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 short sale. Show all posts
Showing posts with label short sale. Show all posts
Tuesday, May 20, 2014
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
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
Friday, June 1, 2012
Latest Foreclosure And Short Sale Information: Homes For Sale: Homes For Rent
The sale of distressed properties (i.e., short sales and foreclosures) continue to dominate the US housing market.
According to RealtyTrac, foreclosed properties made up 26% of overall sales in 1Q:12, which is up from 25% of all sales a year ago.
Homes in forclosure have sales prices that are typically 27% below the average price of homes not in foreclosure.
Short sales accounted for 12% of homes sold in the first quarter of 2012, according to RealtyTrac; this was up 25% over the previous year.
RealtyTrac is reporting banks typically get 20% more in price when compared with the price they would get for a similar home that is in foreclosure. This is one reason short sales are more preferable when compared with a lender taking over a home through foreclosure.
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
According to RealtyTrac, foreclosed properties made up 26% of overall sales in 1Q:12, which is up from 25% of all sales a year ago.
Homes in forclosure have sales prices that are typically 27% below the average price of homes not in foreclosure.
Short sales accounted for 12% of homes sold in the first quarter of 2012, according to RealtyTrac; this was up 25% over the previous year.
RealtyTrac is reporting banks typically get 20% more in price when compared with the price they would get for a similar home that is in foreclosure. This is one reason short sales are more preferable when compared with a lender taking over a home through foreclosure.
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, April 29, 2012
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
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
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
Sunday, July 17, 2011
Some Banks Are Offering Homeowners A Cash Reward To Do A Short Sale: Homes For Sale: Homes For Rent: Real Estate Agent
According to the Florida Sun-Sentinel, JP Morgan Chase and Wells Fargo & Company are offering a cash reward to certain Florida homeowners who agree to a short sale. Some defaulting homeowners in Florida have confirmed receiving $10,000 to $20,000 from banks in order to agree to a short sale.
The banks are not giving many details on why only some Florida homeowners are being chosen and not others. The only comment is that it is determined by "individual circumstances," according to the Sun-Sentinel.
In the first three months of 2011, RealtyTrac, Inc., reported the average foreclosure in Florida took 619 days. The incentive program would all the banks to write-off the bad loans quickly and avoid the lengthly foreclosure process.
We have written in previous posts about the benefits of doing a short sale as opposed to being foreclosed upon by the lender. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help distressed homeowners complete a short sale.
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550. Text me your e-mail address for free 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
The banks are not giving many details on why only some Florida homeowners are being chosen and not others. The only comment is that it is determined by "individual circumstances," according to the Sun-Sentinel.
In the first three months of 2011, RealtyTrac, Inc., reported the average foreclosure in Florida took 619 days. The incentive program would all the banks to write-off the bad loans quickly and avoid the lengthly foreclosure process.
We have written in previous posts about the benefits of doing a short sale as opposed to being foreclosed upon by the lender. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help distressed homeowners complete a short sale.
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550. Text me your e-mail address for free 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
After A Foreclosure Or A Short Sale, How Long Do You Have To Wait To Buy A House?: Homes For Sale: Homes For Rent: Real Estate Agent
As a Certified Distressed Property Expert (CDPE) and a Realtor in the South Florida housing market, I have come across many distressed home situations recently. Representing both sellers and buyers in the distressed property market is one of my specialities.
The main idea is for sellers to avoid foreclosure via a short sale or another avenue. There have been many short sales and foreclosures recently and the question for those who have been through it is: how long do I have to wait until I can purchase a home again.
Below is a brief synopsis as reported recently by the New York Times:
Fannie Mae and Freddie Mac:
Up to seven years after a foreclosure and up to four years after a bankruptcy WITHOUT extenuating circumstances (i.e., illness or job loss).
Up to three years after a foreclosure and up to two years following a short sale, deed in lieu or discharge or dismissal of bankruptcy with extenuating circumstances.
Federal Housing Administration (FHA) Loans:
Those loans insured by the FHA will have to wait up to three years after a foreclosure and two years after a bankruptcy is discharged.
