Bank Owned Condos Downtown Boca Raton

When Palmetto Place in downtown Boca Raton first opened their sales office for pre-construction sales earlier this century, one bedroom untis were sold for between $200,000 and $250,000.  The first residents of this wonderful full service building closed on their units in mid-2003.

In the following years, during the real estate boom, the one bedroom units sold in the high $300,000s.. but now, the county clerk appraises them for tax purposes at around $220-230K.

OPPORTUNITY FOR CASH BUYERS (or individuals with excellent credit and ability to secure letter of commitment from financial institution):  Limited number of one bedroom units (Foreclosed and now bank owned) are now avaiable for sale from $180,000s to $190,000s.  BELOW CURRENT MARKET VALUE.  Non-distressed one-bedroom units currently listed between $299,000 and $319,000.

More information about Palmettto Place - Click the following link:
 http://mazorcondos.com/BocaRaton/PalmettoPlace/index.htm
Call Mazor Realty at 561-998-9500

Foreclosure Opportunities and Home Ownership!

Florida’s foreclosures rate is high.  Though it is sad for those who lost their home, the market provides an opportunity for interested would-be homeowners who could not afford to purchase during the height of the market.  Qualified buyers may purchase homes these days below current market price, with low down payment, and government sponsored down payment and closing assistance.

Fannie Mae's First Look initiative offers foreclosed properties often at 50%-70% off original prices, and well below even current market to would be HOME OWNERS – people who intend to occupy the property year round.  When foreclosed properties are first offered for sale by Fannie Mae, during the first 15 days of listing (soon to be extended to 30 days) offers are accepted from potential primary residents ONLY.  The purpose for the program is to provide a period during in which everyday folks have an advantage over and need not compete with investors.  The program is intended to assist lower and mid-income citizens to achieve home ownership, while at the same time contribute to neighborhood stabilization. During this period, owner occupants, public entities, and their partners can submit offers and purchase properties without competition from investor offers.

If the property remains available for sale after the expiration of the First Look period, investor offers may be submitted and will be considered along with all other offers.

If you are searching for your PRIMARY RESIDENCE and can PAY CASH or are credit worthy (employed and have a decent credit history)  this may be the best time for you to think of purchasing your home!

IMAGINE… ROCK BOTTOM PRICING and no competition from cash rich investors….

Example:  Currently available in Boynton Beach, Penthouse unit on the Intracoastal with magnificent Intracoastal and Ocean views, listed at $235,000. 

Original preconstruction price over $750,000: Current County Clerk Appraisal $323,000!
First look program ends on Jan 4^th, 2010.  As expected, there are already offers on the table, and investors with cash in hand are most probably going to be left out of the bidding.

Are you look for a real estate agent?  Give us a try:  Write to: Info@MazorRealty.com

Report: Pre-owned home sales up Nov 2010

Having had to deal with the real estate bust for the last few years, any bit of good news about the housing market cheers all real estate professionals up.  And we're happy to share the news!

December 23, 2010—Existing-home sales got back on an upward path in November 2010, resuming a growth trend since bottoming in July, according to the National Association of REALTORS®. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 5.6% to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October, but are 27.9% below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit. (Full article: http://rismedia.com/2010-12-22/existing-home-sales-resume-uptrend-with-stable-prices/)

Florida Real Estate Agent's Legal Obligations

REAL ESTATE AGENTS’ LEGAL OBLIGATIONS
A real estate agent’s primary activity is assisting clients in the transaction of buying and selling homes.   The title “Realtor®,” a trademarked nomenclature, may legally be used only by real estate professionals who are paying members of the National Association of Realtors (NAR).  In Florida, real state agents are bound by the rules and regulations of the State of Florida’s Department of Business and Professional Regulation (DBPR) in addition to federal mandated laws regarding real estate activity and transactions.

