On our hunt, we came across one we thought would be good. We went in, decided it was the one, drew up an offer, negotiated it out, and within 24 hours, we were under contract! The next step was applying for a loan, and getting inspections done, both of which we did immediately. The inspection turned up some big ticket items for repair, so we were skeptical at that point. We negotiated out the repairs and continued on the Home Buying journey with that house. We obtained a loan commitment, got our insurance and moved the process along. We did a walk thru (how different the house looked without the seller’s things in it!) and were ready to close. There was a delay to close, by a few days (frustrating!) but we finally closed and the house is ours! Now the work begins…renovations!

As a realtor, I have been helping clients from start to finish (and beyond), but now I know what it’s like to go through the motions. Had I not been in real estate, I would definitely have sought out professional assistance from an agent. It’s a daunting task, and to have someone who knows the process and is there every step of the way is a huge help!

Contact the Restivo Team…we will help you through the entire process, whether buying or selling! We were able to negotiate things on my behalf in my purchase, and will be on your side and do the same for you!

via 6 Don’ts After You Apply For A Mortgage.

If you would like to buy a home or sell yours, the Restivo Team can help. Give us a call today and let’s get started!

1- Last 2 years tax returns for individual tax returns  (all pages)

2- Last 3 years w-2  and 1099 (if applicable )

3- Last 4 pay stubs ( if applicable)

4- Last 2 months bank-statements (all pages)

5-  Last 2 years tax returns for a business

6- Copies of 2 forms of  identification

7- Copies of your green card if you are a resident and not a US citizen

8-  If you have investment properties in the US ,  provide mortgage statements insurance information and HOA information on those … if applicable.

For more information on buying and selling real estate, link to MiamiRealEstateCafe.com

The benefit to you is that  (rather than you paying a monthly mortgage to your lender)  a Reverse Mortgage pays you to stay in your house … A reverse mortgage allows you to receive cash payments which from the equity in your home.

The requirements for a Reverse Mortgage are:

*    Homeowner must be 62 or older

*    No credit score requirement to qualify

The benefits of a Reverse Mortgage are:

*    Use the cash you receive for any purpose whatsoever

*    No monthly mortgage payments

*    Borrower retains title to the home

*    The Reverse Mortgage can be used for Purchase or Refinance

*    Without moving you can turn your  home’s value into cash

*    Finance closing costs and other fees with the loan

If you are  in the market to buy, sell or relocate,  and are looking for an experienced , local real estate agent to work with, we invite you to call us. Vicki and Alexandra Restivo at EWM Realtors International  305 793-1365  restivo.v@ewm.com

There’s no property address, no folio number, no terms, no closing date.

It’s written on a lender’s stationary,  specifying (not a whole lot more than) just the name of the buyer,  the approved mortgage amount,  the maximum purchase price permitted by the lender, and an allowable  percentage for seller contributions – if any.   It shows the seller as ‘owner of record’.   There’s a hefty escrow amount that’s ‘pending collection’ and an escrow agent  that is yet ‘to be decided’.

Seriously?  Could literally be for any house, anywhere…. and by no means is it even close to being an offer!

Those poor buyers!   I chatted with them and their Realtor, while they previewed the home I was selling…. We chatted about the neighborhood, schools, parks… about Miami in general … They asked questions… told me about their kids and their family and their house-hunting faux-pas.   As we toured the house, they shared with me that they’d lost out on another acquisition recently  -  and were devastated. Their Realtor expressed frustration too – about how hard it is to buy a house today.

After I read through their “offer” just now … the one they submitted on my listing …  there was little question  as to why  they’d lost out on that other property ….  and there is absolutely no doubt whatsoever  as to why they will undoubtedly  miss out on many, many more.

It really matters very little whether you are buying or selling …  It matters immensely though who you have representing you as a real estate agent.  Chosing the right Realtor can and often does make the difference between coming out on top,  or getting trampled.

The Restivo Team at EWM Realtors …  We would love to help you buy or sell or relocate.    305 793-1365   restivo.v@ewm.com  …  We would love to be your choice in Real Estate Agents, and invite you to call us to schedule a buyer or seller consultation.

Prices in New York and New Jersey will drop 13%.  Illinois and Indiana and Kentucky will have significant drops in their housing prices, because of the amount of shadow inventory in each of those states. 

Also in bad shape are North Dakota and New Mexico … South Carolina and North Carolina.

What about Miami?     Not only do we have beautiful weather year-round, but from all appearances the real estate market in Miami is one of the few that has actually stabilized, making our neck of the woods a good investment option.   If you are looking to relocate we would love to help you!  We specialize in South Florida, and we can also connect you with real estate experts nationally and internationally to help with the other side of your move .   The Restivo Team at EWM Realtors, International.   305 793-1365

Who is  FORECASTING WHAT …  FOR THE REAL ESTATE MARKET? :

Zillow says:  Prices in Miami will remain stable over the next 12 months, although prices will go down in Chicago by 7.6% …  and will similarly drop  in Atlanta by 8.5%.  “Prices WILL soften in Florida … and in the rest of the country…  BUT NOT IN MIAMI !!”   (according to Steve Harney of Matters, who spoke to a group of Top Real Estate Agents at EWM in Miami last week).  Harney demonstrated through recent sales that the propjected prices in real estate  will be flat this year (2012)  … with Miami pricing being at the same level as in 2002 … but with interest rates in 2002 being at 6.11%  as opposed to today being at 3.87%..

Warren Buffet  recently advised his secretary (of  many decades):  ”Buying a home right now will be the best opportunity in your lifetime”.

