TOP 10 BEACHES

1. Caladesi Island Clearwater

2. Hanalei Beach Kauai, Hawaii

3. Siesta Beach Sarasota

4. Coopers Beach Southampton, N.Y.

5. Coronado Beach San Diego, Calif.

6. Main Beach East Hampton, N.Y.

7. Hamoa Beach, Maui, Hawaii

8. Cape Hatteras Outer Banks, N.C.

9. Cape Florida Key Biscayne

10. Beachwalker Park Kiawah Island, S.C.

http://www.heraldtribune.com/article/20080523/NEWS/805230395/1661

What your agent ought to be asking YOU if you're thinking of a Short Sale.

Below I am going to paste the contents of the questionaire we have devised to help us and our client to determine if a short if right for them AND if a short sale can even be accomplished. This is pretty comprehensive but could always use improvement. If you are not prepared to answer these questions to your realtor then maybe you're not ready OR you need to establish a relationship with someone you think is competent in handling the type of information that the answers will provide.  Anyway we look forward to your comments or questions as to why we would need some piece of this answered.

Ann M Winger, LLC Short Sale Preparation Checklist

1. Is this your primary residence?
2. Any other properties? Are they in trouble?
3. If tenant occupied is your tenant aware of any problem?
4.  If this is NOT your primary residence do you understand the IRS consequences of debt forgiveness?
5. If either of the lenders required it would you be prepared to offer some lump sum or sign a promissory note to facilitate a short sale? (Not always required)
6. Are you prepared to give us permission to speak to your mortgage lenders on your behalf?
7. Name and Account Number of First Mortgage Holder:
8. Approximate Current Amount Owed:
9. Is the account current?                                       Date of last payment:
10. Phone number for lender or copy of payment coupon
11. Name and Account Number of SECOND mortgage holder if any:
12. Approximate amount owed:
13. Is the account current? Date of last payment:
14. If married is your spouse on your mortgages?
15. Did you pay prior year’s property tax?                                 Do you have proof of payment?
16. Does the lender ESCROW your property tax?
17. ANY other liens on property such as HOA or Mechanics Liens? Current with HOA?
18. What is your current monthly income?  Can you document it?
19. Tell us about all your cash and non cash assets such as 401K and stocks – so we can determine if you will be considered a short sale candidate.
20. Do you have two years worth of fed tax records to provide banks?
21. What is your “Hardship Story”?
22. Are you working with a Bankruptcy attorney, do you intend to file bankruptcy?
23. If you are working with a BK attorney may we contact them?    
24. Do you have living arrangements for when the property sells?
25. We have reviewed the Short Sale Addendum to the Listing Agreement:    
26. As I have just explained them will you be willing and able to go through with a short sale if accepted?

- Mike W.

Fed cuts interest rates to lowest level in 4 years

Attached is a link to an AP news article describing the Fed's latest .25 point rate cut. While this is good news for your credit card debt, car and boat loans and maybe even your Home Equity Line of Credit (HELOC) it is not neccessarily going to lower mortgage rates per se.  Mortgages are tied to rates like 10 Year Treasury Bills and ARMS are tied to things like the London Inter Bank Rate (LIBOR) and they are not lock step effected by the Fed funds rate.  So while the Fed cut rates yesterday a 30 year fixed rate mortgage was about 5.8% prior to the Fed announcement and lo and behold today the 30 year rate is......the very same 5.8%

Still any break in interest rates is welcome relief. The Fed is now "cautious" about inflation and so may not lower rates further. I would say with what is going on with the price of oil continuing to rise and with ALL that does to prices - I'd say the inflation fear is VERY well founded!

Here's a link to the article:

http://www.floridarealtors.org/NewsAndEvents/n4-050108.cfm

- Mike W.