Short sales WITHOUT extenuating circumstances will have to wait up to three years.
Short sales with extenuating circumstances and were on time with all payments a year prior to the short sale may not have to wait at all and might qualify for an FHA loan immediately.
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550. Text me your e-mail address for free 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
The main idea is for sellers to avoid foreclosure via a short sale or another avenue. There have been many short sales and foreclosures recently and the question for those who have been through it is: how long do I have to wait until I can purchase a home again.
Below is a brief synopsis as reported recently by the New York Times:
Fannie Mae and Freddie Mac:
Up to seven years after a foreclosure and up to four years after a bankruptcy WITHOUT extenuating circumstances (i.e., illness or job loss).
Up to three years after a foreclosure and up to two years following a short sale, deed in lieu or discharge or dismissal of bankruptcy with extenuating circumstances.
Federal Housing Administration (FHA) Loans:
Those loans insured by the FHA will have to wait up to three years after a foreclosure and two years after a bankruptcy is discharged.
Short sales WITHOUT extenuating circumstances will have to wait up to three years.
Short sales with extenuating circumstances and were on time with all payments a year prior to the short sale may not have to wait at all and might qualify for an FHA loan immediately.
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550. Text me your e-mail address for free 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
Monday, June 27, 2011
Is US Distressed Property Inventory Peaking?: Homes For Sale: Homes For Rent
CoreLogic believes US "shadow inventory" of homes may have peaked recently. The "shadow inventory" refers to homes in the foreclosure process that are headed toward the housing market.
As of April 2011 CoreLogic estimates there were about 1.7 million homes that were in the foreclosure process. The firm says this is about 18% below the peak and represents a five-month supply of homes at the current sales pace.
Those behind on their mortgates has declined 8.3% in the first quarter of 2011, according to the Mortgagte Bankers Association. The National Association of Realtors reported foreclosures and short sales (i.e., distressed properties) accounted for 31% of existing home sales in May 2011 versus 37% in April 2011.
Excess inventory supply needs to be taken out of the market in order to reach a bottom in the market, in my view. The stabiliztion of the US economy is helping to reduce delinquencies on mortgage payments and has spurred some into action to purchase a home, in my view.
I think it is too early to declare the market has hit "rock bottom." The recent signs have shown a "softer" decent, which leads me to believe we are getting closer to the nadir. Much depends on the continued strenghtening of the US economy and the economic situation in your local area.
In the meantime, there are many homeowners who are in a distressed situation. As a Certified Distressed Property Expert (CDPE) and a Realtor, I can help. Please contact me.
Otherwise, if you are thinking of selling or buying a home, renting out or leasing a home, or require more information, please feel free to contact me.
You can text me or call me at the number below.
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
As of April 2011 CoreLogic estimates there were about 1.7 million homes that were in the foreclosure process. The firm says this is about 18% below the peak and represents a five-month supply of homes at the current sales pace.
Those behind on their mortgates has declined 8.3% in the first quarter of 2011, according to the Mortgagte Bankers Association. The National Association of Realtors reported foreclosures and short sales (i.e., distressed properties) accounted for 31% of existing home sales in May 2011 versus 37% in April 2011.
Excess inventory supply needs to be taken out of the market in order to reach a bottom in the market, in my view. The stabiliztion of the US economy is helping to reduce delinquencies on mortgage payments and has spurred some into action to purchase a home, in my view.
I think it is too early to declare the market has hit "rock bottom." The recent signs have shown a "softer" decent, which leads me to believe we are getting closer to the nadir. Much depends on the continued strenghtening of the US economy and the economic situation in your local area.
In the meantime, there are many homeowners who are in a distressed situation. As a Certified Distressed Property Expert (CDPE) and a Realtor, I can help. Please contact me.
Otherwise, if you are thinking of selling or buying a home, renting out or leasing a home, or require more information, please feel free to contact me.
You can text me or call me at the number below.
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
US Housing Market Remains Weak; Some Tidbits on New Home Sales, Which Declined Again in May 2011: Homes For Sale: Homes For Rent
The US housing market continues to be weak as new home sales continued to fall during May 2011.
