About North Miami's Keystone Point

By: Terry Sheridan

www.OnePlaceOpenHouse.com

Know the basics of FHA loan rules and you stand a better chance of selling your house or condo.

Most buyers will expect a home inspection, including a form outlining what the inspection revealed.

Make your house FHA-friendly, and it will appeal to more homebuyers. Why? Because the Federal Housing Administration is insuring the mortgage loans used by about 30% of today's homebuyers.

If your house passes the FHA rules, it will appeal to buyers who plan to use an FHA-insured mortgage. If your house doesn't qualify for an FHA loan, you're cutting out 30% of potential buyers.

FHA is especially important to first-time homebuyers and those with small downpayments because it allows borrowers with good credit to make a downpayment as low as 3.5% of the purchase price.

Here's how to make your home appealing to FHA borrowers:

Know the FHA loan limits in your area

Start by checking to see if your home's listed price falls within FHA lending limits for your area. FHA mortgage limits vary a lot. In San Francisco, FHA will insure a mortgage of up to $729,750 on a single-family home. In the White Mountains of New Hampshire, the loan limit is $271,050.

Home inspections

Most buyers will ask for a home inspection, whether or not they're using an FHA loan to buy the home. You must give FHA buyers a form explaining what home inspections can reveal, and how inspections differ from appraisals.

How much do you have to repair?

If the home inspection reveals problems, FHA will not give the okay to buy the home until you repair serious defects like roof leaks, mold, structural damage, and pre-1978 interior or exterior paint that could contain lead.

Dealing with FHA appraisers

Help the lender's appraiser by providing easy access to attics and crawl spaces, which usually must be photographed, says appraiser Frank Gregoire in St. Petersburg, Fla.

Your buyer can hire his own appraiser to evaluate your home. But FHA only relies on reports by its approved appraisers. If the two appraisals conflict, the FHA appraisal preempts the buyer's appraisal.

Help with FHA closing costs

Most FHA buyers need help with closing costs, says mortgage banker Susan Herman of First Equity Mortgage Bankers in Miami. So a prime way to make your house FHA-friendly is to help with those costs.

FHA currently allows sellers to pay up to 6% of the sales price to help cover closing costs, but is considering lowering that limit to 3% in the fall of 2010.

If you're selling a condo

FHA also has to approve your condo before a buyer uses an FHA loan to purchase your unit. Be sure your condo is FHA-approved for mortgages. The list has been updated, so if your association was approved a year ago, check again to make sure it's still on the approved list.

FHA generally won't insure loans in condo associations if more than 15% percent of the unit owners are late on association fees. Ask your property manager or board of directors for your association's delinquency rate.

Other rules cover insurances, cash reserves and how many units are owner-occupied and the types of condos that can be purchased with an FHA mortgage.

FHA sometimes issues waivers for healthy condominiums that don't meet the regular rules. If your condo isn't FHA-approved, it doesn't necessarily have to meet every single rule to gain approval. Ask your REALTOR® to consult with local lenders about getting an FHA waiver for your condo if it doesn't meet all the requirements.

FHA also limits its mortgage exposure in homeowners associations. With some limited exceptions, no more than 50% of the units in an association can be FHA-insured.

FHA loans for planned-unit developments

FHA no longer requires lenders to review budgets and legal documents for planned-unit developments.

*Our Seller's Guarantee..."if we can't sell your home within six months or less we will buy it from you"

____________________________________________________________________________

ERA Herman Group

2875 NE 191 Street

Aventura, FL 33180

When it comes to choosing professionals to assist you with your real estate needs...Experience is Priceless! Miami Best Real Estate Team, 786-704-8482 www.OnePlaceOpenHouse.com

Looking for a Mortgage with a trusted and reputable company? You have come to the right place! "Close your loan and never leave home" www.MyELoanSource.com

Contact an Access e*Mortgage Loan Professional today 786-379-5626

www.OnePlaceOpenHouse.com
By: G. M. Filisko

Ask detailed questions about their experience and skills to help you find the right agent for your home sale.

Working with the right real estate agent can mean the difference between getting prompt, expert representation and feeling like you're going it alone when selling your home. Here are 10 questions to ask when you're interviewing agents.

1. How long have you been selling homes?

Mastering real estate requires on-the-job experience. The more experience agents have, the more likely they'll be able to handle any curveballs thrown during your home sale.

2. What designations do you hold?

Designations like GRI (Graduate REALTOR Institute) and CRS (Certified Residential Specialist), which require that agents complete additional real estate training, show they're constantly learning. Ask if agents have designations and, if not, why not?

3. How many homes did you sell last year?

Agents may tout their company's success. An equally important question is how many homes they've personally sold in the past year; it's an indicator of how active and aggressive they are.

4. How many days on average did it take you to sell homes?

Ask agents to show you this data along with stats from their local Multiple Listing Service (MLS) so you can see how many days, on average, their listings were on the market compared to the average for all properties in the MLS.

