This move follows JP Morgan Chase’s decision to suspend 56,000 open foreclosure cases.

The unprecedented foreclosure freezes come after bank employees and affiliate companies admitted to a process of blindly executing foreclosure documents without first reviewing them.

Tom Kelly a spokesperson for JP Morgan Chase says the company has begun to re-examine affidavits and other documents filed in the pending foreclosures to confirm that the information is accurate and meets the standard of review.

And Bank of America says it plans to “amend all affidavits in foreclosure cases that have not yet gone to judgment.”

Most delinquent homeowners welcome the freeze as it halts pending foreclosures and buys them more time to bring their mortgages current.

But real estate agents and other professionals worry that the freeze will eventually hurt Florida’s already fragile and recovering housing market.

“Bank-owned properties make up about 40 percent of home sales in South Florida, and suspensions by JP Morgan Chase, Bank of America and GMAC could deliver a debilitating blow to that crucial segment of the embattled real estate market,” according to an article from Miami Herald.

Pending home sales will remain in limbo until the banks resolve the issues and end the moratorium on foreclosures.

Have you been affected by the foreclosure freeze? Share your story in the comments section below.

Whether you are searching for property to buy or looking to sell, a broker under contract has a legal duty to act in your best interests.

Real Estate Broker Responsibilities

Brokers have a variety of responsibilities when it comes to real estate purchases.

Depending on the party he/she represents, a broker can:

• list and promote properties you are trying to sell
• find suitable properties for you to buy
• assist you at the closing table

1. Property Listings

The first step in selling your property is to get it listed. This process can be time-consuming, especially for a novice.

A broker will  review your property records, pull together the tedious details, and get your real estate listed properly.

2. Promote your listing

Once your listing is live, you will need to do some promotion to attract prospective buyers.

Whether you plan to place print ads in local real estate guides or set up virtual tours showcasing photos of the property’s interior and exterior, a broker can help you get the word out about your listing.

3. Assist at the Closing Table

The closing table is where the buyer and seller meet to formalize the purchase, finalize the sale and transfer the deed.

Your real estate broker can be present at the closing table to support you throughout the process.

Interested in buying or selling a property? Not interested in the stress that comes with doing it alone?

Contact Mark Schecter – real estate attorney and licensed broker in the Fort Lauderdale area.

To schedule a consultation with Mark, simply call (954) 779-7009 or click here to email.

That was before the most recent market crash.

Now, more and more people are starting to think they are better off (at least, financially) renting instead of buying.

This departure from the past is picking up steam, even throughout Florida.

Even renters who are able to qualify for mortgages feel as though they are getting enough home for their money when they rent.

In some instances, people are opting to pay just as much as (and sometimes more) than a mortgage payment.

3 Reasons for the Shift

1)    Some renters are holding off on buying because they are concerned that prices still have not hit their lowest points. If they purchase a home today, it may be worth less in a few months. Thus, they are waiting to see how the market recovers and home values stabilize.

2)    Other renters are foregoing buying because of the responsibilities that are involved in owning a home. In Florida, many homeowners are still trying to recover from damage caused by hurricanes, floods and other disasters that insurance did not cover.

3)    Homeowners that are reluctant to sell due to the present market are also contributing to the shift. While they hold off on selling and wait for the market to recover, a growing number are offering their homes for rent.

Due to this recent shift, real estate experts are realizing that today’s market is no longer just a buyer or seller’s market. Instead, it is becoming more of a renter’s market.

Have you witnessed this growing interest in renting?

One way to do this is to offer incentives and rewards that your competition is not providing.

Offering Incentives to Attract New Tenants

As you know, an empty office building is money going down the drain.

Here are a couple of tips that will help you attract new tenants and fill those vacant office spaces.

1.  Offer new tenants a 3 to 6 month period of free rent.

2.  Nowadays, many office spaces come with a kitchen area. Fully furnish the kitchen with a refrigerator, microwave and a few other appliances.

3.  If the tenant expresses interest in altering the office layout, offer to contribute a portion of the costs of upgrades and alterations.

4.  Provide parking in a covered garage and/or reserved parking spaces, if possible.

Rewarding Current Tenants

Most landlords will tell you they save money by keeping their current tenants happy.

