In recent days talking to my friend Dr. Raul Pino, specializing in the real estate industry lawyer, on the subject of inspections in real property, and the incredible story emerged that years ago be expected to arise in his office. The later relate.
The conversation we held my friend Raul and lighting it up for the current mode to close properties that have the most financial companies, for the foreclosed properties. These companies do not take care to correct any defect or amend the building code violations that may have the property, leaving the work by the buyer to address any relevant illegality.
In certain municipalities in the county requires a seller to make an inspection of the property prior to sell the property, and correct defects established, besides bringing to code any illegality incurred in the inspection in question, before closing it. Worth noting that this happens when the real property belongs to an individual. However, if the property is part of the portfolio of a large company or a financial giant Freddy Mac, the municipality shall give permission to close the property and will be the responsibility of the buyer to repair and amend the illegalities in the time agreed with the municipality. Normally, 180 days.
Dr. Pino emphasized in our conversation the importance of the inspection process in any purchase of real property. I said again and again that this is the only time that the buyer can evaluate if you are making a good investment and if your money is well spent. According to their hypothesis, with which I agree, the buyer must select an accredited inspection company, without involving in selecting the selling agent or financial agent, much less a title company.
Conflicts of interest at times detrimental to the parties involved in the process. That is why the buyer should be documented very well about who he hired to investigate and defend him. A good source for information could be the lawyer to represent you, he will know who to recommend.Oh, and the day of inspections try to be present to know, first hand, what is happening on the property you intend to buy.
As a farewell, they do tell the story that my friend Raul.
According to him, there was a time that three days after closed a real estate deal, got the call from the buyers of the property saying it was raining inside the house than outside. He reviewed the record of the transaction and said inspections found that the roof was in perfect condition. He tried to communicate with the engineer who signed the report and to his surprise he was told that it had died thirty years ago and did not remember that they have inspected the property. After an arduous battle Dr. Pino got the realtor, who recommended inspectors, pay for the arrangements.
Wednesday, July 2, 2014
The complicated process of financing a purchase
In the sale of real estate in North America, there is a topic that is hub for buyers when analyzing the transaction: how to finance the purchase.
Mainly linked to strategies for growth factors of the investment portfolio, investors seek to employ in each acquisition the least amount of capital possible. Sometimes obtain desired by financial institutions; but preferably in the private sector looking to save time, eliminate errands to do and find flexibility in achieving their goals.
Those with experience in the field and know what they want and what suits them firsthand; but those who venture in the early years of his career as thorny investors in this field should be very alert of their making.
The points to consider are the penalties for prepayments of debt, the clauses governing the mortgage interest note and above all transparency in the chain of title to the property you are buying.
The key elements that motivate an owner to finance the property are selling: retirement plans, defer payment of accrued on capital gains, capital flow control, etc.. Of course, no one will say for what reason you want to finance the sale, so it is to be extreme measures to not buy a property that is in conflict with the building code of your municipality.
As this type of financing property inspection no further investigation or the same in the public records are required, it is very easy to hide behind a convenience for a defect or a problem that would prevent the financing of it through an entity commercial.
The first step for a buyer after having identified a property which will be funded by your retailer, is putting together a professional team to respond and protect their interests. This team should not miss a company recognized and accredited inspections, which will be responsible for inspecting and ensuring the physical condition of the subject property. An attorney specializing in real estate, which will check that the title is not defective in its chain, and weighing charges, demands or open permissions that prevent its transfer or condition the possibility of commercial property; and a counter to alert and advise on all financial.
In this type of trading is not advisable for buyers to sign any document without the approval of the attorney representing them, nor enter into any kind of agreement or negotiation in the absence of a real estate agent who specializes in the sale of commercial properties or entry.
In my many years in this turn of investment property, I have noticed that those who have succeeded have done delegating functions to professionals who have knowledge and experience in the field.
