Home Buying Tip - Getting Out of a Contract

I offer this tip for a few reasons. One of them is so non-cash buyers can compete with cash buyers. Most banks selling foreclosed properties require an As-Is contract. They believe this means the buyer is locked in, but in fact, it gives the buyer complete control of the contract through the inspection period. Please remember I am a Florida real estate broker, so I am only referring to what goes on here in Florida.

More specifically, here in Florida we have what is called a FAR/BAR As Is contract. This means the contract was written by and approved by the Florida Association of Realtors (FAR) and the Florida Bar Association (BAR). You can't get much better than that, right? Well, let's examine what this "AS IS" contract means.

The AS IS contract in Florida has what I call the Buyer "OUT" Clause that reads like this . . .

. . . if Buyer determines, in Buyer;s sole discretion, that the property is not cceptable to Buyer, Buyer may cancel this Contract . . .

So here we have a contract that provides a 100% lock guarantee that the Buyer can back out for any reason whatsoever . . . and the Seller has no right to remedy. Period. Full Stop.

I can tell you that most banks and builders have no clue this clause is in the contract or that it means they Buyer can back out for "any reason whatsoever," which means if the buyer changed their underwear and decided to change the deal, they are out . . . and the seller must return all deposits. The only catch, is that this clause only applies during the Inspection Period. No big deal there because most contracts give the Buyer 10-20 days to do the inspection.

This . . . my friends . . . is the way to make sure you can get out of a contract, and there is not a judge in the English speaking world that will deny you.

For more information on Florida Homes and Home Buying, visit our website - http://www.floridahomes.pro/
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Home Buying Tip - Cash vs. Financing

In the current market, cash is truly king. In fact, it is more than king. It is Ruler of the Universe. The force behind the cash is our financial system. Banks stuck with several million foreclosed homes and homes to be foreclosed are the culprits. And it is a double edged sword for home buyers.

Banks Closed for Business - The same banks that were racing to finance overpriced homes just a few years ago are now essentially "closed for business." A few years ago they were giving buyers 100% financing, even though the buyer was not required to provide any documentation to support their income or financial condition. Today, even very qualified buyers are finding it difficult, if not impossible to get a mortgage. You see, even when a bank decides to make the loan, they take so long to approve the loan, that the property the buyer was interested in, is no longer on the market.

By the way, the same banks that created the mess we're in are the very banks our government rewarded with billions of dollars in the ongoing Bailout. They were supposed to be using that money to free up the credit system and make loans. Instead, they have taken that money and used it to gamble in the stock market . . . with our money. Companies like Goldman Sachs and JP Morgan have made billions of dollars trading stocks . . . not making loans. So what have we done. We've turned our bankers in to gamblers with a twist . . . heads they win - tails you lose.

Bankers Making it Worse - Instead of loan modifications, banksters are foreclosing on homes and then trying to liquidate them. But here's the twist. They are not willing to finance these homes. In many cases, they are not willing to finance these homes under any conditions. That means the cash buyers are King. We have seen cash buyers pick up homes at 20% below offers made by buyers that required financing. The banks don't even want to wait a few days to determine if the buyer will qualify for an FHA loan. Instead, they want to dump for cash . . . and this drives prices lower.

What You Can Do - It would be great if we could simply vote Congress out and take back control of our government, then put the banksters in jail. Unfortunately, that is just a dream.

If you can't come up with cash, make sure your offer is not based upon financing. To do this you must get pre-approved for a mortgage based on your actual financial condition, and you must be sure the home you are buying will appraise for the value you are paying. With these two elements addressed, you should be able to write an offer with no financing contingency.

Now your offer is as close to cash as it gets for the bankster looking at the offers. You should also be prepared to put down as much as possible, and waive any right to get your deposit back if by some odd chance your financing falls through. This sounds risky, but it's not. I'll explain why tomorrow . . .

For More on Homes and Housing Visit Our Website - http://www.floridahomes.pro/

Corus Banks - Dead but Still Bleeding

I've written about Corus Banks for the past four years, and if you would have asked me four years ago if I thought they'd still be around today . . . I would have bet against it. I started calling them the walking dead four years ago. I would tell clients that these guys are dead, but they just don't know it yet. Corus did more condo loans than any other bank in the world . . . and they bragged about it non-stop.

But here we are July 2009 and Corus is still bleeding . . . and you and I and all our friends and family are paying for it. Eventually, the FDIC will step in and incinerate Corus, because it appears that is the only way to put an end to the misery. Sadly, Sheila Bair should have put this one down two years ago. In fact, bank regulators should have stepped in four years ago, when Corus was making deals that were not only horribly bad, but enriching the deal makers and bank executives. The lack of regulation will cost taxpayers hundreds of millions of dollars in the ultimate death of Corus.


