Last week I was approved by a new asset management firm to market and manage their foreclosed properties. I am anticipating an increase in volume of foreclosures as we approach the new year. If you are in the market for bargain foreclosure properties I offer several different ways to preview and find my listings.
First there is my Facebook page specifically for my listings called Buying Foreclosures in South Florida. Just "like" my page and my listings will show up in your news feed.
Follow me on Twitter. I post all my new properties on Twitter.
Bookmark this map of my listings.
Finally, you can get on my e-mail list by following this link.
Foreclosures are hot and it can get very competitive amongst the bargain hunters out their. Here is a chance to see my properties before they come on the market.
A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.
The qualifications for a short sale include:
While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.
If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.
This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes.
The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.
It is understandable to have reservations about letting the world know that you owe more on your home than it is worth. However, according to recent estimates, more than one out of eight homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution.
With recent estimates showing 40-60% of U.S. sales will be short sales or foreclosures, you are not alone. Today in Broward County one in four of the active listings is a short sale.
This is a complete falsehood. Are short sales more difficult to execute? Yes. Do you, as a homeowner, need to learn about a new process? Yes. Are they impossible? Absolutely not.
For example, agents with the Certified Distressed Property Expert® (CDPE) Designation receive thousands of short sale approvals on a monthly basis. These professionals have undergone extensive training in methods to help homeowners in distress and process short sales. While there are no guarantees in any transaction, more and more short sales are being approved regularly. This is far from an impossible process.
You may have heard this, but the reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous to believe they would deny a short sale in hopes that some future legislation would pass and pay them for losses.
Today, more banks are aggressively pursuing short sales and working with agents who understand how to process them. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of "eliminating distressed assets through modification or short sale."
This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales.
For buyers, short sales and foreclosures have become synonymous with "good deals." More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property. in the first 10 months of 2011 almost 6000 short sales have closed successfully.
In conclusion, Agents with the CDPE Designation have been trained in all aspects of the short sale process, and know how to deal with the parties involved in foreclosures. Finding a CDPE can explain what options you have, and get you on the path to recovery.
Contact me today for more information 954-548-3723
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
But to be technical, here's a more official definition:
For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.
If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.
Understanding your options now could mean all the difference in the world.
There were 22 condo sales in Palm Aire Country Club during the month of October 2011. Prices ranged from $41,000 to $239,500. The median sales price was $98,000. 19 of the 22 sales were cash sales. 2 of the sales were foreclosures and 5 were short sales.
Currently there are 160 active listings in Palm Aire which is the lowest inventory in a long, long time. 41 of those listings are new in October. 5 of the listings are foreclosures and 15 are short sales.
There are 47 pending sales as of today.
If you would like to know what your Palm Aire home is worth follow this link.
My bank owned listing at 1843 Runners Way, N Lauderdale, FL in Players Place just sold on Nov 2. It is a one bedroom, one bathroom townhouse with a loft and 917 square feet of living area. It was listed for $20,500. It had multiple offers and sold for $30,500. It was on the market for just 7 days.
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Marketing homes is my specialty. Even homes that are underwater. Certified Distressed Property Expert (CDPE). I'm a preferred agent for Bank of America, Chase and Citibank.
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