Mainly linked to strategies for growth factors of the investment portfolio, investors seek to employ in each acquisition the least amount of capital possible. Sometimes obtain desired by financial institutions; but preferably in the private sector looking to save time, eliminate errands to do and find flexibility in achieving their goals.
Those with experience in the field and know what they want and what suits them firsthand; but those who venture in the early years of his career as thorny investors in this field should be very alert of their making.
The points to consider are the penalties for prepayments of debt, the clauses governing the mortgage interest note and above all transparency in the chain of title to the property you are buying.
The key elements that motivate an owner to finance the property are selling: retirement plans, defer payment of accrued on capital gains, capital flow control, etc.. Of course, no one will say for what reason you want to finance the sale, so it is to be extreme measures to not buy a property that is in conflict with the building code of your municipality.
As this type of financing property inspection no further investigation or the same in the public records are required, it is very easy to hide behind a convenience for a defect or a problem that would prevent the financing of it through an entity commercial.
The first step for a buyer after having identified a property which will be funded by your retailer, is putting together a professional team to respond and protect their interests. This team should not miss a company recognized and accredited inspections, which will be responsible for inspecting and ensuring the physical condition of the subject property. An attorney specializing in real estate, which will check that the title is not defective in its chain, and weighing charges, demands or open permissions that prevent its transfer or condition the possibility of commercial property; and a counter to alert and advise on all financial.
In this type of trading is not advisable for buyers to sign any document without the approval of the attorney representing them, nor enter into any kind of agreement or negotiation in the absence of a real estate agent who specializes in the sale of commercial properties or entry.
In my many years in this turn of investment property, I have noticed that those who have succeeded have done delegating functions to professionals who have knowledge and experience in the field.
Tuesday, July 1, 2014
Real estate broker updates
As a success are qualified calls tables of analyzes that have been conducted both the Real Estate Chamber of Venezuela (CIV) as its subsidiary Real Estate Chamber Metropolitana (CIM), activities which aim to brokers real estate update knowledge of dynamics of this line of business, and thus increase their professional capacity.
Counsel Irma Lovera De Sola, a specialist in real estate law and legal consultant to the CIV, led table analysis which were evaluated various scenarios that are affected by the Partial Amendment to the Law on Real Estate Leasing Reform under study process the National Assembly.
This reform project is analyzed by the Subcommittee on Housing of the Committee on Public Service and Administration of the National Assembly and has received contributions from the sectors involved in the matter.
In the process, the legal consultant of the VSD has participated in the drafting of the comments that the housing association has submitted to the instance of Congress.
The table in question led Lovera Irma De Sola was a remarkable journey through participatory concern between real estate professionals in relation to the course that has acquired the reform bill. In this regard were analyzed various aspects such as the freezing of rents, something that the Government has been extended every six months since 2004. Another factor taken into account was the attempts to eliminate evictions and confiscation of property for lease to benefit tenants.
The table analysis reaffirmed the need for reform to achieve better relations between landlords and tenants equally, so that in this way the revival of the rental market is achieved, currently diminished.
Counsel Irma Lovera De Sola, a specialist in real estate law and legal consultant to the CIV, led table analysis which were evaluated various scenarios that are affected by the Partial Amendment to the Law on Real Estate Leasing Reform under study process the National Assembly.
This reform project is analyzed by the Subcommittee on Housing of the Committee on Public Service and Administration of the National Assembly and has received contributions from the sectors involved in the matter.
In the process, the legal consultant of the VSD has participated in the drafting of the comments that the housing association has submitted to the instance of Congress.
The table in question led Lovera Irma De Sola was a remarkable journey through participatory concern between real estate professionals in relation to the course that has acquired the reform bill. In this regard were analyzed various aspects such as the freezing of rents, something that the Government has been extended every six months since 2004. Another factor taken into account was the attempts to eliminate evictions and confiscation of property for lease to benefit tenants.
The table analysis reaffirmed the need for reform to achieve better relations between landlords and tenants equally, so that in this way the revival of the rental market is achieved, currently diminished.
