The market is turning; at least that is all indications, at least in the South Florida market.  You know, the buyer never really knows when the market has hit bottom until the market starts to go up!  Let me give you some simple advice; if you are looking for a comprehensive list of short sales and/or foreclosures, then simply call me and I can email you properties in the area you are interested in.  Don’t pay for these lists either online or in your neighborhood newspaper.  Just give me a call.   Dianne Mattiace, GRI, CDPE (Certified Distressed Property Expert) Realtor.   Balistreri Realty, Inc.  954-675-0800

Stimulus plans. Bail outs. Restructuring.  And it goes on and on.  But not for most homeowners.  Sad but true.  I speak almost daily with homeowners who are facing losing their home to foreclosure due to a serious illness or loss of a job.  A year ago it was an investment property owner who obtained toxic mortgages to buy several properties at ridiculous prices.  But today it is a family, with children, swingsets in the back yard, love and care was given to the property and made it a home.  The only answer is to try to assist them in a successful short sale.   Many don’t know what a short sale is, or how it can help them.  If you know anyone who has missed a mortgage payment, please ask them to call for a confidential consultation.  I can help—and help is free!    Dianne Mattiace, REALTOR     CDPE (Certified Distressed Property Expert)    954-675-0800

Lots of information in the media regarding short sales, and the banks are responding quicker, working with Realtors, properties are closing.   NOT entirely correct.  You would think that the banks would appreciate a licensed professional(s) listing the property and finding a qualified buyer.  Not always.  Some lenders continue to play the game of control, lack of communication,   no call backs, dragging the process out for endless months.   Honestly, if this part of the industry would get their act together, we would all see the real estate market rebound more quickly.  Realtors are taking NON-performing assets and turning them into performing assets at a different bank—it is really quite simple.  For more information regarding short sales, call Dianne Mattiace, REALTOR, Balistreri Realty, Inc.  954-675-0800

Many buyers are taking advantage of the $8000 federal tax credit.  What a great incentive for a first time homebuyer—and it really doesn’t have to be your first home.  If you or your spouse have not owned a home in the past 3 years, you are probably eligible for the credit.  Along with low mortgage interest rates, lots of inventory, and the tax credit, it truly is an opportunity for many.  $8000 goes a long way in remodeling a kitche, or replacing flooring, or repairing a roof.  Many foreclosures and short sales are available, and many may be purchased with some built in equity. 

If you are interested in additional information regarding the tax  credit, please call Dianne Mattiace, REALTOR, Balistreri Realty, Inc. at 954-675-0800. 

If you are behind in your mortgage payments, and are not aware that you have options, please call me.  I can help.

Can you really believe the media?  According to the newspapers and TV programs, the economy is now in an upswing.  You must be kidding me!!   There are still tons of properties, mostly vacant, which are being offered as short sales and foreclosures.  As these become absorbed, yes, it makes the numbers look a bit better.  But guess what!  These are the sub-prime loans that have become a problem.  Next year we will be looking at adjustables and there will be another, even bigger, avalanche of short sales and foreclosures.  The loan modification programs are only helping a very very small percentage of folks.  Realize that the majority of these problem properties were purchased as “investments”. 

 If you are behind on your mortgage, or have a question, call Dianne Mattiace 954-675-0800 Balistreri Realty, Inc. 

If you own an investment property or second home and are hoping to do a short sale, you might want to think again.  No longer are banks just approving a total write-off of the difference between what is owed and what the current market value is.  If there is private mortgage insurance on the loan (PMI), the PMI company may demand a promissory note to approve the short sale.  The note is typically for a percentage of the amount that the insurance company is on the hook for, and is interest free and spread over many years.   If the seller does not comply and sign the note, the property will go to foreclosure and the PMI company will likely sue the seller for a deficiency judgment.  The only way out of it completely would be to file bankruptcy, which is not a solution for many. 

If you are behind in your payments or fearing foreclosure, call Dianne Mattiace, REALTOR, CDPE (Certified Distressed Property Expert) at 954-675-0800.  I can help.     Balistreri Realty, Inc.

Never did we imagine we would see the day when 1 in 10 homes are in foreclosure in Florida.  Realtors, mortgage brokers, investors, title agents, attorneys—everyone reaped the benefits in the heyday.  So what happens now?   Many a Realtor are avoiding the call from their past client who is in trouble with their mortgage.  They are not familiar with the vocabulary of today; short sales, preforeclosure, lis pendens, loan modification and on and on.  Sticking our heads in the sand will not change things folks;  it will only prolong the agony.   If you think the stimulus package is going to be our salvation, think again.  The only way out of this mess is for Realtors to short sell homes assisting underwater homeowners to escape their situation.   For more information, call Dianne Mattiace, CDPE (Certified Distressed Property Expert), Realtor, Balistreri Realty, Inc.   954-601-1880    or email me at  DMattiace@Balistreri.com   

“There is help out there.  Just call.”

The housing symposium was held this afternoon at the War Memorial in downtown Ft Lauderdale.  The audience was comprised of Realtors, consumers, mortgage brokers and title companies.  Rick Barkett, the CEO of the Realtor Association of Great Fort Lauderdale, was again, the most informative speaker.  He gave great statistics of almost every city in Broward County, regarding pending sales, inventory numbers, and comparisons to years past.  The good news:  sales are slowly creeping upward.  The bad news:  we have nearly 3 years of single family home inventory, and nearly 7 (yes, 7, it is not a typo) years of condo inventory.

Lori Parrish, the Broward County Tax Assessor was on hand to handle questions regarding portability,  foreclosures and short sales.  She also gave a quick demo on how to calculate taxes on properties that are being purchased now. 

Great information! 

Dianne Mattiace, REALTOR    Balistreri Realty, Inc.  954-675-0800

If we are ever going to get ourselves out of this real estate mess, we need to have the banks and the Realtors working together towards a common goal.  And that is the absorption of all of this real estate inventory.  We really do have a lot of buyers who would like to take advantage of the abundance of inventory, and benefit from the drop in real estate market values, in addition to the best interest rates we have seen in 40 years. 

So in spite of all of the billion dollar bailouts, nothing is moving the real estate market like short sales.  And the biggest joke is that the entities that we are bailing out are the ones standing in the way of deal being completed, throwing tantrums, and not working towards a common goal of getting these properties closed and out of inventory.  Contracts are being forsaken over a secondary equity line (HELOC) and there is more often than not, no meeting of the minds or of the money.   All loans have to be “satisfied” prior to closing to provide a clear title to the purchaser, and that is where the real negotiating comes into play—but it doesn’t.   It seems that it is more important for the bank to have control, rather than to  complete the deal.  I just do not get it, and neither do any of the Realtors I know.  These banks need to be thankful that we are assisting them in the worst disaster ever, one that they created out of greed, and that we as taxpayers, are bailing them out of.  In addition, we the professionals, are assisting them even further in the bailout.  Don’t they get it?

Dianne Mattiace, Realtor   Balistreri Realty, Inc.   954-675-0800

Happy New Year!  We need to be optimistic and plan ahead for a wonderful, prosperous year.  With all of the negative news and media, we need to constantly focus on the positive, and work hard to help people this year.  There are thousands of homeowners struggling with past due payments, due to unexpected changes in their mortgage, and/or their employment, and with the already extremely large amount of inventory, we all have large challenges to meet in the coming year.  As I see it, the more short sales that will be completed, the homeowners are relieved from the financial burden, the banks unload a non performing asset, and the buyer becomes a property owner. 

 Dianne Mattiace, REALTOR, Balistrei Realty, Inc.  954-675-0800   DMattiace@Balistreri.com