Zillow reported that there are nearly 10 million US households that have homes that are worth less than their mortgage (i.e., underwater). Zillow reports about 18.8% of US homeowners with a mortgage is "underwater" in 1Q:14; this compares with 19.4% at the end of 1Q:13.
Another issue for the market is about another 10 million US households have 20% or less equity in their homes, according to Zillow. A report in the Wall Street Journal (WSJ) explains with about 40% of US homeowners with a mortgage "underwater" or lacking enough equity to sell their home, it might put a damper on the US housing market.
The WSJ article goes on to report that many of the less expensive homes in the US, the lower third of the spectrum, is more likely to be "underwater." The theory is that this is inhibiting those who use the equity in the home for expenses to "trade up" (i.e., get a larger home). This is causing the first time homebuyer to be shut out as they tend to buy lower priced homes as a starter home and then move up.
There still seems to be more demand than current inventory levels can supply in the South Florida market. As such, prices continue to climb in the area with much of the sales being cash deals. However, I am working with buyers now who are getting mortgages and buying homes. I also work with first time homebuyers and help them through the purchase process.
Call me today for more information.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Showing posts with label Distressed. Show all posts
Showing posts with label Distressed. Show all posts
Tuesday, May 20, 2014
Sunday, October 27, 2013
US Foreclosure Inventory Was Down As Of August 2013
Corelogic, a real estate consulting firm, reported 48,000 completed foreclosures in August 2013, down from 72,000 a year ago.
The company reported 939,000 of US homes were in some stage of foreclosure as of August 2013. The year-ago number was around 1.4 million homes, according to Corelogic. An economist for Corelogic stated, "A surge in completed foreclosures and a rise in the foreclosure inventory is unlikely."
Corelogic reported Florida lead the country with 111,000 foreclosures during the 12-months ended August 2013. For the country, the company reports fewer than 2 million homes in the "shadow inventory" of foreclosures, which it estimates constitutes about 3.7 months worth of supply.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
The company reported 939,000 of US homes were in some stage of foreclosure as of August 2013. The year-ago number was around 1.4 million homes, according to Corelogic. An economist for Corelogic stated, "A surge in completed foreclosures and a rise in the foreclosure inventory is unlikely."
Corelogic reported Florida lead the country with 111,000 foreclosures during the 12-months ended August 2013. For the country, the company reports fewer than 2 million homes in the "shadow inventory" of foreclosures, which it estimates constitutes about 3.7 months worth of supply.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Thursday, June 13, 2013
New Florida Foreclosure Law And How It Affects Consumers
The new law was signed by Florida's Governor Rick Scott on Friday (June 7, 2013) and went directly into effect.
The new law allows lenders to query the court as to why a final foreclosure order has not been entered. Furthermore, condominium associations and homeowners associations can ask the courts to expedite the foreclosure process under certain circumstances.
Lenders must now provide details showing the entity owns the loan before foreclosing on the property. There are protections in the law for innocent parties who purchased a property where a former owner may have claim to the property.
Perhaps the most pertinent part of the law is deficiency judgments in foreclosure actions can be sought for only one year, down from five years. The deficiency judgment is the difference between the proceeds from the home and what is owed on the mortgage note.
I believe it is preferable for distressed homeowners to complete a short sale when compared to a foreclosure. (Please see previous entries on the subject of short sales by searching short sale in the label section of the Blog).
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
The new law allows lenders to query the court as to why a final foreclosure order has not been entered. Furthermore, condominium associations and homeowners associations can ask the courts to expedite the foreclosure process under certain circumstances.
Lenders must now provide details showing the entity owns the loan before foreclosing on the property. There are protections in the law for innocent parties who purchased a property where a former owner may have claim to the property.
Perhaps the most pertinent part of the law is deficiency judgments in foreclosure actions can be sought for only one year, down from five years. The deficiency judgment is the difference between the proceeds from the home and what is owed on the mortgage note.
I believe it is preferable for distressed homeowners to complete a short sale when compared to a foreclosure. (Please see previous entries on the subject of short sales by searching short sale in the label section of the Blog).
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Tuesday, March 19, 2013
Buying A Home: How Long Do I Have To Wait After Short Sale, Foreclosure And Deed In Lieu of Foreclosure?