Thursday, June 26, 2014
The Canadian housing market resists while housing prices continue to rise
After several years of warnings about the Canadian housing market, home prices continue to increase, reaching new highs despite negative expectations and continuous alerts, the housing industry in the country continues its growth process.
Analysts claim that is not yet claim victory around the stability of the housing market, the concern exemplified in Toronto apartment sector, which, despite these positive expectations for anything, still exceeds the perception and growing .
Scotiabank economist Derek Holt said in a report published recently warned that "it is too early to relax around the Canadian housing market." For the specialist, it is necessary for the surveillance and monitoring continue.
Returning to the example of the Toronto market, statistics show that sales of new apartments were 22% higher than what was recorded 12 months ago. Prices, meanwhile, advanced 1% (although the specialists asserted in their forecasts that they would fall), and ranked, on average, $ 437,773, according to RealNet Canada Inc. This year alone has sold 8,305 condos in this city, representing an increase of 33% compared to 2013, which is 10% above the average of the last 10 years.
Analysts following the best results, insist that the theory indicates that no significant price falls will be in the coming months.
Meanwhile, experts warn that the real test for the country's property market will happen when interest rates rise.
In this panorama, there are those who also maintain his thesis that the risk of housing bubble has not completely ruled out, such as David Madani of Capital Economics, interviewed by The Globe and Mail. The problems are obvious, says Madani, arguing that exists in the market overvaluation, excessive new structures and high household debt.
The most pessimistic analysts point out that in the United States were in denial about the housing bubble that was recorded prior to the recession. Refer to the same time that the Canadian housing market remains more alert lit outside the country within the national territory, referring, of course, to warnings made months ago by the IMF and OECD.
The Bank of Canada, meanwhile, said in its forecast earlier this month that a sharp correction in the housing market ranks first among the risks that currently has the Canadian financial system, emphasizing, in the same report, concerns about market condos in Toronto.
Analysts claim that is not yet claim victory around the stability of the housing market, the concern exemplified in Toronto apartment sector, which, despite these positive expectations for anything, still exceeds the perception and growing .
Scotiabank economist Derek Holt said in a report published recently warned that "it is too early to relax around the Canadian housing market." For the specialist, it is necessary for the surveillance and monitoring continue.
Returning to the example of the Toronto market, statistics show that sales of new apartments were 22% higher than what was recorded 12 months ago. Prices, meanwhile, advanced 1% (although the specialists asserted in their forecasts that they would fall), and ranked, on average, $ 437,773, according to RealNet Canada Inc. This year alone has sold 8,305 condos in this city, representing an increase of 33% compared to 2013, which is 10% above the average of the last 10 years.
Analysts following the best results, insist that the theory indicates that no significant price falls will be in the coming months.
Meanwhile, experts warn that the real test for the country's property market will happen when interest rates rise.
In this panorama, there are those who also maintain his thesis that the risk of housing bubble has not completely ruled out, such as David Madani of Capital Economics, interviewed by The Globe and Mail. The problems are obvious, says Madani, arguing that exists in the market overvaluation, excessive new structures and high household debt.
The most pessimistic analysts point out that in the United States were in denial about the housing bubble that was recorded prior to the recession. Refer to the same time that the Canadian housing market remains more alert lit outside the country within the national territory, referring, of course, to warnings made months ago by the IMF and OECD.
The Bank of Canada, meanwhile, said in its forecast earlier this month that a sharp correction in the housing market ranks first among the risks that currently has the Canadian financial system, emphasizing, in the same report, concerns about market condos in Toronto.
Friday, June 20, 2014
Buy a house no longer as attractive
The homeownership rate has fallen in the first quarter to its lowest level in 19 years, according to census figures. The percentage of Americans who own their homes was 64.8%. In the case of Latinos, 45.8% own. In the first quarter of 2007, 50.1% of the members of this community had its own housing but this rate has ebbed since then as has happened with the rest of the population.
The reasons for the decline are many.
