RE/MAX CONSULTANTS REALTYI BLOG

Fort Lauderdale Area Condos for Sale with MLS Listings.

2013-08-02T22:39:00.003-07:00

Fort Lauderdale Area Condos for Sale with MLS Listings.

2013-08-02T22:39:00.001-07:00

Fort Lauderdale Area Condos for Sale with MLS Listings.

LAS OLAS CONDOS FOR SALE WITH COMPLETE MLS LISTINGS

2013-08-02T21:56:00.001-07:00

Aquazul Condos Lauderdale by the Sea
Fort Lauderdale Hotel Condos
Galt Ocean Mile condos
Plaza at Oceanside
Europa Condos by the Sea
Cristelle Condos Lauderdale by the Sea
Shop at Disaster Survival Resources
Disaster Survival Resources.com

Fort Lauderdale Area Condos for Sale with MLS Listings.

2013-08-02T21:50:00.001-07:00

Fort Lauderdale Area Condos for Sale with MLS Listings.

ULI Meeting Notes - 2/22/13

2013-02-26T19:04:00.001-08:00

Here are some interesting notes from last Friday's ULI (Urban Land Institute) meeting.

This meeting's topic was titled Pockets of Change: Fort Lauderdale 2013 and Beyond.

Kelley Shanley, CEO of The Broward Performing Arts, presented an overview of their $50mil expansion project. Key points are to offer more private function and group space, provide a club-level, making the Center a point of destination for dining and socializing, as well as theatre attendees. Part of the project involves the addition of the Huizenga Pavilion on the New River. Offering indoor and outdoor settings with gorgeous waterfront views, this two-story structure will offer casual fare in a bistro-style atmosphere. On the top floor of the glass-facade structure is planned a Ballroom, offering 3000 sq. ft of event space for special events and pre-and post-show social events. Also intended, is the Rose Miniaci Arts Education Center facing Avenue of the Arts. In short, one should expect and look forward to a complete updating and restoration of the Center. For more info on this, you may write me.

Next, Mayor Jack Seiler spoke. He touched on FTL economic growth and the positive look of it's future outlook. Key points? According to Mayor Seiler, Fort Lauderdale's unemployment rate is currently lower than the State of Florida average and the National average. Surely good news for the real estate market. Additionally, he mentioned that Fort Lauderdale real estate tax rates remain lower in FTL than most other florida cities such as Miami. He also touched on one of Fort Lauderdale's unique features, the FLL Int'l airport's proximity to the Downtown and Port. It seems this is an added attraction for businesses as well as a strong factor in our tourism business. So easy to fly in, see the city and take a cruise, all within a short cab ride of a few miles.

Here is what we really care about. Mayor Seiler confirmed that currently, there are 4000 new units in some form of application or planning targeted for Downtown FTL. See? If you hadnt read this far, you would've missed my hidden gold nugget of helpful information! All in all Seiler felt all of these points were positive signs for the economic outlook of FTL.

Now, if I still have your attention...another interesting tidbit came from developer Asi(pronounced "Ah-see") Cymbal whom introduced his New River Lofts project. The project is for 1000 multifamily units planned to go on the Southside of New River. Many of us know it as the former site of Shirttail Charlie's. Yes, now this blog is getting interesting!

Lastly, Dev Motwani, owner of Las Olas Riverfront, spoke of his plans for Las Olas Riverfront. Purchased with a 10- year redevelopment plan, he announced his change of plans. Due to recent positives in the marketplace, he is projecting his redevelopment plan to start sooner, in fact, much sooner. Hmmm. He also agreed with Seiler's outlook for FTL and added his own sidenote on the All Aboard Florida Transit. He said, " It would be a game-changer" as it will connect Miami to Palm Beach to Orlando.

I hope this information will help you in your interaction with Sellers and Buyers when they have those questions that make me cringe like " What will my resale value for this neighborhood be like in 10 years?"

Short Sale Fraud: Three Scams to Avoid

2013-02-16T08:54:00.001-08:00

Short Sale Fraud: Three Scams to Avoid

Short sale buyers and sellers need to watch out for these common fraud scenarios.

If you are one of the many homeowners having difficulty paying your mortgage, you may be considering a short sale of your home. A short sale is a sale of a property where the proceeds of the sale are less than the balance owed on the mortgage covering the property. As the number of homeowners and buyers considering short sales increase, so does the number of incidents of short sale fraud. Short sale fraud schemes come in different guises, but a few are more common than others. Short sale buyers and sellers should be on the lookout for the three scams discussed in-depth here. (For a broader look at short sales, read Nolo's article Short Sale of Your Home: Is It Right For You?)