Chris Thornberg  has had a change of mind about the real estate market.  Back in 2007 he warned “WAIT TO BUY, because you’ll get it for 10% less in a year”.  He was right.  Now he says “If you have been thinking about buying in Las Vegas , or a condo in Miami BUY NOW!”.   I don’t disagree.

And Celia Chen of Moody’s Analytics reports a 30% increase in existing home sales.

The Restivo Team at EWM is seeing an increase in property sales – both single family homes and condos – in Miami.  “When homes start going under contract before they even hit the MLS, as they are doing again now (March 2012) it’s an indicator that the real estate market has not only stabilized but is improving”.   Vicki Restivo – EWM Realtors, International.

Considering buying or investing ?    Miami is simmering …    Many opportunities for buying  (and buying well!)  right now – in South Florida!

Reality though is sometimes a whole other picture. 

Those remodeled baths … well, they weren’t.  The pool was more of a pond.  The interior was a disaster …  more like squatters resided there … in complete dis-array … and to say it was filthy would have been just way too polite.

The biggest problem is  once a property like this one actually sells, because anyone looking at the photos and reading the description  will assume it really is in fine shape.  Any appraiser pulling it as a comparable  (to determine value on another potential sale in the neighborhood) will tend to  mis-value the subject property that the lender is asking to be appraised, based on the photos and description that is so incredibly  inaccurate.   

A lesser problem is that photos  (taken pre-disaster-state), coupled with a property with a description that couldn’t be farther from the truth,  attracts the wrong buyers too, and wastes everyone’s time.    Pictures taken when there actually was a doting owner taking care of the property … at a time when there  was a bathroom (with more to it than a sink and a bucket)  … at  a time when there was a functional utilizable kitchen that hadn’t been mauled like a tiger was let loose inside … at time when the carpet wasn’t destroyed by feral cats … and prior to the indigent staking claim .   (I do have buyers for homes that are tear-downs or  need major TLC … just not THESE buyers!) 

Unfortunately pre-disaster photos and that ’highly’ embellished description are what an appraiser will see  too, eventually.  That house will sell  FOR A FRACTION OF THE COST OF THE OTHERS LISTED FOR SALE  THAT ARE  WHAT THEY SAY THEY ARE.  And  that house will potentially play havoc with neighborhood values because buyers and appraisers who don’t have the opportunity to see it first hand will misinterpret it’s real value … or lack there0f.   No wonder it’s hard for appraisers these days!

Looking to buy or sell, and needing an experienced Real Estate Agent?  We would be pleased to work with you.  Call anytime 305 793-1365   Alexandra and Vicki … The Restivo Team at EWM Realtors, International

Back in 2007 he warned “WAIT TO BUY, because you’ll get it for 10% less in a year”.     And … He was absolutely right. 

He was recently quoted  saying :   ”If you have been thinking about buying in Las Vegas , or a condo in Miami BUY NOW!”.   That’s now … in 2012.

I agreed with him then …  I agree with him now.

National average rents are headed upward.   A rental that you could have had for $1000 in 2009 is forecasted to reach $1,175 by 2014.  When rental prices are on the rise, it’s a good indicator that it’s time to look at buying.

If you’re thinking about purchasing property  anywhere in Miami, we would love to work with you.  We know the market, and we know the neighborhoods you want to live in and invest in, and we look forward to helping you.  Call us anytime on our direct number 305 793-1365  The Restivo Team … experienced …  reliable …  local …  real estate experts.

Miami has a new  “fashionably-trendy” hot spot… offering walkability… a neighborhood feel … nightlife… shopping and dining … entertainment … art … and a vibrant interactive community in the areas of  MIDTOWN  and the MIAMI DESIGN DISTRICT.   Wynwood, Midtown and the Design District are all  pretty much adjacent to one another - each of them located  immediately north of Downtown Miami … and  within blocks of the ”10 billion dollar mile”.  

A host of trendy new restaurants, new condo construction, shops and restaurants  have seemingly sprung up overnight in Midtown and the Design District …  With the Miami Art Festival  (and influx of art galleries, dining options and stores popping up)   Midtown planted itself on the map at the end of 2011 …  and made it the talk of Miami in a matter of a few months.

Condos in Midtown can be bought for around $200.00 a square foot … brand new…   and range in price from around $200,000.00 – upward .

Midtown Miami and the Design District are expected to catapault  Miami onto the radar screen as one of the premier shopping capitals of the world within the next year or so …  making  Miami an even more  fashionable destination.    

 Hermes and Louis Vuitton have apparently announced that they are closing their stores in Bal Harbour and relocating them to Miami’s Design District.    Other newcomers expected to open shops in Miami’s Design District this year include Bulgari,  Celine,  Moet Hennessy, Christian Dior, Fendi, De Beers, Cartier, Pucci, Ermengilio Zegna.   The area will be home to some 400,000 square feet of stores and shopping … not to mention  restaurants.  Among the restaurants already on the map (and highly tauted)  are Sugarcane, Cheese Course, and Salumeria 104.   

Adding to Midtown Miami and The Design District’s appeal are their close proximity to Miami Beach  and easy access to and from Miami International Airport (15 minutes)…. and proximity to major highways, Jackson Memorial Hospital/UM Health,  Key Biscayne and the bay and ocean.

Looking to explore Miami’s Neighborhoods and get a sense as to where you might like to live?   MiamiRealEstateCafe.com is your resource … giving you insights into what Miami’s Neighborhoods are like, and what makes each unique.  Looking to invest in Miami?  We are YOUR  Miami Real Estate Experts:  The Restivo Team at EWM Realtors, International :  Vicki & Alexandra Restivo .  Call anytime on our direct lines: 305 793-1365 or 305 632-0164 or send us a note here.  We look forward to working with you!  restivo.v@ewm.com