Bria J. Toulemonde, CDPE

The Florida Legislature adjourned this Friday, but not before approving a $66.5 billion budget that has many celebrating.

Most notable, the budget allocates $30.1 million for down payment assistance programs. Those who qualify for the the federal first-time home buyer's tax credit will be able to apply for down payment assistance in advance of closing, then repay the amount they borrowed when they get their tax refund. The program will begin on July 1, 2009 and will operate through local county housing administrators.

NOTE: Don't miss out on this incredible opportunity to fulfill your dream of home ownership. The federal tax credit expires on December 1st. For more information, or to find out if you qualify, call me at 305.851.5910.

Other budget line items of note include:

Up to $400,000 has been allocated to prevent, combat and publicize the dangers of unlicensed real estate activity in Florida.

Landlords will see a reduction in eviction filing fees from $265 to $180 - the only fee reduction in the 2009-10 budget.

Non-budget legislation passed this session includes:

SJR 532, a constitutional amendment that will ask voters to limit increases in property tax assessments on all non-homestead properties to 5 percent annually. First-time home buyers could benefit, too, with an additional homestead exemption up to $100,000.

HB 521, places the burden of proving that a property tax assessment is correct on the appraiser, not the property owner.

HB 1495, the Legislature capped home owner's insurance rate increases at 10 percent per year for Citizens policyholders.

For more information on how the new legislation impacts your real estate investments, or to learn more about the the first-time home buyer federal tax credit or down payment assistance programs in Florida, call me at 305.851.5910.

Are you looking to buy, sell or rent in the Miami Beach area? Call me at 305.851.5910 to set up a personal property search and to learn more about the many opportunities available in today's market.

As many as 50% of all at-risk borrowers have second mortgages. Even with loan modification on the first mortgage, these borrowers remain at risk for default without modification on the second note.

The Treasury Department has expanded the Making Home Affordable Program to include second mortgages.

Under the Second Lien Program, if the servicer initiates a Home Affordable Modification on the first mortgage, participating servicers will automatically reduce payment on the second lien in accordance with complex, but uniform, program criteria. As an alternative, servicers may extinguish the second lien in exchange for receiving a lump sum payment.

The Obama Administration also announced steps to incorporate the Federal Housing Administration's (FHA) Hope for Homeowners into Making Home Affordable.

Hope for Homeowners requires the holder of the mortgage to accept a payoff below the current market value of the home, allowing the borrower to refinance into a new FHA-guaranteed loan. Refinancing into a new loan below the home's market value takes a borrower from a position of being underwater to having equity in their home. By increasing a homeowner's equity in the home, Hope for Homeowners can produce a better outcome for borrowers who qualify.

Click Here to view the entire press release

Are you or someone you love facing foreclosure? Are you currently "underwater" and unsure of what to do? Have questions about today's real estate market and how it affects your future? Your REALTOR can help. If you live in the Miami Beach area, I am available to assist you. Call me at 305.851.5910. Together we can rebuild and strengthen our communities, our investments, and our lives.

A common debate amongst real estate agents is whether or not open houses really work. Some sales agents have stopped holding open houses entirely while others diligently continue the practice.

A successful open house does not have to cost a lot of money, nor does it have to be very elaborate. In fact, the simpler the event the better since the goal is to get attendees to pay attention to the property not fancy cocktails, raffles or other distractions.

I personally feel that open houses are an important part of a property's marketing strategy. My standard marketing program calls for two separate open houses during the first 30 days of property marketing.

The first open house is hosted within 1 week of listing. This is a private open house for real estate agents and brokers only. This open house is usually hosted on a weekday for 1-2 hours, usually close to the lunch hour. The purpose of this open house is to visually introduce the property to a network of active real estate agents with buyers and to get their valuable feedback on the property. Attendees are surveyed for their opinion of price, condition and other factors that could influence the sale. Their contact information is also collected for future communications regarding the property (i.e. price adjustments, future events).

It is important to host this open house early on. Based on the opinions obtained during the broker/agent open house, the property price can be adjusted if necessary and other helpful changes to the property can be made before a lot of time, money and effort has been invested into the overall property marketing program. I find broker/agent open houses to be one of the most useful tools I have while launching a new listing. In many cases, I have 3-4 showing appointments scheduled within a day or two of the event.

The second open house is held within 2-3 weeks of listing. This is a public open house that is advertised to consumers and agents alike. These are usually held on a Saturday or Sunday for maximum traffic volume. Attendees tend to be curious neighbors and home buyers with or without agents. Attendees are provided with information on the property (brochures, flyers, etc.) and their contact information is collected for future communications. Public open houses are a great way to obtain some free advertising. Attendees often tell their friends, family and co-workers about the home(s) they saw over the weekend.

Additional open houses may be held. If a property fails to sell within 6 months of listing and it is determined that it makes sense to continue marketing the property, I repeat the open house process after the property is repositioned. The purpose of a second round of open houses is to re-introduce agents and consumers to the property at an adjusted price point or after major modifications have been made.

It is difficult to determine the actual impact of an open house. However, I am rarely disappointed by the return on investment since I always obtain:

1. Valuable professional and consumer feedback

2. Valuable contacts for future communications

3. Free advertising when attendees tell their friends, family and co-workers about that GREAT house they saw over the weekend.

In today's market we have to do everything we can to increase property visibility. Open houses offer an easy, inexpensive way to showcase your property to agents and consumers. I highly recommend making 1-2 open houses part of your standard property marketing plan.

Looking to buy, sell or rent in the Miami Beach area? For over 16 years I've had the honor of helping people prosper through real estate. I'd love to help you too! Call me at 305.851.5910.

As the number of homeowners facing foreclosure rises, so does the number of scam artists offering bogus services and solutions for a fee. How does a homeowner know who to trust?

My recommendation to homeowners in distress is to consult with their neighborhood Realtor, preferably one with experience in distressed property situations. A good Realtor does not just focus on sales, they also focus on strengthening their communities - this includes helping homeowners in distress find legitimate solutions and alternatives to foreclosure. If your situation cannot be solved by selling the property, your Realtor can refer you to a reputable professional who can assist you with your specific needs.

Facing foreclosure is overwhelming - working with a trusted professional can help reduce stress and increase your chances of finding a resolution to your situation before it's too late.

Following are resources endorsed or provided by the U.S. government:

* To find a counselor, contact the U.S. Department of Housing and Urban Development (HUD) at (800) 569-4287 or (877) 483-1515, or go to www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm

* Call (888) 995-HOPE, the Homeowner’s HOPE Hotline to reach a nonprofit, HUD-approved counselor through HOPE NOW, a cooperative effort of mortgage counselors and lenders to assist homeowners. www.hopenow.com

* Visit NeighborWorks America’s Web site at www.nw.org/network/home.asp

* Making Home Affordable offers information on federal mortgage modification and refinancing programs: www.makinghomeaffordable.gov

Miami residents: Are you or someone you love is facing foreclosure? As a Certified Distressed Property Expert (CDPE) I can offer hope and help. Call me today. 305.851.5910