5. How close were the asking and sales prices of the homes you sold?

Sometimes sellers choose their agent because the agent's suggested listing price is higher than those suggested by other agents. A better factor is the difference between listing prices and the amount homes actually sold for. That can help you judge agents' skill at accurately pricing homes and marketing to the right buyers. It can also help you weed out agents trying to dazzle you with a lofty sales price just to get your listing.

6. How will you market my home?

The days of agents putting a For Sale sign in the yard and hoping for the best are long gone. Look for an agent who does aggressive and innovative marketing, especially on the Internet.

7. How will you represent me?

In the state of Florida, the two most used types of brokerage relationships are single agency and transaction brokerage. When an agent operates as a single agent the have fuduciary duty to you as a client adn work exclusively in your best interest. However when a real estate agent operates as a transaction broker their responsibilty is to represent the deal and do what is right to make the deal work without hurting either party. There is no fiduciary relationship.

8. How will you keep me informed?

If you want weekly updates by email, don't choose an agent who plans to contact you only if there's an offer.

9. Can you provide references?

Ask to talk to the last three customers the agent assisted. Call and ask if they'd work with the agent again and if the agent did anything that didn't sit well with them.

10. Are you a REALTOR?

Ask whether agents are REALTORS, which means they're members of the NATIONAL ASSOCIATION OF REALTORS(NAR). NAR has been an advocate of agent professionalism and a champion of homeownership rights for more than a century.


*Our Seller's Guarantee..."if we can't sell your home within six months or less we will buy it from you" www.OnePlaceOpenHouse.com

Looking to sale or purchase or have questions about Miami real estate contact us at MiamiBestTeam@AOL.com or call us (786) 704-8482.

www.OnePlaceOpenHouse.com

As a Miami Realtor my profession allows me the opportunity to meet and work with some truly accomplished individuals. It has always been a rule of thumb for me in the real estate business never to tout celebrated clientele or interactions with these individuals...no matter how many times they tell me it's okay. Everyone deserves some form of discretion. However there are genuine times such as this when me and my friends come together to make a difference with the youth who wouldn't otherwise have the opportunity. Bigger then real estate these are the moments I live for.

Kids can already hear the swoosh of the baskets from their favorite current and former NBA players who will be participating in the All Star Basketball Camp at the Michael-Ann Russell Jewish Community Center in North Miami Beach, August 8th - 12th, 2010.

Five-time NBA champion and All Star Dennis Rodman, along with six-time NBA All Star and MVP Mitch Richmond, five-time NBA All Star Tim Hardaway, former Miami Heat's franchise all time leading scorer and three-time NBA All Star Glen Rice, three-time NBA All Star Eddie Jones, George McCloud, Eric Williams and Kenny Anderson, just to name a few, will interact and teach youth including boys and girls between the ages of 8-17 yrs old the game we all love...basketball, including ball handling, triple threat, post moves, rebouding, court spacing, passing and how important it is to work as a team.

This interactive camp will teach fundamental basketball skills, sportsmanship and team concepts. Contrary to some opinions about the NBA and its players the All Star Basketball Camp's emphasis is the importance of maintaining a positive attitude. You have to admit for these guys to have become stars in a league where the odds of making it are against you postive attitude, hard work, practice and determination are a must to succeed.

The All Star Basketball Camp will run from 9 am - 4 pm on August 8th - 12th. Kids will receive lunch daily, camp shirts, certificates of completion, photographs, autographs from their favorite players and awards ceremony. Boys and girls between the ages of 8 - 17 are welcome to attend. Fees for JCC members are $250 and non JCC members $375 for this All Star experience.

For registration please contact Chris Moltman, Health, Sports and Wellness/Co-Camp Director, Michael-Ann Russell JCC, 18900 NE 25 Ave, North Miami Beach, FL 33180, (305) 932-4200 ext. 193. Fax: (305) 937-1829 or visit their website www.marjcc.org.

For more information on the All Star Baketball Camp or to become a sponsor please contact Jon Hirsch at (305) 978-9433 or visit www.All-StarBasketballCamp.com.

When it comes to choosing professionals to assist you with your real estate needs...Experience is Priceless! Miami Best Real Estate Team, 786-704-8482 www.OnePlaceOpenHouse.com

Click to Find Miami Real Estate Values and of Real Estate Across the US

Last weekend I tried this incredible recipe and found that grilled nectarines are a wonderful accompaniment to a tender and juicy grilled flank steak. Best of all it only takes 30 min to prep and cook. Perfect for a chill friday evening. Delicious for a hearty appetite!

Goes great served on mashed potatoes w/ grilled peppers, onions and bruleed blue cheese chunks.

Ingredients:

• 1-1/2 pound beef flank steak
• 1/4 cup beef broth
• 1/4 cup honey
• 3 tablespoons red wine vinegar
• 3 tablespoons soy sauce
• 2 tablespoons brown sugar
• 1 Tbsp. grated fresh ginger root
• 2 cloves garlic, minced
• 1/4 cup minced onion
• 1/8 tsp. crushed red pepper flakes
• 4 nectarines, cut in half

Preparation:

Cut the beef in a crisscross pattern 1/2" apart and 1/8" deep on both sides of the steak. Place beef in a zip lock heavy duty plastic bag. Combine beef broth, honey, vinegar, soy sauce, brown sugar, ginger, garlic, onion, and red pepper flakes in small bowl and mix. Pour this marinade over beef and seal bag. Place bag in glass baking dish to catch any leaks. Refrigerate for 6-24 hours.