Those folks who lost their homes in a distressed property situation might be ready to buy a home again. The Sun-Sentinel recently reported on different scenarios based on information from Fannie Mae and the Department of Housing and Urban Development. Below is a synoposis of the waiting periods to purchase a new home:
Foreclosure:
seven years for a government backed Fannie Mae or Freddie Mac loan;
three years for a Federal Housing Administration (FHA) loan; and
one to two years for an FHA loan if there were extenuating circumstances (e.g., illness of wage earner)
Short Sale:
seven years for Fannie Mae or Freddie Mac with less than 10% down;
four years for Fannie Mae or Freddie Mac with 10% down;
two years for Fannie Mae or Freddie Mac with 20% down; and
three years for an FHA loan
Deed in Lieu of Foreclosure:
seven years for Fannie Mae or Freddie Mac with less than 10% down;
four years for Fannie Mae or Freddie Mac with 10% down;
two years for Fannie Mae or Freddie Mac with 20% down;
three years for FHA; and
one to two years for FHA loan with extenuating circumstances
I think another strong wave of buyers will be those who were involved with a distressed property and are now on solid footing again. I look forward to working with those buyers who are seeking the "American Dream" once again after experiencing a "rocky road."
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Foreclosure:
seven years for a government backed Fannie Mae or Freddie Mac loan;
three years for a Federal Housing Administration (FHA) loan; and
one to two years for an FHA loan if there were extenuating circumstances (e.g., illness of wage earner)
Short Sale:
seven years for Fannie Mae or Freddie Mac with less than 10% down;
four years for Fannie Mae or Freddie Mac with 10% down;
two years for Fannie Mae or Freddie Mac with 20% down; and
three years for an FHA loan
Deed in Lieu of Foreclosure:
seven years for Fannie Mae or Freddie Mac with less than 10% down;
four years for Fannie Mae or Freddie Mac with 10% down;
two years for Fannie Mae or Freddie Mac with 20% down;
three years for FHA; and
one to two years for FHA loan with extenuating circumstances
I think another strong wave of buyers will be those who were involved with a distressed property and are now on solid footing again. I look forward to working with those buyers who are seeking the "American Dream" once again after experiencing a "rocky road."
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Friday, January 18, 2013
Is The Foreclosure Crisis In Florida Easing?: Homes For Sale: Homes For Rent
We're number one-- in foreclosures for 2012. Nevada was number one for a while, but Florida has surpassed the state in 2012 (it was #2 in the nation), according to the Sun-Sentinel.
Apparently when lenders resumed foreclosure filings after the paperwork errors, also referred to as "Robo-Signing," it helped to push up the number of foreclosures in the state.
Nonetheless, RealtyTrac, a real estate consulting firm, states the foreclosure problem seems to be winding down and is "comfortably past the peak."
One in 32 homes in Florida received a foreclosure filing in 2012, according to the Sun-Sentinel. The paper reports both Palm Beach and Broward counties had one in 31 homes in some form of foreclosure during 2012.
Many industry experts believe the South Florida market is primed for recovery. My broker, Scott Agran, was quoted as saying, "I feel like we have definitely moved beyond more problems or more surprises in the marketplace."
Should the market continue to improve, it might be a good time to buy or sell your home. Contact me so we can work through your individual situation.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Apparently when lenders resumed foreclosure filings after the paperwork errors, also referred to as "Robo-Signing," it helped to push up the number of foreclosures in the state.
Nonetheless, RealtyTrac, a real estate consulting firm, states the foreclosure problem seems to be winding down and is "comfortably past the peak."
One in 32 homes in Florida received a foreclosure filing in 2012, according to the Sun-Sentinel. The paper reports both Palm Beach and Broward counties had one in 31 homes in some form of foreclosure during 2012.
Many industry experts believe the South Florida market is primed for recovery. My broker, Scott Agran, was quoted as saying, "I feel like we have definitely moved beyond more problems or more surprises in the marketplace."
Should the market continue to improve, it might be a good time to buy or sell your home. Contact me so we can work through your individual situation.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Shadow Inventory of Foreclosures Not As Bad As Once Feared?: Homes For Sale: Homes For Rent
Those who have been avid readers of my blog know I am concerned about the potential for a new round of foreclosures putting a damper on the recovering South Florida and national housing market.
One must continually research the inputs of these theories in order to validate or formulate a new prediction of the future. In that regard, CoreLogic, a real estate consulting firm, said it believes the threat from "shadow inventory" is receding.
Shadow inventory refers to homes that are in foreclosure or are in the foreclosure process. Should a lot of new foreclosure hit the market, it might counter-balance the supply of homes and put pressure on prices.