The latest economic crisis has made clear that housing is not stable investment than previously thought. And it must be added that the dream of homeownership is now more expensive than a year ago.
The housing prices have recovered much of the country, due to the improving economy, and mortgages have become more expensive because the Fed is starting to withdraw the stimulus to the economy, which has pushed up the references mortgage rates.
The rates of these loans have risen from historic lows and although still much cheaper than at other times in recent history, after years of cheap credit, buyers still have to digest a 30-year fixed mortgage ronde 4.26%. This is almost one percentage point higher than last year at this time.
Banks have seen their mortgage lending has collapsed both when selling new loans as at the time of refinance. In the latter case, the lack of activity is even greater. Wells Fargo, one of the banks that has recently awarded more mortgages, has seen in the first quarter has been relegated to that effect their business by 67% over the first quarter.
According to Inside Mortgage Finance, a trade publication, even during the worst of the financial crisis, "the mortgage industry was making more loans in the first quarter of 2014." The figures show that we are in the deepest slump of the past 14 years with a fall of 58% in the initiation of new mortgages when compared with the figures for the first quarter of last year.
Many analysts expect rates to rise this year to 5%.
As a result, the rental is gaining popularity. According to the census, the vacancy rate in rental housing is very low (8.3%). It is something that is driving up the asking price for rents.
The average price nationwide is $ 776 per month, a record. In the northeastern part of the country, this figure is $ 1.043, up 16% from a year ago. In the West, the average price is $ 886. The increase in rental prices is forcing more and more citizens to devote more income to pay monthly obligations although wage growth has not followed the same upward trend. According to figures from the Zillow real estate, since 2000, the rental prices have increased by 52.8%.
The reasons for the decline are many.
The latest economic crisis has made clear that housing is not stable investment than previously thought. And it must be added that the dream of homeownership is now more expensive than a year ago.
The housing prices have recovered much of the country, due to the improving economy, and mortgages have become more expensive because the Fed is starting to withdraw the stimulus to the economy, which has pushed up the references mortgage rates.
The rates of these loans have risen from historic lows and although still much cheaper than at other times in recent history, after years of cheap credit, buyers still have to digest a 30-year fixed mortgage ronde 4.26%. This is almost one percentage point higher than last year at this time.
Banks have seen their mortgage lending has collapsed both when selling new loans as at the time of refinance. In the latter case, the lack of activity is even greater. Wells Fargo, one of the banks that has recently awarded more mortgages, has seen in the first quarter has been relegated to that effect their business by 67% over the first quarter.
According to Inside Mortgage Finance, a trade publication, even during the worst of the financial crisis, "the mortgage industry was making more loans in the first quarter of 2014." The figures show that we are in the deepest slump of the past 14 years with a fall of 58% in the initiation of new mortgages when compared with the figures for the first quarter of last year.
Many analysts expect rates to rise this year to 5%.
As a result, the rental is gaining popularity. According to the census, the vacancy rate in rental housing is very low (8.3%). It is something that is driving up the asking price for rents.
The average price nationwide is $ 776 per month, a record. In the northeastern part of the country, this figure is $ 1.043, up 16% from a year ago. In the West, the average price is $ 886. The increase in rental prices is forcing more and more citizens to devote more income to pay monthly obligations although wage growth has not followed the same upward trend. According to figures from the Zillow real estate, since 2000, the rental prices have increased by 52.8%.
Monday, June 16, 2014
The City of Hollywood, Florida in the sights of investors
For many it is no surprise that in August this year, Fitch Ratings, a company known worldwide for ratings, raised the financial forecast for the city of Hollywood to "stable". The real estate market in South Florida has recovered well from his debacle in 2008, only this time, the visionaries of real estate around the world have set their sights on promising cities with high potential. Hollywood, Florida, waterfront community located between Miami and Fort Lauderdale, has become quoted a place to live, work and invest.