The vultures are still circling Corus, but now we have a few hawks looking at the meat Corus calls assets. Corus does have some very choice condo properties here in Florida and throughout the country. Some of these will do well when a solid recovery sets in. There are also Corus properties that may eventually be torn down or used for some kind of social welfare housing, jails or who knows what.

Barry Sternlicht of Starwood Capital Group is looking, and when he looks it's time for other investors to look. I have spoken with several clients interested in Corus properties, but one problem is the FDIC. Corus can't do anything with their properties at this point, because they are just days away from the end. Anything they did now would come under extreme scrutiny, and I am not sure they legally could dump any of their assets at this point.

There is a long list of vultures and hawks looking at Corus assets. The vultures will eat anything that stinks, but the hawks will only take live prey that is fresh and tasty.

I will close with this. Fifth Third Bank was just put on the Conviction BUY list at Goldman Sachs. When I first hear the news I thought it was a joke. It wasn't. Fifth Third Bank has Corus-esque problems with residential housing, commercial real estate, multi-family housing and land. Fifth Third Bank concentrated on Michigan, Ohio and Florida. Duhhhhh

On the flip side, Fifth Third has the power of Goldman Sachs buying up their stock and pumping more of the stock into client accounts, but unless Goldman Sachs takes Fifth Third under their wing, I see some very rough weather ahead for them. It's starting to look like Fifth Third might be a little cozier with Goldman Sachs than most think. It would be interesting if this was Goldman Sachs' means of ultimately entering legitimate banking. Goldman Sachs either didn't do their homework on this one, or they know something is coming down the pike that only they could know.

MLS Search Tips - Home Buying Tips

It's not enough to have your agent set up an auto-search in the MLS system, because most agents are going to set up the search to show you only the new listings. You also want to see what goes Pending and what Closes.

Pending Sales - These are not really sales but pending "offers." You will want to watch these to see what areas are seeing activity, as well as to see if any of these fall through and come back on the market. You see, if the home was pending for a month or two, and the deal falls apart, you can bet the seller is now more anxious to sell. So if you are in the market for that home, you will want to jump on the opportunity of a Pending Sale that falls through. So make sure your agent sets up your auto-search to include Pending Sales, Pending Sales with Contingencies, and also Pending Short Sales. Some MLS systems only have one category for Pending, but others have all three.

And one more thing . . . you will want to make sure your agent sets your auto-search to notify you of status changes.

Sold - If your agent is not including Sold listings that match your criteria, you have no way of knowing what homes are selling for. When a listing goes Pending, we do not see what the offer was. Only when a home is Sold do we get the updated information that provides the contract price.

Auto-Search NOW - If you're looking for a home in our market, please email or call me. We service the following counties in Florida:

Martin County - Stuart, Jensen Beach, Sailfish Point, Palm City, etc.
Palm Beach County - Boca Raton, Palm Beach Gardens, Delray, Boynton Beach, etc.
St. Lucie County - Port St. Lucie, Tradition, St. Lucie West, etc.
Broward County - Fort Lauderdale, Deerfield, Coral Springs, Hollywood, etc.
Miami-Dade County - Miami Beach, Coral Gables, Aventura, Key Biscayne, etc.
Indian River County - Vero, Ft. Pierce, Sebastian, etc.

Mike Morgan, Broker - Morgan Florida Real Estate
Mike@FloridaHomes.PRO - 772-260-5448

Visit our website for a wealth of information . . . www.FloridaHomes.PRO
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Is it a Great Time to Buy a House? - It Depends

Here is a comment in response to my recent post were I said it was a Great Time to Buy.

"You seem to have changed you tune on housing. Last spring, you said we were nowhere near the bottom, and to avoid purchasing the typical fungible suburban tract house. Now you are saying to come see you if we are interested in buying. What gives?"

And here is my response. I haven't changed my tune on housing. I report what I see, as I see it. So things are always changing and that is what I discuss. When I say it is a great time to buy, it means you must still be a smart buyer. Here's an example. There are three identical homes in a subdivision.

Home 1 - Owned by the builder and he is asking $250,000 for this new home.

Home 2 - Owned by a homeowner and they are asking $350,000 because that is what they paid for the home three years ago. Moreover, they had 100% financing and that is the amount they still owe.

Home 3 - Owned by a bank that foreclosed on the home. They just want out. So they put the home on the market at $175,000.