Short Sale Scam #1: Undisclosed Payments

Victims: Sellers, buyers, lenders.
Perpetrators: Sellers, junior lien holders, real estate agents, short sale negotiators.
Red Flags: Payments made "outside of escrow" or "off the settlement statement."
How It Works: Lenders approve short sales to avoid foreclosure and minimize their losses. Before giving their approval, lenders often do one or more of the following:
Reduce commissions to real estate agents.
Require that sellers receive no financial benefit from the sale.
Reduce or even disapprove payments to other parties involved in the short sale (e.g., short sale negotiators, attorneys, etc.).
Primary lenders will also cap payments to junior lenders. If there is more than one loan on the property, the short sale will not go through without the release of the junior liens. In order to get this release, the primary lender will allow some payment to the junior lenders but will set a cap on these payments.
As you can imagine, those receiving reduced or capped payments are often unhappy with this situation. Taking advantage of highly motivated buyers or sellers, they request payments "outside of escrow" or "off the settlement statement." As a buyer or seller involved in a short sale, you may be tempted to make an undisclosed payment just to get the deal done. By doing so, however, you would most likely be a party to loan fraud.
All payments made as part of a short sale transaction should be disclosed to the lenders and other parties approving the short sale. According to Freddie Mac, short sale fraud occurs when someone deliberately misrepresents a fact or omits a fact in order to induce a lender, investor, or insurer to agree to a short sale that it would not have approved if it had known the truth. How do you know whether a certain payment would have affected a lender's decision to approve a short sale? You don't. To be safe, disclose.

Short Sale Scam #2: "Flopping"

Victims: Sellers, lenders.
Perpetrators: Real estate agents, buyers.
Red Flags: Double escrows; buyer is an LLC or a fictitious entity or purchasing under a power of attorney; purchase agreement gives buyer the option to resell property.
How It Works: "Flopping" occurs when a short sale is approved based on a misrepresentation of the value of the property. In a typical flopping fraud, the fraudster is the buyer purchasing the property from the short sale seller. In some cases of flopping, the seller's real estate agent is the buyer. The fraudster presents a low offer to purchase the property to the lender along with an artificially low valuation of the property, in order to convince the lender that the property is worth less than it really is. Meanwhile, any higher offers from bona fide buyers are withheld from the lender, since the lender would most likely reject the low offer if it knew that higher offers were on the table. Once the lender approves the short sale at the artificially low price, the fraudster contacts the bona fide buyer or markets the property at its true market value. Without the short sale lender's knowledge, a second escrow between the fraudster (as the seller) and a bona fide buyer is then opened to close simultaneously with the first purchase, or soon afterward. The perpetrator of the fraud buys low, sells high, and keeps the difference between the two sale prices.
Flopping occurs in about two percent of all short sales and may cost lenders more than $375 million this year, according to estimates from CoreLogic Inc., a real estate data and research company. Sellers can also be hurt by flopping, because lenders may hold sellers responsible for the deficiency, or the amount of the difference between what the seller owed and the sale price. If a lender forgives a seller for the deficiency, the seller may owe taxes on the amount of debt that is forgiven. (To learn more about income tax liability in short sales, see Nolo's article Short Sales and Deeds in Lieu of Foreclosure.)

Short Sale Scam #3: Predatory Short Sale Negotiators

Victims: Sellers, buyers.
Perpetrators: Short sale negotiators, real estate agents.
Red Flags: Upfront fees; fees required to be paid outside of escrow; negotiator is not licensed.
How It Works: Sellers considering short sales are particularly vulnerable to con artists hoping to take advantage of their stressful situations. These con artists, calling themselves short sale negotiators (or short sale processors, short sale coordinators, short sale expeditors, debt negotiators, debt resolution experts, loss mitigation practitioners, or foreclosure rescue negotiators) guarantee results for a flat fee or a percentage of the sale price. Oftentimes, the short sale negotiator takes the fee and does nothing or little in return.
Some states -- including California, Washington, and Oregon -- require short sale negotiators to be licensed by the appropriate state agency (most likely the agency responsible for licensing and regulating real estate agents). If you are considering hiring a short sale negotiator, you should contact your state's agency to find out whether short sale negotiators need to be licensed and, if so, whether the short sale negotiator you are planning on hiring is indeed licensed. In California, it is illegal for short sale negotiators to collect fees in advance of providing services, unless certain stringent requirements are met. You should also check if this is the case in your own state.
Before hiring a short sale negotiator, do your due diligence. Read documents carefully before signing. Ask questions. Ask for and contact references. Seek the advice of an attorney or other neutral third party. (To find an attorney in your area, visit Nolo's trustedLawyer Directory.) Remember, if it sounds too good to be true, it probably is.

