Fort Lauderdale Real Estate » Foreclosures

There’s Great Opportunity For Profit In Buying Miami Foreclosures

Barry Cunningham — Sun, 14 Feb 2010 15:14:30 +0000

There Are Some Really Profitable Opportunities For Investors In Buying Miami Foreclosures And Miami Investment Property !

There are lots of opportunity in buying Miami foreclosures and Miami investment property. Recently we have been getting a lot of calls and emails from our readers who have been finding out about the many deals on homes and condos in the Miami area.

The median price for a property in Miami is now just $155,000.00 which represents a whopping 22.5% drop from the preceding year and almost 47% from 2007. So I think you can assume that there are some pretty good deals out there.

The prices in Miami have steadily declined over the last 24 months. However, don’t expect them to continue to decline much longer as with these unheard of prices, a lot of savvy investors are getting in and taking down some pretty good deals.

For pre-owned condos, the median price in December was $105,000, same as the price in November but marked a 24-percent decrease from December 2008 and down by 55 percent from the $219,000 peak median price in July 2006. The lowest median for resale condos – $99,000 – was posted in September last year.

The median price for single-family homes increased slightly to $188,000 from the $184,000 median in November, but marked a 14.5-percent drop from December 2008 and a 44-percent drop from the $340,000 peak price in June 2007.

The low prices of distressed real estate properties pulled down the median prices and pushed the sales volume for houses priced between $50,000 and $150,000 by a stunning 99 percent compared to December 2008. Sales volume for this price range accounted for 48 percent of all house sales in December, a jump of 34 percent from the December 2008 percentage and an increase of 15 percent from the percentage in December 2007.

This year, investors can still find bank foreclosed homes at affordable prices because the pace of Miami foreclosures and tax deed sales continue to rise.

In 2009, the Miami-Dade metro area had 7.2 percent of all its households or a total of 172,894 homes put into the foreclosure process, marking a jump of 44 percent from filings in 2008 and an increase of 198 percent from filings in 2007.

In Florida, the foreclosure pace stepped up in 2009 by 34 percent from 2008, with a total of 516,711 mortgage borrowers given delinquency and foreclosure notices. This figure represented almost six percent of all homeowners in the state. Just like in other states, unemployment is the major cause of continued foreclosures. In December last year, the unemployment rate in Florida hit 11.8 percent, up from the November rate of 11.5 percent.

With the continued rise in defaults and foreclosures in Florida and with the continued popularity of Florida as a destination state for tourists and second-home owners, people have more reasons to find bank owned homes in Florida and invest in them.

In that regard many investors are looking at South Florida and in particular they are looking at Miami foreclosures, and Fort Lauderdale foreclosures.

If you’d like information on investment property in either of those areas then sign up below for our alerts on the most profitable properties to hit the market, as soon as they hit the market.

Over 1200 Fixed Miami Foreclosures for Low Income Families International Business Times, on Thu, 28 Jan 2010 09:07:12 -0800 By John Cutts | 28 January 2010 @ 10:44 am EDT Over 1200 Miami foreclosures will be purchased, rehabilitated and rented out or sold to lower-income families …

Housing Transactions Up, Prices Low in Miami says MDA DataQuick Housing Wire, on Wed, 10 Feb 2010 17:05:23 -0800 In December, 8259 new and resale houses and condos were sold in the three-county Miami market. That’s an increase of 19.1% from November and an increase of …

Miami Foreclosures are an excellent deal and have uncomplicated procedure of … International Business Times, on Mon, 25 Jan 2010 09:20:14 -0800 By Iwona Filetti | 25 January 2010 @ 10:53 am EDT Miami foreclosures are the excellent deal to buy, if one is contemplating on buying a home for the first …

FAR: Home, condo sales up across South Florida Bizjournals.com, on Thu, 11 Feb 2010 13:05:40 -0800 Miami condo sales rose 68 percent, to 2022 from 1203. The median sales price for an existing condo fell 21 percent, to $145400 from $183700. …

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SPECIAL ALERT: Investor Property For Sale – February 5, 2010

Barry Cunningham — Fri, 05 Feb 2010 17:49:07 +0000

Notice: Here is a Fort Lauderdale foreclosure property that we want to give Investors an opportunity to review. Please be advised that these properties often sell in a matter of days. The last property we featured sold in a few hours. So if you are interested, please act fast. This is not sales hype, these deals don’t need any hype. They are flat out good properties that investors in Fort Lauderdale are looking for. So when they see good deals they move quickly.

