EXPERIENCED MORTGAGE AND REAL ESTATE ATTORNEY

JACQUELINE A. SALCINES, ESQ.

Many homeowners think that refinancing is as easy as walking into a local bank or finding one online and applying for a new loan.

There are many factors that go into a refinance, specially in the middle of another high property value boom in South Florida, borrowers need to make sure you Property values are exact and correct, as well as that you are given proper credits at closing.

If you do not select a title agent, the lender will select one for you.  That means, you will not know what is being charged to you until closing.

As a homeowner already having a loan, you are entitled to a “reissue credit” off your title insurance, though many title companies wont credit you at closing.

Know your rights and demand your proper credits.

At the Law Offices of Jacqueline Salcines, PA, attorney Jacqueline Salcines, as a real estate attorney for the past 16 years and holding a dual degree as an accountant,  acts as title agent and real estate attorney to protect your interests.

The first consultation is always free of charge.  Or email attorney Jacqueline Salcines directly your real estate question at J.Salcines@salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FLORIDA 33146
TEL: 305 | 669 | 5280
DIRECT EMAIL:  J.SALCINES@SALCINESLAW.COM
 

Hand with a house key.IN THIS DAY AND AGE, AFTER THE MORTGAGE CRISIS, IT IS A CRAZY THOUGHT TO ENTER INTO A PURCHASE SALES CONTRACT TO BUY A PROPERTY WIHTOUT ENLISTING THE ASSISTANCE AND ADVICE OF A REAL ESTATE ATTORNEY.  ALMOST 50 PERCENT OF ALL HOMES HAVE BEEN AFFECTED BY THIS MORTGAGE CRISIS, EQUATING TO ISSUES ON TITLE, MORTGAGE ASSIGNMENTS NOT BEING RECORDED, LOST OR UNASSIGNED MORTGAGES WHEREIN THE LENDER IS IMPOSSIBLE TO REACH, OR TITLE ISSUES ARISING WITH THE DEED.

AN ATTORNEY TO ASSIST AT CLOSING IS MORE AFFORDABLE THAN YOU THINK. AND OFFERS THE MUCH NEEDED THOROUGH LOOK THROUGH AND EXAMINATION OF TITLE AS WELL AS CODE VIOLATIONS, LIENS AND OTHER ITEMS THAT COME UP DURING CLOSING.  IF YOU SIMPLY RELY ON A TITLE COMPANY THAT REPRESENTS THE SELLER OR A TITLE COMPANY THAT DOES NOT HAVE AN ATTORNEY BACKING IT, YOU ARE RUNNING THE RISK THAT ISSUES MAY ARISE RIGHT BEFORE CLOSING, WHEREIN YOUR DEPOSIT MAY BE AT RISK OR WORSE, AFTER CLOSING, WHEN YOU HAVE ALREADY SIGNED AND THE PROPERTY AND PROBLEMS ARE NOW YOURS.

AT MY FIRM, WE ASSIST BUYERS AND SELLERS ALIKE, WITH ALL THEIR REAL ESTATE AND TITLE NEEDS.  AS A TITLE AGENT ATTORNEY, JACQUELINE A. SALCINES, ESQ. EXAMINES TITLE AND REVIEWS ALL ISSUES TO FIND THEIR SOLUTION PRIOR TO CLOSING.  WE CAN NOT CLOSE IF AN ISSUE ARISES ON TITLE THAT IS NOT RESOLVED. IT IS UP TO THE SELLER TO CURE ALL TITLE ISSUES PRIOR TO CLOSING.

Jacqueline A. Salcines

Jacqueline A. Salcines

WE ALSO EXAMINE OPEN LIENS, OPEN PERMITS, AND ALL LIENS AND JUDGMENTS THAT COULD AFFECT THE BUYER, TO RESOLVE THEM PRIOR TO CLOSING.

FOR A NOMINAL FEE, WE ARE THERE WITH YOU EVERY STEP OF THE WAY.  WE ALSO PREPARE THE HUD SETTLEMENT STATEMENTS MAKING SURE YOU PAY ONLY WHAT IS REQUIRED OF YOU AT CLOSING.

TAXES ARE ANOTHER ISSUES THAT MUST BE DEALT WITH.  MANY TAXES IN FORECLOSURES WENT UNPAID FOR YEARS, RESULTING IN TAX DEED SALES AND UNPAID OR LATE PROPERTY TAXES. THIS MUST ALSO BE REVIEWED PRIOR TO CLOSING TO SEE WHAT AMOUNTS THE SELLER IS RESPONSIBLE FOR AND TO MAKE SURE THAT AS THE BUYER, YOU START OFF WITH A ZERO BALANCE AND NO UNPAID TAXES LINGERING OVER YOU.

CALL US TODAY FOR A FREE APPOINTMENT. WE CAN REVIEW YOUR CONTRACT AND PROVIDE SOUND LEGAL AND TAX ADVICE.

THE FIRST CONSULTATION IS ALWAYS AT NO COST AND CAN PROVIDE SOLID PEACE OFMIND IN TODAYS ERA OF UNKNOWNS.