Additional Information

For more information about foreclosure rescue scams, get the Foreclosure Survival Guide by attorney Stephen Elias (Nolo), now also available from Nolo online at no charge. If you are a victim of a short sale fraud scheme or other foreclosure rescue scam, contact your state attorney general's office (find your state's attorney general on Nolo's State Resource pages), the U.S. Department of Housing and Urban Development (www.hud.gov), or the Federal Bureau of Investigation (www.fbi.gov)
.

2013-02-16T08:51:00.000-08:00

Living Spaces: Inspiration set 1

Posted by Arseny Vesnin on 02 01 2013 20:09 · in Inspiration Sets, Interior design sets, STAFF PICKS

This year is going to be huge for Designcollector as we just entered our 10th Year of online existence. During the New Year I was thinking to go beyond normal posts and focus on what we love to do – collect things under different categories. So we start the year with 1st Inspiration set of Living Spaces or simply great Interior Design examples (mostly done in Rustic, minimalists and industrial style) collected in ourPinterest

Bill to Speed Foreclosures Passes

2013-02-16T08:43:00.002-08:00

Bill to Speed Foreclosures Passes

By The News Service of Florida, Herald-Tribune

/ Thursday, February 7, 2013

TALLAHASSEE

Hoping to speed up the rate of foreclosures, a House panel on Thursday approved a measure backers say will allow mortgage holders and consumers to more quickly resolve their issues and get on with their lives.

But the panel got an earful from consumer advocates and homeowners, who contend that they are being asked to do too much to reduce the number of foreclosed homes in Florida, which leads the nation in the percentage of homes facing some type of foreclosure proceeding.

Sponsored by Rep. Kathleen Passidomo, R-Naples, the bill (HB 87) makes changes aimed at shortening the time period involved in a foreclosure proceeding and relaxing restrictions on who can request an expedited procedure and the standards for what can be filed.

Passidomo said the bill is an attempt to remedy a problem that extends far beyond the state and on which the state has limited authority.

"The relationship between the borrower and the lenders …begins way before it reaches a foreclosure proceeding and is something the state does not regulate," Passidomo told members of the committee.

Florida posted the nation’s highest state foreclosure rate in 2012, according to statistics compiled by RealtyTrac. That report found that 3.1 percent of Florida housing units, one in 32, received a foreclosure filing during the year.

The bill, a version of which passed the House last year, raised concerns Thursday from a number of stakeholders including bankers, legal aid organizations and homeowners, who objected to different aspects of the measure that would also significantly reduce the amount of time lenders and lien holders have to challenge a homeowner.

Among its more contentious provisions, the bill would reduce from five years to one the length of time a lender could pursue a claim after a foreclosure action and require lenders to provide more, a provision that Florida Banking Association lobbyist Anthony DiMarco called "draconian."

Homeowner advocates, meanwhile, are skeptical of changes making it easier for a judge to forgo further proceedings if the paperwork is in order.

"The bill appears to diminish the rights of consumers to streamline the process," said Lynn Drysdale, an attorney representing Jacksonville Area Legal Aid.

The bill is expected again to draw considerable attention. On Thursday, representatives from different sections groups of lawyers took opposing sides in the debate, with those who work in consumer law opposing the proposal while a representative of the Bar's probate section offered his support.

Sen. Jack Latvala, R-St. Petersburg, is expected to file a Senate version. Latvala said Thursday that his proposal would differ from a measure he filed last year but would not elaborate on what changes he will propose this time around.

Last modified: February 7, 2013
All rights reserved. This copyrighted material may not be published without permissions. Links are encouraged.

The Best Day to List a Home...

2013-02-15T21:42:00.000-08:00

So maybe you don't believe in superstition...and you shouldn't. But, I've always been one to try and hedge my bets. I mean, it doesn't mean anything if it doesnt work, right? So yes, I've tried burying the St. Joseph figurine upside down outside of tough to sell homes. I've listed the homes with odd numbers that only I understand but, I think are lucky for me. Did they work? Who knows! What I do know is that whether it was nonsense, luck or something related to "The Secret" (you know the book)...I was happy with the end result.