Prices of homes in Miami in neighborhoods such as quoted Aventura, Brickell and Coral Gables have reached record prices, many of which are out of reach for young families. In the past six years, Hollywood has become the most desirable city for young families of upper-middle class who wish to settle. The city has a unique location and all that other expensive communities in the Miami area has to offer: restaurants, shops, residential and hotel developments upscale, and beautiful beaches. The seaside promenade of Hollywood Beach ranked fifth nationally, according to the magazine Travel and Leisure. In general, it has become an excellent alternative for those who want to invest in luxury residential developments without having to incur huge investments.
"Hollywood is the ideal midpoint. When meeting with my clients, only takes me fifteen minutes to get to Fort Lauderdale and twenty in Downtown Miami reach, "said Jonathan Silverman, former resident of Aventura, who recently purchased a home in a luxurious gated community called Hollywood Oaks. For Silverman, a father of two children, safety ratings and schools were two decisive factors when choosing Hollywood. Of the thirty-one schools in the city, more than one third obtained "A" rating.
Realizing its potential, developers and visionaries of the United States and the world have set their eyes on the city of Hollywood, introducing luxury developments notch in the area. Costa Hollywood Condo Resort located in Hollywood Beach Village began construction on June 27, 2013.'s One of the most anticipated developments in the city and has 307 units ready to occupy and retail trade upscale. More than 50% has been sold and construction is expected to culminate in the last quarter of 2014. Margaritaville Hollywood Beach Resort, a proposed $ 147 million, will bring a significant increase in tourism and turn the city into a center sophisticated urban. Additionally HDG Executive Suites introduced the first office building "boutique" on Hollywood Boulevard. The Class A building has spaces of virtual and executive office fully equipped with European furniture and contemporary design. Companies, professionals and entrepreneurs can benefit from a prestigious corporate address, art facilities, a collection of Latin American art and reception services in Spanish and English for a fixed monthly fee.
Prices of homes in Miami in neighborhoods such as quoted Aventura, Brickell and Coral Gables have reached record prices, many of which are out of reach for young families. In the past six years, Hollywood has become the most desirable city for young families of upper-middle class who wish to settle. The city has a unique location and all that other expensive communities in the Miami area has to offer: restaurants, shops, residential and hotel developments upscale, and beautiful beaches. The seaside promenade of Hollywood Beach ranked fifth nationally, according to the magazine Travel and Leisure. In general, it has become an excellent alternative for those who want to invest in luxury residential developments without having to incur huge investments.
"Hollywood is the ideal midpoint. When meeting with my clients, only takes me fifteen minutes to get to Fort Lauderdale and twenty in Downtown Miami reach, "said Jonathan Silverman, former resident of Aventura, who recently purchased a home in a luxurious gated community called Hollywood Oaks. For Silverman, a father of two children, safety ratings and schools were two decisive factors when choosing Hollywood. Of the thirty-one schools in the city, more than one third obtained "A" rating.
Realizing its potential, developers and visionaries of the United States and the world have set their eyes on the city of Hollywood, introducing luxury developments notch in the area. Costa Hollywood Condo Resort located in Hollywood Beach Village began construction on June 27, 2013.'s One of the most anticipated developments in the city and has 307 units ready to occupy and retail trade upscale. More than 50% has been sold and construction is expected to culminate in the last quarter of 2014. Margaritaville Hollywood Beach Resort, a proposed $ 147 million, will bring a significant increase in tourism and turn the city into a center sophisticated urban. Additionally HDG Executive Suites introduced the first office building "boutique" on Hollywood Boulevard. The Class A building has spaces of virtual and executive office fully equipped with European furniture and contemporary design. Companies, professionals and entrepreneurs can benefit from a prestigious corporate address, art facilities, a collection of Latin American art and reception services in Spanish and English for a fixed monthly fee.
Friday, June 13, 2014
Announce housing program for veterans
First lady Michelle Obama on Wednesday announced an initiative involving mayors, governors and citizens to any country veteran homeless is when you begin 2016, to consider "a moral aberration" that there are still 58,000 homeless veterans spread across the nation.
