About Pembroke Pines' Pembroke Falls

The best part of Pembroke Falls of Pembroke Pines, Florida is the fact that it is a desireable neighborhood that is fairly easy to sell or rent. Unlike most of the other nearby neighborhood of Broward County, Pembroke Falls has held steady with its sales, although there has been a significant drop in price over the last five years.

We all know that the economy is the culprit here, but when it comes time for a comeback Pembroke Falls will probably be in a better position to rebound for those willing to wait it out.

Currently there are 21 homes for sale in the entire subdivision, and that my friends, is not a lot. The price ranges from $549,900. for a 4/3.5 to $272,250. for a 3/2. Big disparity, I know, but you have to know the different subdivisons within the community to understand. Of those 21, four are short sales and only 2 are REO's.

But here is where it get a little interesting. Of the 59 closed sales and 16 pending sales in Pembroke Falls, six are on the same street, 23rd st. The only explanation I have for the rash of sales on 23rd this year is the fact that it is the main thoroughfare into two of the first subdivisions, which means they have a lot of traffic and/or are bordered by the main highway. During the boom, these were always the last to go with the builder. Now they are the first. Prices for the four closed have a large disparity too. The top price was $400K and the lowest $285,500. Below is a sampling of the homes on 23rd that have sold. Believe it or not, you get a lot for your money in South Florida today for these kinds of prices. I should know. I am a resident of Pembroke Falls.

The Research Institute for Housing America recently put together a 62 page special report on strategic default in the context of a social network. The study likens the current housing market of strategic default to an epidemic spread like a disease via social media networking sites.

Susceptibility to normative influence, or SNI, "measures how easily people can have their belief changed as it relates to thier willingness to strategically default at various stages of being underewater in their mortgage." SNI is considered the most influential social network variable. Social connectivity is next, followed by what they call Mavenism. Although third in influence, its reach cannot be ignored.

Models were made to study the process of social interactions and how they affect independent decisions such as the decision to strategically default. The study likens this advocacy to a disease that spreads quickly through a society. With SNI a person's opinion on strategic default can be changed, thus causing the disease to spread rapidly.

Mavens, on the other hand, are those who have larger social network reach and who are better able to spread the disease simply because they come into contact with greater numbers of people. Fragile markets are the most suceptible, thus causing a market collapse. Are we as realtors aiding in the spread of the disease? Follow the link below to read and print the report. It is very enlightening.

http://www.housingamerica.org/RIHA/RIHA/Publications/78456_10923_Research_RIHA_Default_Report.pdf

After viewing so many people in South Florida simply allowing themselves to go into foreclosure I have come to conclusion that many of these people that are underwater ignore what is happening to them and hope that it just goes away. Well, I got news for you all that think this way, it doesn't. Sooner or later it all catches up with you and it's not worth it.

By simply hiring an experienced realtor and attorney you can get yourself out of the hole with little or no money out of pocket. Yes, it's a short sale and they are painful, long, and aggravating, but it beats the hell out of the alternative. But you have to take the initiative as seller and go through the motions of interviewing and hiring the right people first, and then actually filling out all of the required paperwork correctly. Just think of it as preparing your tax returns. Spend a day or two going through everything you need and get it done. I like the checklist format.

The old saying, you can't help someone who doesn't want to help himself, certainly applies here. Many believe there is no hope or help. But, this is not like credit card debt where you pay some company to basically whittle down your debt to a managable, pre-determined settlement. You have to actually do some work here in order to reap the rewards. There are one of two. First, you get out of the deal scott free and smelling like a rose. Second, and even better, you get that and a check back from your lender at closing if your loan is with Bank of America or Chase! Bank of America's expires December 12 by the way. And better yet, anyone in Florida who wants to short sell is pretty much eligible.

So, what are you waiting for? If there is one thing I have figured out in my 15 years in the real estate business is that there is an out for those in trouble, but the worst thing you can do is nothing. Sooner or later everything closes, so be patient and suck it up. If someone told you to fill out a questionaire that would take a few hours and this person agreed to give you a check for $5,000. would you do it? Well, that's what is happening with a short sale only you have to actually show the house too. Big deal. You don't care about the house anymore anyway. In short, you have lost all interest and just want it to go away.

Bottom line, do the work, hire the right people, be patient, and the rewards will come to you. Do nothing and your life, your credit, your home, and probably your employment are all in jeopardy. Why take the risk? Even if you don't do the short sale there are other avenues like modifications and deed in lieus, but you have to do the homework first because not everyone is eligible, which means you could go through all of the motions only to find out that you don't qualify and have to start all over again. This is where a good agent comes in handy.

This is not the street you want to be on.

Even though the short sale process has gone from a live human being to completely impersonal with the Equator online program it does not mean that you still cannot close your transaction. Based on the progress I have seen over the years maybe this is going to be better in the long run. When short sales first started as all the rage you might find yourself on hold for hours trying to track your progress, but now all you have to do as an agent is send everything in that the bank asks for via Equator.
The best way to make sure your deal is accepted and there are no problems with your deal is to simply be prepared. Too many agents piece meal a deal together and send it in in complete. This is the kiss of death. You are much better off putting together a short sale package with all the necessary documentation and sending it all in at once. I have found that by doing this the appraisal or BPO is order quickly.
As an agent it is your responsibility, and quite frankly, in everyone's best interest, to give your client all of the necessary paperwork at the time of the listing so that they can get started on it while you are showing and marketing. If the buying agent knows that you are ahead of the game and on top of things they are more likely to make an offer and to do so quickly. I have found that filling out all of that paperwork for a short sale is a lot like doing your taxes, so take your time and do it right.
Is the process today impersonal? As far as I am concerned, yes. All I can think of is the banks are trying to find a way to streamline the process to make these deals close quicker. The old method took forever. But in the end who cares whether or not Equator is impersonal as long as your agent gets the deal closed correctly? If you are considering short selling your home be sure to ask your agent whether or not they have a short sale package ready for you now and if they would be willing to guide you through some of the items on the list that you may have trouble with like a hardship letter. Being prepared for the short sale is more than half the battle.

If you are a renter and do not have renter's insurance you might want to read on. Most tenants who sign leases do not even think about insuring their property and personal belongings. As a matter of fact, 85% of Floridians alone do not have renter's insurance. Their frame of mind is simply either I don't need it or the landlord's policy will cover me. Well, I hate to spoil your party, but your are covered for neither. So, should you fall victim to a robbery, fire, flood, or even personal injury you are out of luck. You are even covered for a hotel stay should your residence become uninhabitable.
The sad part about this ignorance or indifference of the facts is that renter's insurance is ridiculously cheap! I even recommend for college students. They are constantly robbed by other students. For instance, for a mere $30. or so each month and a $500. deductable you are completely covered for all of these incidents. Is that not worth it?
If you look carefully at all of your policies, including auto, home, life, health, you will find that renter's is the most affordable of all. And, it's very easy to get. I bought a policy online with Geico in just a few minutes. Now, I am now a big fan of Geico for all the other stuff, but for this they are about as easy to get into than the others. I very much encourage it too every time I write a lease. I cannot force it on my clients, but I give them a very stern warning that without it you will be left out in the cold should you fall victim to something like a robbery. In fact, I even disclose it on the lease so that they can never tell me that I did not inform them of the opportunity. So the next time you write a lease think good and hard about a renter's insurance policy. It is worth it.