Home Affordable Modification Program (HAMP) Now Applies to Investment Homes

January 31, 2012 By Leave a Comment

That’s Good News For Investors With Rental Properties

home for rentIf you are employed but struggling to make your mortgage payments on your investment home, there is good news.

The revamp to the Home Affordable Modification Program (HAMP) not only triples the monetary incentives the government pays to lenders to reduce loan balances on underwater mortgages, but eligibility will be extended to investor-owned homes that are used as rental properties.

“Treasury will expand eligibility to include properties that are currently occupied by a tenant as well as vacant properties which the borrower intends to rent.”

- Read the announcement on Treasury.gov

Provided this program works, it’ll help a lot of landlords!

We’re following it and will keep you posted. For help finding the right lender, contact us now at broker@624home.com

Filed Under: PBC Housing Market Update Tagged With: ,

Are Banks Foreclosing More Aggressively In West Palm Beach Going Into 2012?

December 13, 2011 By Leave a Comment



palm beach foreclosureBanks haven’t been foreclosing as aggressively in West Palm Beach during 2011 compared to previous years.

Why? Between legal issues with lost and forged documents, and an aggressive push to work with homeowners willing to ‘short sale’, most banks simply didn’t file as many foreclosures this year.

Is last month’s 50% increase in foreclosure filings in Palm Beach County a new trend?

Most people agree it signals the start of a new wave of foreclosures that will continue throughout 2012. The demand to buy most foreclosures has been extremely strong this year. While that trend continues, the impact on our market values should be minimal. The rest of the world knows that South Florida doesn’t go on sale very often, and they’re scooping up deals as quickly as they become available!

There’s a few problematic areas and developments that should be avoided due to high crime or horribly managed community associations. Each week we’re meeting foreign investors who have just bought ‘great deals’ on the assumption that they’ll rent easily. We’re then given the task of explaining that they bought in terrible communities that will be really hard to rent! What’s the solution? Buy your investments from an investment management company like ours!

I’ve been following real estate trends in our areas since Jimmy Carter was president, and I KNOW what to buy – and what to AVOID like the plague! Don’t buy somewhere else and then come see us – buy here today! Our staff of well trained agents and managers is busy helping smart investors acquire and manage portfolios of profitable rental properties, and we’re ready to help you too.

To learn more and tailor your investment strategy, contact me at 1-800-999-6608 or at Investment Opportunities in Palm Beach County.



Further reading: Palm Beach County Foreclosure Filings Up 51 Percent Last Month

Filed Under: PBC Housing Market Update Tagged With: , ,

See what $90,000 per month will rent in Palm Beach

October 4, 2011 By Leave a Comment

Recently I hosted Darren Hunter of the Leading Property Managers of Australia while he was touring the USA on a speaking and consulting tour. While he was here, Darren remarked at just how lovely Palm Beach County is and asked what the rents are for some of the ‘nicer’ homes in our area? We did a quick search and Darren was rather surprised with the results!

Watch as we tour the finer rental homes of the island of Palm Beach, and see homes that rent for $60,000, $75,000 and up to $90,000 per month!

Interested in renting a home in Palm Beach County?

Browse our available rentals, or contact our leasing office anytime by calling 800-999-6608 and pressing 1.



Filed Under: Palm Beach Rentals Tagged With: ,

Palm Beach County Real Estate Market Update October 2012

October 4, 2011 By 2 Comments

In this report, you will see the trends of declining inventory, increased number of sales reflected as our market stabilizes. People from all over the world are buying south Florida real estate this year because they recognize value.

Florida is truly on sale right now!

Most homes, townhomes and condos can be purchased far below the cost to build new. Prudent investors recognize that fact and are acting quickly to buy in one of the nicest areas of the United States.

Two of my associates traveled to China in September to meet with investor groups that are actively buying as many properties as they can. One returned to form a REIT in which the Chinese will buy one hundred million dollars of Florida real estate. That’s remarkable, and this type of story is becoming more and more commonplace.

Will prices stay low?

With so much international interest in our South Florida market, will prices remain low forever? We’ve already seen a dramatic increase in the average price paid for condos, and I suspect we’ll see this trend in all types of ‘affordable housing’.

Be sure to check out our ‘hot deals’ in Featured Investment Opportunities. If you’d like information on these or other buying opportunities, contact us today.