This is not a perfect example, but it gets the point across. When I say prices are still coming down, I mean the prices on Homes 1 and 2. As you can see, there are many homes listed far above the market, because homeowners are stuck, and they refuse to accept reality . . . or they cannot afford to. These homes are going to drop 30-50%. But Home 3 is already at that 50% off level, and 30% below what the builder is asking.

So it is a GREAT time to buy if you are going to live in the home and you know how to buy. If you are a patient investor, it is also a time to buy . . . if you know what you are doing!!!! Investors must do their homework and understand the markets. Too many investors and end users hire a friend or relative to be their real estate agent. That is usually a huge mistake. You need to hire an experienced expert.

Visit our website for a wealth of information . . . www.FloridaHomes.PRO
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Realtor.com vs. MLS Auto-Search

Delayed Version - What you see on Realtor.com and ALL of the other Internet websites that boast about showing you ALL the listings is a delayed version of what the very sharp home buyers see when they search the local MLS systems . . . directly. Realtor.com and all of the other websites are pulling there data from the local MLS systems, but they cannot pull it instantly. They must batch that information and pull it once a day, once every two days, etc.

Snapshot Version - Not only is the information you are seeing old, but it is nothing more than a snapshot of the full listing on the property. Only your agent can pull the full text version of the listing that includes ALL of the information entered by the listing agent.


How To Get It All and NOW - There is only one way you should search for a home, and it is not spending hours and hours searching Realtor.com and the Internet. The one and only way is to hook up with a full-time, experienced real estate agent. Once you've found the agent, ask them to set you up with an auto-search within their local MLS system. This will provide you with all listings that match your search criteria . . . almost instantly.


Here's how it works . . .


1 - Search Criteria - Your agent will ask you for all of your search criteria. This includes price, size, bedrooms, bathrooms and all the basics. But it can also include dozens of other criteria like - year built, type of construction, pool or no pool, waterfront and what type of waterfront, days on market, etc. You could never possibly refine your search to this level on Realtor.com or any other Internet source.

2 - Set Up - Once you have set your criteria, your agent will set up the search WITHIN the MLS system. This means you will get listings that match your criteria, and you will not be wasting your time sifting through dozens of listings that do not match your very specific criteria.


3 - Instant Results - Any time an agent enters a new listing that matches your search criteria, you will receive an email notice with a live link to the listing. And you will receive it within seconds of the listing being entered into the MLS system, no matter which real estate agent enters the listing. You will see everyone's listings, price changes and updates to status . . . immediately.


4 - What Next - Two things. First, if you want more information on a listing or want to see the home, call your agent. Your agent can pull a more detailed listing report that is only available to agents. Second, if you are getting listings that do not properly match your criteria, ask your agent to tweak the auto-search.


Auto-Search NOW - If you're looking for a home in our market, please email or call me. We service the following counties in Florida:


Martin County
Palm Beach County
St. Lucie County
Broward County
Miami-Dade County
Indian River County


Mike Morgan, Broker - Morgan Florida Real Estate
Mike@FloridaHomes.PRO - 772-260-5448

Visit our website for a wealth of information . . . www.FloridaHomes.PRO
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Foreclosures Soar as Predicted - Port St. Lucie Still Ground Zero Cystal Ball

In May, Barron's published my article about the next wave of the housing bubble . . . a tsunami of foreclosures. You can read the full article - Click Here And even though I took heat for my comments . . . we are seeing the very, very tip of the tsunami crest come to shore.

There are two ground zero markets in Florida for the housing bubble when it comes to single family homes - Port St. Lucie and Cape Coral. In St. Lucie County everyone thought foreclosures peaked in February at 817 for the month. March, April and May all saw drops to a low of 455.

But that all changed in June when foreclosures almost doubled to 857. As I noted, this is just the tip of the crest of the tsunami. I expect foreclosures to continue to rise here on the Treasure Coast and nationwide. Remember what I have said since 2004. What you see here at ground zero, is coming to a town near you . . . soon.

GREAT Time to Buy - Even though we will see a flood of foreclosures, we are seeing some foreclosed homes sell at 30-50% discounts from the current market. So even when the market drops another 30-50%, if you buy one of these foreclosed home right, it will be your neighbors overpriced home that declines. If you paid 30-50% less than the current market, you are not only protected against a decline . . . but you are sitting pretty for when homes start to appreciate again.

If you're looking for a home in Florida, please feel free to call or email me - Mike@FloridaHomes.PRO or 772-260-5448

Foreclosed Homes in Florida Priced Just Right

This might sound like the easiest of options, but the same basic principles outlined above, apply here.

