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The Epitome of Luxurious Living is Found in this CORPORATE OWNED Mediterranean Estate Located in The Oaks

GSIG LLC is excited to announce the launch of our new company GSIG Premier.
GSIG Premier will be focusing on high-end luxury REO assets, such as the one below that has been listed today.

NEW LUXURY REO LISTING IN BOCA RATON
The epitome of luxurious living is found in this CORPORATE OWNED Mediterranean inspired estate in the private gated enclave of The Oaks. A spillover spa flows into the resort-style pool, while the loggia and summer kitchen provide the perfect retreat for luxurious outdoor living.

This Mediterranean-style estate spares no detail, comprising 8,020± total square feet with 6 bedrooms, 7 full and two half baths, and a 4-bay garage. Exquisite touches like Jerusalem marble floors and custom built-ins abound throughout the interior.

First Floor: Dramatic design is the hallmark of this exquisite home. Entered from the double mahogany doors and grand foyer, the formal living room is highlighted by a cast coral fireplace and a wall of windows overlooking the pool and patio beyond. Richly appointed built-in shelves and cabinets make a striking statement in the sprawling study. A generously proportioned family room flows into the breakfast area and exquisitely appointed chef’s kitchen, where custom cabinetry and granite counters are accented by professional grade appliances and center island. A double door entry introduces the beautifully scaled master suite, a private sanctuary complete with two custom-fitted walk-in closets and lavish his-and-her marble baths.

Second Floor: The sweeping marble staircase leads to the second level, where two bedroom suites are equipped with private baths and terraces. A third bedroom connects to second level family room.

Palm Beach County $4,000 Homebuyer’s Tax Credit

300px Palm Beach County Seal Palm Beach County $4,000 Homebuyers Tax Credit

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Palm Beach County Homebuyer’s can receive a tax credit of up to $4,000 per year for every year of their mortgage. That means a tax credit of up to $120,000 over 30 years.

What is a Mortgage Credit Certificate?

A Mortgage Credit Certificate (MCC) allows the homebuyer to claim a tax credit for some portion of the mortgage interest paid per year. It is a dollar for dollar reduction against their federal tax liability.

Who Can Get The Credit?

Any first time homebuyer, as defined by the Internal Revenue Code, whose income generally does not exceed 115% of the area median income is eligible for the MCC program if the property is in a designated county. Palm Beach is one of those areas. These requirements do not apply if the homebuyer is buying in a federally designated target area.

The maximum allowable income to qualify in Palm Beach County is $90,450 for a household of 1 of 2 residents and $105,560 for larger households. The maximum purchase price is $381,375 and higher for multiple units with the maximum amount of $896,390.

How much is the credit issued under the MCC program?

An MCC may be issued to the homebuyers at tax credit rates varying from 10 percent to 50 percent based on the mortgage interest paid per year capped at $4,000 annually. The Housing Finance Authority of Palm Beach County determines the tax credit rate. This credit is received for every year of the mortgage for a total of up to $120,000 over the life of the loan.

The credit is non-refundable but may be carried forward for a period of up to three (3) years.

What is the program criteria?

All mortgage types are eligible for the program but must be underwritten according to FHA, VA, RD, or conventional loan criteria.

New and existing single family homes, duplexes, townhomes, condominiums and manufactured homes (with certain restrictions) are eligible properties.

Purchase price and income limits, adjusted by household size apply. The homebuyer must also occupy the property as their principal residence (as mentioned above).

How does the homebuyer benefit frm a MCC?

The homeowner may deduct their credit from their annual taxes or may adjust their W-4 deductions to gain additional monthly income (which will often assist in qualifying for a mortgage). We suggest that you discuss this matter with your tax professional or loan originator. Utilizing this program you may reduce your actual interest rate as well.


 Palm Beach County $4,000 Homebuyers Tax Credit

South Florida Leads the Country in Rentals

150x104 South Florida Leads the Country in Rentals

Image by Getty Images via @daylife

According to a study this week from Harvard University, South Florida leads the nation in renter households spending more than half of their incomes on housing.

About 34% of households in Palm Beach, Broward and Miami-Dade counties spent more than half of their gross pay on rent and utilities in 2009, the most recent year for which statistics are available. That’s up from 26% a decade earlier, when South Florida also topped the list.

Susie Chung, a researcher at Harvard’s Joint Center for Housing Studies thinks that incomes for South Florida renters aren’t high enough to support the area’s rental rates. Other major cities like Boston and New York offer higher incomes so that renters can more easily afford housing costs, she said.

