Like most agents in the Miami real estate market, I have quite a number of buyers I am working with.  Several months ago I started making sure that I always meet with each one before we start working together to make sure they understand the process.  We also make sure they're qualified and that we're a good "fit" for one another.  

Even so, I occasionally end up with the very eager buyer who thinks he can help me out by riding around his preferred neighborhoods and call me with addresses to look up for him.  

Inevitably, there is always a reason why I haven't sent him this particular home to review online.  It's not because I missed it.  I want to sell him a house as much as he wants to buy one.  Really!  

If you are working with a real estate agent who is looking for homes for you, here is a list of possible reasons a home may not be suitable for you and won't make it to the emails we send you:  

• The property is priced over your range - in every neighborhood there are homes priced well above what their market value is.  Homes priced over your maximum don't get sent to you.  If your max is $450K, a house that is listed at $575K is not going to be sent to you for review.
• The property is not listed -  this includes homes you may see that look vacant and may even have a lockbox on the door.  A foreclosure can take a long time to prepare to list.  The listing agent will get it listed as soon as it is possible to do so.  Sometimes it has issues with the title that need to be cleared up. If it is not in the MLS and there is a lockbox on the door, there is no way to know who is going to have it listed.  We simply have to wait until it is.  The good news is that the automatic search that is set up for you will pick it up immediately once it's listed.  Lucky you.
• The property is a short sale that has not been approved - and you specifically let me know that you don't want to waste your time on unapproved short sales.  Only approved short sales are being sent your way.
• The property needs extensive repairs - and you are buying with an FHA loan.  Yes, there is an FHA loan that takes repairs into account.  It's called an FHA 203K loan.  But if you're approved for $100K FHA, the house is listed for $100K and needs $25K in repairs, there's no point in looking at that house.  You are not qualified for $125K (the amount of the loan including the repairs).  So this particular house will be filtered out by your agent when she reviews homes to show you.
• The seller has specified CASH offers only - Sellers usually do this because of the condition.  This is usually seen with bank-owned homes.  It's not that they want to arbitrarily exclude a huge portion of buyers.  They're just being realistic when they say that the house won't qualify for financing.  It may need repairs well beyond the limit on an FHA 203K.  Or the seller may simply want a quick sale due to the horrible conditions of the house.  If it's priced incredibly low, there's always a reason.
•  The house is pending sale - this means the seller has accepted an offer.  The sign will stay in front of the house until the property closes.  But they have changed the status to Pending Sale in the MLS and they are no longer looking for offers on this one.

The above is not meant to be an exhaustive list.  There may very well be other reasons why a home isn't sent to you for your review.   

But please do know that I am working really hard to find you one that you can call home.  

I was driving past the Walgreens drugstore on Quail Roost and SW 127 Avenue in Miami the other night.  I looked at the sign they put up with their weekly specials and calls to action.

I had to do a double take and then chuckle.  They had run out of #1's and substituted the letter "i" instead.

I had my camera with me but it was late and I missed the shot.  I recreated it on ImageChef and got a similar effect.

Anybody in Miami want their hiney shot?

As a REALTOR who sells homes in Palmetto Bay, I like to keep abreast of what goes on in the area.  I came across this and found it interesting enough to comment on.  

The Mayor of the Village of Palmetto Bay, Eugene Flinn, has been accused by a magazine editor of improper use of the village's official seal.  I thought it was interesting that the first comment made on the post appears to be from an educated consumer who's had some interaction with the mayor and wasn't at all surprised at the accusation.  I'll have to return later as I am sure it will garner many more comments.  

The Village of Palmetto Bay is a fairly new municipality, having incorporated in 2002.  I suppose in politics, scandals (small and not so small) come with the territory.  Mayor Flinn had not yet responded to the accusation.  I'm keeping an eye out for updates.....  

You can read the post here.

A sale can be made or lost as a direct result of your home's curb appeal. When it comes to selling your home, the first impression is probably the most important impression. If the outside of the property doesn't create interest or appear well-maintained, a buyer may choose to not even come inside the home. Here are five ways to create curb appeal.