The sequential number of homes sold in the US was down 2.1% to 319,000 units in May 2011; median home prices increased 2.6% to $222,600 during the same time.
Last year was the worst as far as the number of new homes sold during the past 50 years. New home sales have been decreasing during the past five years. The previous five years saw some record high sales numbers.
Home prices have fallen more during the "Great Recession" when compared with the Great Depression of the 1930's. After the Great Depression, it took 19 years for prices to fully recover.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
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
The sequential number of homes sold in the US was down 2.1% to 319,000 units in May 2011; median home prices increased 2.6% to $222,600 during the same time.
Last year was the worst as far as the number of new homes sold during the past 50 years. New home sales have been decreasing during the past five years. The previous five years saw some record high sales numbers.
Home prices have fallen more during the "Great Recession" when compared with the Great Depression of the 1930's. After the Great Depression, it took 19 years for prices to fully recover.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
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
Tuesday, June 14, 2011
Home Foreclosure Could Cost You Your Job; Short Sale A Better Way?: Homes For Sale: Homes For Rent: Foreclosure Short Sale Realtor
Those who rely on federal security clearances for their job, foreclosure could mean more than losing a house. The reason is a foreclosure in your background could cause you to lose your security clearance.
Along with criminal arrests, drug and alcohol use, debt is another potential pitfall for someone with security clearances. The concern is someone could sell confidential information in order to catch up after falling behind on debts.
Homeowners who are struggling with the mortgage and need security clearance for work purposes should consider a short-sale. These folks should attempt to document the mortgage was sensible at the time. In addition taking decisive action to rectify the situation should be helpful.
One way to try and alleviate the financial obligation is by arranging a short sale of the property. Upon completion of a short sale with debt foregiveness, the financial burden is lifted without potential related issues in the future.
As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
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
Along with criminal arrests, drug and alcohol use, debt is another potential pitfall for someone with security clearances. The concern is someone could sell confidential information in order to catch up after falling behind on debts.
Homeowners who are struggling with the mortgage and need security clearance for work purposes should consider a short-sale. These folks should attempt to document the mortgage was sensible at the time. In addition taking decisive action to rectify the situation should be helpful.
One way to try and alleviate the financial obligation is by arranging a short sale of the property. Upon completion of a short sale with debt foregiveness, the financial burden is lifted without potential related issues in the future.
As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
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
Monday, June 13, 2011
How Much Will I Save In A Foreclosure And Short Sale? Homes For Sale: Homes For Rent
With foreclosures accounting for 28% of all sales in the nation, we focus on distressed homes. In an attempt to stay at the forefront of the distressed market, we discuss the percentage discount for foreclosures and short sales in the US.
In the United States, the average REO (i.e., foreclosure) cost on average about 35% less than comparable properties, according to RealtyTrac.
Nationwide, short sales sold at an average 9% discount, according to CNNMoney.
These figures are as of May 2011. However, there are variations depending on the market.
The Certified Distressed Property Expert (CDPE) designation means I have focused my efforts on foreclosures and short sales. If you are thinking of selling or buying a home, or require more information, please feel free to contact me. You can text me or call me at the number below.
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
In the United States, the average REO (i.e., foreclosure) cost on average about 35% less than comparable properties, according to RealtyTrac.
Nationwide, short sales sold at an average 9% discount, according to CNNMoney.
These figures are as of May 2011. However, there are variations depending on the market.
The Certified Distressed Property Expert (CDPE) designation means I have focused my efforts on foreclosures and short sales. If you are thinking of selling or buying a home, or require more information, please feel free to contact me. You can text me or call me at the number below.
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, May 14, 2011
Homes For Sale: Homes For Rent: Banks Stalling Foreclosures, Time To Process Lengthens
RealtyTrac, an industry consulting firm, said the time for a bank to take back foreclosed homes has increased 37% in New York from last year. It now takes about two years for the lender to take back a foreclosed property. Some industry experts believe this is because banks cannot afford to take back the homes.
