Will 2014’s New Mortgage Rules Affect You?

Keller Williams’ Claudio & Robyn Petasne Emphasize The Importance
of Finding the Right Real Estate Partners.

Changes to the home loan industry seem to be more the exception than the rule. But 2014’s new changes taking effect on January 10 are intended to protect the buyers, according to South Florida realtors Claudio and Robyn Petasne.

“The first major change is related to what the Consumer Financial Protection Bureau calls ‘qualified mortgages,’” Robyn says. “Qualified mortgages are intended to protect the buyer because they are ones the buyer can afford to repay.”

In 2014, qualified mortgages mean lender cannot take fees higher than 3 percent. Lenders also cannot grant loans that would exceed your debt-to-income ratio by 43 percent.

These new laws may protect homebuyers, but Claudio points out that he also views his and Robyn’s job as having a similar pathway.

“We want our buyers to be in their dream homes, but we also want to them to be in dream homes that means they don’t have to limit their lifestyle due to their mortgage payment,” Claudio says. “Our experience in South Florida real estate and our close partnerships with lenders means we can work with buyers to get the right house at the right price.”

One such partnership is with Priority Lending, where Dan Longman, President and CRMS, works with the Petasne’s buyers to obtain affordable mortgages.

“Our fees never exceeded this 3 percent mark and are typically around the 2.5 percent range,” Longman says. “However, as wholesale lenders, we are really able to offer a greater variety of loans in the first place. Even with these differences and changes in 2013, we’ve been able to navigate these waters with realtors like Claudio and Robyn and help their homebuyers move into homes.”

Buyers’ Outlook for 2014
As for the buyers’ outlook in South Florida for 2014, both the Petasnes and Longman are seeing more and more buyers qualify for loans in a timely fashion.

“One of the biggest challenges in 2013 is that the market seemed to be flooded at times with investors that were snapping up homes,” Longman says. “This meant well-qualified buyers were losing out to investors coming in and paying cash. But investment companies are backing off, which leaves more room for buyers.”

Having realtors that know the market well and always seem to know where the next best property for a homebuyer is can equal greater success, Robyn says.

“Our goals for 2014 are to help more buyers than ever to realize their dream of home ownership or to move into a home that’s a better fit for their needs,” she says. “We are prepared to help them navigate any changes to mortgage requirements and are proud to work with the right partners to help them get there.”

To find out more about how Robyn and Claudio can help you find or sell a home, call their office at (954) 770-6850 or by cell phone at (954) 260-5570.

You can also visit:
Facebook: https://www.facebook.com/SFL.HomeSales
Blog: https://greatlivinginwestbroward.wordpress.com/
YouTube: http://youtu.be/umUg-Bm1Pdc
Search for Homes Here: http://www.FtLauderdaleRealEstateForSale.com
Testimonials: http://www.zillow.com/profile/ClaudioPetasne/

Buying Homes for Cash

When we talk to our customers and are preparing them to buy in todays market, we always try to explain that there is an unofficial hierarchy in purchase offers based on how they are paying for the property. Using the analogy of the childs’ game “Rock, Paper, Scissors” I offer “Cash, Conventional, FHA”. Home buyers who require financing for their home purchase can struggle to compete against buyers who have offers of all-cash. I go on to explain that in all price brackets South Florida Buyers are offering cash creating a highly competitive, multi bid situation where prices are bid higher then asking sometimes, even among cash buyers vying for the same property.

Here in town over half the sales are cash! In the last 90 days in Coral Springs,FL 13 homes closed that sold with with VA loans, 50 sold with FHA loans, 64 sold with Conventional loans, and 99 sold for CASH.Having realtors who can creatively write your contract making your offer as strong as possible is a great boost to the buying power of customers using financing. Call Claudio and Robyn Petasne at 954-260-5570, Realtors experienced in buying homes for their clients. Making the most of your assets is both a science and an art that changes with the fluctuating South Florida Real Estate Market. !
Where are all-cash deals are the most prevalent? Cash deals represented 80 percent of home sales in June in Vermont; 58 percent in Nevada; 57 percent in Florida, and 51 percent in New York, according to RealtyTrac. Cash deals represent a very small percentage in Texas, Utah, and New Mexico.