1 - Do Your Homework

2 - Hire an Expert . . . not a part-timer or a friend

3 - Have Your Ducks in a Row

Poker Time - My only advice to those buyers that think a property is priced Just Right . . . is to put on your poker face and think about what other buyers are thinking. Once you feel you understand the market and a feel for what other buyers might be thinking, it is time to develop your offer.

Two Choices - Offer more or offer less. Matching the listed price is never an option for one simple reason . . . it is the obvious, and it is what inexperienced real estate agents will recommend to their clients. At the very least, offer a few hundred dollars more than the list price . . . just in case there are other offers at list price.

Success Story - One of my clients submitted an offer of $185,412. It was one of those oddball numbers I came up with. The list price was $185,000 and there were two other offers - one at $185,000 and one at $185,100. I had a good chuckle when I found out, because the agent that offered $185,100 was sharp enough to go a bit higher, but not sharp enough to think it through a bit more. Guess who got their Dream Home? My client, because she was willing to "think outside the box" after thinking about who and what were in the box.

Offering More or Less? - Once you determine the property is priced right, it is truly up to you whether to offer more or less. If you must have this home, offer more and maybe kick it up a notch. If this is just one of many homes or you are an investor with patience, go ahead and offer less. There will be more properties. The difference here is whether this is a property for you or a home.


Next - I will be writing about the importance of Cash v. Financing offers and Good v. Bad Pre-Approval Letters.


For More on Homes and Housing Visit Our Website - www.FloridaHomes.PRO
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Bill Gates House Hunting in Martin County, Florida

Martin County, Florida is one of the best kept secrets in Florida. No high rises. No traffic. Great beaches, fishing, golfing and restaurants. And if you need the high life, just minutes to the Palm Beaches.

Bill Gates has been quietly looking for a home on Jupiter Island, joining the list of famous folks like Celine Dion, Tiger Woods, Olivia Newton John and dozens of others that enjoy the peace and serenity found in Martin County. All of these stars could just as easily purchase a home in Palm Beach, but they are not interested in "being seen" as enjoying life. And that is why Martin County is so special.

When I left the corporate world, I could have lived anywhere in the world. I also chose Martin County. I'm tucked away in a gated golf community in Jensen Beach, just five miles to some of the best beaches in the world. If you're thinking of relocating, and you're not sure where to settle down, consider Martin County. I'd welcome the opportunity to take you on a tour of the area. By the way, if you would like a FREE map of Martin County and St. Lucie County, simply send me an email with your mailing address - Mike@FloridaHomes.PRO

Back to Bill Gates - For the past few months Gates has been making offers on high end Jupiter Island properties. But the offers have been lowballs, and he has been unable to lock in a home. Maybe that has something to do with the agent he is using, a 25 year old who claims to be representing two of Bill Gates' investment arms.

The key to finding any home, is to know what you "really" want. Obviously, Bill doesn't know what he wants, as his agent has made numerous offers. You can't possibly want all of these homes. When you have as much money as Bill, you should spend time researching what you want. And if Bill was my client, we'd have him or his wife looking at these properties from a helicopter, from a boat and on the ground.

It seems like Bill just wants a "deal," even if it is not really what he wants to live in and enjoy what Martin County has to offer. I have news for Bill. Even a lowball offer on an overpriced home with hidden problems, is a bad deal. There are many overpriced homes in all markets. There are also homes that might be right for one person and wrong for another. If the home is not right for you, why offer anything?

In any event, I always find it interesting to hear about the rich and famous that are quietly moving to Martin County or purchasing vacation homes here.

For More on Homes and Housing Visit Our Website www.FloridaHomes.Pro
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Foreclosed Homes in Florida Priced Too High

This is the second in a series of three. For my comments on foreclosed homes priced Too Low - Click Here

Maybe the first bit of advice for foreclosed homes priced Too High is . . . walk away. But there are other options. Some banks will price a property too high because they want to be able to account for it on their books at an artificially inflated price. Other banks do this because they do not want to sell these properties and incur the expenses that go along with selling a property where they may wind up with 10 cents on the dollar of the original loan. It is a complicated process and Washington is at the heart of it by allowing so many exceptions and very little regulation of the banking industry when it comes to these loans. In any event, Buyer Beware applies here, but I would also add Buyer Opportunity.

Do Your Homework - Once again, this is the most critical step. You cannot do this alone because you do not have the access to records that a sharp real estate agent does. You may have access to the tax records of the area so you can look up what the property was sold for previously, but you don't have all of the additional facts real estate agents have through the MLS system historical data. So my first bit of advice is to hire a sharp, full-time real estate agent . . . that has experience with foreclosures.

