WHAT ARE NSP FUNDS AND HOW CAN THEY BENEFIT YOU??The Neighborhood Stabilization Plan (NSP) was established to stabilize communities that have suffered foreclosures and abandonment. NSP1 are federal funds that were authorized under the Housing and Economic Recovery Act (HERA) of 2008. It provides monies to all states, yet surprisingly many people are unaware of it and how the funds can be used to help home buyers, banks and our communities.I am located in Southeast FL, between Miami and Ft. Lauderdale and there are currently 328 lender and NSP approved buyers that MUST purchase vacant REO properties in Pembroke Pines, Miramar & Coral Springs in the next 60 days. Surprisingly there is a shortage of REO properties in these cities where these buyers are ready, willing and able to buy. Pembroke Pines was awarded: $4,398,575, Miramar $9,312,658 and Coral Springs $3,378,000 and that money must be spent to purchase & repair REO properties.Additionally, on July 6, 2009 the CRA of Florida, who is administering the NSP funds for the above mentioned cities, will re-advertise for the Miramar NSP program, providing even more buyers. Applications will be available to NSP buyers at www.crafla.com on July 7, 2009 and applicants should be getting pre-qualified and previewing REO’s prior to this date.I have found most agents don’t know about or don’t want to work with NSP buyers because they don’t understand the process and believe it to be too complicated. I can promise you will make buyers dreams come true and make your asset managers very happy as these homes are being sold to owner/occupants who will pay more then investors and truly help to stabilize our neighborhoods.My next blog will be about NSP homes in Hallandale (located just north of Miami).Please feel free to email me with any questions or comments.Ellen M Bithell, CRS (soon to be Five Star Designee)SELLING SOUTH FLORIDA!
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FIVE STAR EAST COAST EDUCATIONAL CONFERENCEI had the good fortune to attend the Five Star Conference in my own backyard, Miami, FL from May 27-30th.My only expectations going in were to learn some things from both the classes and from networking with collegues from across the country.The conference blew me away! The courses were taught by professionals in their fields including: Mary Abarca, VP of REO at PMH Financial, Loetta Arrington SVP at Field Asset Services (FAS), Maro McKay, VP and contract manager for multiple non-government REO clients (Asset Manager) at First Preston, the list goes on.There wer only about 400 agent attendees over the four days, so I had the opportunity to meet and share ideas and information with many incredible people. A few were just getting into the REO market, with the majority being seasoned REO agents in their areas.The energy level and exchange of ideas was electric and I could not wait to get there each morning and did not want to leave at the end of the day. I went home vibrating with excitement and teeming with new ideas.Prior to attending the Five Star REO event I had not planned on going to Five Star's Conference in Texas this September, now I cannot wait. I am sure the conference will be wonderful, but I am most excited to get there two days prior to take two more Five Star Courses and have that intimate exchange of ideas and information that is not always easy to get during the frenzy of a conference setting.The best thing I learned was that First Preston will soon be offering approved short sales and will need a lot more REO agents nationally (Embarrassingly I had not even applied prior!). The best thing I was able to share due to my close work with our city and country government is about the NSP funds and how we can help our community by assisting them in accessing these funds that must be used to acquire REO properties to help stabalize our neighborhoods.HAPPY HOME SELLING!Ellen Bithell, CRS (soon to be a five star designee)RE/MAX EXECUTIVE REALTYSELLING SOUTH FLORIDA
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