The markets with the most all-cash transactions tend to have a high number of foreclosures and depressed home prices, which attracts investors and private equity firms, according to RealtyTrac. Here in Coral Springs and the surrounding area, 60% of the homes are distressed properties, combination of short sales and foreclosures.

The following 10 metros had 40 percent or more all-cash deals out of the total home sales in June, according to RealtyTrac:
1. Miami/Ft. Lauderdale: 64%
2. Las Vegas: 62%
3. Tampa, Fla.: 58%
4. Detroit: 56%
5. Orlando: 53%
6. New York: 49%
7. New Orleans: 43%
8. Memphis: 43%
9. Jacksonville, Fla.: 42%
10. Atlanta: 42%

So in review, when competing in the market to buy a home, you need realtors that know how to write a great offer, making the most of your financial assets. Claudio and Robyn Petasne are such realtors. Experienced and dedicated to helping you buy a home you will love and an investment that will prosper! If you have a suitcase of cash, that can always help too! Give us a call and see how we can help you. 954-770-6850

Source: “Housing markets where cash is king,” CNNMoney (July 25, 2013)

Shop for Insurance Before you Buy your New Home

State Farm requests insurance increase

TALLAHASSEE, Fla. – June 28, 2012 – State Farm has requested an average increase of 15 percent on its homeowners policies in Florida, its sixth rate hike request in less than three years.   According to an analysis of the request by the Sun Sentinel, the increase, if approved by the Florida Office of Insurance Regulation, would average 14 percent for single-family owners, 49 percent for renters and 27 percent for condo owners.   State Farm says the actual premium cost for a homeowner will vary, however, because it’s also bringing back a handful of discounts. The biggest one – a 10 percent cut in cost – would be granted owners who also use State Farm for their car insurance, for example. The company also says that a homeowner facing a 14 percent price hike could cut it down to 3 percent by opting for a higher deductible.   According to State Farm, it needs permission to raise prices because its “financial position has deteriorated significantly over the past several years.”   The Office of Insurance Regulation has final say over the increase, however. It has a meeting scheduled for July 25 to consider the request.

Citizens Insurance, one of the largest with holdings in Florida is also instituting major rate hikes and possiblly dropping many of their insured due to the high risk and costs of offering coverage in our Hurricane Prone state.

When you are considering purchasing a property the time to think about insurance is before you buy. Contact your insurance agent and discuss the type of property yuor looking for to get estimates on what the insurance will cost. You dont wany any surprises to keep you from moving into the home you desire.

Call me for some client recommended insurance agents. We only recommend agents that have been excellent in their knowledge, service, rates for our past clients. Reach Claudio and I at 954-770-6850

Hello world! Why am I writing this very first real estate blog post?

 Welcome to my blog world! I’m so happy to be here!

But why am I here? Whats my purpose.

Tony Robbins says “A real decision is measured by the fact that you’ve taken a new action. If there’s no action, you haven’t truly decided.”

I find this so true in Real Estate as in all areas of life. So many people contact me via online and email afraid to talk on the phone. I find myself wondering how serious are they about wanting a new home or investment if they are too uncommitted to even talk.

In your quest to purchasing a new property, your personal and professional Realtor is your greatest asset! How amazing that you have can the full resources 0f this professional, their whole team of associates and all the available properties, market knowledge, and technology working for you FOR FREE!!

Clarity is Power! What do you want? Why do you want this? What is the purpose? What is your plan to get it? These are the questions I ask all my Real Estate Clients so I can help them find exactly what they need to make their life better, more comfortable, richer.

So why am I blogging?

I have been in my clients shoes. I have built homes, bought homes, lost homes, rebuilt homes. I know the difference a safe, secure house makes in the life of a family. This is the gift I want to share with my clients, and my readers. When you help someone  create a home, you touch their lives. Like the ripple effect it moves on and touches many others. As a Realtor I help people buy homes and sell homes, helping them move on to whats next.

I look forward to sharing market information, great homes, decorating ideas, fun events in and around Fort Lauderdale and other helpful information to make Living in West Broward a wonderful lifetime experience for us all!

I look forward to hearing from you. Enjoy the youtube video below, 2 minutes of Tony Robbins on Clarity and Purpose.

Robyn Petasne     954-770-6850

https://www.youtube.com/embed/_Af4QLc2vhs?rel=0