Filed Under: PBC Housing Market Update Tagged With: , , ,

Bank Foreclosure Filings on the Rise – Impact on Our Market?

August 3, 2011 By 2 Comments

pending sales activity

Pending Sales Activity

Foreclosure filings in Palm Beach County increased by 119% from 484 in May to more than 1,000 in June.  Will our market be able to absorb these listings?  Let’s look at this in perspective.

At the peak, Palm Beach County saw as many as 3,000 filings/month back in 2009, so 1,000 new filings in June pales by comparison.  Back in 2009, short sales weren’t selling very well, and many foreclosures actually ‘went all the way’ to final judgement.  Nowadays that’s not the case, as many short sale contracts actually close, avoiding the need for foreclosure.  Why?  The lenders realized they’re far better off to cooperate with a short sale than take a house back in foreclosure, so we’re seeing far more homes sell in short sale than we did in 2009.

What does this rise in foreclosure filings mean to our market? 

Is this the beginning of a new trend?

First let’s look at  recent developments in ‘the foreclosure pipeline’, and then we’ll examine the market.

Palm Beach County Foreclosure Pipeline

The ‘robo-signing’ debacle put a plug in the foreclosure pipeline last year.  When our Judges learned that foreclosure mill law firms were essentially forging documents  required to foreclose, several large law firms went out of business, leaving most lenders without a Florida attorney.  Over the past year, several new law firms have taken over cases that were stalled in court, and begun filing new foreclosures.  In other words, the plug is coming out and the foreclosure pipeline is opening again.

Foreclosures that used to take one year to complete have been taking two years.  And on July 1st of this year, funding in our courts was decreased and Palm Beach County courts are now understaffed.  With fewer judges handling more cases, the pipeline can only increase so much!

Palm Beach County Real Estate Market Update

The supply of lender mediated properties (foreclosures and short sales) on the market in Palm Beach County right now is the lowest it’s been in years.  With inventory dropping from a 24 months supply to an almost healthy 8 month supply, we’ve seen prices stabilize and actually go up in some areas. 

How will more foreclosures impact this market?

Over the years, I’ve used three indicators to tell me what the market will do.

  • Cost to Rent versus Buy – Right now it’s still cheaper to rent versus buy most properties, indicating investors will continue buying property to rent out.
  • Cost to Buy New versus Resale – The cost to build new construction is considerably higher than buying foreclosures, so look for strong demand to buy existing versus new homes.
  • Cost to Borrow – Interest rates remain low!

With so many domestic and foreign buyers waiting to snatch up the ‘good deals’, it’s likely that any prolonged increase in the supply of lender mediated properties will be quickly absorbed in our market.

Listen as Cherisse Guialdo, one of our agents and property managers talks about what she’s seeing in our market.  Cherisse can be reached at Cherisse@624home.com or by calling (561) 283-0175.

Thanks for reading, and be sure to ‘subscribe’ to our blog or email list and be notified when the monthly market report is published.  For help finding the best properties to buy, contact us today.

Todd Breen

Broker/President

HomePropertyManagement

broker@624home.com

Filed Under: PBC Housing Market Update Tagged With: , , , ,

What Happens When a Rental Home Goes into Foreclosure?

July 20, 2011 By Leave a Comment

When this resident moved into her West Palm Beach rental property three years ago, the owner was current on his mortgage payments. As she relates in the video, she loved living in her professionally managed Palm Beach home, so when her lease came up for renewal, she stayed for two more years. Seven months ago, however, her world changed…

The Foreclosure Notice

Coming home to find a “John Doe Tenant” letter taped to the front door can be unnerving. The first response is often fear or panic, but it doesn’t have to be that way if you’re renting a professionally managed Palm Beach County rental home. When a property we manage goes into foreclosure, most of the time we are able to continue managing the property, taking care of minor repairs and maintenance.

How Long Does a Foreclosure Take?

Each situation is different, however from the time the tenant gets notice of a foreclosure it will usually take 6 months or longer before the foreclosure is finalized. Some of our South Florida foreclosure rentals have been in foreclosure for more than two years, while our residents continue residing there!

Will I Be Required to Move Out?

