The real question now is what President Obama must say in his speech Wednesday to help stimulate the housing crisis.
So many people need assistance in our country that often we have to wonder if this housing crisis will continue to spiral downward.
Speak to your neighbors and you begin to see this is all too common.
Many are in fear of losing their homes, others are wondering what the next step is.
Loan Modifications can be an alternative, but are they a solution.
Short Sales don`t seem to be working as some of the lenders still have no clear cut idea just how to implement this plan.
Forget REO`s and Foreclosures. The condition of some of this homes is an abomination. Try making an offer on a home that`s been trashed. The lenders refuse to make the proper adjustments and the Realtors handling these properties refuse to point out these issues to the lenders.So homes sit fallow for months on end,which if left unattended can cause serve damage to a home. Mold issues come to mind immediately.
The next step is to focusing on keeping as many people in their homes as possible. That means the lines of communication between the lenders and the consumers needs to be in effect in order for this plan to succeed.
There is a new wave of homeowners facing issues that we haven`t seen. Without help from the lenders these issues will affect our nation for years to come.
www.browardbesthomes.com
It seems that President Obama has sent a message to 4 of the major lenders. Citigroup,JP Morgan,Bank of America,Chase, and Morgan Stanley each said they would suspend foreclosures for the next few weeks.It`s a sign of things to come!
The Bama administration will outline a plan on Wednesday to revive the housing market.
How did this suddenly happen?
Apparently these executives for these lenders have been taken to the carpet from members of the House Financial Services Committee who have demanded to know how these lenders have spent $165billion in rescue cash without any accountability.It`s unconscionable what`s really going on behind closed doors. One thing is certain, if and when the news comes out i`m positive the American public will be up in arms!
The question is can Treasury Secretary Tim Geithner map out a successful plan to avoid foreclosures to the masses?
As foreclosures continue to rise something needs to be done in order to prevent Americans who have worked their entire lives from losing their homes.
| Miami Florida Ocean Front Condo Biscayne Blvd
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| Active Properties - Basic Features | |||||
| List Price: | $740,000 | List Date: | 02/12/2009 | Location | Miami, FL 33132 |
| Status: | Active |
| Additional Information |
| Unsurpassed Direct Bay and Downtown views from your extraordinary 2 level home in the sky. An open State of the Art kitchen creates a perfect place to entertain. This unit includes customized Italian flooring & closets. Take the private elevator to the renown Clinique La Prairie Spa, the luxurious pool deck w/5 pools, high tech gym, security, valet & concierge. For Additional Information Please Contact The Scott Daniels Real Estate Group Florida List For Less Realty,Inc. At 954-275-0200 Visit Us At www.browardbesthomes.com |
I guess it had to come to this! Realtors who are involved with Short Sales,Foreclosures and REO`s are convinced they should be able to render legal opinion quoting make believe law.
Recently, I`ve seen Realtors place insane prices on homes justifying what they`re doing by saying they can convince the lenders to agree to a sales price, assist in negotiating the sale,and advise their clients to offer commissions that the lenders would never agree to!
When offers are sent to some Realtors they seem to decide for themselves which offer is worthy for the seller, not quite understanding "Present all offers"..
We sent in a cash offer on a condo located in Sunrise,Florida the other day. The offer was $10K below the asking price. The agent called us telling us the offer won`t fly for the lender, why? Because the Realtor not the lender said so!
Upon further questioning I realized this Realtor was way over their head in rendering any opinion.
The Conversation is as Follows:
Realtor Advocate: The offer you sent us isn`t going to fly!?!
Me: Really, why is that? The property has been listed for a year.
Realtor Advocate: I`m assuming the bank will reject this offer, so why waste time?
Me: Waste time? Weren`t you ever told to "Present all offers"?
Realtor Advocate: That doesn`t matter anymore.Either increase your offer or i will not send it!
Me: It`s an all cash offer. If you don`t send this in the next 20 minutes I will lodge a complaint to your board.
Realtor Advocate: I`m doing nothing wrong. I`m protecting my client from losing more money!
Me: You and your client haven`t a clue. What`s your Brokers name?
With that I immediately notified the agents Broker informing them of the misdeeds of this insane Agent`s rendering legal opinion.
All rules an regulations were not adhered too, nor did this Realtor seem to grasp what they were doing.
The offer was sent to the lender. We`ll see what happens now!
Yesterday, I went on two listing appointments. Normally, doing a presentation to a family who are selling their home is a fun time! The hard work and effort a couple put into benefiting their lives together used to mean moving up to a "Bigger House". I can vividly remember the joy and happiness these couples had for one another and the love they shared.
I miss those days. My job has changed so much!
Couple #1:
As I arive i`m told they refuse to sit in the same room together. They openly admitt the contempt they have for each other and the reasons they need to sell their home.
The husband`s job responsibilities have shifted, so has his hours. His earnings have decreased.The wife is attacking her man and calling him a "Loser"... he`s screaming at her, not wanting to shoulder the responsibility and starts accusing her of being unfaithful.
It`s not pleasant,they`re already well on their way to divorce only neither one can afford to move out of the house.
They are prisoners of love and instead of being lovers they`ve become roommates.
Couple #2: This couple purchased a home from me in 2004. They had just relocated from New York. Both left their first marriages and wanted to start fresh! They couldn`t stop holding hands when we viewed houses. Every third house it seemed they would sneak away for a kiss in private. I had to pretend to "get lost".. It was joyful and fun selling them a home. The day we closed. She cried telling the attorney and myself "How happy she is to be married to the greatest guy on the earth"..
Well, between 2004 and now the "Greatest" is now the "Worst". He doesn`t want to work,sits at home all day playing with his Avatar, and second life.
She`s very upset, he`s gained 40 pounds since I last saw him and very despondent.
The beautiful home we sold them is now in Dire need of repair!
All is not well, and she`s moving back to New York with her kids right after school ends.
Can`t get much worse?! Think again! Both are upside down on their "Home Sweet Homes". In spite of what the stimulus package is supposed to do for people both couples can`t get a "Loan Mod" because the lenders refuse.
They will be facing Foreclosure somewhere down the line. It`s a bad situation that will only get worse.
As I watch President Obama try to sell this package to the American public I like many in the profession realize the stimulus program will never help those who need it the most. Which in turn will continue to set records on the divorce rate in this country..
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The Basics of Marketing Your Home
How to Set a List Price for Your Home
Get Your House Ready to Show Buyers
Why Use a Realtor when Selling a Home
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