New Port Richey, Florida Real Estate Blog: March 2010

Please reblog this post so that we can help get the word out about Denise Shockey's family's tragedies. 

Denise Shockey is very near and dear to my heart. She is one of the agents that I have had the privilage to coach. We even have split short sale deals together. Denise is such a hard and smart worker. She works for Re/Max in Cocoa Beach Florida. 

She had her whole team up and running. Denise is a go getter and was really going to the top. Right as everything was put into place and her team was in the growth stages- tragedy hit her and her family and hit her hard. They say that bad stuff happens in threes, well, Denise has had more than her share this last few weeks. 

Denise's husband and son are near dying.

She needs our help. Denise is very brave and independent and up until now has not wanted me to reach out to Active Rain for help. But the time has come and she is now asking that I speak in her behalf. 

John Shockey was the Police Chief in their home town of Rockledge Florida. He served for many years as a very respected Police Chief. He started to feel a lot of stress back in October of 2009. He felt it best if he retired at that time to relieve some of the stress. He was helping Denise in her business and was planning on partnering with her as an agent. It was all mapped out. But then he ended up in the hospital. 

The doctors determined that he had a heart attack back when he was still a Police Chief and that is what that stress feeling was all about. This kind of heart attack is called, "the Widow Maker". He is not in operating condition right now, it is that bad. His LAD artery is has 100% blockage. He is at risk of sudden death at any time. The doctors have placed him on a transplant list at Shands Medical Center in Florida. His heart only works at 20% capacity and he can die at any moment. 

John was approved for social security benefits but those funds will not start coming in for another five months. In the meantime Denise is trying to hold it all together. There is no way she can do this on her own. 

A couple of the agents in her office are helping her with her short sale listings and files. There is no way she can concentrate on new business right now. It is just so heart wrenching to watch someone close to you go through this and feel so helpless. She has hope, she has faith in God, she takes time to pray. 

Then as I said, tragedy does not strike once- her son was in a very bad accident and he is only 18 years old. When she arrived at the hospital her son was in a coma and was on life support. What more could be asked of Denise to bear. Dylan is her son's name. Dylan was able to have brain surgery but he is going to have a very long recovery time. Right now, Dylan has severe brain damage and is behaving at an emotional level of a five year old. 

Now we all know that when you work in real estate if you are not closing deals you are not making money so needless to say, they are going to lose their home also. They are trying to sell it as a short sale. There is just no way that Denise can keep up the payments plus take care of two men in her life who need her full time help. I am crying as I write this request for us to please start a prayer chain for Denise and her family. Please reblog this and ask everyone you know to please pray for Denise, John and Dylan. Please flag this post to get featured so we can get as many eyes as we can on this post to help Denise. 

Some of her friends in Cocoa Beach have set up a medical account at the Community Bank of the South in Rockledge Florida. The phone number to the bank is 321-638-8939 and the address of the bank is 1902 Fiske Blvd. Rockledge Florida 32955

If you could find it in your heart to please send a small payment to help Denise and her family we would so appreciate it. If you could go without one meal once a week for one month and send the equavilent to the medical account- you would be really helping a family that really needs our help and does do everything in their own control to take care of themselves. 

This is not a scam. If you want to double check you can see that Denise Shockey is a member of Active Rain here. You can also call her broker to make sure this story is true. His name is Ralph Cochran at Re/Max Absolute at 321-255-1423 You can also check up on her at the Space Coast Association of Realtors at 321-452-9490 and ask for Brenda Warner. 

 

 

As of midnight last night, the National Flood Insurance Program expired and I'm mad as hell.

From InsuranceNetworking.com:

The National Flood Insurance Program expired on Sunday after the Senate failed to pass the latest temporary extension to the cash-strapped program prior to the Easter recess.

Senators are expected to take action on H.R. 4851, the Continuing Extension Act, when they return on April 12th. For the past few years, the NFIP has survived on a series of temporary extensions as legislators have been unable to forge a consensus on the program. The primary point of contention is whether to include coverage for wind damage in the program.

“It’s unfortunate that the NFIP has fallen victim to the political process,” says Blain Rethmeier, spokesman for the American Insurance Association. “Ultimately the people who will suffer the most are property owners who need new coverage or who need to renew their flood insurance policies. One can only hope that Mother Nature is kind until April 12. Otherwise, there’s not much people can do.”

I don’t write about politics, I’m not a political person, BUT…Congress really dropped the ball on this one. And then they all checked out for a 2 week Easter vacation.