Until recently, banks would get immediate possession of a property when the foreclosure was finalized. When President Obama passed the “Save Our Homes” act, it gave most tenants the right to complete the term of their lease. Lately banks have been open to allowing tenants to continue renting the property, or will offer ‘cash for keys’ – an offer to pay the tenant to move and leave the property in good condition. And although we haven’t seen it happen at our company, sometimes a tenant will be required to move with 30-60 days notice after the foreclosure is finished.

What Happens to My Security Deposit

If you’re renting from a private landlord and your South Florida home is foreclosed, it may be difficult to get your security deposit back! At Home Property Management, we generally hold the security deposit in our company real estate escrow account, safeguarding it for you! As you can see in the above video, this resident was handed a full refund of her deposit when the bank took over the property. While we can’t always guarantee this will be the case in every situation, more often than not we refund the security deposit to the resident.

How Can I Know if a Property is Going into Foreclosure?

Whether you’re considering renting a property, or renewing the lease at your home, there are some simple steps you can take to learn if a property is in default. First, you can ask your agent to do a Liz Pendens search in the Multiple Listing Service. You can also ask the homeowner for a copy of their most recent mortgage statement.

How Can I Learn More?

It’s easy! Just scroll down and “Speak Your Mind”, asking any questions you want or contact us for more information.



The information provided on HomePropertyManagement.com website is not a legal advice. HomePropertyManagement.com site and any information contained herein is intended for informational purposes only as public service and should not be construed as legal advice.
HomePropertyManagement is not a referral service or law firm, and NO attorney-client or confidential relationship is formed by use of the site. Because of the rapidly changing nature of the law, we make no warranty or guarantee of the accuracy or reliability of information contained herein or at other sites to which we link. As legal advice must be tailored to the specific facts and circumstances of your case, information cannot substitute for the advice of competent legal counsel. It’s recommended you seek legal advice from a licensed attorney on any legal matter.

Filed Under: Our Blogs, Testimonials Tagged With:

Foreign Buyers Account for One Third of Florida Real Estate Purchases

July 7, 2011 By 1 Comment

This Channel 7 News clip reports that Foreigners realize now is the time to buy real estate in Palm Beach County!

Yesterday the agents at our weekly staff meeting all agreed that prices have stabilized overall, and been increasing in certain areas.  That’s right – prices have actually increased.  Where?  In the areas where cash buyers are competing to get the best deals.  Condos that sold for $20,000 only a few months ago are now selling for $50,000.

How do we know it’s the right time to buy?

One indicator is ‘replacement cost’; if you can buy a property for significantly less than the cost to build it, you’re getting a good deal!  And our agents all know which deals are the good ones.

To learn more about buying the best real estate deals while the market prices are still so low, contact us today!

Filed Under: PBC Housing Market Update Tagged With: , , ,

Palm Beach County Florida Real Estate Market Trend Report June 2011

June 14, 2011 By 2 Comments

Well, I have to admit – I’m pretty surprised at this month’s report. Why? It not only confirms what we predicted last month, but does so at an alarming rate!

In this video, you will see how Lender-Mediated Properties impact our market.

What are ‘Lender-Mediated” Properties?

Short sales and bank foreclosure sales – as opposed to ‘traditional’ home sales by a seller who is not in trouble! And the supply of Lender-Mediated Properties has fallen DRAMATICALLY this year. Why?

  • Prices have fallen to levels locals can afford to pay
  • Historic low interest rates means locals can afford to borrow
  • Historic low value of the US dollar attracts foreign investors

How much have inventory levels of Palm Beach County foreclosure and short sale listings fallen? Almost 60% in the past year!

Will prices continue to decline? Once the inventory levels off we’ll know better, but these are very good signs that the market is stabilizing.

Remember the old saying “Sell when others are buying, and buy when others are selling”?

I advised our investor clients to sell at the peak of the boom back in January of 2005. Those who sold then were glad they did! In the six years since then, I’ve been watching the Florida Real Estate market correct itself, and waiting for signs that we’re hitting bottom before advising people to buy real estate again. Six years is a long time to wait – and I’m glad I did! I like being able to eat a restaurant and having people THANK me for good advice instead of the alternative!

The signs I’ve been waiting for are finally here

After six years of renting, I’m buying a home this month. I’m also making offers on income property again for the first time in years. I’m buying carefully, with a thorough knowledge of not only Palm Beach County values, but values in each area. Why? As the last chart in the video shows, some cities are better than others, and it pays to know that information BEFORE you buy.