Two reasons cited is the increase in short sales (see articles on this subject on this blog) and loan modifications have helped improve the situation. Also, investors have been snapping up existing foreclosed properties, which has helped balance the supply and demand in the marketplace.
Corelogic reported the "shadow inventory" dropped to 2.3 million in October 2012, from 2.6 million a year ago. Should we continue to see a decline in potential foreclosures, I think it bodes well for the housing market in general.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
One must continually research the inputs of these theories in order to validate or formulate a new prediction of the future. In that regard, CoreLogic, a real estate consulting firm, said it believes the threat from "shadow inventory" is receding.
Shadow inventory refers to homes that are in foreclosure or are in the foreclosure process. Should a lot of new foreclosure hit the market, it might counter-balance the supply of homes and put pressure on prices.
Two reasons cited is the increase in short sales (see articles on this subject on this blog) and loan modifications have helped improve the situation. Also, investors have been snapping up existing foreclosed properties, which has helped balance the supply and demand in the marketplace.
Corelogic reported the "shadow inventory" dropped to 2.3 million in October 2012, from 2.6 million a year ago. Should we continue to see a decline in potential foreclosures, I think it bodes well for the housing market in general.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Saturday, January 5, 2013
Distressed And "Underwater" South Florida Homeowners: Homes For Sale: Homes For Rent
With the South Florida housing market on the upswing, people have asked me what the status of "underwater" and distressed properties in the market.
According to Zillow, about four in 10 homeowners in South Florida with a mortgage are "underwater," meaning they owe more on the home than the current value. I believe this situation is tamping down the rate of sales in the market. Many may want to move but are unable to as they will need to come up with money in order to meet the short fall from the sales price and the outstanding mortgage.
A recent article in the Sun-Sentinel about foreclosures quoted 29,6000 Florida homes that received a foreclosure notice in November 2012; this less than half of the state's peak of 64,588 foreclosure notices going out in April 2009.
There are still distressed properties in the South Florida real estate market, just not as many as there once were. Homeowners are still struggling with their current mortgages and I am here to help.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
According to Zillow, about four in 10 homeowners in South Florida with a mortgage are "underwater," meaning they owe more on the home than the current value. I believe this situation is tamping down the rate of sales in the market. Many may want to move but are unable to as they will need to come up with money in order to meet the short fall from the sales price and the outstanding mortgage.
A recent article in the Sun-Sentinel about foreclosures quoted 29,6000 Florida homes that received a foreclosure notice in November 2012; this less than half of the state's peak of 64,588 foreclosure notices going out in April 2009.
There are still distressed properties in the South Florida real estate market, just not as many as there once were. Homeowners are still struggling with their current mortgages and I am here to help.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Sunday, November 18, 2012
Some Potential Pitfalls To Buying "Foreclosed" Homes Through Auctions
Given my analytical approach to buying, selling and leasing real estate, I attract real estate investors as clients. I am able to break down the market in qualitiative and quantitative terms in order for the investor to better understand the market and execute on their investment plans.
Many times I am asked about potentially buying homes at auction. I caution people to be careful. A case in point is the recent article in the Sun-Sentinel in the September 23rd issue in regards to online auctions in Broward and Palm Beach counties.
The gist of the article surrounded around people who thought they bought homes in the public auction only to find out about a "poison pill" embedded. The homes they bought were then foreclosed on by one or more banks.
Some investors who bought auctioned homes that were foreclosed upon by a homeowners association, were then being foreclosed upon again by banks. Essentially the homeowners association debt was auctioned under the guise of a foreclosure auction.
Investors think they are getting a great deal only to learn they bought a worthless second mortgage or other liens, according to Lloyd McClendon, who heads 1Auctions.com, which runs the online foreclosure acutions for Broward County.
Title searches and other measures should be done to be sure you know what you are bidding on. In my opinion, those looking into foreclosures should work with an attorney. Another avenue to look into is working with a Realtor on homes that are listed with a broker.
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Many times I am asked about potentially buying homes at auction. I caution people to be careful. A case in point is the recent article in the Sun-Sentinel in the September 23rd issue in regards to online auctions in Broward and Palm Beach counties.
The gist of the article surrounded around people who thought they bought homes in the public auction only to find out about a "poison pill" embedded. The homes they bought were then foreclosed on by one or more banks.
Some investors who bought auctioned homes that were foreclosed upon by a homeowners association, were then being foreclosed upon again by banks. Essentially the homeowners association debt was auctioned under the guise of a foreclosure auction.