Make An Offer - Now that you feel comfortable with the price you want to offer, be sure put together a well drafted offer that the bank can seriously consider. This means, above all else, provide as much information and detail as possible. If you have a lazy agent or one that does not really understand the legal issues of drafting an offer . . . get another agent or don't waste your time submitting an offer.

Financing - Your most powerful lowball offer is one that requires no financing. I have often seen banks accept 10-20% less than best offers because the lowball was a sure thing. If they accept a higher offer that has a financing contingency, the bank risks the deal falling apart if the buyer's financing does not come through.

When a deal falls apart, it just cost the bank time and money in dealing with the offer. And now they must put the home back on the market. In declining markets, this means putting the home back on the market at a lower price. So not only did they lose time and money during the contract period, but when they do eventually sell the home it will be at a lower price. If the next potential buyer also failed to get his financing approved, the process repeats. This can get very expensive for a bank.

Ducks in a Row - If you are like most buyers, you do require financing. If you have your "ducks in a row" you will be fine. I recommend all of my buyers get pre-approved through a reputable mortgage broker. I cannot stress that enough. If you are using a friend to get you a worthless pre-approval letter, you are wasting your time . . . and you are only fooling yourself. If you would like to use the mortgage broker we recommend for our clients, please email me Mike@FloridaHomes.pro and I will reply with the contact info.

With a solid pre-approval letter in place, you have two choices to make. One, you can submit your offer contingent upon final approval of your financing. Two, you can entice the seller with a significant down payment and no contingency for final approval. The second option is very risky. If you do not receive final approval of your financing, you lose your contract deposit. However, sellers will look at these offers as stronger because you are putting your money where your mouth is. By the way, there are ways around losing your deposit, but I must save that or another article.

Submit the Offer - You finally have a very clean and very detailed contract. You also have a rock solid pre-approval letter. You want to submit both. When you select a closing date, try to make it less than 45 days and at least 5 business days before the end of the month. If there is a close decision, banks will be more willing to accept an offer if they can get a property off their books before the month closes.

After the Offer - If your offer is rejected, at least your name is in the hat should the seller decide to lower the price. If the listing agent is on the ball, they will contact you when the price is lowered. Better yet, your agent should have this listing on an auto-watch where the MLS system will notify your agent as soon as the price is changed.

Next - I will be writing about Priced Just Right. I will also be writing about the importance of Cash v. Financing offers and Good v. Bad Pre-Approval Letters.

For More on Homes and Housing Visit Our Website - www.FloridaHomes.PRO
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Foreclosed Homes in Florida Priced Too Low

There are three ways a foreclosed home can be priced by the seller. I will post three mini-blogs on Too Low, Too High and Just Right. Here is the first . . .

Too Low - Sellers that get bad information from the appraiser and real estate agents, will either price too low or too high. Some sellers price low because they are up against a clock when it comes to selling properties. Don't fall into the trap of offering less on a foreclosed home that is priced too low. These homes receive multiple offers. We just finished one where we had 12 offers. Of the 12 offers 8 of them were higher than the listing price, 2 of them were lowballs and 2 of them were at the listed price.

Offering More Than List Price - If you are an investor, then you have the luxury of making offers on many properties until you get lucky, so you may not have to offer more, because you can wait. I tell my investor clients to make their offers based on the numbers after calculating rent and expenses. It is a pure black and white decision.

If you are going to live in the home, you need to consider when you need the home and how much you want this home. If you need a home fast, and you love the home you are looking at you will need to offer more than list price on homes priced too low. But even more important is
FINANCING. If you are a cash buyer, you have a huge advantage over buyers that still need to finalize financing. I've seen banks sell homes for 20% less than the highest offer, simply because the guy offering 20% less was all cash with no financing contingencies whatsoever.

Do Your Homework - When you do offer more than list for a home, make sure you have spent time with your real estate agent discussing comparable sales in the neighborhood and whether the local market is increasing or declining in value. This latter issue is huge. If you are considering a market that is declining in value, I often advise clients to rent for 6-12 months. If you are in a market that is increasing in value, you must consider beefing up your offer.

Smiles or Tears - The saddest thing we see, is when a buyer has their heart set on a home, but they refuse to offer more than list price. Here's a perfect example. I was working with a couple that thought I was trying to "rip them off" because I was urging them to offer $82,565 on a home foreclosure home listed at $77,000. And here's why . . .