AUTHORIZED BROKERAGE RELATIONSHIPS
A real estate licensee in the State of Florida may enter into a brokerage relationship as either a single agent or as a transaction broker with potential buyers and sellers. A real estate licensee may not operate as a disclosed or non-disclosed dual agent. As used here, the term "dual agent" means a broker who represents as a fiduciary both the prospective buyer and the prospective seller in a real estate transaction. Once a brokerage relationship is established, it does not prevent the parties from changing from one brokerage relationship to the other as long as the buyer or the seller, or both, gives written consent before the change and the appropriate disclosure of duties is provided.  A third option is a Non-Representation Relationship.

SINGLE AGENCY VS. TRANSACTION BROKER
The major difference between Single Agency and transaction agency representation is the legal liability involved.  In Florida, Transaction Broker is the assumed relationship between real estate professional unless otherwise agreed in writing.

THE LANGUAGE OF THE LAW: SINGLE AGENCY NOTICE
Florida law requires that real estate licensees operating as Single Agents disclose to buyers and sellers their duties:
   1. Dealing honestly and fairly;
   2. Loyalty;
   3. Confidentiality;
   4. Obedience;
   5. Full disclosure;
   6. Accounting for all funds;
   7. Skill, care, and diligence in the transaction;
   8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and
   9. Disclosing all known facts that materially affect the value of residential real property and are not readily observable.

THE LANGUAGE OF THE LAW: TRANSACTION BROKER NOTICE
As a transaction broker,  the Real Estate Firm and its Associates, provides to you a limited form of representation that includes the following duties:
   1.  Dealing honestly and fairly;
   2.  Accounting for all funds;
   3.  Using skill, care, and diligence in the transaction;
   4.  Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;
  5.  Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
   6.  Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and
   7.  Any additional duties that are entered into by this or by separate written agreement.
Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty of the licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.

THE LANGUAGE OF THE LAW: NOTICE OF NONREPRESENTATION
Florida law requires that real estate licenses provide this notice at first contract to all potential sellers and buyers of real estate.

You are hereby notified that BROKERAGE FIRM NAME and I do not represent you in any capacity. You should not assume that any real estate broker or salesperson represents you unless you agree to engage a real estate licensee in an authorized brokerage relationship, either as a single agent or as a transaction broker. You are advised not to disclose any information you want to be held in confidence until you make a decision on representation. Your signature below acknowledges receipt of this form and does not establish a brokerage relationship.
_________________
Sarah Mazor is a licensed Florida Broker.
Have questions?  Email Info@MazorRealty.com

Choose Your Realtor® Carefully

ARE YOUR LOOKING TO PURCHASE PROPERTY IN SOUTH FLORIDA?
CHOOSE YOUR REAL ESTATE BROKER CAREFULLY

THE BENEFIT OF WORKING WITH REAL ESTATE BROKER
As in any service related industry, finding the right person to work with is key.
What to expect of your broker?
 - Knowledge
 - Honesty
 - Compliance with State and Federal Regulations
 - Service

KNOWLEDGE: In pre- and new construction, knowledgeable brokers advise their clients of upcoming buying opportunities and enable them to purchase early during the "Pre-Construction" phase, often saving them thousands of dollars.  Well connected brokers have access to pre-sales events/builder closeouts/builder incenteives and can secure units in desirable properties, a major benefit to their clients. 

HONESTY:  Honesty and ethical values are important in all professions, as it is in Real Estate.  Be sure to choose a Realtor who is more committed to upholding values that the value of a sale.

COMPLIANCE WITH REGULATIONS:  The State of Florida oversees and updates laws that have been instituted to protect real estate buyers..
- Know your rights. Seek "Buyer's Agent" representation. 
- Beware of real estate agents who provide INVESTMENT advice.  It is illegal and unethical.  Forcasting future earnings is illegal even for professional investment consultants who are SEC (Securities and Exchange Commission) !  Real estate brokers are not investment consultants.  What you should expect is knowledge of the market, inventory, price per square foot, and comparables.

SERVICE: Both knowledge of market, and honest dealings should be basic requirements of your real estate professionals. Once narrowed down to real estate professionals who subscribe to the above, how do you choose the ones to work with?  Do some investigating.
_________________
Sarah Mazor is a licensed Florida Broker.
Have questions?  Email Info@MazorRealty.com