Investors think they are getting a great deal only to learn they bought a worthless second mortgage or other liens, according to Lloyd McClendon, who heads 1Auctions.com, which runs the online foreclosure acutions for Broward County.
Title searches and other measures should be done to be sure you know what you are bidding on. In my opinion, those looking into foreclosures should work with an attorney. Another avenue to look into is working with a Realtor on homes that are listed with a broker.
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Saturday, September 1, 2012
Short Sales: Do You Have To Be Late On Payments To Apply? Homes For Sale: Homes For Rent
In the Sunday, August 26th Sun-Sentinel, the "Ask a Real Estate Pro" I came away with an interesting question about short sales-- do you need to be late on your payments to be eligible for a short sale. The writer explained that he has a hardship, but was not 45 days late on payment. As a result of the non-late payment, he was denied on his short sale request.
The author of the article, Gary Singer, recommended trying a short sale while still making payments. He explained some lenders are willing to work while the owner is still current on payments. Mr. Singer explained he has been told some lenders require the loan to be delinquent as a way of scaring away "strategic" short sellers.
Mr. Singer further explained sometimes the difference between a denial and an approval has more to do with the individual negotiator than the lender themselves. In addition, he points out that lenders also change their policies.
When I work with my clients when both representing homeowners and buyers, I tend to lean towards going after the short sales that are delinquent on their payments. It eliminates potential confusion and hassles for both sides of the potential transaction. However, as Mr. Singer points out, it is possible to pursue a short sale without the payment delinquency.
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
The author of the article, Gary Singer, recommended trying a short sale while still making payments. He explained some lenders are willing to work while the owner is still current on payments. Mr. Singer explained he has been told some lenders require the loan to be delinquent as a way of scaring away "strategic" short sellers.
Mr. Singer further explained sometimes the difference between a denial and an approval has more to do with the individual negotiator than the lender themselves. In addition, he points out that lenders also change their policies.
When I work with my clients when both representing homeowners and buyers, I tend to lean towards going after the short sales that are delinquent on their payments. It eliminates potential confusion and hassles for both sides of the potential transaction. However, as Mr. Singer points out, it is possible to pursue a short sale without the payment delinquency.
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Sunday, April 29, 2012
Cash Buyers And Foreclosures To Keep Home Prices Down? Homes For Sale; Homes For Rent
Cash deals are easier to close because there is no need to get involved with the rigours of bank financing-- appraisals, downpayments, qualifications, etc. However, due to the less risk of closing, generally means the prices offered are a bit lower than market. A recent report in Fortune Magazine, said the average "haircut" off the home is 10% for cash.
Foreign investors are making their way to the US market who are betting on both a recovery in the housing market as well as a strengthening US Dollar. They would get a boost from the apprecation in the home value and the currency translation when they sold and reverted back to the home country currency.
All cash purchases were about 13% of all transactions in the US during 2007, according to DataQuick; this is considered a more normal period of sales. Cash sales were about 33.2% of nationwide sales in December 2011, according to DataQuick.
We also know distressed sales (i.e., short sales and foreclosures) are increasingly becoming a large part of overall sales. Foreclosures are dampening the sales comparisons and are forcing listing prices down in order to compete with the others in the inventory pool.
The overhang of new foreclosures and the sluggish US recovery are reasons I believe the US housing market will not show price appreciaiton in 2012. The market is favorable to buyers of homes, especially cash buyers. Please contact me for your buying, selling and renting needs.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Foreign investors are making their way to the US market who are betting on both a recovery in the housing market as well as a strengthening US Dollar. They would get a boost from the apprecation in the home value and the currency translation when they sold and reverted back to the home country currency.
All cash purchases were about 13% of all transactions in the US during 2007, according to DataQuick; this is considered a more normal period of sales. Cash sales were about 33.2% of nationwide sales in December 2011, according to DataQuick.
We also know distressed sales (i.e., short sales and foreclosures) are increasingly becoming a large part of overall sales. Foreclosures are dampening the sales comparisons and are forcing listing prices down in order to compete with the others in the inventory pool.
The overhang of new foreclosures and the sluggish US recovery are reasons I believe the US housing market will not show price appreciaiton in 2012. The market is favorable to buyers of homes, especially cash buyers. Please contact me for your buying, selling and renting needs.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Big And Small Investors Entering The Real Estate Market: Homes For Sale: Homes For Rent
The US government's push to sell big pools of single-family homes that Fannie Mae owns has intrigued large institutional investors to begin looking into real estate for investment vehicles. The Fannie Mae and Freddic Mac homes are those that were foreclosed upon and now sit idle. The US government's pilot project will allow for the large-scale sale of these properties.
