 2008 11:55:04 -0600

South Florida governments are gearing up to spend more than $161 million in federal grant money to stimulate the housing market.

BY MONICA HATCHER

mhatcher@MiamiHerald.com

The buyer of that ramshackle foreclosure down the street just might be the government.

In coming months, South Florida cities and counties will be armed with more than $161 million in new federal grant money and a mandate to stabilize falling home values and decay in neighborhoods hardest hit by the real estate downturn.

Their spending plans include buying and rehabbing, reselling or renting out property repossessed by banks through foreclosure, a first for many small municipalities without housing authorities. Cities may also use money to develop new projects and tear down neighborhood eyesores.

Miami Gardens' plans include using homes to help young adults aging out of foster care. Miramar wants to give financial aid to middle-income home buyers.

Hialeah wants to build more $300-a-month rental units. And Miami-Dade plans to use some money on the once fraud-wracked redevelopment of the Scott Carver housing project in Liberty City.

The funds represent South Florida's share of a $3.9 billion pot offered as part of a larger housing stimulus plan passed by Congress this summer.

The stimulus money comes as the state's housing market continues to slog along under historic foreclosure rates, unsold homes and growing economic malaise. In all, Florida will get $541 million, with $91 million going to state government.

When it comes to house hunting, governments don't lack for choices. As of Oct. 31, banks owned 10,725 homes in Miami-Dade and 10,234 in Broward, according to RealtyTrac data released Thursday.

And foreclosures keep rising: In October, foreclosures were up 53 percent in Broward and 97 percent in Miami-Dade over a year ago, RealtyTrac reported. The figures mean one of every 114 homes in Broward is either headed into foreclosure or already bank-owned. In Miami-Dade, it's one of every 93 homes.

Lenders have already begun knocking on doors at Miami-Dade agencies, county officials said. The county will get $62.2 million, the largest share of any locality in the country.

''This is not a whole lot of money in reality, but I think there will be a whole broad spectrum of people we can help. The magnitude of the problem is really huge,'' said Robert Cruz, chief economist for Miami-Dade.

NEW UNITS

Housing administrators' tentative plan is to spend almost $37 million buying bank-owned single- and multi-family properties, hoping to add roughly 342 new units to its affordable housing stock. The county now owns 10,000 units. There are 71,000 people on the waiting list for those as well as privately owned units through Section 8.

The rest will be spent demolishing 80 blighted structures as well as on homeownership counseling and mortgage assistance for about 130 families. The county will leverage nearly $9 million for infrastructure needed to complete work on the Scott Carver HOPE VI housing project, which will help bring 236 new units online when finished. In all, they expect to directly aid 1,500 families.

The County Commission will vote on the plan next Thursday. Broward approved its plan Thursday.

FORMULA USED

To decide how much money communities get, the U.S. Department of Housing and Urban Development used a formula accounting for the number of subprime loans, bank-owned homes and defaults. How they use the money is largely up to them, provided they create more affordable housing for low- to middle-income families.

''The fact you got a large amount indicates the size of the problem in your community,'' said Dan Rosemond, Miami Gardens' community development director. The city will get $6.86 million it will use to buy 25 homes. Code enforcement officers have already identified 25 that will be demolished.

Don't Be an On-line Victim: How to Guard Against Internet Thieves and Electronic Scams.

Christopher & Natascha Tello (The Tello Team) — Mon, 17 Nov 2008 14:12:02 -0600

Identity theft continues to be one of the fastest growing crimes in the United States, and has ranked as one of the top consumer concerns for the past several years. The Federal Deposit Insurance Corporation (FDIC) has produced a multimedia presentation to help consumers protect themselves from identity theft. The presentation provides information on steps consumers should take to secure their computer and protect themselves from identity theft, as well as actions consumers should take if they become a victim of identity theft. We thought you might find it helpful.. we did!

Don't Be an On-line Victim: How to Guard Against Internet Thieves and Electronic Scams.