The listing agent had already acknowledged that there were multiple offers. The listing agent can NOT tell me or anyone else what the offers are. All she could do is tell me there were other offers. My clients only wanted to know what the other offers were so they could offer more.

My clients also wanted to know how I came up with $82,565, so I explained. After reviewing comps in the area and taking into consideration my clients' immediate need for a home, I thought $82,500 was a fair offer. I boosted it up $15 just in case someone else came up with that same round number I did. By the way, we always recommend our clients offer just a little bit more than any round number . . . just in case there is another identical offer.

Deal or No Deal - Finally, my clients decided to use another real estate agent because that agent put together a contract at the $77,000 list price. I think you already know what happened. There were 7 offers on this property. My former client's offer was the lowest. The home sold for $82,000, and there was one offer at $84,000. If they had offered $82,565 as I suggested, they would have been living in that home now.

Next - I will be writing about Too High and Just Right. I will also be writing about the importance of Cash v. Financing offers.

For More on Homes and Housing Visit Our Website - www.FloridaHomes.PRO
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Florida Foreclosures - How To Buy Foreclosed Homes in Florida

Florida Foreclosure Myth v. Reality - In April 2008, I wrote how it was still too early to be buying foreclosure properties, because prices were headed lower. Indeed, prices headed much lower. In some markets prices have dropped by 30% from April 2008 through July 2009. Overall we are now seeing prices in some markets that are 70% below peak prices, and far below the cost to replace these homes.

July 2009 - As I write this in July 2009, we are seeing thousands of foreclosure properties priced below the market. Lenders are dumping properties, with little regard for values or alternatives. So the time has come where I am recommending foreclosure properties to my investor clients and end users. However, there are a few cautions.

Foreclosure Myth #1 - Flip - I can flip this property and make a bundle. - Response: Don't count on it. If it were that easy, an end user would have already bought the property. Moreover, your financing may restrict a flip.

Foreclosure Myth #2 - Clear Title - I am buying this free and clear. - Response: Unless you have done your homework, you might be buying with a tax lien, a mortgage, a squatter or any variety of legal glitches that have not been totally cleared. Do your homework and make sure you know where to look and how to look.

Foreclosure Myth #3 - Rental Income - I can rent this out and have positive cash flow. Response: We're finally starting to see near positive cash flow. However, the quality of your tenants is now in question, since we are facing further unemployment throughout the country. You must also consider the time and energy involved with being a successful landlord. In the alternative, you higher a property manager like us to handle everything. If you decide to hire a property manager, make sure you build this into you number from the start.

How To Buy Foreclosures - Hire an expert. If you are looking for foreclosed properties in Martin County, Palm Beach County, St. Lucie County or Indian River County Florida . . . we are your experts, so please email or call us for additional information - Mike@FloridaHomes.PRO or 772-260-5448

If you think you can buy a foreclosed home without an expert, you can. But more likely than not, you will regret the decision. There are a number of traps, from lenders skating around disclosure laws to title and marketability issues.

First Step - Fact Gathering - Get the facts. All the facts! And then more facts. You'll want to run a title search on the property in addition to requesting the property details from the party foreclosing. If the property was listed, get the listing . . . and get your hands on the Agent Details as well as the Client Details of the listing. There are two parts to all MLS listings. Consumers only see the Client Details on Realtor.com and other public websites. Only your broker can access the Agent Details. Run a property tax search and a county records search. Even with the tax and county records in hand, you still want to run a title search with a company that is going to stand behind it with a title policy.

Second Step - Inspection - Go see the house AND the neighborhood. Find out how to get access and do a walk through. If you're still serious, spend the money and get it inspected. And be very careful here. You can get a "check the boxes" inspection for as little as $250. But if you want a very thorough inspection, be prepared to pay $750 or more . . . and be prepared to be shocked by what the pros find. I've yet to see my primary inspector come back with anything less than a 25 page report of problems . . . and that's it brand new homes. If you think the local building official actually inspects homes before issuing a Certificate of Occupancy, you are dead wrong. Most municipalities do a very basic "walk through" and other do "drive-bys" (if the house is there and the builder said it is OK, the building official issues a CO). Once you have walked the property and you have a solid inspection report in hand, reevaluate the price.

Third Step - Assessing a Value - Evaluate your basic research. What issues are hanging over this property. Once you have them identified, and you still want to continue, you need an appraisal or a broker price opinion. If you're dealing with a savvy broker, the BPO will be even better than an appraisal. A comprehensive BPO will include information about what has sold and what is on the market, as well as market conditions, property condition inside and out, neighborhood details and enough additional info for you to come up with a price. Yes, you. You're either going to live in it or rent it out. If you are a flipper, forgettaboutit.