The combined Fannie Mae and Freddie Mac own more than 200,000 foreclosed homes and RealtyTrac estimates banks own another 600,000 single-family homes. The combination of a red-hot rental market and an over-supply of homes has gotten the attention of some investors who see an opportunity. The potential to purchase undervalued homes and rent them out is the potential play for many investors.
Some high-profile institutional investors are committing money to buying foreclosures, such as Warren Buffet's Berkshire Hathaway, Och-Ziff Capital Management and Starwood Capital, to mention a few. These larege investors have the potential to crowd-out the smaller investors.
Bids for these homes are to begin in April 2012 for the initial round of 2,500 Fannie Mae owned homes in some the United States' larges cities, such as Atlanta, Chicago and Los Angeles. If this is successful, the Federal Housing Finance Agency (FHFA) is considering selling off pools of distressed homes in the future.
Many homes in the initial round of sales are expected to be homes that already have tenants in them. This will give investors a pretty good idea of what the cash flows will be. Some investors believe they can generate an annual yield of 7% from rental income alone. The long-term goal of many institutional companies would be to form publicly traded real estate investment trusts (REITS) that would potentially yield an internal rate of return in the 25% range over a three-year period.
My background in dealing with large institutional investors enables me to work with both large and small investors. I am uniquely qualified as a Realtor, Certified Distressed Property Expert (CDPE) and direct investment experience.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
The combined Fannie Mae and Freddie Mac own more than 200,000 foreclosed homes and RealtyTrac estimates banks own another 600,000 single-family homes. The combination of a red-hot rental market and an over-supply of homes has gotten the attention of some investors who see an opportunity. The potential to purchase undervalued homes and rent them out is the potential play for many investors.
Some high-profile institutional investors are committing money to buying foreclosures, such as Warren Buffet's Berkshire Hathaway, Och-Ziff Capital Management and Starwood Capital, to mention a few. These larege investors have the potential to crowd-out the smaller investors.
Bids for these homes are to begin in April 2012 for the initial round of 2,500 Fannie Mae owned homes in some the United States' larges cities, such as Atlanta, Chicago and Los Angeles. If this is successful, the Federal Housing Finance Agency (FHFA) is considering selling off pools of distressed homes in the future.
Many homes in the initial round of sales are expected to be homes that already have tenants in them. This will give investors a pretty good idea of what the cash flows will be. Some investors believe they can generate an annual yield of 7% from rental income alone. The long-term goal of many institutional companies would be to form publicly traded real estate investment trusts (REITS) that would potentially yield an internal rate of return in the 25% range over a three-year period.
My background in dealing with large institutional investors enables me to work with both large and small investors. I am uniquely qualified as a Realtor, Certified Distressed Property Expert (CDPE) and direct investment experience.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Sunday, February 12, 2012
Foreclosure Settlement And What It Means: Homes For Sale: Homes For Rent
The US Federal Government has settled with the nation's largest banks over bad foreclosure practices. The banks will pay $25 billion in penalties to aid troubled homeowners or who have lost their homes to foreclosure and now must overhaul their mortgage servicing practices.
The five banks that settled for the "robo-signing" that led to the agreement were: Wells Fargo, Bank of America, JP Morgan-Chase, Ally Financial and Citigroup.
Of the $25 billion total, $17 billion will go towards foreclosure prevention measures, such as lowering loan balances for underwater mortgages. Homeowners who are current could also have a chance to lower interest rates on their current loans. As many as 750,000 borrowers who lost their homes to foreclosure since 2008 would be eligible for payouts of about $2,000 each.
Banks will also have to refine the way in which they deal with troubled homeowners. The banks are barred from trying to foreclose on borrowers while simultaneously negotiating loan modifications. Borrowers will now have a single source of contact instead of being shuffled around to different departments and employees.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
The five banks that settled for the "robo-signing" that led to the agreement were: Wells Fargo, Bank of America, JP Morgan-Chase, Ally Financial and Citigroup.
Of the $25 billion total, $17 billion will go towards foreclosure prevention measures, such as lowering loan balances for underwater mortgages. Homeowners who are current could also have a chance to lower interest rates on their current loans. As many as 750,000 borrowers who lost their homes to foreclosure since 2008 would be eligible for payouts of about $2,000 each.