The Center for Housing Policy in Washington, D.C., came to a similar conclusion earlier this year. Its study based on 2009 figures showed that South Florida renters and homeowners face the nation’s biggest burden in monthly housing costs.

Officials say that renters and homeowners should aim to spend less than a third of their incomes on housing.

 South Florida Leads the Country in Rentals

DISCOVER THE NEW WORLD OF HUD

743 DISCOVER THE NEW WORLD OF HUD

DISCOVER THE NEW WORLD OF HUD

U.S. Department of Housing and Urban Development (HUD)

THE LARGEST REAL ESTATE MARKET IN THE UNITED STATES

NEW RULES – NEW SYSTEM – MUCH EASIER

DISCOVER NEW BUSINESSES AND RESOURCES

GSIG LLC


HUD LISTING BROKERS

INVITE YOU TO PARTICIPATE

ALL YOU NEED TO KNOW ABOUT THE NEW RULES & SYSTEM TO WORK WITH HUD PROPERTIES

ALL THE QUESTIONS – ALL THE ANSWERS

In this dynamic, FREE, interactive training,

you will learn how to:

    Complete the HUD docs for a correct contract package!

    Submit e-bids and monitor the process from start to closing!

    Earn substantial commissions and repeat business!

Seating is Limited. Reserve Now!

Thursday @ 5:30 PM

April 21st, 2011

email HUDTEAM@gsigreo.com

or call 561.245.8843 X 510

to reserve your spot now!

THE EVENT WILL BE HELD AT OUR OFFICE

7251 W. Palmetto Park Road, Suite 206

Boca Raton, Florida 33433

*Refreshments Will Be Served*

 DISCOVER THE NEW WORLD OF HUD

Broward County Braces for Fewer Vacancies & Higher Rents

250px Broward County %28Florida%29.svg Broward County Braces for Fewer Vacancies & Higher Rents
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Broward County’s apartment market will be among the nation’s best performing during 2011 –  which means, fewer places to choose from and higher rents.

This according to MPF Research who states Broward apartment vacancy will tighten by 1.6% this year, while rents will rise by about 5%. The county’s monthly apartment rent averaged $1,151 at year-end 2010.

Greg Willett, MPF’s vice president of research, stated: “Fort Lauderdale posted one of the better turnarounds in apartment occupancy seen anywhere across the country during the past year. Additional tightening seems on the way in reflection of the metro’s improving economy and minimal new supply. The upturn in occupancy should be enough to allow rents to really start to move upward.”

Palm Beach County’s rental market isn’t as strong, MPF says. Occupancy will rise 1.7 percentage points in 2011, and rents will inch up 3%.

 Broward County Braces for Fewer Vacancies & Higher Rents

New Study Claims Borrowers are Less Likely to Default on Local Lenders

4570927521 8f1cf4b561 m New Study Claims Borrowers are Less Likely to Default on Local Lenders
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According to a study done at Ohio State University, low and moderate-income homeowners who borrowed from local lenders were less likely to default than those who secured mortgages from more distant banks or mortgage brokers.

Stephanie Moulton, an assistant professor at OSU, states: “The door you walk into when you’re looking for a loan matters a lot. Local banks seem to offer some protection to homebuyers, particularly those with low incomes who may be seen as risky borrowers.”

She said local lenders may do a better job of collecting information on prospective borrowers. These banks typically take other factors into consideration besides credit scores, such as length of employment and whether the borrowers make regular deposits in a savings account. Moulton’s definition of “local” focused on an institution’s lending concentration and bank branch locations in a particular market.

Moulton said borrowers may feel more obligated to pay if they have a relationship with a particular lender. And those banks tend to provide more education to borrowers, helping them be better homeowners. She concludes: “This kind of information may give a more complete picture of whether a person can really afford a mortgage, particularly for higher-risk borrowers. Some of the local bankers told me they won’t even look at a credit score until they have talked to an individual and determined if they think he or she can make the payments.”

 New Study Claims Borrowers are Less Likely to Default on Local Lenders

New Regulations For Foreclosure-Ridden Neighborhoods

300px US OfficeOfThriftSupervision Seal.svg New Regulations For Foreclosure Ridden Neighborhoods
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This past Wednesday, the federal bank and thrift regulatory agencies announced changes to the Community Reinvestment Act (CRA) parameters in support of stabilizing communities affected by high foreclosure levels.

The final rule, which was issued by the Federal Reserve, FDIC, Office of the Comptroller of the Currency, and the Office of Thrift Supervision,  encourages depository institutions to finance development activities in areas that qualify for HUD’s Neighborhood Stabilization Program (NSP).

