Can Lenders Request More Information?

 

Can Creditors Collect Information Beyond The 6 Required Pieces? In addition to the required pieces – Name Income Social Security Number Property Address Estimated Property Value and Mortgage Amount sought – a creditor may collect whatever additional information they deem necessary. However, as soon as you have provided the 6 required pieces, the creditor has 3 business days to provide a Loan Estimate for approved loans.

Calculating Your Asking Price

 

The best answer is get help from a real estate professional. But, if you only have a few minutes for a video, here are five points to consider.

1. Start With Measurement Learn the average per-square-foot price for recent sales in your neighborhood. That will not set your final price, but it is a baseline buyers will use.

2. Get Comparisons Ask for Comparative Market Analysis – comps – from several agents. Go through each comp with each agent to understand both competitive homes on the market AND each agents potential approach to yours.

3. Market Research. Do your own! – not just online, but in person. That will help you understand your market conditions and the buyers perspective realistically. Markets get hot and cold, up and down, and yours defines the sales envelope for your home.

4. Consider All Terms Price isnt all there is to a sale. Can you close faster? Finance or lease-option the sale yourself? Cover some closing costs? Your flexibility can make sales leverage.

5. It is Not Personal. The hardest tip of all. Most people are emotional about their home. Pricing, in the long run, is going to logical. Theyre buying your house,not your home & memories. Find a real estate professional you like and trustand let them help you through the process.

Sales Dropped last month …

Month 11 Sales
November

On December 22nd 2015, the National Association of Realtors (NAR) released their latest Existing Home Sales Report which covered sales in November. The report revealed that sales:

“…fell 10.5 percent to a seasonally adjusted annual rate of 4.76 million in November (lowest since April 2014 at 4.75 million)…”

That revelation gave birth to a series of industry articles, some of which quoted pundits questioning whether the housing market was slowing. In actuality, there is one rather simple explanation to much of the falloff in sales last month. It is likely the implementation of the “Know Before You Owe” mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which went into effect on October 3. These regulations caused house closings to be delayed by an extra three days in November as shown in the graph below.

GA close a loan

Three days might sound like a minimal difference. However, since there are only approximately 20 days in a month that a closing would normally take place (Mondays through Fridays), losing three days constitutes well over 10% of all closings. These sales are not lost. They are just moved into the next month’s numbers. In a DS News article on the subject also posted on December 22nd,  Auction.com EVP Rick Sharga explained:

“The most likely cause for the weak sales numbers is a delay in processing loans due to the new TRID mortgage requirements imposed by the CFPB. This is the biggest change in mortgage document processing in many years, and there have been numerous reports within the industry of problems implementing the process and the new documentation that comes with it.”

So how is the housing market actually doing?

A better way to look at how well the housing market is doing is to look at the Foot Traffic Report from NAR which quantifies the number of prospective buyers that are actively looking for a home at the current time:GA-future sales

We can see immediately that demand to buy single family homes is increasing over the last few months – not decreasing.

Bottom Line

No matter what last month’s sales numbers show, the housing market is still doing well as demand remains strong.

Call 786.554.8063 or email us George@GeorgeAssal.com, WE are here to facilitate and help you during the process of buying, selling, or renting any real estate needs, which will result in reaching your financial goals quickly and with ease, visit our page www.GeorgeAssal.com .

Residences by ARMANI CASA – Sunny Isles

The Related Group and Dezer Development joined forces to bring to Sunny Isles Beach, “The Residences by Armani Casa by Cesar Pelli” The most anticipated Ultra Luxury project in Miami. Only 261 families will have the honor to call the Residences by Armani Casa their home.

The Residences by Armani Casa Miami
The Residences by Armani Casa Miami

 

Highlights

.- The brand: First US project by Armani casa

.- Location: Sunny isles Beach

.- The Archited: Cesar Pelli

.- Units: 260 units

.- Prices: starting from $1 million

.- Completion date: 2017

.- Floor Plan: 5 units per floor, the higher the unit the bigger it is.

The Residences by Armani Casa Miami
The Residences by Armani Casa Miami – Oceanfront Living

The Residences by Armani Casa in Sunny Isles Miami are spacious units from 1358 Sq.Ft to 3,756 Sq.Ft and ranging in price between $1,000 – $1,500 per Sq.Ft

Floor plan

Residences By Armani General Floor Plan
Residences By Armani General Floor Plan

 

  • Unit A at Level 4  (Units at a Higher level offer more Sq.Ft)
    • 4 Bedrooms + Den / 5,5 Bathrooms
      • Interior Sq.Ft: 3,326  (At level 28 3,527 Sq.Ft  and No den –  At level 54 → 3,756 Sq.Ft)
        •  Balcony Sq.Ft: 1,440   (At level 28 1,487 Sq.Ft  –  At level 54 1,539 Sq.Ft)
          •  Total Sq.Ft: 4,766
Residences By Armani Floor Plan A
Residences By Armani Floor Plan A
  • Unit B 
    • 4 Bedrooms + Den / 5,5 Bathrooms
      • Interior Sq.Ft: 3,027
        • Balcony Sq.Ft: 898
          • Total Sq.Ft: 3,925
Residences By Armani Casa Floor Plan B
Residences By Armani Casa Floor Plan B
  • Unit C
    • 3 Bedrooms + Den / 3,5 Bathrooms
      • Interior Sq.Ft: 2,712
        • Balcony Sq.Ft: 762
          • Total Sq.Ft: 3,474
Residences by Armani Casa Floor Plan C
Residences by Armani Casa Floor Plan C

 

  • Unit D (Units at a Higher level offer more Sq.Ft)
    • 2 Bedrooms + Den / 2,5 Bathrooms
      • Interior Sq.Ft: 1,816    (At level 281944 Sq.Ft  –  At level 54 : 2089 Sq.Ft)
        • Balcony Sq.Ft: 491  (At level 28496 Sq.Ft  and No den-  At level 54 502 Sq.Ft)
          • Total Sq.Ft: 2,307
Residences By Armani Casa Floor Plan D
Residences By Armani Casa Floor Plan D
  • Unit E  (Units at a Higher level offer more Sq.Ft)
    • 2 Bedrooms / 2 Bathrooms
      • Interior Sq.Ft: 1,358   (At level 28 1,476 Sq.Ft  –  At level 541,610 Sq.Ft)
        • Balcony Sq.Ft: 941  (At level 281,013 Sq.Ft  and No den-  At level 54 1,094Sq.Ft)
          • Total Sq.Ft: 2,299
Residences By Armani Casa Floor Plan E
Residences By Armani Casa Floor Plan E

 

Note: Units C, D and E models are all taken however back ups for these units are accepted

Price Ranges

Residence by Armani Casa - Price Range - ** Prices and availability are subject to change without notice.
Residence by Armani Casa – Price Range –
** Prices and availability are subject to change without notice.

 

For more info regarding Residence by Armani Casa contact me directly

Contact me for more info