The Path to Homeownership: How Much Home Can You Afford?

Christopher & Natascha Tello (The Tello Team) — Mon, 17 Nov 2008 11:18:06 -0600

Who doesn't want to be a homeowner? After all, it's the American Dream right? For many of us the path to homeownership is about as bumpy as a backcountry road. There are many advantages to owning a home versus renting one. This post will help you understand how to shop for the best mortgage and how much home you can afford.

Buying versus Renting For some people renting is an advantage. Your rental company or property manager takes part of your rent payment to cover certain housing expenses. Housing maintenance, for example, can be expensive and time consuming. You may not be in a position to afford the tools needed or in the physical condition needed for doing any maintenance. Perhaps apartment living is what you enjoy or what is practical for you at the moment. In many cases, the amount a renter spends on rent can be about the same as or less than the homeowner spends on a mortgage.

After much deliberating and contemplating you have decided now is the time to purchase a home. Where do you start? First, it's important to know what you can afford. It's not just the price of a home that needs consideration, but all the other expenses as well. As a homeowner you will be responsible for property taxes and special assessments, insurance, maintenance, and association fees (where they apply). Don't forget utilities, you may not have had to pay for water, trash and sewage in a rental.

How Much Home Can You Afford?

Unless you are independently wealthy you will probably need to finance your home. There are many types of financing available to homebuyers. It is wise to shop carefully for the best terms.

Providing the information below will help you to calculate how much you can afford to spend on a home. However, many additional factors play a part in the loan qualification process. You may have a qualifying credit score but you must also qualify within the lenders underwriting guidelines. Guidelines differ between lenders Mortgage Guarantors. (FHA, VA or Conventional)

Income Information

Monthly Gross Income $____________ (Include: salary, tips, bonuses and commission, child support)
Annual Gross Income $____________

Monthly Debt Obligations

Minimum Credit Card Payment $_____________
Car Payment $_____________
Other monthly obligations $_____________ (Include: child support, alimony, student loans)

You should forecast your monthly spending plan/budget. Make a record of everything you spend for a month. Cut unnecessary spending. Plan ahead for emergencies and irregular expenses (doctor's visits, taxes, auto and home maintenance.) See vol. #2 for budget information and helpful spending plan forms. Put yourself on a strict budget and DO NOT make large credit purchases before your mortgage/escrow closes!

Ordinarily when you buy a home, you pay part of the purchase price in cash (down payment) and a lender finances the remaining amount. You sign a promissory note to repay the loan plus interest in installment payments over a specified number of years. If for any reason you are unable to make your mortgage payments, the lender has the legal right to foreclose on your home. Lenders generally don't want to foreclose on a loan, and will usually make adjustments to the payment schedule if you have temporary financial difficulties.

Traditional Financing

Home loans are available from several types of lenders - thrift institutions, commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you're getting the best price. You can also get a home loan through a mortgage broker. Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. A broker's access to several lenders can mean a wider selection of loan products and terms from which you can choose. Brokers will generally contact several lenders regarding your application. You may want to use more than one broker since they all have connections with various lending
institutions.

Here are the most common ways to finance your home:

Conventional Loan - The majority of home loans are made by private financial institutions. Most of these institutions are conservative in their lending practices, requiring approximately 20% down, although there are some that will go as low as 5%.

FHA Insured Loan - In order to encourage financial institutions to provide mortgages to persons with limited incomes, the Federal Housing Authorities will insure a mortgage lender against a borrower's default. Down payments are usually lower and most cities have First Time Homeowner Programs to reduce the points of a mortgage purchase.

VA Guaranteed Loan - The Veterans Administration guarantees a percentage of the loan if the buyer is in default.

The Cost of a Mortgage

Gathering information about different lenders is especially important when it comes to finding out all the costs involved in the mortgage loan. Knowing only the amount of your monthly payment or interest payment is not enough. The following information is important to get from each lender and broker:

Rates

Get a list of the most current interest rates being quoted for that day or week from the lender or broker.
Is the rate fixed or adjustable? Keep in mind that when interest rates go up or down so does your mortgage payment.
What is the loan's annual percentage rate (APR)? The APR takes into account the interest rate but also points, broker fees and other charges you may have to pay.