Banks will also have to refine the way in which they deal with troubled homeowners. The banks are barred from trying to foreclose on borrowers while simultaneously negotiating loan modifications. Borrowers will now have a single source of contact instead of being shuffled around to different departments and employees.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Why Might Lenders Offer $35,000 Bonus For Homeowner To Do A Short Sale? Homes For Sale: Homes For Rent
According to Bloomberg, some banks are offering a cash bonus up to $35,000 for homeowners with underwater mortgages to complete a short sale.
In the past some banks were unwilling to agree to short sales becuase losses could not be recovered. However, banks are more eager to clear inventory off their books and are more amenable to short sales, according to Bloomberg.
According to Moody's, bank losses on short sales have been reported to be 15% lower than on typical foreclosures and short sales tend to be quicker when compared with the foreclosure process. This could be the reason that one out of every three homes facing forclosure is in a short sale process when compared with one out of every four homes a year ago.
Many housing experts believe the short sale process is the best way to reduce the glut of distressed housing inventory.
As a Certified Distressed Property Expert (CDPE), I can help both homeowners and buyers sell / buy a distressed property. As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
In the past some banks were unwilling to agree to short sales becuase losses could not be recovered. However, banks are more eager to clear inventory off their books and are more amenable to short sales, according to Bloomberg.
According to Moody's, bank losses on short sales have been reported to be 15% lower than on typical foreclosures and short sales tend to be quicker when compared with the foreclosure process. This could be the reason that one out of every three homes facing forclosure is in a short sale process when compared with one out of every four homes a year ago.
Many housing experts believe the short sale process is the best way to reduce the glut of distressed housing inventory.
As a Certified Distressed Property Expert (CDPE), I can help both homeowners and buyers sell / buy a distressed property. As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Wednesday, December 21, 2011
Foreclosure and Short Sales Price Differential: Homes For Sale: Homes For Rent
Foreclosures and short sales combined for almost half of all US homes sales in November 2011, according to a survey by Campbell/Inside Mortgage Finance company. The number was 46% to be exact.
We have posted data on sales discounts for distressed properties: here is some of the latest data.
The average short sale sold for about 19.3% less than those sold by conventional home sales in the US. For more informaiton about short-sales, please see prior entries.
The average forclosed home that was deemed to be "move-in" condition was 26.6% below a conventional home sale in the US.
The average price for a damaged foreclosed home was 62% less than the conventional home sale in the US.
There is plenty of distressed property in the current inventory. I would not be surprised if 2012 was another year of large amounts of distressed property sales.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
We have posted data on sales discounts for distressed properties: here is some of the latest data.
The average short sale sold for about 19.3% less than those sold by conventional home sales in the US. For more informaiton about short-sales, please see prior entries.
The average forclosed home that was deemed to be "move-in" condition was 26.6% below a conventional home sale in the US.
The average price for a damaged foreclosed home was 62% less than the conventional home sale in the US.
There is plenty of distressed property in the current inventory. I would not be surprised if 2012 was another year of large amounts of distressed property sales.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Tuesday, November 1, 2011
Banks To Offer Own Refinancing Plan?: Homes For Sale: Homes For Rent
The Wall Street Journal recently reported the large US banks are working on a plan that would make mortgage refinancing available to "underwater" homeowners. Those borrowers with houses that are worth less than their loans would be eligible so long as they are current on mortgage payments.
The plan is reportedly to be for mortgages owned by the banks. The WSJ said officials in the US federal government are trying to work with the five largest mortgage servicers: Ally Financial; Bank of America; Citigroup; JP Morgan Chase; and Wells Fargo.
The federal government has some leverage in trying to negotiate a legal settlement over alleged foreclosure abuses. Beyond reaching an equitable settlement, the federal government is attempting to stabilize the US housing market. The reasoning being that a reduction in distressed properties will help provide a floor to housing prices.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
www.langrealty.com/agents/michael-friedman
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
The plan is reportedly to be for mortgages owned by the banks. The WSJ said officials in the US federal government are trying to work with the five largest mortgage servicers: Ally Financial; Bank of America; Citigroup; JP Morgan Chase; and Wells Fargo.
