Florida Homes Pre Foreclosures
 Foreclosure Short Sales - General Information Real Estate News and Videos

The number one question - Has the Real Estate Market Bottomed?
YES it has! For the Individual Buyers picking up Great Deals in Florida.

Take Note: You should not only focus on distressed properties. An experienced Real Estate Agent
can also locate real estate selling for bargain prices and not in foreclosure Review This Info

The short sale process can be significantly less expensive and a good alternative to foreclosure for both lenders and homeowners.

For homeowners in trouble, it doesn't help them keep the home, but it can keep the foreclosure mark off their credit report. It's also less expensive than going through the court system in a foreclosure lawsuit. A short sale is an alternative to bankruptcy or foreclosure proceedings.

A real estate "short sale" means the lender may accept less than the total amount due. Not all lenders accept short sales and not all sellers properties qualify for short sales.

Short sales and pre-foreclosures could be a good deal if you have the patience. You may have to be rejected many times before somebody accepts your offer. Consult with a licensed real estate attorney for advice and legalities and consult with a CPA for tax consequences.

Pre Foreclosure describes property in a state of default prior to the Foreclosure Auction. Real Estate enters the Pre-foreclosure phase once the lender posts a notice of public record that the property owner is behind on payments (usually a couple of payments), and they intend to exercise their right to Foreclose the property. They will take back the property if the owner does not arrange for an alternative plan.

Auctions - The amount of time before auction varies but averages 3 to 6 months. A Florida real estate owner in Pre-foreclosure can be a motivated seller and have a strong desire to sell their way out of trouble.

Post Foreclosure - Real Estate is in this phase is typically what Agents think of when they hear a property labeled as a Foreclosure. The bank has taken back the property from the homeowner and now refers to the home as Real Estate Owned or REO.

The Mortgage Forgiveness Debt Relief Act, made it even cheaper for owners of primary homes. Before the legislation, homeowners who persuaded a lender to accept a short sale had to pay income tax on the loan amount forgiven by the lender. Under the new law, they won't have to pay taxes on the forgiven amount, up to the original mortgage amount on the purchase of the home. Review The Mortgage Forgiveness Debt Relief Act of 2007 Click Here

First time home buyers and buyers with short term move in dates should avoid short sales. Due to the current large amount of foreclosures the initial response to you could be many months. You should not only focus on distressed properties. An experienced Real Estate Agent can also locate real estate selling for bargain prices and not in foreclosure More Info Here

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Borrowers may be able to cancel their loans when their lenders violate a federal lending disclosure law Real Estate Mortgage Lenders Lawsuits

July 30, 2008 The Senate passed and the President signed a landmark housing bill to shore up the nation's housing finance system. The bill contains billions of dollars in loan guarantees, a tax break for first-time home buyers and many other provisions. The rescue plan extends an unlimited line of credit to the two mortgage-finance giants Fannie Mae and Freddie Mac for 18 months and gives the Treasury the authority - also for 18 months - to buy Fannie and Freddie shares if the Treasury deems the companies’ capital to be inadequate.

From 2003 thru 2006 the Florida real estate market in particular was hot. Some people were getting loans that were very risky and in many cases they were not qualified for. Many were not for homes as a permanent residence, but for condos to rent out as a secondary residence while waiting to flip it for a much higher price...like so many were doing back then. So called Teaser Rate Loans and 100% stated products were sold to condo investors and people that were not qualified financially to pay for a traditional loan. The real estate market was growing so fast that these people would take out a home equity line of credit, when they needed more money. They assumed that since their current home had gone up in value...so would their investments. As time went on...the real estate market came tumbling down because of sub prime and exotic loans to poor credit risks.

Sellers who are forced out of their homes are usually not pleasant to work with. The bank employees who are just doing their jobs follow procedures that many times keep the buyer in suspense. Because of the large amount of foreclosures, banks are overloaded with work and their response time could be lengthy. Even though they want to sell a home, they will push to get the best price to minimize their losses. They might not play by your rules, they have their own paperwork and time frames. Unlike real home sellers, they’re not really attached to the properties they sell. They could take 1-3 months just to respond to your offer, and it could take sometimes 6 to 9 months to close a transaction. In most of the cases, their counter-offer to the buyer will be the actual appraised value which could be much more than the asking price you saw in the (MLS) Multiple Listing System. There is no guarantee that a lender who accepts the short sale will not legally pursue a borrower for the difference between what is owed to them and the amount that was paid to them. A real estate attorney should determine if your loan qualifies for a deficiency claim or judgment.

Whether they call it a foreclosure, pre foreclosure, bank owned, short sale or a distressed sale, a pre-foreclosure is the keyword for searching the best deal.
The East and West Coast Real Estate Market continues to offer homes and condos for sale at prices the buyers are benefitting from.

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RESPA - Real Estate Settlement Procedures Act  U.S. Dept of Housing & Urban Development
 

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