All of our Investor properties are offered on the basis of CASH OR HARD MONEY ONLY! No exceptions. If you are going to submit an offer please be prepared to meet the terms as shown in the property details.

This Property Is A Veritable Cash Cow!

Address: 817 NW 10th Street Hallandale, FL 33009

Asking Price: $122,900 OBO

Description: This four plex consists of Four 1/1′s. Three of the units are in one building and unit 4 is in a separate building. All units have been recently remodeled. It has a newer roof. The 3 unit building needs exterior paint and the separate building with unit 4 needs exterior paint and patch. Unit 1 is currently rented for $525 a month and unit 4 is currently rented for $750 a month. Units 2 and 3 are currently vacant but could rent for $600 a month each. This deal will make someone a lot of money for years to come.

(The pictures below will rotate every 3 seconds or so and there are 7 images in the rotation)

Click Here To View Map Of Property Location

Terms Of The Deal: $5,000.00 deposit in the form of a cashiers check made out to the law firm of Frank, Weinberg & Black. Closing within 14 days. Once you have completed inspections and are ready to make an offer, we will send you the contract for your review and execution. Please return the contract with the cashiers check.

Inspection Period: These Investor properties are sold in “As-Is” condition. No repairs, alterations or improvements will be made. If you need to inspect the property please do so BEFORE you put in an offer. Or email us to make mutually agreeable inspection arrangements.

Code Violations: Most of the investment properties that we feature are distressed properties. This means they are more than likely in some stage of foreclosure or have gone through the foreclosure process. If any code violations exist they are the responsibility of the Buyer to rectify.

Note to Realtors: If you are a Realtor please be advised that we do not pay commission. If you want commission it must be added to the price you quote your buyer. Our price is net to us. For instance if we are seeking $75,000.00 , you will not be paid a percentage of that amount. If you desire to make your customary 3%, you must add it to the price of the property. For instance if we show a price of $75,000.00 and you have a buyer then you would add your 3% to your buyer’s purchase price or in this instance you would quote your buyer $77,250.00.

Disclaimer: These properties are being marketed by Real Estate Radio USA and are not being marketed by any real estate agent associated with the Fort Lauderdale Real Estate Blog. We are a private real estate investment company.

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Fort Lauderdale Foreclosures

Barry — Sat, 28 Mar 2009 16:09:00 +0000

Fort Lauderdale Foreclosures Driving Sales Numbers In Local Real Estate Market.

If you’re looking to buy a foreclosure as a residence to live in or as a Fort Lauderdale investment property, we have a special service that you may want to take advantage of. Watch the short video below and learn about our private, premium Buyer’s service. The Fort Lauderdale Real Estate Concierge Service will afford you the opportunity to been on the pulse of the market.

Traditional foreclosure search methods are obsolete. The properties here in South Florida are moving too fast. If you are serious about buying a foreclosure or short sale in the Fort Lauderdale area then watch the video below!

[See post to watch Flash video]

Name:

Email:

Phone Number:

Are You A Cash Buyer:

Do You Have Your Own Financing:

What Is Your Maximum Target Price Range:

What Is Your Time Frame To Purchase:

What Areas Of Fort Lauderdale Are You Interested In :

What Types Of Properties Are You Interested In

Are You Looking For A Personal Residence Or Investment Property:

What Level Of Rehab Or Repair Are You Comfortable With:

Are You A Realtor:

We respect your email privacy

While it was reported recently by the National Association of Realtors that existing home sales were up by 5% in February, it is what is driving those sales that is most interesting. First time home buyers accounted for half of all homes purchased and an astounding 45% of all transactions were distressed properties.

The numbers are even MORE shocking here in the Fort Lauderdale real estate area. In looking at the sales numbers for January and February of this year, Fort Lauderdale foreclosures account for nearly 60% of all sales. That wasn’t a typo. Yes, I said 60%! That’s unbelievable isn’t it?

By the way, these numbers are only for single family homes. I’m not even including the condos for sale in the Fort Lauderdale area.

Here’s another stat that may blow you away. (I know there’s a lot of numbers here, but please hang in there) As we begin seeing the market hit what may be bottom, we are seeing affordability returning to the market. This is evidenced by the fact that nearly 7% of all single family homes on the market are foreclosures or distressed properties available for UNDER $100,000.00!!

That’s amazing! a new home buyer or a South Florida real estate investor can buy a home that will either be a great starter home or a great rental property with immediate cash flow potential. With mortgage rates in the 5% area, affordability AND profitability has returned to the Fort Lauderdale real estate market.