The banks do not want to have inventory of properties whose values have dropped significantly, according to some experts. The banks would have to write-down the losses and raise more capital to be in line with compliance standards.
In the meantime, without taking possession through foreclosures, the banks collect servicing fees on the bad mortgages and the banks do not have to incur other costs, such as lawn maintenance on these homes.
The increased scrutiny of mortgage documents and faulty paperwork is also prolonging the process of foreclosure. According to Rick Sharga of RealtyTrac, it will take between three and four years in order to get loans into foreclosure at the current pace.
I think this means there will be an increase in short sales for distressed homeowners. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
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
The banks do not want to have inventory of properties whose values have dropped significantly, according to some experts. The banks would have to write-down the losses and raise more capital to be in line with compliance standards.
In the meantime, without taking possession through foreclosures, the banks collect servicing fees on the bad mortgages and the banks do not have to incur other costs, such as lawn maintenance on these homes.
The increased scrutiny of mortgage documents and faulty paperwork is also prolonging the process of foreclosure. According to Rick Sharga of RealtyTrac, it will take between three and four years in order to get loans into foreclosure at the current pace.
I think this means there will be an increase in short sales for distressed homeowners. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
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
Sunday, February 20, 2011
Homes For Sale: Florida Has The Highest Inventory of Distressed Homes in US; Could Mean a Good Deal for Buyers
This past weekend I was out with clients to view a short sale. In our travels, we came across a home with a sign out front that indicated it was a foreclosure. The client said he was interested "in one of those" as he pointed at the sign. The short sale listing was fine also, he said. He indicated the bank knows it would be a foreclosure soon. His rationale was the lender would be willing to negotiate as though it was indeed already in foreclosure.
With nearly one out of evey four foreclosed properties in the nation, Florida has the nation’s highest inventory of homes in distress, according to data recently released by the Mortgage Bankers Association. “More than 20 percent of all loans in Florida are somewhere past due or somewhere in foreclosure,” said Mike Fratantoni, vice president of the MBA.
What does that mean for those looking to get a "good deal"? I guess, there's no need to look beyond Florida. With the "Baby Boomers" nearing retirement age and the current "buyer's market," we think those seeking a second home or a retirement home will be attracted to Florida.
As a Realtor and Certified Distressed Property Expert, I am uniquely qualified in distressed properties (i.e., short sales and foreclosures). If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
With nearly one out of evey four foreclosed properties in the nation, Florida has the nation’s highest inventory of homes in distress, according to data recently released by the Mortgage Bankers Association. “More than 20 percent of all loans in Florida are somewhere past due or somewhere in foreclosure,” said Mike Fratantoni, vice president of the MBA.
What does that mean for those looking to get a "good deal"? I guess, there's no need to look beyond Florida. With the "Baby Boomers" nearing retirement age and the current "buyer's market," we think those seeking a second home or a retirement home will be attracted to Florida.
As a Realtor and Certified Distressed Property Expert, I am uniquely qualified in distressed properties (i.e., short sales and foreclosures). If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Monday, January 17, 2011
Homes for Sale: Short Sales Rose Sharply in South Florida During 2010; Recent Drop in Foreclosures
As a Realtor and Certified Distressed Property Expert (CDPE), I am interested in the trends in short sales and other forms of distressed property sales, such as foreclosures, in the South Florida market I serve. The government's guidelines seemed to simplify the process, and as a result, increased the number of short sales in South Florida during 2010.
Other factors are at play for this phenominon as well. They include buyers steering clear of foreclosures recently as a result of the foreclosure freeze that started in the fall of 2010. The idea being that if the purchaser started the process, they might not complete it because of the of possible wrong-doing in obtaining the foreclosed property by the lender.
Lenders are also warming up to short sales as they can expedite the time of property disposal as well as tending to get a higher price when compared with foreclosed homes.
With four-in-ten(about 40%) of South Florida homes owing more on the mortgage than the worth of the home, according to Zillow, short sales seem like they are here to stay for a while. In a short sale, the owner sells the home and the lender forgives the difference between the sales price and mortgage.