If you’d like to learn more about price trends in a specific area from Boca Raton to Jupiter/Tequesta and all points in between? Contact our office now. My hand picked staff of professionally trained agents and property managers will help you make the right choices today.

Todd Breen
Broker/Owner
Home Property Management
broker@624home.com
561-624-4663 ext 309

Filed Under: PBC Housing Market Update, Video Blog Tagged With: , , , ,

Why Did This Investor Choose Now to “Invest in Florida Real Estate”?

May 29, 2011 By Leave a Comment

Listen as Dave explains why he purchased two rental properties in the past 7 months. Like so many other investors, Dave had to choose when the Palm Beach County Florida real estate market was beginning to recover. With inventory levels finally returning to normal, Dave’s timing couldn’t be better.

When he wanted to purchase a home in Palm Beach County, Dave chose to work with Shir-Lee Rosenberg of Home Property Management. It just makes sense to purchase a rental property from an agent who works with a firm that specializes in leasing and managing homes for rent. Shir-Lee is a hard working agent with almost 20 years local real estate experience in both sales AND leasing. Her knowledge of local rents made her the logical choice for Dave to work with. If you’re considering getting back in the market, call Shir-Lee at 561-543-1181 or email her at Shirlee@624home.com

Thanks Dave for sharing your insights, and we wish you the best with your investments!

Filed Under: Client Reviews, Testimonials, Video Blog Tagged With: , ,

Palm Beach County Housing Market Update – May 2011

May 8, 2011 By Leave a Comment

“Is now the time to buy Florida Real Estate again?”

“Have prices bottomed out yet?”

These are the questions we’re asked everyday at our real estate office and property management firm. Our answer? “Let’s look at the market stats”

PRICES

This graph shows that our post-boom real estate prices have returned to pre-boom levels. That’s the first good sign. With prices at historic 10 year lows, we’re finally seeing good buying opportunities at prices that make sense.

NUMBER OF SALES

The number of homes actually selling each month is always a great indicator of market trends, and you can see that trends have steadily been trending upwards for the past two years. That’s a good indicator that demand is increasing, and as we all know, increase in demand puts upward pressure on prices.

SUPPLY

During 2010, a number of south Florida law firms were indited for ‘robo-signing’ loan foreclosure documents. Many of these law firms have gone from hundreds of employees to closed, resulting in a drastic reduction in the number of foreclosures available to purchase. While there’s certainly a backlog of homes in ‘foreclosure pipeline’, there’s no telling when lenders will be able to resume normal foreclosure activity.

Lenders don’t want to foreclose, and are becoming far more cooperative with Loan Modifications and Short Sales. How cooperative? This past month, Chase Mortgage announced they would pay sellers up to $20,000 to do a short sale! So it seems the ‘foreclosure pipeline’ may not come back again anytime soon…

Another factor that is effecting supply? There’s virtually NO new homes being built anymore, and very few slated to be built in the foreseeable future. With so few new homes to choose from, buyers have to compete for resales, which is why we’re seeing the number of homes on the market steadily decline for the first time in six years. How much have they declined? 27.6% since last year. . . and that’s a great trend. In fact, inventory levels in Palm Beach County have fallen from a high of 23 months to 9.6 months.  That’s a dramatic shift.

DEMAND

America’s on sale, and the world knows it.  Real Estate ABC’s: The US dollar has fallen dramatically against world currencies over the past year. Buyers from Australia, Brazil and Canada taking advantage of their stronger buying power and buying everything they can.  With prices back to where they were 10 years ago, locals can afford to buy too.  Demand is increasing.

SUMMARY

Rising Demand.
Falling Supply
Prices returning to a level where locals can afford to buy.
Foreign purchases at record levels.

Is now the time to buy? Have prices bottomed out? It’s beginning to look that way. If you’re an investor looking to buy an investment property in Palm Beach County, see if you qualify to work with our agents. Why? Because the agent who helps you buy the property will also be the agent who leases it and manages it for you. Smart Asset Acquisition and Management begins here. Email broker@624home.com for a consultation.

Filed Under: Our Blogs, PBC Housing Market Update
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