Paint and polish. A fresh coat of paint breathes new life into a tired-looking home. If your home looks dull or suffers from peeling, cracked or chipped surfaces, a paint job is a great investment. Polish the doorknocker and mail slot on the front door, as well as any light fixtures by the entry. Re-condition your deck. Consider renting a power washer to clean dirt and mildew from the wood, and then apply an all-weather sealer or stain.

Manicure the grounds. Mow and edge the grass, and trim the trees and bushes. Also, clear away dead leaves and flowers, and mulch and weed the beds. Check to see that tree branches are not touching the home's roof or outer walls. Add some color to your landscape by planting annuals and placing planters of flowers in strategic spots. You can even spruce up the property by hanging flowering baskets. Add flowering plants in the back yard, too. 

Make needed repairs. See if anything is unhinged, loose or just an eyesore. Fix everything including broken fencing, windows and screens. Replace any missing shingles from the roof. Try the doorbell. Check stairs and railings. Test doors for squeaks and rusted hinges. Don't forget to take a critical look at the property at night. Make sure the lights work, and replace dim and burned-out bulbs.

Unclutter. Tidy up the deck, patio and back yard. Rearrange the outdoor furniture to look inviting.  Put away gardening tools and toys. Clean up the barbecue area. Eliminate any "evidence" of pets, and restrict them to the back yard when showing the home. Move extra vehicles from the view of passersby.

Clean. Clean the windows, inside and out, wash down the walks and driveway, and hose down the siding. Clean outdoor furniture and cushions. Check for oil spots on cement surfaces, especially the garage floor.        

The old saying about making a good first impression couldn't be truer than when you are selling your home. Even the smallest enhancements can make a big difference in creating love at first sight for buyers.

Still wondering whether you should be buying that Miami home?  First-time homebuyers dominated the U.S. real estate market in 2009, accounting for roughly half of all residential transaction, according to the National Association of REALTORS®.

That trend is likely to continue well into the new year. That's because interest rates are hovering near all-time lows, home-price affordability is near all-time highs and a third factor - Congress' extension of the first-time homebuyer tax credit until April 30, 2010 - make conditions quite favorable for those considering homeownership for the first time. Homes in Miami are once again affordable!

Still, with the prospect of making one of the largest investments you'll ever make in your life, you can easily become overwhelmed. Some of the questions you may be asking are: Will I be able to afford the home of my dreams? Do I have enough money for a down payment? Will I qualify for the tax credit? Will I make smart home buying decisions? If you go into the process prepared, your first purchase - like the current timing - can be just right.

Resources--Before starting out, educate yourself on the process. Attend a homebuyer seminar in your market, and check out myriad real estate resources online, such as this blog.  You can bookmark it for future reference or subscribe to my articles. In addition, you can visit www.MaggieSellsMiami.com, through which you can access millions of property listings and gain environmental reports, property profiles and value-range estimates for just about any residence in America.
Your real estate professional also is a great resource. Don't hesitate to let him or her know that you are new to the process. Your real estate professional will expect you to have questions at each step, from house hunting to making an offer through closing.

The costs involved in the purchase of a home can seem overwhelming to first-time homebuyers. There are mortgage costs, the down payment, and closing costs to think about.

Affordability--By looking at your income and debt ratio, your sales professional can help you calculate how much you can afford each month in mortgage payments.  But before determining your price range, you should also take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, insurance, homeowner association dues, utilities and maintenance. And if your down payment is less than 20 percent of the cost of the home, you will be responsible for private mortgage insurance, more commonly referred to as PMI.

Mortgage payment--Fear of being rejected for a home loan is one of the main concerns for first-time homebuyers. To lessen the stress, you may want to get pre-approved for a loan before looking at prospective homes. This will not only help you feel more confident, it will also give you an advantage when there are multiple offers for a specific property. In addition, the fact that your loan has already been approved is of great value to the seller because it shortens the purchase process, and there is less of a chance that the buyer will back out of the sale. If you don't have a specific mortgage lender in mind, ask your sales professional for a recommendation.