Not only do they save on the costs of cosmetic items like new carpet and paint, they also save on repairs that can get quite expensive.

Some landlords offer the perks mentioned above, while others reward their tenants with free Internet access, cable television, and gift cards to popular restaurants when they renew their existing lease.

When you offer current and new tenants incentives that other landlords do not offer, you’re able to stand out from the rest of the crowd.  Your tenants will feel appreciated and will happily lease with you instead of the guy down the street.

Do you have any incentive ideas for landlords? Share them in the comments section below.

Following the expiration of the home buyer tax credit, we saw a significant drop in pending home sales. This led to concern not only for Florida realtors but also for homeowners that have properties for sale on the market.

The National Association of Realtors recently released the Pending Homes Sales Index, which shows considerable improvement in pending home sales. I’m sure this modest uptick is welcomed news throughout Florida.

According to NAR‘s website, “the Pending Homes Sales Index is a report that is released during the first week of each month. The index measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes. Modeling for the PHSI looks at the monthly relationship between existing-home sale contracts and transaction closings over the last four years.”

Do you have any silver lining real estate news you want to share with us? Tell us in the comments section below.

There is an old proverb that says: “Every cloud has a silver lining.” The same may be true when it comes to Florida’s condominium market.

For many years, we looked on as the market grew. While new communities were being developed on nearly every corner, the trend of converting apartments to single-family condo units also picked up steam.

There are several factors, including low interest rates and high demand that contributed to the phenomena we witnessed. But many of those same factors are responsible for the condition of the market today.

Despite the doom and gloom, there is a possible silver lining. The market’s oversupply benefits future condo buyers. There is a huge selection of units to choose from, so you are more likely to find what you are looking for. And, as the prices continue to fall daily, you are almost guaranteed a bargain.

If you are able to buy, now is a good time to secure that single condo unit (or invest in an entire community).

Do you have any silver linings you want to share? Add them in the comments section below.

In April 2010, a report by LexisNexis Mortgage Asset Research Institute indicated Florida had the most cases of mortgage fraud in the nation.

In June, 86 South Floridians were arrested for falsifying documents to secure fraudulent loans, which resulted in a loss of nearly $80 million.

And according to the SFBJ, “last week, four area residents pleaded guilty to participating in a $2.5 million mortgage fraud ring. A week earlier, a former attorney and three mortgage brokers were charged in a $6 million scam. That same week, a Miami federal jury found two women guilty in a $21 million mortgage fraud scheme.”

A recent report from MortgageDaily.com shows that the state no longer has the highest rate of mortgage fraud in the nation and is second to California with nearly $436 million in claims filed.

What is Florida doing to Protect Homeowners?

Attorney General Bill McCollum has taken aggressive action to cut down mortgage and foreclosure fraud in the state.

In 2007, he started the Mortgage Fraud Task Force and has since reached out to state agencies, law enforcement, and attorneys for help developing a collective approach to protect Florida homeowners.

Since 2007, the task force has reviewed the practices of more than 200 foreclosure rescue businesses, and is presently handling more than 50 active investigations and a few pending lawsuits.

If you feel you have been wronged or taken advantage of by a foreclosure rescue company, you will be happy to know the Attorney General’s office has streamlined the process for reporting incidents of fraud. You can now submit complaints using this online form.

Other mortgage fraud resources include:

Attorney General of Florida
Consumer Protection
The Capitol PL-01
Tallahassee, FL 32399-1050
Phone: (850) 414-3300
Consumer Hotline: (866) 966-7226
Web: http://myfloridalegal.com/consumer

Florida Department of Business and Professional Regulation
Division of Real Estate
Consumer Complaints Section
400 West Robinson Street, Suite N801
Orlando, FL 32801-1757
Phone: (850) 487-1395
Email: Call.Center@dbpr.state.fl.us
Web: http://www.myflorida.com

FBI Field Offices

Miami Division
White Collar Crime Program
16320 NW 2nd Avenue
North Miami Beach, FL 33169-6508
Phone: (305) 944-9101
Email: miami@ic.fbi.gov
Web: http://miami.fbi.gov/

