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Properties For Sale at Auctions. The amount of time before
auction varies ... but averages 3 to 6 months. A Florida real estate owner in
Pre-foreclosure can have a strong desire to sell
their way out of trouble. Foreclosure Statistic - Florida ranks in
the top 5 in the nation for short sales bank owned REO properties and
foreclosures
Statewide existing condo sales in the first
quarter rose 19 percent compared to 1Q 2008. Sales of existing single-family
homes in Florida rose 25 percent in first quarter 2009 compared to the same
period a year earlier, according to Florida Association of Realtors.
May 2009 – Bank of America, one of the country’s largest mortgage
lenders, says it is loosening its policies on short sales in response to the
U.S. Treasury Department’s announcement last week that it would increase
incentives for lenders to work out short sale deals. In the past, the bank
followed Fannie Mae’s policy of giving second lien holders about 10 percent
of the second mortgage balance in a short sale. Now when it holds the second
lien, BofA will accept 5 percent of the net proceeds of the short sale,
Sunline says. When it is the first lien holder, it will offer 5 percent to
the holder of the second lien. Sunline says homeowners considering short
sales should contact the bank within five days of getting an offer on the
home and expect its cooperation as long as the offer is within the range of
other sales in the area and the borrower can demonstrate financial hardship.
The Mortgage Forgiveness Debt Relief Act of 2007
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.
Foreclosures - Florida ranks second in
the nation in foreclosures with 286,285, according to data collected by
RealtyTrac, a company that tracks foreclosures. The top five foreclosure
states are: California with 627,440; Florida with 286,285; Ohio with
115,954; Michigan with 112,969; and New Jersey with 64,636. Florida has
reported 178,850 new foreclosures since Jan. 1, with 15,877 in June. The
average sales price of a foreclose is $169,235. The top five Florida
counties reporting foreclosures in June are: Broward: 7,104; Lee: 5,132;
Miami-Dade: 5,087; Orange: 3,087; and Pinellas: 2,061.
4th quarter 2008- The credit markets were not settled yet, although the
mortgage market stabilized with the government takeover of Fannie Mae and
Freddie Mac. Inventory remained high, and price declines pressured owners. Additional housing stimulus would stabilize prices, which in turn would bring faster stability to Wall Street. Removing
the repayment feature on the first-time buyer tax credit and permanently
raising loan limits would bring more buyers into the market and further
reduce inventory.
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
loaded 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. 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. West Coast Florida Real Estate continues to offer homes and condos for sale at prices
that buyers are
benefitting from.
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.
Borrowers may be able to cancel their loans when their lenders violate
a federal lending disclosure law
Real Estate Mortgage
Lenders Lawsuits
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.
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The
short sale process can be significantly less expensive and a