The federal government has some leverage in trying to negotiate a legal settlement over alleged foreclosure abuses. Beyond reaching an equitable settlement, the federal government is attempting to stabilize the US housing market. The reasoning being that a reduction in distressed properties will help provide a floor to housing prices.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
www.langrealty.com/agents/michael-friedman
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Saturday, October 8, 2011
Deficiency Judgments, Foreclosures and Short Sales: Why You Should Consider A Short Sale: Homes For Sale: Homes For Rent
A lawyer who defends against foreclosure is recently quoted as saying there was "a false sense of calm" amoung homeowners that went through foreclosure. He added, "that's changing."
Lenders typically have five years following a foreclosure sale to sue for the remaining mortgage debt. Most states allow 20 years to try and collect the debts. Depending on the state, the debt owed grows at about an 8% interest rate.
Florida is among the biggest deficiency-judgment states. Since the start of 2007, Florida has had more foreclosures than any other state that allows deficiency judments with more than 9% of the US total, according to Lender Processing Services, Inc.
Sharon Bock, clerk and comptroller of Palm Beach County, Florida expects "a massive wave of these cases as banks start selling the judgments to debt collectors."
Forty-one states and the District of Columbia permit lenders to sue borrowers for mortgage debt still left after the foreclosure sale. Some lenders say they are most likely to seek a deficiency judgment against those they believe are "strategic defaulters" who chose to stop paying because the property lost a lot of value.
The Wall Street Journal reported the average "deficiency amount" was $100,000 in the US. This is the amount by which foreclosure sales fell below the loan balance.
A short-sale, if negotiated properly, would have the lender agree to waive its right to try and recover the "deficiency". There are criteria that need to be met to qualify for a short sale and a requirement is to list the property with a broker. The lenders require the property be marketed to a wide audience and listing with a Realtor will help in this regard.
I can help with the short sale process and we can work together towards a successful short sale.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Lenders typically have five years following a foreclosure sale to sue for the remaining mortgage debt. Most states allow 20 years to try and collect the debts. Depending on the state, the debt owed grows at about an 8% interest rate.
Florida is among the biggest deficiency-judgment states. Since the start of 2007, Florida has had more foreclosures than any other state that allows deficiency judments with more than 9% of the US total, according to Lender Processing Services, Inc.
Sharon Bock, clerk and comptroller of Palm Beach County, Florida expects "a massive wave of these cases as banks start selling the judgments to debt collectors."
Forty-one states and the District of Columbia permit lenders to sue borrowers for mortgage debt still left after the foreclosure sale. Some lenders say they are most likely to seek a deficiency judgment against those they believe are "strategic defaulters" who chose to stop paying because the property lost a lot of value.
The Wall Street Journal reported the average "deficiency amount" was $100,000 in the US. This is the amount by which foreclosure sales fell below the loan balance.
A short-sale, if negotiated properly, would have the lender agree to waive its right to try and recover the "deficiency". There are criteria that need to be met to qualify for a short sale and a requirement is to list the property with a broker. The lenders require the property be marketed to a wide audience and listing with a Realtor will help in this regard.
I can help with the short sale process and we can work together towards a successful short sale.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Wednesday, October 5, 2011
How Much Time Does A Homeowner Have To Do A Short Sale? Homes For Sale: Homes For Rent
There are more than four million homes in the US either in foreclosure or 90 days or more late with payments in August 2011, according to published reports.
Many of these homeowners fall into the criteria for a short sale, which could allow for debt foregiveness under certain circumstances. Short sales are advantageous when compared with foreclosure for many reasons.
With a large amount of bad loans, lenders have had to prioritize which homes to target and the others have languished in the foreclosure process.
Once borrowers start missing payments, they spend an average of one year and nine months (611 days) in the foreclosure process before lenders repossess the homes, according to LPS Mortgage Monitor. The average was 523 days a year ago and 251 days three years ago.
The length of time to repossess a foreclosed home has been increasing as the numbers above indicate. Bottlenecks are worse in judicial states where foreclosures are processed through the court system. In non-judicial states foreclosures take about six months less time when compared with judicial states.
I can help with the short sale process and we can work together towards a successful short sale.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Many of these homeowners fall into the criteria for a short sale, which could allow for debt foregiveness under certain circumstances. Short sales are advantageous when compared with foreclosure for many reasons.
With a large amount of bad loans, lenders have had to prioritize which homes to target and the others have languished in the foreclosure process.
Once borrowers start missing payments, they spend an average of one year and nine months (611 days) in the foreclosure process before lenders repossess the homes, according to LPS Mortgage Monitor. The average was 523 days a year ago and 251 days three years ago.