Today, I come across an article in the WSJ. Have you ever heard the the acronym T.G.I.F? No, not the restaurant but close. More like, what you think of when you go to the restaurant. Relaxation, fun, blowing off the steam of a busy work week. Well, apparently there is more to Friday. Apparently, according to a study done by Redfin, which covers 19 US real estate markets, Friday is THE best day to list. According to their stats, homes listed on Fridays sold for 99.1% of the seller's original asking price, a better percentage than homes listed on any other day of the week. They also say that nailing that perfect listing day can get you up to 4 times more traffic on the day of debut, than any other day.

But wait, there is more. Properties listed on a Friday also sell the fastest. In fact, they sell for an average of 81 days according to the study(provided you are pricing them right). Plus, listing a home on Friday rather than say Sunday, the worst day to list, could mean a 1% difference in selling price.

It makes sense to me. For whatever reason, I always seem to have more energy on Friday and be in a more relaxed state of mind. I don't know why. Apparently I'm not the only one. So, if you find yourself putting off listing a home until Saturday morning because it 's been a long day....here are a few good reasons why you may not want to wait.

Freddie Mac: Short sale process cut in half or more

2013-01-25T10:52:00.000-08:00

Freddie Mac: Short sale process cut in half or more

WASHINGTON – Jan. 24, 2013 – Short sales are getting much shorter, Freddie Mac says. The mortgage giant launched a Freddie Mac Standard Short Sale program on Nov. 1 that sought to speed up the short sale process and make it easier and more transparent.

“We estimate that the time to complete a short sale will decrease by approximately 50 percent to 75 percent,” as a result of the changes, writes Tracy Mooney, Freddie Mac’s executive vice president in her recent blog post. “We worked with our regulator, the Federal Housing Finance Agency, to remove obstacles and streamline the process, so we can help more borrowers and reduce costs for the company and taxpayers. The end result is a shorter short sale process that’s long in benefits for borrowers.”

Among the Nov. 1, 2012, changes:

• Mortgage servicers have 30 days to make a decision on a short sale once they receive an application. If they need to negotiate with a third party, they have 30 additional days. A final decision on the short sale must be made within 60 days.

• Mortgage servicers must acknowledge receipt of a short sale application within three days of submission. Servicers must provide weekly status updates if they need more time to review the application past the initial 30-day period.

• Mortgage servicers have the authority to approve short sales when qualifying financial hardships for homeowners who are past due or current on their mortgage payments.

• Mortgage servicers may also approve short sales without a separate review by the mortgage insurance company.

Following a short sale, homeowners may be able to qualify for up to $3,000 in relocation assistance.

Source: “The Shorter Short Sale: Long on Borrower Benefits,” Freddie Mac Executive Perspectives Blog (Jan. 22, 2013)

© Copyright 2013 INFORMATION, INC. Bethesda, MD (301) 215-4688

Related Topics:Short Sales

To see the Original Article Click Here

What is a Wellington Short Sale?

2013-01-25T10:35:00.000-08:00

What is a Wellington Short Sale?

One of the most popular real estate questions I receive is “What is a Wellington Short Sale?” Short sales have existed for a long time, but they did not start becoming common place in Wellington Florida until 2007 to 2008, so it is normal for buyers and even sellers not to know or understand what a Wellington Short Sale is.

A Wellington Short Sale is when a seller owes more on their home than it will sell for in today’s real estate market and they ask their lienholder(s) to accept less than what they owe.
Much like a buyer obtaining financing may have a “loan contingency” a seller will have a “short sale contingency.” So once the Wellington short sale seller accepts an offer it will be contingent on receiving approval from their lienholders in order to sell their home. Some lienholders will agree to accept less and approve the short sale with or without conditions and then there are lienholders who will not approve the short sale.
To find out whether or not the Wellington short sale sellers lienholder(s) are going to approve or deny the short sale could take several months, possibly over a year. If the Wellington short sale is approved the short sale approval letter will give the buyer and seller a deadline to close, which is usually 30-45 days from approval date. Buyers who cannot wait for short sale approval or cannot close when the bank is ready should eliminate Wellington short sales from their home search.
Buying a Wellington short sale can be risky with all of the unknowns, but the only risk short sale buyers often face is the loss of time.
If you are looking for a Wellington short sale agent contact us today for all your short sale needs. Our team assists Wellington short sale sellers along with buyers, educating them every step of the way.

Home Affordable Refinance Program (HARP)

2013-01-24T12:53:00.000-08:00

Home Affordable Refinance Program (HARP)

Home Affordable Refinance Program (HARP): If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. Click Below for more information.