Now comes the scary part. Be advised that buying Fort Lauderdale foreclosures and other distressed properties, whether they be bank owned homes or short sales, takes a certain amount of expertise to enter into this market. There can be lots of hidden problems that only a distressed property expert can alert you to.

Code violations, tax issues,building improvements with no permits…you name it and in the distressed property niche of real estate you may find it. I wouldn’t advise that anyone look at buying any of the Fort Lauderdale foreclosures without having the assistance of an experienced advisor.

Luckily, if you are looking for a great deal on a foreclosure in the Fort Lauderdale area, our office specializes in foreclosures and short sales. In addition to my 10 years of experience managing my clients through the labyrinth of hundreds of foreclosure and short sale transactions, I have assembled the best team of professionals in the South Florida area to help with whatever problem may arise.

If you are looking for a great deal on any of the Fort Lauderdale foreclosures or short sales on the market, or if you yourself are in foreclosure and would like to speak to someone about your situation, please email me at robins@robinashley.com or give me a call at 954-709-7461 and I would be more than happy to assist you.

If you’re in foreclosure and would like to know how we can help you, please take a look at how we stop Fort Lauderdale foreclosures.

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Fort Lauderdale Real Estate Short Sale Tips, How To Do A Short Sale Tip 1

Barry — Sat, 26 Jul 2008 15:02:23 +0000

We have been getting tons of emails and calls from homeowners in the Fort Lauderdale real estate market who are in some stage of foreclosure and need to sell their home. They are finding out, much to their surprise, that they owe more than the home is worth. They are also finding out that their agent has no real clue how to correctly execute a short sale. So we have created this Short Sale Tip Series to educate those homeowners in trouble.

So let’s assume you know what a Short Sale is and how it can benefit you. If you are not sure, take a look at the short sale information provided in this article to give you a bit of background on the process.

Short sales have been a viable strategy for years but many agents never availed themselves of the educational opportunities to ensure that they were well versed in the techniques for negotiating a successful short sale. Subsequently there are a lot of agents running around the Fort Lauderdale real estate market calling themselves short sale experts without nary a clue. You need to learn how to smoke out the posers.

So let’s get right to the Short Sale Tip Series and Short Sale Information on How To Do A Short Sale.

Short Sale Tip # 1: The Cover Letter and Short Sale Request.

Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, there are 10 Essential Elements of A Short Sale Package.Â Â

Here is a tip on the first element, The Cover Letter and Short Sale Request. The Cover Letter and Short Sale Request should be a one page, clearly defined document.

1. It should briefly state what your buyer is willing to pay for the property (no buyer=no short sale)
2. It should state the reason or “hardship” that is the cause of the seller’s request for a short sale
3.Â It should explain the other documents accompanying the proposal
4.Â It should state and define the offer as an “As-Is” All Cash Offer with no contingencies and that all inspections have been made to the buyer’s satisfaction (banks LOVE all cash deals)
5. It should request the BPO so that the bank can expedite their opinion of value (if the bank already has a BPO it should request a second one including the interior of the property)[this is how lenders determine the actual current worth of a property]
6. It should states clearly how much the bank can expect to “net” from your offer
7.Â It should state clearly as to when the closing will be.
8.Â It should also contain your contact information, the loan number, the borrower’s name and the Case Number

This is just the beginning. If a homeowner knows what to look for they can be of great assistance to a competent and experienced real estate agent who knows how to perform a short sale.

If you are in foreclosure and would like to speak to an agent who has the experience and team to successfully guide you through the short sale process, please feel free to give me a call at 954-709-7461 or fill out the contact form below and we’ll get right back to you.

Stay tuned and check back for the next Short Sale Tip Series installment.

Read this article on how to successfully complete a short sale in Fort Lauderdale.

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Bank Owned Property In Fort Lauderdale Deal Of The Week

Barry Johnson — Tue, 22 Jul 2008 13:18:22 +0000

Hey It’s Barry Johnson, one half of the B&B Crew from Real Estate Radio USA. Each week I’m going to stop by and present our bank owned deal of the week. On the radio show we constantly get deals submitted to us from all over the Country to promote and advertise but this one here in the Fort Lauderdale real estate marketÂ was one we had to take a look at and I think you will too.