 

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JACQUELINE A. SALCNES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL.  305.669.5280
EMAIL:  J.SALCINES@SALCINESLAW.COM

Hand with a house key.Recall the days back in 2005, 2006 and 2007 when financing was given away, no questions asked? Verification of Employment and Verification of Income unheard of. And banks were offering 97 percent to home buyers? Well, as much as we all lamented the bubble bursting and values plunging, the shortage of inventory in South Florida has caused property values to once again experience a dramatic increase, and developers are banking on that.

MIDTOWN MIAMI, a new high-rise condo complex in Midtown Miami is boasting the return of 97 percent financing and offering its buyers a 3% down payment, through a low down payment loan program aimed at emerging neighborhoods. While financing is stricter than in the days of “no questions asked”, with values rising, and good collateral, buyers should have no problem securing loans. This means that a unit offered at $300,000.00 would only require a down payment of $9,000.00. First time home buyers, with limited cash, can enjoy these minimum down payment requirements and are now able to purchase a home with very little down whereas two or three years ago, this was not the case.

Recently, a report by TRULIA also proved that in this day and age, with interest rates at historical lows, “owning costs 44 percent less than renting”. Source: DSNews.com March 20, 2013. “After factoring all cost coponents including transaction costs, taxes, and opportunity costs, Trulia found buying a home is 44 percent cheaper than renting, down slightly from 46 percent last yer.” DSNews.com

People who didn’t buy a home last year may have missed the bottom of the market but they havent completely missed the boat” states Jed Kolko, Trulia’s chief economist. Source: DSNews.com

So we can once again boast in South Florida that property values have taken a turn for the better, and that financing for home buying is once again within reach. Obviously, it goes without saying to choose your real estate attorney, realtor and mortgage carefully. This one decision may mark the difference between closing and never getting to the closing table. Or worse, closing on a not so great a deal.

For all your real estate needs, call on us. Jacqueline A. Salcines, PA
TRUST | COMMITMENT | RESULTS

 

 

foreclosure processCoreLogic reports that in the 4th Quarter of 2012, over 200,000 properties came up from being “underwater” and a total of 1.7 Million homes in all of 2012.  Source: DS News.com  To read the full article go to www.dsnews.com/articles/corelogic-17m-homes-moved-into-positive-territoy-in-2012.

What does this mean for those selling… that it is once again a sellers market.  That asking price once again retrieves dozens of contracts, over asking price, many from cash buyers.

What does this mean for those buying… that the market is once again competetive and will weed out those looking for distressed bargains.

What does this mean for those looking to modify… that the lenders will most likely make less and less principal reductions, as appraisals show that mortgages are once again not so far apart from fair market value and will not pass the NPV test.  Many that refinanced or took out second mortgages or HELOC’s may still experience negative equity, but it may be harder and harder to modify.  Proper, uninflated values must be closely calculated and provided to the lenders.

What does this mean for those short selling… that once a BPO is ordered, a bank may likely counteroffer on price as the buyers are coming in too low for fair market value sustained prices.

Whether you are looking to sell or buy, now is the time to once again use increased scrutiny when placing an offer or accepting an offer. It appears that we are once again riding another bubble that may likely burst if inventory is set loose.

Stay tuned for 2013 1st Quarter results.

LAW OFFICES OF JACQUELINE SALCINES, PA

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Stacks of One Hundred Dollar Bills with Small House.Many things need to be considered when buying a property, regardless of whether your plans are to live in it or whether it is an investment. 2013 marked a year of many changes in the tax code by the Internal Revenue Service, including changes as to how mortgage interest income can be deducted and reported on tax returns, as well as Capital Gains taxes and limits, and numerous others are planned and will take effect upon property purchased in 2013.

If  the property you are considering purchasing is distressed, you will have a wide array  of considerations.  For instance, if the seller purchased in a foreclosure auction or as an REO, was the foreclosure accurately handled and/or dismissed.  As a buyer, you will need to make sure that the title is clean and that no other interest holders have rights, that may haunt you after you have signed on the dotted line.  This is the important, often overlooked role of the real estate attorney/title agent who will make sure that all this is reviewed prior to closing.  Moreover, whether the property and the loans associated with it are being audited by the Department of Justice is also a huge impacting consideration, as it may force titles that were issued to property owners and bona fide purchasers to be reversed, causing siginificant economic damages.

Real estate taxes also have a huge impact on whether a property should be considered or not.  In the advent of another real estate bubble, and with home values increasing by dramatic amounts, October may cause us to witness increased assessed values by the Property Appraiser causing once lower valued property taxes to double.

Return on Investment is also a big consideration.  If the property you are purchasing will be improved for rental,  the rental values permitted in the particular market need to be assessed.  What amounts will you be paying yearly in maintenance, insurance, taxes versus what the market will allow you to charge in rent.  Attorney Jacqueline A. Salcines states:  “At my firm, we use state of the art realty programs and tools that allow us to calculate up to the minute rental values for the most accurate assessment of what our client can rent the properties they are considering purchasing for.  This allows our investors to calculate their return on investment and make a sound decision as to whether to embark on the investment or walk away.”  There are countless other considerations that must be evaluated before you sign on the dotted line.