"One homeless veteran is too much. Any reading above zero is too. And the fact that we still have 58,000 is a moral aberration. We should all be appalled, "said Michelle Obama in a ceremony at the White House to present the initiative.
The 58,000 homeless veterans, a figure that is extracted from recent federal data available, provided in January 2013, represent 0.3 percent of veterans in the country, and according to the first lady meet this challenge is easier to local level, where mayors have to deal with just "a few hundred".
Therefore, Michelle Obama announced the "challenge of mayors to end homelessness among veterans," an initiative that seeks to reduce the number to zero before the end of 2015 and which have already committed 77 mayors, four governors and 4 county officials.
"It's an ambitious goal, but it can get," said the first lady, who recalled that between 2010 and 2013, the rate of homeless veterans fell 24 percent.
Among those who have joined the initiative is the governor of Puerto Rico, Alejandro J. García-Padilla, and the mayors of Dallas and Houston (Texas); Fresno, Oakland and San Diego (California); Tucson (Arizona); Denver (Colorado); Atlanta (Georgia); Boston (Massachusetts), and Philadelphia (Pennsylvania), among other cities.
"We have the opportunity to change lives," Michelle Obama insisted, recalling that two cities have reduced to zero the number of homeless veterans: Phoenix (Arizona) and Salt Lake City (Utah).
Responsible for introducing the first lady at the event was Chris Fuentes, an ex Hispanic fighter 25 who fought in Iraq and that when he returned to his city, Philadelphia, "lost" his apartment and his job.
"I knew that if I could have a roof, everything else would fit," said Fuentes, and explained that thanks to the advice of other veterans met the HUD-VASH program of the Department of Housing and other initiatives that allowed access to an apartment and furnish .
"These programs give a second chance for life for veterans," said Fuentes, mother of a three year old girl and he could go back to college once managed an apartment.
"When a veteran comes back and kissing the soil of this country, it is unacceptable to have ever sleep on it," he said Michelle.
"One homeless veteran is too much. Any reading above zero is too. And the fact that we still have 58,000 is a moral aberration. We should all be appalled, "said Michelle Obama in a ceremony at the White House to present the initiative.
The 58,000 homeless veterans, a figure that is extracted from recent federal data available, provided in January 2013, represent 0.3 percent of veterans in the country, and according to the first lady meet this challenge is easier to local level, where mayors have to deal with just "a few hundred".
Therefore, Michelle Obama announced the "challenge of mayors to end homelessness among veterans," an initiative that seeks to reduce the number to zero before the end of 2015 and which have already committed 77 mayors, four governors and 4 county officials.
"It's an ambitious goal, but it can get," said the first lady, who recalled that between 2010 and 2013, the rate of homeless veterans fell 24 percent.
Among those who have joined the initiative is the governor of Puerto Rico, Alejandro J. García-Padilla, and the mayors of Dallas and Houston (Texas); Fresno, Oakland and San Diego (California); Tucson (Arizona); Denver (Colorado); Atlanta (Georgia); Boston (Massachusetts), and Philadelphia (Pennsylvania), among other cities.
"We have the opportunity to change lives," Michelle Obama insisted, recalling that two cities have reduced to zero the number of homeless veterans: Phoenix (Arizona) and Salt Lake City (Utah).
Responsible for introducing the first lady at the event was Chris Fuentes, an ex Hispanic fighter 25 who fought in Iraq and that when he returned to his city, Philadelphia, "lost" his apartment and his job.
"I knew that if I could have a roof, everything else would fit," said Fuentes, and explained that thanks to the advice of other veterans met the HUD-VASH program of the Department of Housing and other initiatives that allowed access to an apartment and furnish .
"These programs give a second chance for life for veterans," said Fuentes, mother of a three year old girl and he could go back to college once managed an apartment.
"When a veteran comes back and kissing the soil of this country, it is unacceptable to have ever sleep on it," he said Michelle.
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