Robin and everyone here at the Fort Lauderdale Real Estate Blog often write about how the prudent and savvy real estate investor can still profit in today’s real estate market. That is a very true and accurate statement. We are and remain very bullish on the Fort Lauderdale real estate market and as long as you stick to some simple caveats, you will find this market holds great opportunities.

1. You make your money when you buy. You have to buy right. Ignore listing prices and make sure you offer the amount that YOU feel works for you. Now I am not advocating picking a random low number out of the air, but rather knowing how to arrive at the right number and doing your homework to determine what that right number is.

2. In today’s economic climate, don’t speculate. Make sure that bank owned property in Fort Lauderdale cash flows at the outset. Many real estate agents will not be able to determine this and here is how you determine cash flow. Luckily if you’re reading this you have the opportunity to work with a real estate agent who does and has a team behind her to make sure you get the best deal that you can.

Bottom line make sure the rental amount that you can charge can cover your expenses at minimum and ideally has positive cash flow (cash left over after expenses).

3. Don’t get in over your head. Make sure that you have the time to attend to an investment property. If any renovation is involved make sure you can handle it or know someone who can. Real estate investing is a business, not a hobby.

4. Know the neighborhood you are investing in or at a minimum be comfortable with the demographic make-up of the neighborhood. We have bought and owned properties in just about every conceivable type of neighborhood and as long as you have the skills to manage people in various socio-economic communities you will do fine. If you don’t, well then it may be advisable to stick to those communities that are familiar to you. Personally I feel that if the deal makes sense financially then the location does not matter to me. The old cliche, “Location, Location, Location”, is supplanted in the real estate investor’s lexicon by “Cash Flow, Cash Flow, Cash Flow!.”

Now that you understand a few very important guidelines, here is a deal that underscores what you should be looking for in an investment property. This property is a bank owned property in Fort Lauderdale.

This particular property is a 4 bedroom, 2 bathroom home located in the Melrose Park section of Fort Lauderdale. What makes this property such a good deal is that:

a. it can be purchased nearly $100,000.00 below current market value
b. can be rented out for $1,400.00 – $1,700.00 (positive cash flow)
c. needs very little renovation or repair to rent out…could be rented out within 48 hours of purchaseHere is the summary of the property

Interested in finding out more about this ” Bank Owned Property In Fort Lauderdale Deal Of The Week“? Then review the property summary here.

See you next week with another featured REO / Foreclosure property and you investors out there, send Robin an email if you want to see more bank owned properties in Fort Lauderdale.

Don’t forget to click here to see information on the deal of the week.Â

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The Worst Bank Owned Property In Fort Lauderdale

Barry — Sat, 19 Jul 2008 00:50:31 +0000

In an attempt to have asset managers understand the reality of the Fort Lauderdale real estate market, we are going to begin a new series here each Friday “showcasing” the worst bank owned property listing that we can find for that week. Think of it as an REO makeover.

I don’t think I am breaking a story here but in case you did not know, foreclosures have reached near epidemic proportions. Nationally the Fort Lauderdale real estate market ranks near the top..or the bottom of the scale depending upon your perspective, in terms of foreclosures. As one of the “ground zero” areas for the most foreclosures, we are finding that more and more properties once foreclosed are being taken back by the bank.

This means when the Court / Sheriff holds the foreclosure auction, there aren’t any bidders willing to take the property off of the banks hands. So ownership reverts to the bank. Once the bank obtains title they then contact a real estate agent who lists the property on the market.

That’s where the fun begins. You see the agent and bank agree upon a price that they hope to sell the property for. Some are priced correctly, and the bank owned property sells rather quickly. On the other hand some are not and they sit unsold and often badly maintained and consequently they (the agent and bank) go through a series of routine price reductions until somebody wants to buy the property.

I work with many real estate investors and they are the most likely buyers of foreclosures and bank owned property in the Fort Lauderdale real estate market. If the property needs work, they are even more likely to be the buyers.

However most prudent investors know what they are doing. They know that they make their money when they buy, not when they re-sell. Their scrutiny of a deal is rather involved and involves a lot more than a simple CMA performed by a real estate agent. They perform due diligence that includes repair report analysis and a complete regression analysis which is a lot like a 3-dimensional view of the current market. If a property is priced correctly they will pull the trigger. If it’s not, they won’t.

You’re not going to convince an experienced investor into buying a property. Most investors that I work with ignore listing prices as well they should. I see listing prices all the time which, in my opinion, have absolutely no justification.

It makes me wonder what the asset manager and the agent are thinking. An investor needs product in order to survive and profit. Savvy investors are always looking for deals and know what number they need to buy a property at in order for it to make sense.