The length of time to repossess a foreclosed home has been increasing as the numbers above indicate. Bottlenecks are worse in judicial states where foreclosures are processed through the court system. In non-judicial states foreclosures take about six months less time when compared with judicial states.
I can help with the short sale process and we can work together towards a successful short sale.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Saturday, October 1, 2011
Short Sale Real Estate Transactions Losing Appeal? Homes For Sale Homes For Rent
Although my own experience working with clients has varied, short sales seem to be losing some appeal. The reason is buyers are complaining the sale transaction process is taking too long.
I can attest recently that my clients decided to forego their offer when the second extension period had lapsed. On the flip side of the coin, recently I have had satisfied customers who had a relatively quick turnaround time and enjoyed the discounted price the short sale offered.
The approval time for short sales can take several months after the potential buyers submits an offer. According to the HousingPulse Tracing Survey, the average time for short sales is 16.6 weeks. The survey found the majority of this time is spent waiting for approval from the lenders.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
I can attest recently that my clients decided to forego their offer when the second extension period had lapsed. On the flip side of the coin, recently I have had satisfied customers who had a relatively quick turnaround time and enjoyed the discounted price the short sale offered.
The approval time for short sales can take several months after the potential buyers submits an offer. According to the HousingPulse Tracing Survey, the average time for short sales is 16.6 weeks. The survey found the majority of this time is spent waiting for approval from the lenders.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Saturday, September 17, 2011
More Foreclosures In August 2011: Homes For Sale: Homes For Rent
The trend continues as more homeowners fell behind on their mortgages, according to Realty Trac, an online marketer of foreclosed properties. Foreclosure filings were up 7.0% in August 2011 over July 2011. However, this is 33.0% below August 2010.
A bellwether for the future is the 33.0% rise in default notices on a sequential basis in August 2011. This is the beginning of the foreclosure process.
Some experts believe lenders are beginning a new push after being slowed down by the "robo-signing" issue last fall.
I find buyers are still focused on the distressed market with foreclosures being the choice over short-sales. I think the reason is primarily two-fold: lower price and less time to get approval.
Surprisingly, Florida was not in the top-three of states hardest hit by foreclosures. Nevada was number one in August, followed by California and then Arizona.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
A bellwether for the future is the 33.0% rise in default notices on a sequential basis in August 2011. This is the beginning of the foreclosure process.
Some experts believe lenders are beginning a new push after being slowed down by the "robo-signing" issue last fall.
I find buyers are still focused on the distressed market with foreclosures being the choice over short-sales. I think the reason is primarily two-fold: lower price and less time to get approval.
Surprisingly, Florida was not in the top-three of states hardest hit by foreclosures. Nevada was number one in August, followed by California and then Arizona.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Saturday, August 13, 2011
Banks Have A New Weapon In Dealing With Homes On Which It Has Foreclosed-- Bulldozers: Homes For Sale: Homes For Rent
With nearly 1.7 million homes in the US in some state of foreclosure and more coming on the horizon, some economists worry home prices will be depressed for years to come. How do we reduce the supply-- one way is with a bulldozer.
Some of the least valuable homes are being demolished. For instance, Bank of America recently announced plans to demolish 100 foreclosed homes in Cleveland; the land will be donated to local municipalities. JP Morgan Chase has beeen donating homes it could not sell or were not repairable.
Why would the banks do this? Once the property is donated no more tax or upkeep expenses are required. The lender may also be able to write-off the donation. Municipalities like it becasue they get free land to develop or leave as open space. The market may have a chance to stablize quicker because there is less inventory keeping prices depressed.
The fact that the banks are attempting to do something might be a good sign for the future. With undesireable, distressed homes lingering on the market, it is taking 9 1/2 months for the current number of homes on the market to sell at the end of June 2011; a healthy supply is six months of sales, according to many experts.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Some of the least valuable homes are being demolished. For instance, Bank of America recently announced plans to demolish 100 foreclosed homes in Cleveland; the land will be donated to local municipalities. JP Morgan Chase has beeen donating homes it could not sell or were not repairable.
Why would the banks do this? Once the property is donated no more tax or upkeep expenses are required. The lender may also be able to write-off the donation. Municipalities like it becasue they get free land to develop or leave as open space. The market may have a chance to stablize quicker because there is less inventory keeping prices depressed.
The fact that the banks are attempting to do something might be a good sign for the future. With undesireable, distressed homes lingering on the market, it is taking 9 1/2 months for the current number of homes on the market to sell at the end of June 2011; a healthy supply is six months of sales, according to many experts.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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