Palm Beach, FL

Anywhere you look, there’s Palm Beach real estate available for a price much less than what it once was costing. Despite the tough economic situation many are facing there are people out there who can afford to become homeowners but continue to stick to renting, a legitimate choice for several reasons.

When compared to the costs in becoming a Palm Beach real estate homeowner, renting is a huge money saver. In most cases the fees or initial costs involved are the security deposit as opposed to down payment, closing costs, etc. A rental home with more bedrooms or square footage usually won’t require as much as it would to actually own it.

The ‘no strings attached’ approach of renting also tends to outweigh getting into a mortgage term or being concerned with the home and whether it will lose or gain in value. Despite these renting perks, owning a piece of Palm Beach real estate is the best way to build equity and have something to fall back on, existing market conditions notwithstanding.

How many times do we see advertisements that seem too good to be true. How about the small print that you don't pay attention too. How about the sales person that is more worried about telling you what you want to hear, rather than what they should be telling you. This happens more times than one would think when it comes to mortgages and real estate.

Hint : Just because it says sale or one puts an awesome rate and no fees on your good faith estimate, doesn't mean that this is the gospel according to the truth. Or that realtor that promises you a higher price than what the market warrants. Common sense on this one... if there are comps in the area justifying the price, fine, but ask for these comps and not just the realtors word.

Why do I harp on this more than ever? Because false advertising, false hope, and false promises seem to be taking place more than ever before. We are in an economy of fear, but always hoping for the best. And it's very easy to lose the common sense when you hear someone say...."no problem", "guarantee", "don't worry", "I am the cheapest", "I have the best rates", etc, etc. Just think about it. Ever hear the saying, "the grass is always greener on the other side?"

What about this one...How about the grass being painted greener for you. A new one that is hitting shelves this month is the word transparency. Wikipedia gives some great definitions and examples of transparency. For more on transparency and what I believe to be an excellent article, Ken Cook wrote : Who invented Transparency.

Overall, those that paint you green grass on the other side of the fence per se are doing you an injustice. In many cases, you have to do more research than ever before, just to make sure a "bait and switch" won't happen to you. Reality, it does happen.

Here are some current examples in today's market. Keeping in mind specific words or key phrases that are being used.

• DiTech just advertised with the word transparency. (a mortgage company of GMAC Mortgage)
  

They claim to be upfront, honest, and transparent. It all sounds good. But in my opinion, when someone has to tell you that they are honest & upfront, shouldn't you be cautious about this instead? Shouldn't the proof be in the pudding, when it comes to communication, educating you as the consumer, and giving you a good deal without saying it??? Just curious...

Example - Small print on their web site : Minimum credit score of 731 required to be eligible for advertised rate. Rut row... if you didn't read that, I am sure they don't bring this up. When I called, they didn't, they just wanted my information.

• I saw a website advertise this when it came to advertising Foreign National loans …

If you are a British, Finnish, Russian, Canadian, European, Japanese, or South American citizen or you hold a passport outside of the USA it may be easier for you to qualify for a mortgage than if you were a U.S. citizen.

Key phrase there, it may be easier. One thing that you need is over 25% down for these types of loans. This is a good example of an opening line, to make you think things are easier.

• Here is an advertisement I saw on TV…. They had people telling you that they made $9,000 a month part-time…. $12,000 a month…. $5,000 a month….and the commerical went on to say....

Get your risk-free training guide now…. Nothing is free… what’s the catch… www.80PTBiz.com

This is at the bottom of the commercial, which was in very small print. I had to rewind it several times to read the whole thing.

There are no guarantees of specific income nor are there any representations of actual income. Amounts stated are for illustration purposes only and are not typical. Persons depicted are paid actors.

Wow, paid actors. And I thought these people made this kind of money every time, very easily.

• Bankrate.com was sued for knowingly allow bait & switch advertisers on their site.

Making money while turning the other cheek. And what's sad is that they are still operating, but that had to pay fines. Bankrate.com is basically a lead aggregator and here are a few good articles. And I wanted to thank Drew Sygit for reminding me about bankrate.com's lawsuit.

Bankrate bait-and-switch lawsuit

Popular mortgage web site under scrutiny for lending practices

Bankrate settles lawsuit

Summary : Just because it says so, or someone tells you so, doesn't mean it will always happen that way. I hear this line often.... "If they put it on a good faith estimate, then it must be true." or "they have to honor what's on a "good faith estimate" That is why many of us in real estate and mortgages preach and practice educating the consumer. Wouldn't you rather hear the true, the reality of it, and not be dragged through the mud...

All pictures from istockphoto

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Experience & Knowledge at its BEST !!!

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For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!

Copyright © 2009 by Jeff Belonger

As Palm Beach homes foreclosures continue to plague the market, real estate professionals continue to tout their financial benefits. In fact, real estate searches via the internet have seen foreclosures searches skyrocket as more and more people explore the possibilities of buying high priced property at low market prices. So why aren’t foreclosure sales surging if searches are skyrocketing?

Most people are aware that one of the biggest risks of buying a home, foreclosure or otherwise, is the large chance of the property losing its value over time. However, foreclosures come with an additional set of risks that could lead to unwanted financial headaches for buyers down the road. Thankfully, minimizing risks is relatively simple by employing a few simple steps.

Buyers should always begin by understanding how foreclosures differ from buying new Palm Beach homes. A basic understanding is a good way of finding a real estate agent well versed in foreclosures that can assist buyers in navigating the foreclosure purchase process relatively hassle-free. And lastly, buyers should never forgo the home inspection as this report will be a tremendous benefit in knowing the condition of the foreclosure home.

For more on this topic visit my Palm Beach real estate website.

Many realtors continue to advertise the monetary benefits of buying Palm Beach real estate foreclosures and statistics show that searches for foreclosures have increased substantially. However despite this surge in foreclosures, buyers continue to remain on the fence when it comes to actually buying a foreclosure property of any sort.

Besides the general risks associated with buying a home new or old (namely a potential drop in value), foreclosures have additional strings attached. Costs that go unnoticed, dilapidated conditions, legalities, the list goes on and on. How does one minimize their own risk of huge monetary losses?

First, buyers must understand what foreclosures are and how they differ from a new home. Buyers should either do their own research or consult a real estate professional who specializes in the market. Also, home inspections are an absolute necessity so it’s vital to request one before moving forward. A little familiarity, a willingness to accept risk and being aware of the hazards involved can turn foreclosures into a lucrative real estate investment.

Palm Beach county is a very large and diverse county located in the heart of south Florida. The palm beach real estate market contains everything from beautiful ocean front homes and condos, to large horse farms, to great golf view country clubs and large wide intracoastal view homes. There aren't too many areas like this. The rich and famous can be found living the the Palm Beach island real estate, which offers beautiful ocean and intracoastal homes. Out west you have wellington, where many of the large estate horse farms are located. And to the north you have Jupiter which is famous for the large estate on Jupiter Island.

To browse some of the great offerings in this very diverse market, be sure to check out the Palm Beach real estate site. You may also find some interest in the new blogs for the local counties. They have been put up to help people learn about the area and will have lots of great information as they are fully filled out.

Check out the blogs at:

Palm Beach real estate blog

Martin County real estate blog

St Lucie real estate blog