I spoke to Barry Johnson today. Johnson is an experienced real estate investor and one of the hosts of the popular talk radio program, Real Estate Radio USA.

“When I look at a deal it has to make sense. I can tell very quickly if a bank and their agent are looking to really sell a property or if they are testing the market” said Johnson. He added, “asset managers are not here. They may not know the Fort Lauderdale real estate market. The boots on the ground they have here locally are real estate agents.”

So what is happening is that the banks are relying on agents to price the property and to give them realistic advice on what it’s going to take to move the property. The problem comes in when an agent who is not too knowledgeable about an area or does not take the time to understand the forces he or she is up against in selling a bank owned property.

“I’ve walked into properties that have had dead animals and even dead bodies in them. I have had to call and tell a real estate agent that he has vagrants, crackheads and a lot of other things in some of these properties because the agent never even has visited the property” stated Johnson.

Not believing this was true, I elected to ride around and see a couple of properties. Prior to going out I ran a search on the MLS and found a few properties according to Johnson’s criteria. What happened next amazed me.

We had pulled a property that was listed at $117,000.00. Johnson a few days earlier had just bought a house for $110,000.00 and when I visited the property it was clear he had made a great deal for himself.

When we arrived at the property listed for $117,000.00 I could not believe what I was seeing. I did not want to get out of the car, but I just had to see what “this” was. Using the word house, would not really describe this place. Clearly the listing agent had not seen this property. They say a picture is worth a thousand words so click play on the video below.

(if your browser shows a black preview screen just click play)

Yes, what you are looking at is an illegal addition attempted to be placed on the property (no permit), with black mold all around, a completely wide open structure that has been vandalized with just about every window broken out, a kitchen completely destroyed, and a house basically left for dead after being abused by the former owners and local hooligans.

I hope you can see this property for what is is. It is a complete and utter dump. It is wholly uninhabitable, it is unsecured, it is a health hazard and must be completely renovated from top to bottom. It is obvious that there is a disconnect between the agent and the asset manager.

This home should, in my opinion, be condemned. Undoubtedly the City of Fort Lauderdale will be citing this property with code violation after code violation.The bank that owns this property may be subject to severe fines and it’s possible that the agent could even be held liable for the condition of this property.Yet despite the deplorable condition of this property, Johnson and his partners are still interested. “Everything will sell, said Johnson, it’s just what it will sell for. I need to make sure that the price that I pay is commensurate with the value in the market and I have to take into account the repairs and liability I may incur in buying such a house”.When asked about this specific property, Johnson said that he would be willing to pay $40,000.00 cash to the bank given its current condition. He made an offer. The bank countered at $115,000.00. Simply amazing how out of touch these people are.

Hence the winner of this week’s Worst Bank Owned Property Listing! I can’t imagine what we’ll find next week.

If you are interested in learning how to properly assess bank owned properties, or if you are interested in buying a bank owned property in the Fort Lauderdale real estate market or anywhere in South Florida, please fill out the form below and I will get back in touch with you as soon as possible.

You can also search for bank owned properties in the Fort Lauderdale real estate area here.

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How To Buy A Bank Owned Property Fort Lauderdale

Barry — Wed, 16 Jul 2008 02:19:01 +0000

So you have been reading about how it’s a good time to buy a home in the Fort Lauderdale real estate market and how it’s an even better time to buy a bank owned property. So how do you do it?

Despite all of the allure of buying foreclosures, it’s not much different than buying a home in the conventional manner. Here are the steps to be taken to buy a bank owned, REO foreclosure in the Fort Lauderdale real estate market.

1. Get Your Funds In Place:You would not go to the grocery store without money in your pocket. Why, because you wouldn’t be buying, you’d be shopping. The banks holding these properties want to know they are dealing with real buyers. How does one present themselves as a “real” buyer? You need to have one of three things available to satisfy the bank that you have the wherewithal to buy the property.

a. A bank statement showing you have the cash available

b. A pre-approval from a reputable mortgage lender

c. A funds availability letter from a hard money lender or private investor stating that they have the funds available for you to

If you try and submit an offer without having your funds in order, chances are you’re not going to get to far. More than likely your offer will be rejected.