Down payment--The down payment amount varies depending on the value of the home you choose and your mortgage lender. Your real estate professional will be able to explain the different options available to you.

Tax credit--The first-time homebuyer tax credit, a key component of the American Recovery and Reinvestment Act of 2009, equates to as much as $8,000, or 10% of a principal residence's purchase price, and is available to those who have not owned a principal residence in the past three years. Existing homeowners may also qualify for a credit of up to $6,000.  You can use the tax credit to help purchase your home or help pay for its closing costs, or the credit can be used to remodel, refurnish and repair your property. See your tax advisor for details about the tax-credit program and how you may benefit. 

Making offers-- Make sure you view different homes to get a feel for the marketplace. When you decide on a home to make a bid on, work with your real estate professional to get all of your questions answered before making an offer. But don't wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.  This is particular important in today's Miami market, where the best values are often foreclosed homes and multiple offers are the norm.

Above all, remember there are no silly questions. Make sure you understand and are comfortable with every aspect of the transaction. Your real estate professional can be an invaluable asset in helping you make educated decisions so that your first home purchase is a rewarding experience.

A year and a half ago, when I listed my first REO, the selling banks were being less cautious about the pre-qualification letters submitted with the offers.  But then too many deals fell through, a lot of time was wasted and, as property values were still declining then, money was lost when the property had to be returned to the market to find another buyer two to three months later.

Most banks then decided that they would not consider an offer unless it had a pre-approval from one of their own branches.  In theory it sounds benign enough.  It certainly is a way to do away with the “fluffy” pre-approvals that aren’t worth the paper they are written on.  But in this market, where each foreclosure that is listed garners at least 10 offers (and in some cases 40 and 50 offers), having to pre-qualify your buyer with a different lender every time you submit an offer is ridiculous.

I have a buyer who has been looking for almost a year now.  He’s getting really frustrated that not enough properties matching his criteria are showing up.  And when one does, we submit an offer immediately to try and get in before the slew of offers comes in.  We put together really decent offers.  They have been above asking price, but not ridiculously high just to get the offer accepted.  We dot all our I’s.  We cross all our T’s.  We fill in all our blanks.  We submit copies of our earnest money and copies of our pre-approvals.

But what happens when you get really tired of having your credit pulled time and time again just to get pre-qualified by the seller’s choice of bank?  Unfortunately, there’s not much that can be done.  The listing agent won’t submit the offer without that new pre-qual.  I am dealing with an offer we submitted yesterday on a foreclosure.  I submitted a brand new DU approval with the offer from my buyer’s mortgage person.  This was a DU that was pulled for this buyer, for this home, for this purchase price and still the listing agent won’t accept it.  He insists that we go to his mortgage broker for a pre-qual.

It sounds to me like this is the listing agent’s requirement, not the sellers’.  The reason I think this is because most sellers are having buyers prequalified by their own entity.  Wells Fargo wants Wells Fargo pre-qualifications.  Chase wants Chase.  But with this one, I am being asked to take my buyer to a local mortgage broker, not a direct lender for their approval.

Now, I am not a mortgage broker and will never be.  I prefer to let each practice his own specialty and will not try to wear two hats, with neither fitting quite right.  But isn’t a DU approval just as good from one mortgage broker as from another?  Maybe this is where I am wrong on this.  Because I am not a mortgage broker, I may be misunderstanding the power of the DU.

What I do know is that a real estate agent can be as frustrated as her buyers.  Oy vey.

Selling homes in sunny Miami, Florida, means I get to process a lot of documents.  An awful lot.  This would ordinarily mean that I am using a lot of actual paper.  But I try to be responsible and go digital whenever possible.