Points

Points are fees paid to the lender for the loan and are often linked to the interest rate; usually the more points you have the lower the rate.
Points vary; check your local newspaper or broker for the current rates being offered.
Ask for points to be quoted to you by dollar amount, not just the number of actual points.

Fees

There are loan origination fees, underwriting fees, broker fees, transaction fees, settlement fees, and closing cost fees. Whew! Every lender or broker should be able to give you a quote - just ask! Many of these are negotiable.
Ask what the fees include, perhaps these fees can be consolidated.
Always ask for an explanation if you do not understand.

Private Mortgage Insurance
If you are unable or don't make put a down payment of at least 20%, the lender usually requires the home buyer to purchase private mortgage insurance (PMI) to protect the lender in case the home buyer fails to pay. When government assisted programs such as FHA or VA are available, the down payment requirements may be substantially smaller.

Ask your lender about special programs that may assist you with the down payment requirements.

If PMI is required, ask what the cost of the insurance will be.
Ask how mush your monthly payment will be when including the PMI.
Ask how long you are required to carry PMI.

Negotiate For The Best Deal

Once you know what each lender has to offer, negotiate for the best deal that you can. On any given day, lenders and brokers may offer different prices for the same loan terms to different consumers, even if those consumers have the same loan qualifications. Often times the difference in price is because the lenders or brokers are allowed to keep some as extra compensation. The difference between the lowest available price quoted and any higher price the borrower agrees
to pay is called an overage. When this occurs, the price is built into the prices quoted to the consumer. They can occur in both fixed and variable rate loans and can be in the form of points, fees, or the interest rate.

It's best to have the lender or broker write down all costs associated with the loan. Then ask if the lender or broker will waive or re-calculate one or more of the fees or perhaps agree to lower the rate or points. You will want to make sure that if a rate is lowered that another is not increased! There is no harm in asking!

Once you are satisfied with the terms you negotiated, you may want to get everything in writing. This is called a written lock-in. You should also ask how long your lock-in will last. Lock-ins can protect you from rate increases; however, you may not be able to re-negotiate if rates fall.

How do I shop for a home? Here are some suggestions

Christopher & Natascha Tello (The Tello Team) — Mon, 17 Nov 2008 11:16:26 -0600

Park Rapids Enterprise
Published Wednesday, November 12, 2008

The process involved in home buying can be a great experience. Quite possibly the most fun you will have is in the actual search for a home. Comparing features between unique properties and figuring out exactly what you are looking for can be lots of fun!

Home ownership will most likely be your single largest purchase - it can also be your number one investment. As with everything else in life, doing your homework in advance will likely save you lots of headaches and possibly thousands of dollars!

The following tips are designed to help you get the ball rolling.

Create a ‘wish list'

Making a "wish list" is a good first step. Sit down and evaluate your needs and jot down some notes.

What would you really like to have in a home? At this point you have probably figured out what your basic needs are, but what are the things you would really like to have as extra benefits?

Do you want the home to be close to town or way out in the country?

Do you need a double garage, garden space, lots of trees or an open view? There are so many things to consider and your lifestyle may be the most important factor in helping you determine your wants and needs.

Do you want to live 30 miles from your workplace? Commuting 60 miles per day can be costly with today's fuel prices. Would it make much more sense to try and live close to work?

Do you have children that will need to ride a school bus? Living too far from the school could cause them to be at the bus stop at 6:30 a.m. Do you want a home with a basement? Do you need lots of storage?

Can you get by with two bedrooms or would you be better off with three?

How about access to high-speed Internet service? There are still rural areas that only have dial-up access.

Do you have time to mow 2 acres of manicured lawn? Do you want a home that is ready to move right in or do you have some carpentry skills to do a little fixing-up on an older home?