2. Make A Reasonable Offer That You Can Substantiate: Despite what the infomercials and gurus are saying, the banks are not in the habit of just giving away houses. While there is the possibility of substantial discount, you have to prove to the bank that there is a reason for them to let go of the property with such a reduction in price. ***Make sure you have an inspection period even if the property is being purchased in as is condition****

3. Earnest Deposit: It is highly advisable to actually tender a reasonable deposit. Buying foreclosures is a competitive niche of the real estate industry. There are some very savvy people buying in this market. Again, ignore the infomercial. You are going to need a check for $500.00 to $1,000.00 to place with the title company or broker representing you to be taken seriously.

4. Be Timely: Good deals go very fast. if you are interested, get with your agent and make the offer.

5. Cooperate And Be Thorough:No one wants to deal with someone who is going to be problematic and shows themselves to be a problem before the offer is already accepted. The bank will often request special forms and addendums and you need to be prepared to execute them. Obviously if you don’t agree with something you should not sign it, especially if your attorney advises you. However be prepared for there to be a lot of special paperwork. They are also going to want to see a copy of your check as well as your proof of funds letter.

6. Submit The Offer And Confirm Receipt: We like to email all of our offers. It makes for cleaner copies as some of these bank owned property offers are going to have approval by more than one person. After it has been submitted your agent should follow up on next steps and get a clear indication as to when you should hear something back.If the listing agent prefers email…. send the offer via email and always confirm receipt. A lot of times they prefer email, it makes it easier for them to forward or submit to the bank or asset management company.

7. Get Over The Fact That You May Not Have Much Control: Your reward is your discounted price. Remember that. Most, if not all banks are going to want their title company or attorney closing the deal and issuing title insurance. of course this is negotiable, as is everything, but be prepared for the bank not to yield this control. Most won’t budge. Some will but just understand what you are dealing with.

In the follow-up to this article, we’ll add more tips and strategies to getting your offer accepted on bank owned property in the Fort Lauderdale real estate market.

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Short Sales In The Fort Lauderdale Real Estate Market Made Easy

Barry — Wed, 09 Jul 2008 00:56:55 +0000

Are you a homeowner in foreclosure? Need a way to stop your foreclosure? Are you a real estate agent in the Fort Lauderdale real estate market trying desperately to get your short sale accepted or find a buyer for your short sale? As hard as it might be to believe, Steve Dillon has completed over 8,000 short sales and is still going at it!

If your going to be in the metro Fort Lauderdale real estate area this weekend you might find this very interesting. A friend of ours owns the Broward Real Estate Investors AssociationÂ and he is having Steve Dillon, Robyn Thompson (“Queen of Rehabs”), and Curtis Brooks (“Nation’s expert at buying Deep Discounted Properties and getting Sellers to say “Yes” 90% of the time”) coming in town for a two day intensive workshop.

Steve is a former a loss mitigation specialist for one of the nation’s largest lenders. For over 12 years, it was Steve’s job to make sure that the banks were protected and it was his responsibility to successfully complete short sales.

This dynamic trio of speakers will be holding a two-day workshop at the Signature Grand at 6900 West St. Rd. 84 in Davie – just off 595 on St. Rd. 84 and Â¾ of a mile east of University Dr.

The really great news is that BREIA is basically giving this workshop away to our readers. Robyn and Steve recently held a free tele-seminar and below you can click on the link to listen to just a preview of what you will hear in this weekend’s workshop.

The really great news is that BREIA is giving this weekend (July 12th and 13th) away for $169.00 for the full two days for non-members.

But I asked for a favor and they agreed to give our readers their member’s price of just $99! That’s two full days of intensive information about short sales, foreclosure investing and rehabbing for less than $50 a DAY!

The workshop runs from 9:00am to 5:00pm each day with registration starting at 8:00am on Saturday. Whatever your interest in the Fort Lauderdale real estate market, don’t miss this opportunity to get a world of knowledge for LESS than $50 a DAY.

So many agents are complaining about how hard short sales are to do. Short sales are not by any means hard if you know how to do them correctly. Who better to teach you than someone who has worked from these deals from the inside.

I know..I know..you have probably had a free seminar at your office, title company or local board. One question for you…did the person teaching you have 8,000+ successful short sales under his belt? Let me go ahead and answer that for you right now. No..he did not. Case closed.

You want to break out of the doldrums of a declining Fort Lauderdale real estate market? Then you need to have your rear end in one of these chairs this weekend.

If you are a homeowner and your short sale is going no where..then you need to come and learn what your agent is doing wrong and get introduced to some real estate agents and short sale professionals who can stop your foreclosure and successfully execute a short sale on your Fort Lauderdale real estate home or condo.