Tampa Division
White Collar Crime Supervisor
5525 W. Gray Street
Tampa, FL 33609
Phone: (813) 253-1000
Email: tampa.division@ic.fbi.gov
Web: http://tampa.fbi.gov/

U.S. Department of Housing and Urban Development (HUD)

Miami Field Office
Brickell Plaza Federal Bldg.
909 SE First Avenue
Miami, FL 33131
Phone: (305) 536-5678
Email: FL_Webmanager@hud.gov
Web: http://www.hud.gov

Tampa Field Office
500 E. Zack Street, Suite 402
Tampa, FL 33602-2945
Phone: (813) 228-2026

Do you have questions for our Fort Lauderdale real estate lawyers? You can email our firm or give us a call at (954) 779-7009.

Since 1984, Buy Owner has helped homeowners advertise and sell their homes in exchange for a fee. The broker-free system has reduced costs for many homeowners but as the market continues to struggle, the company is forced to liquidate to keep its doors open.

While its located in Deerfield Beach, the company has franchises in Jacksonville, Orlando and Tampa, Florida as well as outside of the state.

It is estimated Buy Owner owes nearly $4 million to Bank of America, and more than $1 million to company executives and shareholders.

The Miami Herald is reporting…

The company filed last month for an assignment for the benefit of creditors in Broward County, which is similar to Chapter 7 federal bankruptcy but in state court.

As assignee, Fort Lauderdale-based Michael Moecker & Associates is responsible for maximizing the assets of the company so creditors can get paid.

Von Kahle said the combination of a down real estate market and a large Bank of America loan that recently required payment led to the liquidation filing.

Despite the financial problems, the company plans to remain open but with a smaller staff to help homeowners that are trying to sell.

If you don’t want to navigate the real estate process alone, contact our Fort Lauderdale lawyers. You can use this form to email or call us at (954) 779-7009.

Source: The Miami Herald

Many businesses are foregoing large purchases and deciding to lease instead.

The good news is there is a lot of prime real estate for you to choose from.

Finding the “Right” Property to Lease

The real estate market in Florida is over-saturated with all types of commercial properties.

You can find great bargains but there are 3 things you need to consider before you kick off your search.

1.    Budget

What you can afford will determine the location and type of property you can lease. If you set your budget before you start searching, you will know (and can focus on) what is available to you.

2.    Location

Consider your customer base when considering locations that may be a good fit for your business.

Ask yourself:

• Is this location suitable for my business?
• Is this location convenient for my customers?
• Is this location convenient for my staff?

3.    Type of Commercial Real Estate

Consider the needs of your customers and employees, then decide what type of property you want to lease. A warehouse, storefront or office space?

Finding the “right” property takes time. Knowing what you want and how much you can afford will speed up the process.

Need help finding (and securing) a property for your business? Give us a call today – (954) 779-7009.

This event follows reports that show Fannie Mae lost approximately $3 billion from April to June 2010, and its new request for “bail out money” from the government.

There will be two auctions held to sell 100 homes in Miami-Dade, Broward and Palm Beach counties. The auctions are geared towards homebuyers that are looking for properties to live in, not property investors, and are invitation only.

The first will begin at 9:30am and will cater only to individuals and families that plan to use public funds towards their home purchases. This includes individuals that will receive down payment assistance from the housing authority.

The second auction will start at 12:30pm and will be open to all bidders but under one condition – the homebuyer must commit to live in the home.

Real Estate Disposition, LLC is working with Fannie Mae to coordinate and manage the auctions. The pair teamed up before in Phoenix, Arizona where they successfully auctioned off 85 properties and generated $2.95 million during the first community auction.

“Fannie Mae owns or guarantees about half of all U.S. mortgages, or nearly 31 million home loans worth more than $5 trillion.” The company hopes to auction off as many properties as possible in the South Florida area.

If tomorrow’s events are successful, we can probably expect more auctions in other states across the US in the coming months.

If you need help finding and buying a home in South Florida or you have questions about the process, contact our Fort Lauderdale real estate lawyers.

Source: FannieMae.com

Photo credit: Cafemama