Home Affordable Refinance Program (HARP)

www.makinghomeaffordable.gov

Act now. Don't delay.

2013-01-24T12:07:00.002-08:00

Act now. Don't delay.

Making Home Affordable has real help to offer, but you must contact your mortgage company or a housing expert to take action. The sooner you do, the sooner you can get on the road to financial recovery. Not taking ac...tion can only make things worse. Remember, many Americans have taken the first step towards modifying or refinancing their mortgages, and so should you if you are having trouble making your mortgage payments. There is help available.See More

Making Home Affordable

www.makinghomeaffordable.gov

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PRICE RIGHT4/2.5Shadow Wood12,986 LotPool*2carGarg

2013-01-24T11:36:00.002-08:00

9191 NW 3rd Ct

CORAL SPRINGS, FL

PRICE RIGHT*4/2.5*Shadow Wood*12,986 Lot*Pool*2carGarg

4BR/2+1BA Single Family House

$2,350/month

Bedrooms	4
Bathrooms	2 full, 1 partial
Sq Footage	2,616
Parking	2 dedicated
Pet Policy	Cats, Dogs
Deposit	$0

see more photos >

Rashida McLoryd

Remax Consultants Realty I

(305) 735-1842

View my other listings

Townhouse1417 Sq FtGarden View*Washer/Dryer in Unit

2013-01-24T11:33:00.000-08:00

8955 W Sunrise Blvd

PLANTATION, FL

Townhouse*1417 Sq Ft*Garden View*Washer/Dryer in Unit

3BR/2BA Townhouse

$1,650/month

Bedrooms	3
Bathrooms	2 full, 0 partial
Sq Footage	1,417
Parking	1 dedicated
Pet Policy	Cats, Dogs
Deposit	$0

see more photos >

A rare find. Spacious three bedroom with two full bathrooms, one floor attached villa. Tile and carpeting in main living areas. Eat in kitchen. Dining room and Family room make for good entertaining( washer and dyer space with a screen patio. laundry room inside. Attached one car garage with two additional parking spaces. community pool, play area. Close to major roadways and shopping.

Rashida McLoryd

Remax Consultants Realty I

(305) 735-1842

View my other listings

Condo2004 YrPoolWasher/Dryer in UnitFitness Center

2013-01-24T11:24:00.001-08:00

533 NE 3rd Ave Apt 246

FORT LAUDERDALE, FL

Condo*2004 Yr*Pool*Washer/Dryer in Unit*Fitness Center

1BR/1BA Condo

$1,350/month

Bedrooms	1
Bathrooms	1 full, 0 partial
Sq Footage	800
Parking	1 dedicated
Pet Policy	No pets
Deposit	$0

see more photos >

ONE OF THE BEST VIEWS IN SOLE..THIS UNIT IS ON THE SECOND FLOOR WITH A VIEW OF THE POOL!!! FRESHLY PAINTED UNIT, (NEW CONDITION) GATED PROPERTY OFFERS STATE OF THE ART FITNESS CENTER, POOL, HOT TUB, WIRELESS INTERNET, BUSINESS CENTER, BILLIARD ROOM..WALKING DISTANCE TO LAS OLAS AND EVERTHING DOWNTOWN FT. LAUDERDALE HAS TO OFFER. WASHER AND DRYER IN UNIT.

Rashida McLoryd

Remax Consultants Realty I

(954) 336-9593

View my other listings

Avoid Foreclosure: Florida

2013-01-18T11:24:00.001-08:00

Avoid Foreclosure: Florida

Don't lose your home! Here is some guidance on default and foreclosure prevention.

Seek Help Early

Steps to take - act now if you think you will be unable to pay your mortgage

HUD-approved housing counseling agencies - local agencies that provide FREE foreclosure avoidance counseling

(888) 995-HOPE - FREE foreclosure prevention counseling on the phone or online

Florida's Hardest Hit Fund

News release

Free foreclosure prevention workshops - check our calendar for events in your area

Financial planning resources

Avoid Scams

	Recognizing, Avoiding and Reporting Scams
	Florida Foreclosure Rescue Fraud Prevention Act of 2008 - do not give money to anyone promising to help you avoid foreclosure without a written agreement and until all services are completed!
	Avoid foreclosure rescue scams
	Recognize predatory lending
	Florida Attorney General's Mortgage Fraud Task Force - report fraud, access current investigations, announcements, and tips
	Florida Office of Financial Regulation - check out a financial institution, file a complaint, read consumer alerts and tips