Search for bank owned homes and obtain a list of foreclosures for sale in the Fort Lauderdale real estate area by clicking theÂ links below.

Investor Grade Foreclosures | Bank Owned Properties For Real Estate Investors In The Fort Lauderdale Real Estate Market

Featured Foreclosures And Bank Owned Homes In The Fort Lauderdale Real Estate Market

To make reservations, call 954-318-6042 and ask for Robert.

Remember to tell him that Robin from the Fort Lauderdale Real Estate Blog sent you or you won’t get your $70 discount.

I’ll see you there!

P.S. Tell your short sale processor about this workshop, it can’t hurt!

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Bank Owned Properties Are Easy To Buy In The Fort Lauderdale Real Estate Market

Barry — Wed, 18 Jun 2008 12:29:52 +0000

In an effort to spur growth in the housing sector, the Bush administration has made it easier to obtain a home by allowing the seasoning period on FHA loan approvals to be waived.

Prior to this ruling, all FHA insured loans had to have a 90 day waiting period between the time the owner of a property could re-sell the property to another Buyer.

The 5 year old rule was set in place to deter the quick flipping of properties by unscrupulous investors who often inflated values on the re-sale of distressed properties.

For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold to receive government-backed loans.

Why did the government do this? Foreclosures are at an all time high. Banks are overloaded with a backlog of inventory of foreclosed vacant properties resulting from borrowers who were unable to afford their mortgages. In an effort to help make the financing of these homes more available for potential Buyers, the government and the banks had to find a way to address this concern.

“A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community’s recovery,” FHA commissioner Brian Montgomery said in a prepared statement. The new policy “will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes,” Montgomery said.

While the FHA does not make home loans. They insure the loans that banks make to prospective Buyers. The Federal Housing
Administration has insured over 34 million home mortgages and 47,205 multifamily project mortgages since 1934. Currently, FHA has 4.8
million insured single-family mortgages and 13,000 insured multifamily projects in its portfolio.

What does this mean to you, a prospective home buyer? 1. The bank owned properties in the Fort Lauderdale real estate market are prime opportunities to buy a home at a great price and even buy a home with equity as the owners of these properties have no choice but to sell and are EXTREMELY motivated. Truly, their loss is your gain.2. You don’t have to have great credit. FHA loans still require qualification but the standards are much less stringent as per credit criteria:

Credit history involves what you’ve borrowed in the past, and how well you’ve paid it back.
Capacity to repay refers to your income and your ability to handle the monthly housing payments.
Cash to close refers to money for the downpayment and closing costs
Collateral refers to the home you’re buying.

A lender cannot reject your loan application based on a lack of credit history or your decision not to use credit. If you do not have an established credit history, or if you do not use traditional credit, the lender must develop a credit history from utility payment records, rental payments, automobile insurance payments or other direct reports from credit providers.

3. Cash requirements for an FHA loan are not at all unreasonable. The FHA requires that the homebuyer invest at least 3% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the homebuyer must invest at least $3,000. However, the homebuyer can use gifts from family, funds from local, state or government agencies, or other sources for the down payment.

Non-FHA-insured loans may not allow this. That is a HUGE bonus and assistance for getting into an FHA loan program with little or no money down. In the coming week we will feature some of these down payment assistance programs.

4. The FHA has raised the loan amounts in the Fort Lauderdale real estate market to allow just about anyone to successfully buy a home. As of the writing of this article, FHA loan limits in the fort Lauderdale area is $423,750.00 for a single family home. This is amazing!

The government will insure your loan with a bank up to $423,750.00 and you may not have to have a large down payment or any down payment at all and your credit does not have to be perfect! Even if you have had a prior bankruptcy or foreclosure in the past, you can qualify for an FHA insured loan. Don’t confuse FHA insured loans with the shady adjustable rate sub-prime loans that caused the big problem in the housing industry.

FHA insured loans are fixed rate loans and your payment will not change.So here’s what you have. A motivated Seller willing to help you buy a home. Motivated is an understatement. The Government rolling back rulles allowing homes to be sold without restrictions. The FHA raising loan limits and loosening qualifying criteria for home Buyers. Interest rates holding quite low. Home prices at extremely low prices, especially in the bank owned foreclosure arena. Looks like the perfect storm! If you are interested in buying a bank owned home in the Fort Lauderdale real estate market we have an easy way for you to search.

Check out these bank owned homes and if something meets your interest, please give me a call or fill out the contact form below and I will get back to you very quickly. I answer my phone!

