"Contingency" is one of those words that often pop up when talking about real estate contracts. Every real estate contract contains contingencies that impact both buyers and sellers, so let�s demystify this word. Simply put, a contingency is a condition - if A happens, than B follows; or in order for X to happen, Y must occur first. For example, the buyer (and her lender) want to be sure that a property is worth its price, so the sale is 'contingent upon" (depends on) the appraisal. If the home is appraised at or above the purchase price, the sale occurs; if the appraisal comes in lower, than the contract can be cancelled or re-negotiated. This condition written into a contract is a contingency. What are the most common contingencies? The one described above is always present when the buyer is obtaining a mortgage. Another very common one is the Financing contingency - if the buyer is unable to obtain financing, the sale is off. Every smart buyer will also insist on an Inspection Contingency - the home must pass a property inspection, or the contract is renegotiated or cancelled. And the Title Contingency is an absolute must - the seller must deliver a clear title, or no deal. There are a number of other contingencies that both buyers and sellers can request depending upon the particular situation. A buyer may want the contract to be "contingent" upon the sale of her current home. The seller may want the contract to be "contingent" upon the buyer proving her creditworthiness. Whatever the case may be, properly written contingencies help both parties understand and anticipate certain events in the transaction, and outline rules for how those events will be handled. For more information on real estate contingencies, please contact Paul Hansen 786-586-4778.

The number of homes entering some stage of foreclosure declined in June, nationwide and across Florida, dropping to their lowest levels of the year, according to a national survey released Tuesday.
Most states posted at least some improvement from May to June, though the number of properties in financial stress nationwide remained well above levels of the same time a year ago, according to RealtyTrac, a California-based company that tracks foreclosures.
Florida's rate of foreclosure in June -- one new filing for every 849 households -- was the eighth-worst rate in the nation.
But Florida's foreclosure levels were improved from a year earlier -- down about 12 percent from June 2005 -- and down 3.29 percent from May, RealtyTrac reported.
Houston Briggs, an independent real estate agent who lives near Kissimmee, said he was somewhat surprised by the slowdown in foreclosures in Florida and said he expects the numbers to rise again.
"A lot of people will get caught" with house payments they cannot afford as interest rates continue to rise, said Briggs, an adjunct professor who teaches real estate at Valencia Community College.
Interest-only mortgages and adjustable-rate mortgages will test the ability of many homebuyers to pay the higher bills as they come due, Briggs said.
"Within the next three or four years, I do think we'll see more" foreclosures, Briggs said.
In Central Florida, Orange County continued to have the region's worst foreclosure rate -- one for every 657 households. Still, that was down 8 percent from May and 11 percent from a year ago.
Lake County -- with one filing for every 745 households -- continued to weaken, reporting 20 percent more foreclosures than in May and 6 percent more than in June 2005. Seminole showed the most improvement in Metro Orlando, with 28 percent fewer filings from May to June and 43 percent fewer than a year ago. Osceola County foreclosures were up slightly -- 4 percent higher than in May but still down 29 percent from a year ago.
Colorado had the nation's worst foreclosure rate in June for the fourth month in a row -- one filing for every 495 households. However, that was a 12 percent improvement from May.
Nationally, the number of foreclosures fell about 5 percent from May to June but remained 16 percent higher than in June 2005.

The city of Aventura is home to some of the best condos, single family homes and town homes you will find anywhere in South Florida. Aventura real estate has grown by leaps and bounds over the last ten years in large part to its central location to both Miami and Fort Lauderdale. Even though Aventura is a very convenient places to live, that is not the only reason Aventura real estate is so popular with buyers. The city of Aventura is constantly improving the infrastructure of the city by adding new parks and charter school, upgrading streets and landscaping, building a new city hall and police station and strictly enforcing city codes. Theses steps ensure the City of Aventura will remain a beautiful and safe place to live for many years.
The center piece of Aventura is the Fairmont Turnberry Isle Resort & Club which is currently undergoing a one hundred million dollar renovation. The famed 36 hole Turnberry golf course is being completely rebuilt with a fabulous Raymond Floyd design. When the Turnberry project is complete, it will become one of the top resort destinations in Florida. The name Turnberry is synonymous with luxury and service, and this resort is no exception.
Turnberry Village and Turnberry on the Green are two of the newest condos on the golf course and both provide stunning views and the highest levels of amenities you will find in any of the Aventura Condos. The city of Aventura is also home to several other condo projects such as Terzetto, which is a combination of villas, condos and lofts all in one project. One of the largest redevelopment areas of Aventura is 188th where you will find The Atrium, Uptown Marina Lofts, East Side Aventura, 3030 Aventura and Artech. All of the condos offer something unique, and will make 188th street one of the top addresses in Aventura. For more information on Aventura real estate, condos and homes, please feel free to contact Paul Hansen either by email or phone 786-586-4778.

Smokers are finding fewer places to light up, and now even their own home is not an option. Apparently �smells don�t sell very well �. In a cooling housing market it seems people who smoke inside their homes are having trouble selling. With the smoking population in this country declining, you can imagine a non smoker not being very interested in buying the home of a smoker. We have all experienced it before whether it is someone�s home or maybe even a hotel room that has had excessive smoking that has taken place there. The smoke permeates just about everything in the house whether it is furniture, clothing and even drywall! Air fresheners and opening windows won�t help the problem. Replacing carpet, reupholstering furniture and repainting will help, but ultimately will not solve the problem. The only way to keep your home smelling fresh and appealing to buyers is to not smoke in your home or condo at all. Remember the average family stays in a home roughly five to seven years, which makes for a lot turnover. If you want to maximize your homes value, always remember �smells don�t sell very well�. For more helpful tips on how to sell your South Florida home or condo, please call or email the Hansen Homes Team. We specialize in Miami Dade and Broward counties.