Just tonight I emailed a listing agreement to one of my sellers and sent it using Transaction Desk.  It's a tool made available to us by the Florida Association of Realtors (also known as FAR to it's members).  Of course, I sent myself a copy as well.  As I was reading the copy I received I noticed a little Go Green, Go Paperless image and it caught my eye. 

It allowed me to see what an impact we are having by using tools such as this one to go green.  I thought it was neat l that it showed actual pages saved as well as CO2, water and trees saved.  It made my small gesture viable.  It wasn't so small any more!

The program also allows the documents to be signed digitally and be returned to me so we can keep everything totally paperless. 

Nice going FAR & Instanet! 

This Friday Prudential Florida Realty will be hosting it's "Sunshine After Dark" event to benefit the Sunshine Kids organization.  Sunshine Kids was formed to help kids with cancer.

Our Sunshine Kids event “Sunshine After Dark” is set for Friday, November 13, 2009 at 7pm. The event will be held in Pinecrest, at our first floor office space-which will be transformed to a chic lounge for the event.

We will have wine, appetizers and a wonderful silent auction with fabulous prizes.

The tickets for "Sunshine After Dark" are $25.00 in advance and $30.00 at the door.  One hundred percent of this goes to Sunshine Kids.  Prudential is footing the bill for all the expenses and we've had gracious donations for the raffles.  Yay Prudential and sponsors!

We are also selling tickets for a 1 in 1,800 chance for a new 2010 Mercedes Benz C Class. Tickets for the car drawing are $50.00 per ticket. Sweet!

Get excited about having a great time and supporting a wonderful cause!

Prudential Florida Realty is committed to the kids.

What: Sunshine After Dark

When: Friday 11/13/09 at 7pm

Where:  Prudential Florida Realty 11525 S. Dixie Hwy., Pinecrest, FL 33156

Cost:  $25 in advance, $30 at door

Please contact me at 305.975.3842 if you wish to attend.

Did you catch the similarity to Joan Jett's classic, I Love Rock 'n Roll?  No?  Well please humor me and say you did. =)

Joan Jett & the Blackhearts will be performing at Miami's Ribfest tomorrow.  Also performing will be another classic act, Blue Oyster Cult.  I happen to know that some people are spending Saturday in Homestead just to see them perform.

You can get your Rock 'n Roll fix on Saturday and come back on Sunday for a little Country.  Tracy Lawrence and Chuck Wicks will be the headliners on Sunday.  Now, I've fallen behind on current signing sensations, but even not knowing who he is, Chuck has a smoky look in his eyes that makes me want to head to Homestead on Sunday for some ribs!

So, head on over this weekend.  There will be lots to do and plenty to eat.  Visit the Miami-Dade parks site for RibFest to get more information.

What:  Miami RibFest

When:  Sat. & Sun. 11/8 & 9

Time: 11:00am - 10:00pm on Saturday, closes at 6:00 on Sunday

Where:  Homestead Air Reserve Park (268 St. & 122 Ave)

Cost: $15, kids under 10 FREE.  Ribs extra =)

After a 17 year absence, the "Wings Over Homestead Air Show" is back.  The event hasn't been held since Hurricane Andrew tore through Homestead in 1992.

Headlining the event are the world-famous Thunderbirds.  The Thunderbirds are the U.S. Air Force Demonstration Squadron, known world wide as one of the most elite jet fighter performance teams.

In addition to the Thunderbirds, the event will include biplanes, rocket cars, supersonic jets and more.  In addition to the performing aircraft, many vintage warplanes will be on display for up close and personal viewing.

The event is totally FREE and parking is free too.  You've no excuse for not having something to do this weekend. =)  The show is the military's way of thanking the local community for their support of our troops and veterans.

Where: Homestead Air Reserve Base (Go East on 288 St. Approx 1 mile East of Turnpike)

When: Sat. & Sun. 11/8 & 11/9

Time: Doors Open at 9am and close at 3pm. Event lasts longer than 3pm but you must arrive by 3:00

Cost:  FREE

Visit the Wings Over Homestead site for additional information.