Know the Law

	Florida foreclosure law summary
	Responding to a foreclosure summons and complaint - self-help information from Legal Services of Greater Miami about foreclosure and other topics For the original article Click Here

South Florida Houseing Recovery Rank Among Nation's Best

2013-01-16T10:56:00.004-08:00

South Florida Houseing Recovery Rank Among Nation's Best

By Paul Owers, Sun Sentinel

8:04 a.m. EST, January 14, 2013

South Florida was one of the country's hardest-hit housing markets, but now it's among the most improved.
Palm Beach County's median price hit $169,000 in December, a 35 percent annual increase that led the nation, according to a recent report from California brokerage ZipRealty.
Broward County's median price last month was $127,000, a 21 percent jump that ranked ninth nationwide. Miami-Dade County's 20 percent increase was tied for 10th with Sacramento.

Prices also are rising quickly in Phoenix, San Francisco and Las Vegas, the ZipRealty data show.
South Florida homes lost about half their value in the housing crisis, but the market bounced back in a big way in 2012.

Strong demand by investors, a shortage of homes for sale and rising rental rates are contributing to the recovery, real estate brokers say.
Joseph Pucillo, a vice president for ZipRealty, said distressed homes are drawing investor interest partly because lenders are paying owners to complete short sales and leave the properties in good condition.
"Investors are paying $250,000 for homes that would have cost $400,000 a few years ago," Pucillo said. "It's valued very attractively right now. It just makes sense to go there."
Top turnaround markets
Area; Dec 2011 median price; Dec. 2012 median price: Percent change
Palm Beach County $125,000; $169,000; 35 percent
San Francisco-East Bay $275,000; $361,000; 31 percent
Phoenix $120,000; $157,000; 31 percent
San Francisco $592,250; $768,000; 30 percent
Silicon Valley $430,000; $548,500; 28 percent
Las Vegas $109,000; $136,350; 25 percent
Tucson $119,950; $148,689; 24 percent
San. Gabriel Valley, Calif. $203,000; $249,900; 23 percent
San Diego $305,000; $371,000; 22 percent
Broward County $105,000; $127,000; 21 percent
Miami-Dade County $138,000; $165,000; 20 percent
Sacramento $158,225; $190,000; 20 percent

Source: ZipRealty, SunSentinel

Biggest Price Cut of the Day

2013-01-11T16:13:00.002-08:00

Approx.24hrs ago, Majestic Properties just reduced the listing price on an 8,149-square-foot, five-bedroom, 6.5-bathroom property located at 2890 NE 28th Street in Fort Lauderdale, Florida from $8.0 million to $6.95 million. This spectacular waterfront home offers 267' seawall with dockage for 75-100' long vessel for boat and watersport enthusiasts. Additional notable features include a rooftopterrace,3 car garage with lifts, smart house technology, private generator,and more. With a price reduction of $1.05 million, that's what I call a MOTIVATED SELLER. That's my "Cut of the Day" Home for January 11, 2013! Leisa Wade, www.GetLeisa.com

Understanding the FHA Pre-Foreclosure Short Sale Process

2013-01-11T13:41:00.002-08:00

Click here to be directed to the informational article

Florida Foreclosure Laws and Statutes | FL

2013-01-11T13:41:00.001-08:00

Florida Foreclosure Laws and Statutes | FL

Florida Foreclosure is Judicial.

Notice of Foreclosure

Florida foreclosure begins when the lender files a lawsuit (Lis Pendens) against the homeowner. The homeowners must be notified of the legal action pending and must file an answer within a specified period of time. If the homeowner does not respond, the court will make a judgment against the homeowner and set an auction date.

Notice of Florida Foreclosure Sale

The notice of sale shall include at least the following information,:
The name, address and telephone number of the person to contact for information regarding the real estate, the address of the property, a legal description of the property, a description of the improvements, the time and place of sale, the times specified in the judgment, the case title, number, and court which the foreclosure was filed, and terms of the sale
Florida foreclosure law states that the notice of sale shall be published at least 3 consecutive weeks, the last such notice not less than 5 days prior to the sale.

Florida Foreclosure Auction

Foreclosure auctions in Florida typically take place 30 days after judgment is filed, at 11:00 am on the county courthouse steps. Winning bidder is required to have 5% down and the balance is due by the end of the day. Upon payment in full of the amount bid, the person conducting the sale shall issue a Certificate of Sale and give to the purchaser.

