Real Estate Vocabulary - J

joint tenancy

A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety.

judgment

A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor. Alternative spelling is "judgement."

judicial foreclosure

A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Other states use non-judicial foreclosure.

jumbo loan

A loan that exceeds Fannie Mae's and Freddie Mac's loan limits, currently at $227,150. Also called a nonconforming loan. Freddie Mac

Source: Real Estate ABCs

Buy this month!

Amir Korangy, publisher of real estate magazine The Real Deal, says that buying a home during the holiday season can yield deals not available in warmer months.

"The real benefit of buying during the holiday season is that sales activity is extremely low and sellers tend to panic if they still have their house on the market. They figure that no one wants to move in the cold weather, so you have an advantage on negotiability. However, as a buyer, you have less selection," says Korangy.

He adds that fewer houses tend to be listed at the end of the year because decorations and winter weather make holding an open house more difficult.

Daniel Hedaya, president of Platinum Properties, a Wall Street-based real estate services firm, says that the biggest roadblock for any buyer, regardless of time of year, is financing.

"Typically it takes about a month to get financing in place with appraisals, applications, etc... However, if you are well prepared, it is possible to accomplish this. It all really hinges in whether or not you have identified the property, have investigated financing, and have your attorney in place ready to review contracts. If you are able to pay with all cash, it would make the likelihood of moving in before year’s end very real possibility," says Hedaya.

Above all, buyers who know for certain they've found the property they want should act decisively. "With this timeline, you have to be able to make decisions quickly and efficiently. Don’t waste time deliberating on what to do, just be prepared to make things happen. Have all your ducks in a row when you identify the property so you can make a call to your lawyer, bank, and real estate agent that you’re ready to go."

Source: Fox Business 

Sunny Isles

Sunny Isles, Florida, near Aventura, is considered Florida's Riviera. According to the city of Sunny Isles:

     Sunny Isles Beach, the City of Sun and Sea, is located on a barrier island in the northeast corner of Miami-Dade County, bounded by the Atlantic Ocean on the east and the Intracoastal Waterway on the west. Golden Beach lies to the north, Bal Harbour and Haulover Park are immediately to the south.
     Sunny Isles Beach is midway between downtown Miami and Fort Lauderdale with easy access to business centers, entertainment, sports and recreational facilities, and tourist attractions. Residents and visitors can fly into either Miami International or Fort Lauderdale/Hollywood International airports, or cruise into the Port of Miami or Port Everglades and be in Sunny Isles Beach within 20 to 30 minutes.
     Almost one million vacationers visit Sunny Isles Beach annually to enjoy the 2 ½ mile-long fine sand beach and outdoor amenities such as water sports, boating, fishing, and tennis as well as the abundant shopping, dining and entertainment options nearby. The landmark fishing pier is a local favorite while the beautiful Samson Oceanfront Park provides a children's play area and space to relax; meet friends and enjoy the sunrise.
     The City is experiencing a major redevelopment renaissance on the east side of Collins Avenue, the main thoroughfare. Zoning laws ensure that view corridors and beach access pathways will always offer residents a life with a view. To the west of Collins Avenue, the City is building parks, improving the infrastructure and laying the groundwork for future redevelopment.
     The emphasis of most of the redevelopment is on residential condominium construction. The City is steadily replacing outdated motels with luxury residential oceanfront development. Much of the residential construction is not for year-round occupancy, however the statistics show a steady growth in young families who desire to be near the ocean.

I specialize in houses in this area and would love to show you some property that may become your new home. Who knows, you may become Sunny Isles resident number 20,833!

All I Want for Christmas is a New House

Everyone wants a good deal, and a wonderful home. So how can you get both at once? Elizabeth Weintraub says those days may be fast approaching. 

When is the best time of the year to buy a home? There are at least two days of the year that give buyers the edge. Would you like to guess which two days are best for buying a home?
The best day of the year to buy a home is Christmas Day.
Almost nobody looks at homes on Christmas Day. But buying on Christmas Day is a smart move. If you scout out the homes on which you'd like to make offers a few days before Christmas, you'll be better positioned.
Why is Christmas Day so attractive?

• People are in good moods, celebrating, opening presents, enjoying family.

• People are more inclined to be generous, even if it means coming down on the price. "Hey, it's Christmas, hon; just sign it."

• Few buyers are out looking at homes during Christmas week, so the chance of multiple offers or any competition whatsoever is very low.

• Home prices are at a 12-month low in December.

• If a person has their home on the market over Christmas, that person is definitely serious about negotiating and selling that home. You can bet on it. Better yet, why not write an offer?

Of course, the key is to find a real estate agent who will a) work on Christmas and b) be aggressive enough to worm her way into the seller's home without batting an eyelash. Those agents are out there.

The second best day? Easter Sunday.