Wednesday, January 27, 2016
Monday, June 8, 2015
Sunday, June 7, 2015
To Be Qualified or Not to be Qualified
Shakespeare had a magnificent
mind and in the eyes of the realtor’s world, I can relate to some of his
remarkable ideas and literature. He had the
right idea when it comes to real estate and the pre-qualification/proof of
funds process. Every real estate agent out there knows that they do not
want to waste their time or even worse, show houses that could potentially put a
buyer in a state that overextends their budget and then they will not be able
to afford to keep the house. So it would seem common sense to make sure
that you as a buyer have either proof of funds showing an amount of the
purchase price or a pre-qualification letter from a lender. Well that’s our
side as a real estate professional.
Shakespeare also said “My friends were poor, but honest.” (All's Well that Ends Well (1.3.196))
Shakespeare confesses that his friends were all poor but honest. Showing us you
can’t always judge a book by its cover. On the side
of the buyer, it can be a totally different experience and up to their personal
interpretation; which ironically enough show’s both sides to the story. In the
mind of a hard working buyer that has a good job and that has prepared for this
purchase he may be insulted that a realtor demands a pre-qualification letter
from him without even taking time to show him the places. Yet on the
other hand, without the pre-qualifications how can you place a client in the
right house?
“One persons concept of wealth, is anothers understanding
of poverty.” William Shakespeare. There are
plenty of agents out there that are thinking; why should I work with this
person? The multi-millionaire looking for water front places can easily
be taken back if the agent asks for proof of funds or a letter from his lender
before even showing them properties they are interested in. So can the person
with poor credit but has the money in the bank. It’s a difficult scenario when
dealing with people’s finances.
Now, when I am selling a
house for a client; I always request proof of funds or a pre-qualification
letter to be submitted by the other real estate agent. This way I can verify
for my sellers that the offer is real and we are not taking the home off the
market without a real offer; and verified pre-qualification letter or proof of
funds. I am shocked at how many homes that I am selling, that are all
cash transactions. That is the majority of my deals in Lake Worth. “The
most difficult thing is the decision to act, the rest is merely tenacity.”
Amelia Earhart
Another
great mind Albert Einstein said “Let every man judge according to his own
standards, by what he has himself read, not by what others tell him.” Not all
realtors are created equal;some will only work with you if you pre-qualify
first and foremost, and others will accommodate you after learning more about
you. The trick is finding the right realtor for you!
Lisa King at Blue Chip Lending Services says “Getting pre-approved for a loan should be the first step in your
home-buying process. Know what you can afford and make sure you are getting the
best mortgage possible. There are many programs to choose from, so you will
need to learn about your options before starting the process. In
addition, most real estate agents request that you get pre-approved before they
spend time showing you homes. They want to know what you can afford so that
they can show you appropriate homes. Sellers want to see a pre-approval letter
before accepting your offer or signing a contract with you. Having an official
pre approval will save you time and make your home process smoother.” (Learn why it’s so important to
get Pre Approved when buying home from Lisa King at Blue Chip Lending)
Another Remax Prestige Agent Ashley Foland from Lake
Worth said, “Sometimes I show them one or two properties, I will only take them
out one time without a pre-qualification letter. I usually give the
buyers four lender suggestions, two that work for banks and two that work for
private mortgage companies.” These are
some different opinions, and views of other real estate professionals in the
area. The process of prequalifying people can be a dangerous game but Wayne
Gretzky says “You miss 100% of the shots you don’t take.” Therefore I believe
that real estate is like any other business and has associated risk. Yet, with
proper education and sophistication one can take calculated risks.
Charles Byron Andrews
Remax Prestige
1-561-414-5700
CharlesByronAndrews@gmail.com
CharlesBAndrews.com
Tuesday, June 2, 2015
Deal time!
After a slugging winter, housing starts have jumped a whopping 20.2 percent in April, restoring themselves to what some are calling “recovery highs,” levels similar to November 2007. Housing start landed at a 1.14 million annualized rates, up from a 944,000 pace in March, the highest it has been in 7 years, according to a Commerce Department report released May 19.
The 20.2 percent hop itself was the biggest jump recorded since February 1991. More permits—a measure point for future construction– were issued in April than at any time since June 2008.
“Inventory has been an anchor in the sand holding back housing for quite some time,” says Charles Byron Andrews Analyst. “While these reports are sometimes prone to revisions, a significant uptick in new home construction could help many buyers looking for a home in the coming months, from the trade-up buyer to those looking to purchase their first home.”
Thursday, May 28, 2015
Thursday, May 21, 2015
Paramount in Fort Lauderdale Florida
As you know, the pricing at Paramount right now is below what other oceanfront pre construction properties are offering in the area on a per square foot basis, so I certainly anticipate a price increase in the future. Spring/early summer tends to be a little bit of a slower time if Ft. Lauderdale as the mad rush for peak season wanes so we have opted to keep the prices where they are to keep the fantastic momentum we had in season going into the summer, but we won’t keep them here forever. We are now approaching 65% sold so the developer will increase them at some point soon. The best strategy to get the best deal is to move quickly and secure one of the units we still have available with great views before a price increase occurs or the selection of units isn’t as favorable. Waiting is certainly not going get you a better price. The units are selling at the current prices, and at higher prices around us, so the developer would have no inclination to lower them in the future. I have selected the 3 units I feel are the best “bang for your buck” in the building right now and listed the details below.
Unit 903, 2 Bedrooms, 2.5 Baths
B Floorplan, 1,910 Square Feet Interior + 545 Square Feet on Terrace
SE Exposure, Ocean View
$1,600,000 (This is $836/square foot)
Unit 1105, 3 Bedrooms, 3.5 Baths
C Floor Plan, 2,626 Square Feet Interior + 732 Square Feet on Terraces
SW Corner, Ocean, Intracoastal & city views
$1,950,000 (This is $743/Square foot)
Townhouse 4 3 Bedrooms + den, 4.5 Baths
Private Rooftop terrace w/ built in summer kitchen
2,262 Square Feet interior + 620 Square Feet on terraces
W Exposure, ground floor
$1,200,000 (This is $531/square foot!)
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