When ready to grill, heat coals. Remove beef from marinade and reserve marinade. Grill beef 4-5" from medium heat for 12-15 minutes until medium (10-12 minutes for medium-rare), brushing twice with marinade. Add nectarines to grill for last 6 minutes of grill time, turning once and brushing with marinade. Discard leftover marinade. Cut beef across grain to serve and serve with nectarines.

4 servings

Our Seller's Guarantee..."if we can't sell your home within six months or less we will buy it from you"! Miami Best Real Estate Team/ERA Herman Group 786-704-8482 www.OnePlaceOpenHouse.com

Looking for a Mortgage with a trusted and reputable company? You have come to the right place! "Close your loan and never leave home" www.MyELoanSource.com

Contact an Access e*Mortgage Loan Professional today 786-379-5626

*580 credit score or better and 97% financing programs available.

1031 Exchanges are excellent tools to reduce income taxes. Known both as "tax free exchanges" and "1031 exchanges" (based upon the enabling section of the federal income tax code) this tool allows investors to sell real estate without paying income taxes (at the time of sale). Real estate owners or investors expecting to acquire property subsequent to the sale of existing property can indefinitely defer income taxes by utilizing a 1031 exchange. 1031 exchanges have been available for over 20 year. Their popularity seems to have increased sharply over the last 7-10 years as their benefits have become known.

In a typical property sale, an owner has to pay taxes on any gain. In some cases, a 1031 exchange does not make sense or is not practical. If an investor is trying to reduce his real estate asset allocation, or if a limited partnership has 20 investors with diverse interests, a 1031 exchange would not make sense. In a properly executed Section 1031 exchange, the realized tax is deferred. These transactions are sanctioned under Section 1031 of the Internal Revenue Code and are often referred to as "1031 exchanges," "like-kind exchanges" or "tax-deferred exchanges."

What is a 1031 Exchange?

A 1031 exchange provides the investor the opportunity to defer 100 percent of realized capital gains. This equates to an interest-free, no-term loan on taxes due until the property is cashed-out. Most often, the capital gain taxes are deferred indefinitely because investors continue to exchange from one property to the next, and increasing the value of their real estate investments with each exchange.

By not utilizing a 1031 exchange, property owners or investors would necessitate the payment of capital gain taxes in amounts, which can exceed 20 percent to 30 percent, depending on the appropriate combined federal and state tax rates. In other words, when purchasing replacement property without the benefit of a 1031 exchange in business real estate, your buying power is dramatically reduced and represents only 70 percent to 80 percent of what it did previously.

What Qualifies for a 1031 Exchange?

Properties that qualify for a 1031 exchange include any real estate used for business, trade or investment. Examples of 1031 exchange properties include apartments, office buildings, multiplexes, single-family or condo rentals, raw land, farms, ranches, and commercial and industrial properties. Also, you are not limited to exchanging for property similar or exactly like your existing property. Examples of qualified 1031 like-kind properties and like-kind exchanges:

apartment building for farm/ranch
office building for hotel
raw land for retail space
unimproved property for commercial property
airplane for airplane What are the 1031 exchange rules?

The real property you sell and the real property you buy must both be held for productive use in a trade or business or for investment purposes and must be like-kind.
The proceeds from the sale must go through the hands of a qualified intermediary and not through your hands or the hands of one of your agents or else all the proceeds will become taxable.
All the cash proceeds from the original sale must be reinvested in the replacement property; any cash proceeds you retain will be taxable.
The replacement property must be subject to an equal level or greater level of debt than the relinquished property or the buyer will either have to pay taxes on the amount of the decrease or have to put in additional cash funds to offset the lower level of debt in the replacement property. 1031 Timeline

Identification Period: Within 45 days of selling the relinquished property you must identify suitable replacement properties. This 45 day rule is very strict and is not extended should the 45th day fall on a Saturday, Sunday, or legal holiday.

Exchange Period: The replacement property must be received by the taxpayer within the "exchange period," which ends within the earlier of ... 180 days after the date on which the taxpayer transfers the property relinquished, or ... the due date for the taxpayer tax return for the taxable year in which the transfer of the relinquished property occurs. This 180-day rule is very strict and is not extended if the 180th day should happen to fall on a Saturday, Sunday or legal holiday.

When it comes to choosing professionals to assist you with your real estate needs...Experience is Priceless! Miami Best Real Estate Team, 786-704-8482 www.OnePlaceOpenHouse.com

Looking for a Mortgage with a trusted and reputable company? You have come to the right place! "Close your loan and never leave home" www.MyELoanSource.com

Contact an Access e*Mortgage Loan Professional today 786-379-5626