For many, buying a home is the single most costliest investment ever made.  It makes sense to have the right professionals by your side to guide you every step of the way.

At The Law Offices of Jacqueline A. Salcines, P.A., attorney Jacqueline A. Salcines is not only a real estate attorney and title agent with Attorney’s Title Insurance Fund, Inc. and Old Republic National Title Insurance,  but also an Accountant and Realtor.  Of equal importance, our firm has partnered up with  Tax Accountants and real estate professionals to provide the best guidance and advice to make sure your decision is a sound one.

Dont got it alone.  Hire the services of a professional to assist in making that one decision that may affect the rest of your life.

We are located in Coral Gables and the first consultation is always at no charge.

TRUST   |     COMMITTMENT  |    RESULTS

 

The Responsible Homeowner Refinancing Act of 2013 was reintroduced this week for approval by Congress.Home floating on a life preserver.

This bill, if passed, will benefit responsible homeowners who have stayed afloat and maintained their mortgage payments current, despite their home values being upside down.  Responsible for the introduction of this bill are U.S. Senators Robert Menendez (NJ) and Barbara Boxer (CA).  First introduced in the 112th Congress but not passed, the bill is now gaining momentum again.  Perhaps more relevant now that the housing market is experiencing a recovery, though not quick enough for underwater homeowners  who have been unable to modify for too much income, and unable to refinance for too little equity.  This bill will also affect the impending wave of new foreclosures predicted for 2013, removing some homeowners from foreclosures all together.

Under the proposed bill, hardworking, responsible homeowners who entered into high interest, or interest only loans, will be able to refinance,  and reap the reward of current interest rates which are at 3.53 percent.  Responsible homeowners will be able to avoid foreclosure and have some money in their pockets.

The bill, which will enchance the current HARP program, seeks to eliminate the requirements that borrowers verify income or employment, as under the current HARP rules. The bill will also affect that manner in which appraisals are approved and handled, and reduce the cost and time for borrowers and lenders alike.  It will also extend the HARP program by one more year, through the end of 2014.

“This is great news for the underwater homeowner.  The HARP program has been fantastic in throwing a life preserver to the homeowner that is current on their mortgage and we have seen many mortgages reduced through principal reductions.  I am glad that Congress is taking note of the homeowners and how they are suffering in the current state of our real estate market.” Jacqueline A. Salcines, Esq.

So, this is more good news for underwater homeowners!  Now, if only the real estate market will continue to improve, we sseem to be almost out of the woods!!

DONT GO IT ALONE.  For more information on whether you qualify for a HARP Refinance, modificaiton, short sale or other relief, call me anytime.

Jacqueline A. Salcines, Esq.

Jacqueline A. Salcines, PA

A law firm dedicated to all of your real estate needs.

305 |  669  |  5280

Many buyers and sellers are on pins and needles… not knowing whether to take the plunge and buy a property or place their homes on the market and take a chance that they are making the best profit.  Certainly no one expected the housing market, paricularly the Miami, Coral Gables and Pinecrest areas, to go up so dramatically since the bubble exploded.  However, the wave of recent sales and the return to the 10 contract deals, has certainly put the market back in the sellers hands.20130201-182045.jpg

So, to invest or not to invest?  That is the question.  TrustED market researchers and forecasters predict a steady 1% to 3 % increase in home prices in 2013, but is this accurate? Afterall, Miami, Florida is certainly not the norm, and in some areas, prices are inching back to 2003 and 2004 levels.  Certainly, the market has turned the corner and the chances of the bubble burting again, are very slender.

There is also the issues of the Mortgage Interest Tax Deduction that will impact recovery. While most tax specialists expect a “cap” rather than a full elimination, for the LUXURY HOME BUYER and higher income folks, this is something that needs to be considered as it may affect their benefits from the tax deduction.

Sales are also being helped by record low mortgage rates, lower unemployment and a decrease in distressed home sales.  This is causing an improved demand for homes, specifically in the South Florida area, where inventory is so diminshed.

The National Association of Realtors reported that while December sales were just slighly below November, sales for the full year (2011) were the best we’ve seen since 2007.  Source: National Association of Realtors.

“As a real estate professional in the business for more than 15 years, the best advice I can give for navigating the 2013 real estate market is to hire the right team of professionals, including a knowledgeable attorney to check title and a realtor who can assess home values, comparables in the area, as well as determine the best price to come in at or list at.  This will remove your competition and provide you with peace of mind that you are buying or selling at the best price, a price supported by our presend day real estate market.”  Jacqueline A. Salcines, Esq.

JACQUELINE A. SALCINES, ESQ.  WE ARE A LAW FIRM DEDICATED TO ALL OF YOUR REAL ESTATE NEEDS.

TRUST  |  COMMITMENT  |  RESULTS

CALL THE REAL ESTATE LAW FIRM OF JACQUELINE A. SALCINES, P.A. FOR A FREE CONSULTATION:  305 | 669 | 5280