Redemption Period

Florida foreclosure law states that the homeowner has the right to redeem the property anytime before the day of the sale. After the Certificate of Sale has been issued, there is no right of redemption.

Click Here to Read More

The Perils of Buying a Foreclosed Home Online

2013-01-09T11:51:00.001-08:00

REAL ESTATE

The perils of buying a foreclosed home online

It could go fine. Or the ex-mayor could live in the property and refuse to vacate, as happened to Billy Makedonsky.

Buy Photo

Billy Makedonsky purchased a home in El Portal at 181 NW 87th Street but the occupant, former El Portal mayor Joyce Davis, won't move out. Makedonsky is shown Friday, December 28, 2012 at a friend's house in North Miami Beach where he is staying a few days a week.

CHUCK FADELY / MIAMI HERALD STAFF

BY DAVID SMILEY

DSMILEY@MIAMIHERALD.COM

Billy Makedonsky thought he’d found the perfect retirement home for his 75-year-old mother. Better yet, buying it required just a few mouse clicks.

His only concern about the bank-owned house with the terracotta driveway and barrel-tiled roof — other than the fact he’d never bought a home online before — was this caveat on GoHoming, the site auctioning off the property as is: “Please DO NOT DISTURB the occupant.”

Turns out he had good reason to be worried.

For $159,000, what Makedonsky got was a house wrapped up in multiple bankruptcies, foreclosed in protested proceedings, and shrouded by allegations of fraud. The home is also the residence of El Portal’s former mayor, Joyce A. Davis, who said she wasn’t about to leave it in the middle of her comeback campaign.

“There were signs up all over El Portal: ‘Elect Joyce Davis for Mayor,’ and she was squatting in my home,” marveled Makedonsky, a 41-year-old flight attendant.

Makedonsky’s tale is just one buyer-beware among many in the digital age, when reams of distressed and bank-owned properties are added daily to online auction sites, making the business of vulturing real estate cheaper and more accessible. The flipside: Establishing clear title and control of the home, which some cash buyers have never set foot in, can mean sorting through a thicket of foreclosure filings, fraud allegations, bankruptcies, other mortgages, association liens, creditors and combative tenants.

“People don’t realize there’s a lot more to it than ponying up some money,” said Dennis Donet, a Miami foreclosure defense attorney.

Makedonsky’s adventure began in August, when his mother gave him permission to spend her nest egg on the house just around the corner from Horace Mann Middle School despite warnings on the private site GoHoming, now called HubZu.com, that someone was still living there.

Worried that “occupant” was a real estate euphemism for “crack heads,” Makedonsky drove to the Northeast Dade village of El Portal and knocked on the door. He was relieved to find not some strung-out vagrant, but Davis, El Portal’s 69-year-old former mayor.

So he bought the house, thinking he would offer Davis $1,000 to leave, a transaction known in the business as “cash for keys.”

“She didn’t go for it,” said Makedonsky, who sued in October to evict her.

Davis says in court filings that she is a widow living on a fixed income with nowhere else to go, that she is the victim of fraud, and that Makedonsky’s claims that she is squatting are bogus.

“I don’t care what he’s calling me, that doesn’t make it true,” said Davis, who ultimately lost the Nov. 6 election to Mayor Daisy Black, netting just 18 percent of the vote.

Davis, who was El Portal’s vice mayor from 2004 to 2008 and then mayor until 2010, has so far been successful in fending off Makedonsky’s eviction attempts.

Makedonsky received a judgment for removal of tenant from Judge Shelley Kravitz on Nov. 13. The next day, Davis filed for protection based on her ongoing bankruptcy case, which can halt eviction proceedings. Her motion was dismissed, but Davis filed an emergency motion Nov. 27 saying she was the victim of fraud.

Kravitz then issued a stay, putting things on hold pending the results of a hearing scheduled for Tuesday.

Click Here to read more.

Read more here: http://www.miamiherald.com/2013/01/05/3169510/the-perils-of-buying-a-foreclosure.html#storylink=cpy

Short Sale Option As An Alternative To Foreclosure : Fannie Mae

2013-01-03T09:47:00.003-08:00

Overview:

What is a Short Sale?

A Short Sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds. You may also be eligible for the government’s Home Affordable Foreclosure Alternatives Program (HAFA) which offers short sale and DIL options.
A short sale is an alternative to foreclosure and may be an option if:

You are ineligible to refinance or modify your mortgage
You are facing a long-term hardship
You are behind on your mortgage payments
You owe more on your home than it’s worth
You have not been able to sell your home at a price that covers what you still owe on your mortgage
You can no longer afford your home and are ready or need to leave

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Completed Foreclosures Down 18% from Year Ago: CoreLogic

2013-01-03T09:20:00.002-08:00

Fewer homes were added to foreclosure inventory in November as short sales become a more commonly used tool to prevent foreclosure, according to a recent CoreLogic report.