Fourth Step - Area Scouting - If you are still interested, scout the area. Talk to some brokers, but get out there and drive around. Make sure there are no surprises. If you are still interested, make sure you visit the home site on a weekend and maybe a Friday night and maybe early in the morning before everyone leaves for work. Get a feel for what's going on. In this market, you have foreclosure neighborhoods that are full of homes with multiple occupants. You have homes that are being trashed by renters that couldn't care less. You have entire neighborhoods that are being trashed by a cycle that can catch you off guard. If you are an investor that is buying the property sight-unseen, because some guy in the Internet told you he is going to find foreclosures for you and rent them out with positive cash flow . . . you are nuts.

Comments: The basic information I am providing above does not apply to everyone, and it is very basic. I tried to put together some general information to give you a flavor for what is involved. If you are serious about foreclosures in Florida, call me. There is much more to this, and it really depends on your particular circumstances. If you have questions, please feel free to call me at 772-260-5448 or email me at Mike@FloridaHomes.PRO


For More on Homes and Housing Visit Our Website - www.FloridaHomes.PRO
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The Enable Ministry

My life objective is to help others. My rewards are the smiles I see in kids. I do as much as possible, anonymously. But when it comes to my time and my energy, I want everyone to see how dedicated I am to this life objective, so that some of my energy will spark a desire for others to get involved.

I've seen the devastation in the lives of families that are unable to cope with children with special needs. Sure, some families do just fine. But other families are so overwhelmed by the circumstances or the financial drain or the physical drain or the mental drain, that they are so empty, it is as if they have no spirit, and at times, no will to live. For these families, we want to reach them, before the slip away from their community.

So for those parents in our community, I have been working to put together a group that will provide these families with fellowship, volunteers to help them, and a safe place to find respit for their children and themselves. There are many disabilities that children face in our community that put pressure on basic family life that we take for granted. Autism is just one. And that is our initial focus, but by no means our only focus. We will be there for all families.

I invite you to call me if you are interested in helping or if you have a child with special needs in our area, and you would like us to include you in our programs. You can reach me, Mike Morgan at 772-260-5448 or via email Mike@FloridaHomes.pro

What is the ENABLE Ministry?
http://www.enableministry.org/

Following are a few words from Pastor Paul Thompson, Senior Pastor at First Baptist Church of Jensen Beach . . . and the home of the ENABLE Ministry.

The mission of ENABLE is to share God’s love by providing opportunities of worship, fellowship, respite, and personal growth to people with developmental disabilities and their families.

As a parent of an autistic child, I know the unique stresses and demands placed on families dealing with developmental disabilities. I also know how difficult it can be introduce your child into new environments and expose them to new situations and experiences. I know how discouraging it can be at times to participate in “typical” family activities like church, day camps, and simple fun outings. I also know how disenfranchised families can become from the community and church. I know the feeling of simply wanting my son to be treated as “Mark” and not “Mark who has autism”. I know that people often just don’t “get it” when it comes to these special kids. Fortunately, I have been blessed to have a loving, caring church family that has always accepted and supported my family. My son Mark has always enjoyed the benefits of an understanding church community, and like any other child, has been included. I want that same experience for every family who experiences the challenge of developmental disabilities.

To that end, it is our desire is to develop a comprehensive program that …

1 - Educates the Church and Community about developmental disabilities and their impact on families and how the church can be a part of each families system of care and support

2 - Creates an atmosphere of acceptance and compassion within the congregation for families in the community affected by developmental disabilities so that all feel welcome and included in our activities and events

3 - Trains and equips volunteers to adequately care for and assist individuals with developmental disabilities so that we can:

a) provide one-to-one care for children who require it in a positive and appropriate setting designed to meet their unique needs.

b) provide “shadows” to work with children in the context of a “typical” classroom setting or group activity or experience.

c) provide basic training to all children and youth leaders so that children who do not require one-to-one care or the assistance of a one-to-one shadow may be “mainstreamed” into the activities of our children and youth program.

4 - Provides a bi-monthly evening respite for families in the community who have children/teenagers with developmental disabilities (i.e. a Friday night 3 ½ hour program of games, activities, music, etc. so that families may take a break, go out to dinner, catch up on errands, go to the grocery store, etc.)

This is the vision we are currently working towards. With your participation, support, and prayers, our dream will soon become a reality.

If you would like to know more, volunteer to help, contribute financially, or participate in ENABLE please contact us. We look forward to hearing from you!