Impact on New Orleans West Bank Home Buyers

Many lenders are now requiring flood insurance as a condition for your mortgage loan, whether you are in a flood zone or not. If you are scheduled to purchase a home in the next couple of weeks AND the lender is requiring flood insurance coverage AND you have not already purchased your flood policy then you won’t be closing on your home.

Congress does not go back in session until April 12th, so that is the absolute earliest that we anticipate new policies being issued.

This could have additional fallout in the form of interest rate locks that expire for buyers during this time. Financial experts expect interest rates to rise this spring, so a 2 week delay could also have the unintended consequence of costing a buyer more in the long run with a higher rate on their mortgage.

Impact on New Orleans West Bank Home Owners

No changes are being made to existing policies, so if you were planning to increase your coverage between now and mid-April, put that thought on hold.

The biggest immediate impact, however, is on those home owners with a policy that expires during this period. No policies can be renewed until the program is extended. The risk, of course, lies in the possibility of a flood event.

If that happens, how many people who have paid their premiums each year (and continue to do so through their mortgage escrow accounts) will be left uninsured in the event of a disaster? Will Congress make the program retroactive when it is extended?

I have more questions than answers, but rest assured that I’ll share whatever I learn here in the coming days.  In the meantime, if you are scheduled to close on a home purchase in the next 2 weeks, you need to contact your lender immediately to determine if you will be impacted.

 

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For more information about home buying or selling on the West Bank of New Orleans, or relocating to or from NAS JRB New Orleans, please contact the West Bank Living Team. It would be our pleasure to have the opportunity to assist you with any of your real estate needs and have a little fun while doing it!

Originally published at West Bank Living

Fashion advice on a real estate blog?  Sure... why not?

Some may see this as fashion, but I see it as practicality and comfort.  To be honest, it doesn't matter to me whether you show up for the home search in a three-piece suit, a leather mini-skirt, plaids clashing with polka dots, or sweatpants.  I just want you to be comfortable and happy for your househunting expedition.

When heading out to go see homes, you'll likely notice that many sellers prefer that you take off your shoes.  This is especially true when the carpets have just been cleaned and/or new carpets installed.  After all, what potential buyer/new owner wants to mess up their own future home with dirt from the outside.  Many homeowners selling their homes post signs admonishing potential buyers to "Please Remove Your Shoes!"

 

I learned this lesson a long, long time ago and generally wear my slip-on shoes as to avoid the repeated tying and untying of shoelaces during a lengthy home search.  However, some of my clients are not as well-informed about this minutiae of the home search process.

 

Until today, I had never thought to warn my clients and present them with a dress code.  However, I felt very sorry for one of my clients who had to remove her shoes at the 8 homes we visited today and walk around with bare feet on cold marble, tile, and wood floors!

ATTENTION HOMEBUYERS:  PLEASE WEAR SOCKS WHILE HOUSEHUNTING!

 

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I am sure many of us get asked this question all the time. Why hire a real estate agent? I have addressed this question on my radio show a few time.

TOP 5 top reasons to hire a real estate agent:

1. Education and Experience-Agents must complete 90 hours of real estate education plus pass the state exam to become licenses. Then, we must take additions 24 real estate credit hours every two years. Furthermore, an agent becomes more experienced in his/her trade as time goes on.
2. Neighborhood Experience-Real estate agents start becoming experts in certain areas of the local real estate market vs an inexperienced person. This could save one thousands when purchasing or make someone thousands when listing the home.
3. Networking-Real estate agents are networking every day with other people. We know a lot of people when it comes to real estate.
4. Paperwork-We handle volumes of paperwork for the client suce as purchase contract, title report, LSR and so on.
5. After Closing-We are still there after the closing when the client has questions. We have become the trusted adviser for the client

There are my top five reasons on whey people need to hire a real estate agent.

Which one do you like?

Would you add any further reasons why people need to hire a realtor? Please add

Make the Call, Set the Plan, Do the Deal$!

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Buying a condominium unit can be more involved than buying a single family home. This is because you have to worry about both the unit itself and the condominium project as a whole.

10 Questions You Must Ask Before Purchasing A Condominium Unit

To borrow from a famous phrase, not all condominiums are created equally. Some condominiums are very well run; some are quite poorly run and underfunded. Buyers interested in purchasing a condominium unit must do their homework:  not only about the condition of the individual unit they are interested in purchasing, but on the financial health and governance of the condominium as a whole. Remember, you are buying into the entire project as much as you are the unit, and your decision will impact your daily living and your ability to re-sell.