Remember to take your time to completely evaluate your lifestyle and your needs before rushing into a decision. You should never buy the first home you see.

Familiarize yourself with the market and with a good segment of comparable homes in your price range before making a decision to make an offer. Finding a competent, full-time Realtor with references from satisfied customers is the next step.

Choose a realtor

Buying a house can be a complicated task. A real estate professional will help guide you through the process and the paperwork involved in a purchase.

Your realtor will schedule homes to view, make sure all contracts and disclosure documents are present, write up your offer to purchase, negotiate on your behalf and schedule all necessary logistics for your closing.

Your realtor will also be in contact with your financial institution to make sure that things are on schedule and they will maintain contact with the closing/title company to make sure details are being prepared in a timely manner.

Realtors are paid on a commission basis, which is determined as a percentage of the seller's final negotiated sales price. You can bet it is always in the best interest of your chosen realtor to see that you have a successful buying experience.

If you don't, they don't get paid! Realtors "earn" their commissions by providing outstanding service to their clients. If you don't feel you are being given excellent help and advice, find another realtor.

Attorneys

Do you really need to have an attorney in a real estate transaction? The answer is yes!

Real estate professionals are not qualified or licensed to give legal advice. An attorney will render a title opinion on the property that you are purchasing.

If the property has an "Abstract of Title" the attorney will inspect every entry in this legal document and make sure there are no problems with the chain of title. This can save you lots of grief in the future.

Many times the abstract document will go back over 100 years and there may be mistakes in the past that need to be fixed before you have clear title to your new home.

Purchasing a "title insurance" policy is also a good idea. There are companies that specialize in selling insurance policies that will cover you and your interest in your property should there ever be a problem in the future.

Is A Condominium For You?

Christopher & Natascha Tello (The Tello Team) — Mon, 17 Nov 2008 11:14:09 -0600

The easiest way to understand the concept of condominium ownership is to see at as an apartment you own (in fact, many condominiums are apartments that have been converted over the years). Your ownership extends inward from your interior walls, floors and ceilings. In addition, you are a partner, with all of the other owners in the complex, of the exterior structure (the foundation, exterior walls and roof) as well as any common areas and amenities (for example, swimming pools, clubhouses, tennis courts, play areas, etc.)

One of the requirements of condominium ownership is the payment of a monthly condo fee, which covers general repairs and maintenance to the common areas of the complex as well as (hopefully) build up a cash reserve for future needs. In general, all exterior maintenance and repairs are the responsibility of the condominium association, although you will be charged for them, either through your association dues or a special assessment (a one time charge assessed to all owners for, as an example, a new roof). The normal day-to-day maintenance of the grounds (some examples are cutting the grass, shoveling snow and maintaining the pool) are also the responsibility of the association. Interior maintenance and repairs (for example, replacing a dishwasher) are the responsibility of the individual owner.

In some areas, a condominium may be the only consideration that fits within your budget. The reason for this is simple. In general, the same square footage will cost less in a condo setting than it will in a single family home or townhouse, due mainly to land cost--you can build many more condos than you can single family homes on the same amount of land.

Condominiums
Advantages		Disadvantages
You will be responsible for little or no exterior maintenance or repairs.		You will be responsible for payment of Condominium Association fees.
Many condominium communities offer amenities (pools, play areas, tennis courts, etc.) you may otherwise not be able to afford.		You give up more privacy when compared to single family homes as well as townhouses.
Condominiums are often located in locations convenient to centers of employment and shopping.		You only own from your interior walls inward. The rest of the structure and all of the land is owned in common with the other condominium owners.
Condominiums are often more reasonably priced than other forms of housing.		When it is time to sell, it can often take longer to sell a condominium.

Is a Condominium for You?

You want absolutely nothing to do with exterior maintenance and repairs.
You like the idea of amenities (swimming pools, tennis courts and the like) but you don't like the idea of having to pay for them on your own.
You like the safety of numerous and nearby neighbors.