Paul Thompson, Senior Pastor
First Baptist Church of Jensen Beach
1400 NE Jensen Beach Blvd.
Jensen Beach, FL 34957
(772) 334-2202
Paul@FBJB.com

http://www.fbjb.com/


RESOURCES - Here are some resources to begin with for families with children with special needs. If you have other resources, please email them to me. These are just a few I pulled from the Marcus Autism Center website, but I am sure there are many others. As I noted above, we are just getting this started, so it will take time to develop an independent website with resources.

Marcus Autism Center - http://www.marcus.org/ - Founded by Bernie Marcus, one of the most delightful and giving persons in the world.

http://www.autismspot.com/ - Connecting and empowering the autism community

http://www.reachingforthestars.org/
Reaching for the Stars: A Foundation Of Hope For Children With Cerebral Palsy

http://www.autismspeaks.org/ - The goal at Autism Speaks is to change the future for all who struggle with autism spectrum disorders

http://www.hopecenterforautism.org/ - The Hope Center for Autism opens doors for people affected by autism. We accomplish this through providing the supports and services necessary for people with autism to reach their full potential.

http://www.aspergers.org/ - The Maryland Asperger Advocacy & Support Group also serves individuals who have normal to high intelligence and experience social-communication difficulties and sensory integration problems.

http://www.autism-society.org/ - ASA is a membership organization dedicated to increasing public awareness about autism and the day-to-day issues faced by individuals with autism, their families and the professionals with whom they interact through education, awareness, and advocacy on critical issues.

http://www.aspergersyndrome.org/ - Provides links for information, support, and education for parents, teachers, professionals, and individuals with AS.

www.maapservices.org/index.html - A joint project of Cambridge and Stanford Universities. MAAP services is a nonprofit organization dedicated to providing information and advice to families of more advanced individuals with Autism, Asperger’s syndrome, and Pervasive Developmental Disorder PDD. Provides links for services, resources, and information about legal rights.

http://www.chadd.org/ - Children and Adults with Attention-Deficit/Hyperactivity Disorder CHADD is a national non-profit membership organization. This website provides links on education, advocacy and support for individuals with AD/HD.

http://www.cec.sped.org/ - The Council for Exceptional Children is the largest international professional organization dedicated to improving educational outcomes for individuals with exceptionalities, students with disabilities, and/or the gifted.

http://www.nami.org/ - NAMI the National Alliance on Mental Illness is the nation’s largest grassroots mental health organization dedicated to improving the lives of persons living with serious mental illness and their families.

http://www.nichcy.org/ - National Information Center for Children and Youth with Disabilities provides information on disabilities in infants, toddlers, children, and youth, IDEA, No Child Left Behind as it relates to children with disabilities, and research-based information on effective educational practices.

www.copaa.net/contact/index.html - The Council of Parent Attorneys and Advocates, Inc. COPAA is an independent, nonprofit, organization of attorneys, advocates and parents that help secure high quality educational services for children with disabilities.

http://www.nimh.nih.gov/ - National Institute of Mental Health NIMH provides information on and about mental illness and behavioral disorders through research on the mind, brain, and behavior.

http://www.nih.gov/ - National Institute of Health provides extensive information on the breadth of diagnoses and research.

http://www.add.org/ - Attention Deficit Disorder Association provides information, resources and networking to adults with AD/HD and to the professionals who work with them.

http://www.peppinc.org/ - Parents Educating Parents and Professionals provides education and advocacy on behalf of children with special needs.

http://www.interdys.org/ - The International Dyslexia Association website providing many resources and much information on dyslexia.

http://www.umdf.org/ - The United Mitochondrial Disease Foundation provides information and networking for those concerned about mitochondrial disorders.

http://www.nlm.nih.gov/ - The National Institute of Health’s National Library of Medicine has extensive information on medical disorders, research and grants.

http://www.wrightslaw.com/ - Wrightslaw.com has everything you need to know about special education law, advocacy and resources.

www.fodac.org/fodac/index.php - Friends Of Disabled Adults And Children provides free durable medical equipment wheelchairs, hospital beds etc. to those in need.

www.come-over.to/fasstar/faspix - This is a website shares photographs and stories for others to see what life with FAS/E is like. It has pictures and stories of children, adolescents, and adults w/FAS/E.

http://www.nofas.org/ - This is the National Organization on Fetal Alcohol Syndrome website. Many different links for support groups and more general information about FAS.

http://www.fasstar.com/ - This is a website for support, training, advocacy, and resources for fetal alcohol syndrome.

http://www.fascets.org/ - This website is for FAS consultation, education, and training services and Interactive Autism Network.