Here are the 10 questions buyers should ask when deciding to purchase a condominium unit:

1. What is the monthly condominium fee and what does it pay for? The monthly condominium fee can range quite dramatically from condominium to condominium. The fee is a by-product of the number of units, the annual expenses to maintain the common area, whether the condo is professionally managed or self-managed, the age and condition of the project, and other variables such as litigation. For budgeting and financing you need to know the monthly fee and exactly what you are getting for it.
2. What are the condominium rules & regulations? Condominium rules can prohibit pets, your ability to rent out the unit, and perform renovations. Make sure you carefully review the rules and regulations before buying.
3. How much money is in the capital reserve account and how much is funded annually? The capital reserve fund is like an insurance policy for the inevitable capital repairs every building requires. As a general rule, the fund should contain at least 10% of the annual revenue budget, and in the case of older projects, even more. If the capital reserve account is poorly funded, there is a higher risk of a special assessment.
4. Are there any contemplated or pending special assessments? Special assessments are one time fees for capital improvements payable by every unit owner. Some special assessments can run in the thousands, others like the Boston Harbor Towers $75 Million renovation project, in the millions. You need to be aware if you are buying a special assessment along with your unit.
5. Is there a professional management company or is the association self-managed? A professional management company, while an added cost, can add great value to a condominium with well run governance and management of common areas.
6. Is the condominium involved in any pending legal actions? Legal disputes between owners, with developers or with the association can signal trouble and a poorly run organization. Legal action equals attorneys’ fees which are payable out of the condominium budget and could result in a special assessment.
7. How many units are owner occupied? A large percentage of renters can create unwanted noise and neighbor issues. It can also raise re-sale and financing  issues with the new Fannie Mae and FHA condominium regulations.
8. What is the condominium fee delinquency rate? Again, a signal of financial trouble, and Fannie Mae and FHA want to see the rate at 15% or less.
9. Do unit owners have exclusive easements or right to use certain common areas such as porches, decks, storage spaces and parking spaces? Condominiums differ as to how they structure the “ownership” of certain amenities such as roof decks, porches, storage spaces and parking spaces. Sometimes, they are truly “deeded” with the unit, so the unit owner has sole responsibility for maintenance and repairs. Sometimes, they are common areas in which the unit owner has the exclusive right to use, but the maintenance and repair is left with the association.
10. Insurance. The condominium should have up to $1M or more in coverage under their master condominium policy. Condominiums over 20 units should also have fidelity insurance to protect against embezzlement. For your own protection, you should always buy your own individual HO-6 policy covering the interior and contents of your unit, because the master policy and condo by-laws may not cover all damage to your personal possessions and interior damage in case of a roof leak, water pipe burst or other problem arising from a common area element.

A good real estate attorney will help you with this “due diligence.” As part of our standard condominium representation, we will review the following condominium documents and issues:

• Master Deed and amendments
• Declaration of Trust/By-Laws, Rules & Regulations
• HOA Covenants/Restrictions
• Unit Deed and Floor Plans
• Condominium Budget and Capital Reserve Fund
• Fannie Mae/FHA Compliance Provisions
• Condominium Annual and Special Meeting Minutes
• Pending or Contemplated Special Assessments or Litigation

We will also build in provisions into your purchase and sale agreement to protect you in case there are unanticipated or undisclosed issues with the condominium which affect your willingness to move forward with the transaction.

 

 

This past December I blogged about 2 homes for sale in Nyack, NY that were featured in a New York Times article discussing the merits of using a broker to sell a home and the reasons people sell by owner. The homes were side by side; I was familiar with both, and even showed the one listed to buyers last autumn. 

I was in the neighborhood again yesterday, and what I found was worth capturing with a photo. 

Yes: The home listed with the broker, my capable friends at Wright Brothers in Nyack, is under contract at an asking price of $839,000. The FSBO remains unsold, according to the owner's website, at $795,000. Unless the REALTOR-listed home sold for considerably under contract, where is the savings? 

Will the NY Times do a follow up article on how this shook out? I doubt it. 

Meanwhile, the FSBO is still in limbo, unsold (if the website is accurate; If sold also, it can't be for more than 795k), unlisted, and, save for the owner websites, invisible to the buying public, with an amateur at the rudder of the ship. 

Savings, I suppose, is in the eye of the beholder. 

 

 

• FREE Westchester Home Buyer Seminar April 7, 6pm www.TheKeysToHome.com
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upon one another in large cities, as in Europe, 
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