Through the agency’s Neighborhood Stabilization Program initiative, HUD has provided funds to state and local governments, as well as nonprofit organizations, to purchase and rehab abandoned and foreclosed properties.

The new rule revises the term “community development” to encourage depository institutions to make loans and investments, and provide services to support NSP activities in areas with HUD-approved plans.

Financial institutions will receive favorable consideration under CRA requirements for their participation in efforts to stabilize local communities where there are large numbers of foreclosures and vacant homes.

Federal regulatory agencies examine banking institutions for CRA compliance, and take this information into consideration when approving applications for new bank branches or for mergers or acquisitions. CRA was initially enacted by Congress in 1974 to encourage depository institutions to meet the credit needs of their local communities by lending to borrowers in all segments, including low- and moderate-income neighborhoods.

Under the new rule, financial institutions will receive CRA credit for any NSP-eligible activities, such as loans extended to grant recipients for the purchase of foreclosed homes or for a donation of REO properties to nonprofit housing organizations.

The federal government has allocated nearly $7 billion for HUD’s NSP program to provide what the regulatory agencies described as “emergency assistance” to help alleviate problems brought on by the foreclosure crisis, such as growing inventories of vacant properties, depreciating home values, declining property tax bases and the destabilization of local communities.

 New Regulations For Foreclosure Ridden Neighborhoods

Zillow: South Florida Home Price Declines Among Nation’s Largest

2860050075 f20dd6d923 m Zillow: South Florida Home Price Declines Among Nations Largest
Image by Tony the Misfit via Flickr

Happy holidays! Just what every homeowner wants to hear: more bleak home price data.

According to Zillow.com, prices in Palm Beach, Broward and Miami-Dade counties declined 1.3% in October from September.

On a quarter-over-quarter basis, prices dropped 3.8%, while the year-over-year fall was 15.4%.  Zillow, which studied 131 metro areas nationwide, regularly ranks South Florida among the U.S. metros with the largest annual declines.

Nationally, home values were off about 26% from peak levels – and that’s right in line with the declines that were estimated to have occurred during the Great Depression.

 Zillow: South Florida Home Price Declines Among Nations Largest

David J. Stern Resigns as CEO of DJSP Enterprises

2836822969 ba04468395 m David J. Stern Resigns as CEO of DJSP Enterprises
Image by qthrul via Flickr

Attorney David J. Stern has resigned as CEO of DJSP Enterprises less than a month after he stepped down as the company’s chairman, due to the fact that his foreclosure operation continues to be investigated by state regulators.

According to new filings with the Securities and Exchange Commission, the move came as DJSP also let another 157 employees go. The latest staff reduction follows a massive lay-off of 70% of Stern’s work force earlier in the month after the company’s two largest clients,  Fannie Mae and Freddie Mac, stopped using the firm and pulled its pending foreclosure cases.

Stern is the only major client of the publicly traded DJSP, one of the nation’s largest foreclosure servicers with processing and title affiliates. Based in the British Virgin Islands, it was created when Stern sold his law firm’s non-legal operations to DJSP for $58 million.

In a written statement, DJSP officials said Stern was resigning to concentrate on his law firm’s operations. He is succeeded by Stephen Bernstein, the company’s interim chairman, who will earn a $500,000 annual base salary, according to filings. He states: “I am prepared to lead the company through the fundamental changes required for it to adapt to its new operating environment.”

 David J. Stern Resigns as CEO of DJSP Enterprises

5 Top Mistakes Investors Make When Submitting Offers on REO Properties

Gohomenew  5 Top Mistakes Investors Make When Submitting Offers on REO Properties
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Join me for lunch tomorrow (November 17th, 2010) when I speak in front of the South East Florida Real Estate Investors Association (SEFREIA).

Our topic will be “5 Top Mistakes Investors Make When Submitting Offers on REO Properties”.

The mission statement of SEFREIA is to network with real estate entrepreneurs, attorneys, agents, mortgage brokers, private lenders and general contractors etc.  The mission of the organization has always been to provide an environment on how to become financially secure by investing in real estate.  SEFREIA members exchange knowledge and experiences in all areas of real estate investing such as getting started, wholesaling, rehabbing, short sales and foreclosures. Whether you are a seasoned investor or a novice, SEFREIA will provide motivation and education to all its members.

See below for details:

Topic: 5 Top Mistakes Investors Make When Submitting Offers on REO Properties

Speaker: David Cohen, GSIG LLC

Location: Denny’s, 1250 W Hillsboro Blvd., Deerfield, FL 33441

Time: 12:30pm

Organization: South East Florida Real Estate Investors Association

  5 Top Mistakes Investors Make When Submitting Offers on REO Properties
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