Data from CoreLogic revealed 55,000 homes were lost to foreclosure in November. The figure represents an 18 percent decrease from November 2011 and a 6 percent decrease from October’s upwardly revised 59,000.
“The pace of completed foreclosures has significantly improved over a year ago as short sales gain popularity as a disposition method,” said Mark Fleming, chief economist for CoreLogic, in a release. “Additionally, the inventory of foreclosed properties continues to decline while the housing market demonstrates an ongoing ability to absorb the distressed sales that result from completed foreclosures.”

Although foreclosure inventory is shrinking, the number of completed foreclosures is still high compared to pre-crises levels.
Before the housing market decline in 2007, CoreLogic noted completed foreclosures averaged 21,000 per month between 2000 and 2006. Since September 2008, about 4 million homes have been lost to foreclosure, according to CoreLogic.
The states that saw the highest number of completed foreclosures in a one-year period ending in November 2012 were California (102,000), Florida (94,000), Michigan (75,000), Texas (58,000) and Georgia (52,000). The five states alone account for half of all completed foreclosures.
The state with the highest foreclosure inventory rate as a percentage was Florida, which led with a rate of 10.4 percent. New Jersey’s foreclosure inventory rate of 7.3 percent gave it the second highest ranking. Other states in the top five were New York (5.1 percent), Nevada (4.7 percent), and Illinois (4.7 percent).
Two metros with notably high foreclosure inventory rates were found in Florida. Tampa had a rate of 10.9 percent and Orlando a rate of 10.5 percent.
Other metros with a high percentage of inventory in foreclosure included Nassau-Suffolk, New York (6.7 percent); Edison-New Brunswick, New Jersey (6.1 percent); New York (5.6 percent); and Chicago (5.6 percent).

Article from: http://www.dsnews.com/articles/completed-foreclosures-down-18-from-year-ago-2013-01-03

RE/MAX CONSULTANTS REALTYI BLOG

Fort Lauderdale Area Condos for Sale with MLS Listings.

Fort Lauderdale Area Condos for Sale with MLS Listings.

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ULI Meeting Notes - 2/22/13

Short Sale Fraud: Three Scams to Avoid

Short Sale Fraud: Three Scams to Avoid

Short Sale Scam #1: Undisclosed Payments

Short Sale Scam #2: "Flopping"

Short Sale Scam #3: Predatory Short Sale Negotiators

Additional Information

Living Spaces: Inspiration set 1

Bill to Speed Foreclosures Passes

Bill to Speed Foreclosures Passes

The Best Day to List a Home...

Freddie Mac: Short sale process cut in half or more

What is a Wellington Short Sale?

What is a Wellington Short Sale?

Home Affordable Refinance Program (HARP)

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Avoid Foreclosure: Florida

Avoid Foreclosure: Florida

Seek Help Early

Avoid Scams

Know the Law

South Florida Houseing Recovery Rank Among Nation's Best

South Florida Houseing Recovery Rank Among Nation's Best

Biggest Price Cut of the Day

Understanding the FHA Pre-Foreclosure Short Sale Process

Florida Foreclosure Laws and Statutes | FL

Florida Foreclosure Laws and Statutes | FL

Florida Foreclosure is Judicial.

Notice of Foreclosure

Notice of Florida Foreclosure Sale

Florida Foreclosure Auction

Redemption Period

Top 20 Frequently Asked Questions on Florida Short Sales and Foreclosures

Top 20 Frequently Asked Questions on Florida Short Sales and Foreclosures

The Perils of Buying a Foreclosed Home Online

REAL ESTATE

The perils of buying a foreclosed home online

It could go fine. Or the ex-mayor could live in the property and refuse to vacate, as happened to Billy Makedonsky.

BY DAVID SMILEY

DSMILEY@MIAMIHERALD.COM

Short Sale Option As An Alternative To Foreclosure : Fannie Mae

Overview:

What is a Short Sale?

Completed Foreclosures Down 18% from Year Ago: CoreLogic

PRICE RIGHT4/2.5Shadow Wood12,986 LotPool*2carGarg

Townhouse1417 Sq FtGarden View*Washer/Dryer in Unit

Condo2004 YrPoolWasher/Dryer in UnitFitness Center