As a local Relator and Certified Distressed Property Expert (CDPE), I can help those who are "underwater" and considering a short sale. Please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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
Other factors are at play for this phenominon as well. They include buyers steering clear of foreclosures recently as a result of the foreclosure freeze that started in the fall of 2010. The idea being that if the purchaser started the process, they might not complete it because of the of possible wrong-doing in obtaining the foreclosed property by the lender.
Lenders are also warming up to short sales as they can expedite the time of property disposal as well as tending to get a higher price when compared with foreclosed homes.
With four-in-ten(about 40%) of South Florida homes owing more on the mortgage than the worth of the home, according to Zillow, short sales seem like they are here to stay for a while. In a short sale, the owner sells the home and the lender forgives the difference between the sales price and mortgage.
As a local Relator and Certified Distressed Property Expert (CDPE), I can help those who are "underwater" and considering a short sale. Please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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, December 23, 2010
Homes For Sale: Forclosure and Short Sales: New Legal Tactic to Help Homeowner and Condo Assoc; More Distressed Home Statistics
There is a new mortgage terminator strategy, which is a legal tactic that forces lenders (e.g., banks) to come current with homeowner association dues on distressed homes. The action is a "quiet title action" that requires a lender to prove it owns a property free and clear by foreclosing or giving up its lien.
According to the Community Associations Institute, more than 70% of bank owned houses and apartments are not making regular assessment payments to the boards that operate the properties.
Why would a lender not take title on a foreclosed home and leave it in a "short sale" situation? The answer is in many situations it makes more financial sense for the banks to let things lie. The new strategy will force banks to make a decision as to whether or not it makes sense to hand over title to the homeowners association or come current on fees. The new strategy has been sanctioned by three courts in Florida recently.
Non-payment of association dues puts a financial strain on the community. When not enough funds are collected to pay the bills related to the community, either residents take up the slack or the association reduces the amount of services it provides.
HOA assessment delinquencies doubled since 2005 from 19% of associations reporting delinquency rates of 5% or above, to 65% in 2010. In 2010, 30% of associations have delinquent assessments exceeding 10%. Moreover, 10% or almost 30,000 associations in the US have rates above 20% delinqencies in 2010.
With the new legal tactic in place, associations can take title and force the primary lien holder to initiate it own foreclosure proceeding or release its mortgage so the association can sell the unit to cover the fees owed. This will allow for better upkeep of the communities, help to stave off falling home prices and not place a bigger burden on homeowners who are current with association dues.
I think it is very important for buyers and sellers to understand what is happening in the local markets. As this post discussed, it is important to understand what is happening in individual communities.
As a local Relator, I am aware of what is happening in many of the communities. If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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 the Community Associations Institute, more than 70% of bank owned houses and apartments are not making regular assessment payments to the boards that operate the properties.
Why would a lender not take title on a foreclosed home and leave it in a "short sale" situation? The answer is in many situations it makes more financial sense for the banks to let things lie. The new strategy will force banks to make a decision as to whether or not it makes sense to hand over title to the homeowners association or come current on fees. The new strategy has been sanctioned by three courts in Florida recently.
Non-payment of association dues puts a financial strain on the community. When not enough funds are collected to pay the bills related to the community, either residents take up the slack or the association reduces the amount of services it provides.
HOA assessment delinquencies doubled since 2005 from 19% of associations reporting delinquency rates of 5% or above, to 65% in 2010. In 2010, 30% of associations have delinquent assessments exceeding 10%. Moreover, 10% or almost 30,000 associations in the US have rates above 20% delinqencies in 2010.
With the new legal tactic in place, associations can take title and force the primary lien holder to initiate it own foreclosure proceeding or release its mortgage so the association can sell the unit to cover the fees owed. This will allow for better upkeep of the communities, help to stave off falling home prices and not place a bigger burden on homeowners who are current with association dues.
I think it is very important for buyers and sellers to understand what is happening in the local markets. As this post discussed, it is important to understand what is happening in individual communities.
As a local Relator, I am aware of what is happening in many of the communities. If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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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