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Fort Lauderdale Real Estate Short Sale Information – Avoid Losing Your Fort Lauderdale Real Estate Home Or Condo To Foreclosure

Barry — Wed, 04 Jun 2008 12:49:06 +0000

So you’ve fallen behind on your mortgage. You need to sell your home or condo but you owe more than it’s worth. You’d like the enlist the help of a real estate agent and an attorney to help you but you don’t think you can afford to pay either of them.

You are being hounded by people saying they can help and all you need to do is sign a few documents and everything will be taken care of.What are your options? Who can you trust? Your auction date is coming fast and you might lose your Fort Lauderdale real estate home or condo to foreclosure. What do you do?

Well, one of your options is to find an experienced and competent real estate agent who can show you how a short sale may help you.

What is a Short Sale?

A short sale occurs when a property is sold AND the lender agrees to accept a discounted payoff, of the mortgage secured by the property to facilitate the closing of the transaction. This means that the lender will agree to accept less than what they are owed in order to clear the defaulted loan from their books.Contrary to popular belief, the homeowner need not be in default and the property need not be in foreclosure. We believe it makes the lender more responsive if the homeowner is in foreclosure, but it is not a requirement for proposing a short sale.

Why are banks motivated to accept Short Sales?Why are they willing to take such a discount? Several reasons. First of all, banks do not like excess inventory and bad loans on their books; therefore, if they see an opportunity where they can get rid of the property without a huge loss, they will do it.Secondly, lenders know they could lose a lot more money if the property goes to auction.

How do you get the Bank motivated to take a short sale quickly and easily?You must grasp several different factors. First you need to understand how banks operate, their mortgage lending policies and guidelines and how they make loans. This is critical information that you need to understand when you are attempting to execute or negotiate a short sale.The better your understanding is as to the workings of the lending system, the better you will be able to influence the decision making process of the short sale. Banks don’t want to own property and most mortgage lenders only care about the numbers. The bank knows that if a loan goes into default they can expect to spend as much as 25% or more to write off that debt. In simple terms, banks expect to lose that amount of money on a certain number of loans they make.

The reason is it’s already calculated in their lending model.Another strong motivator for banks to entertain short sales is that having too many bad loans can cause an external auditor to come in to review the overall health of the lending operations of the bank or mortgage lender. If a bank has too many defaulted loans on its books it can negatively affect their future lending capacity.

Rather than the bank having dollar-for-dollar lending power the external auditor can really restrict their lending capacity. Restricting a bank’s lending capacity reduces the amount of loans a lender can make which in turn drastically reduces its overall profitability. An auditor may decide to drastically increase the bank’s reserve (the amount of cash they must keep on hand to protect their depositors).

Florida Foreclosure Laws

Florida carries out foreclosures through court proceedings in equity. The foreclosure process in Florida on average can take about 5-6 months but can be shorter or longer depending upon defenses asserted or lack thereof.

A foreclosure is a legal event and there are benchmarks that must be met. Once the case is turned over to attorneys, the impending foreclosure must be advertised, usually in the local papers and in the largest and closest metropolitan daily. The entire process can take a very long time from initial default to the actual public auction of the property.

Pre-foreclosure Period
A foreclosure in Florida begins when a lender files court action and records a notice of a pending lawsuit (Lis Pendens) against the borrower. The lender notifies the borrower and any other affected parties of interest in person or in some cases by mail or publication that the lawsuit has commenced.

If the borrower does not respond to the court action within a specified amount of time, the borrower may be found to be in default and the lender can ask the court to make a final ruling. If the court rules against the borrower, the ruling in the form of a Final Judgment will be recorded and include the total amount owed to the lender and the foreclosure sale date.

Judicial Foreclosure
In Florida, all mortgages are foreclosed in equity. The court order or Final Judgment of foreclosure will specify how the foreclosure must take place, and the foreclosure must take place on those terms.

Notice of Sale / Auction
The sale date is typically 20-35 days after the court ruling of the Final Judgment, but this may vary depending on the individual court and any legal maneuvers made by the borrower to defend the action. A notice of sale containing the location, date, and time of the sale must be published once a week for two weeks, with the second notice appearing at least five days before the sale.

The clerk usually oversees the sale, which ordinarily occurs at the county courthouse at 11:00 a.m.on the sale date. The winning bidder must provide a 5 percent deposit and pay the remaining balance by the end of the day or by a time as designated by the Clerk of the Court. After a successful sale, the clerk gives a Certificate of Sale to the winning bidder.

The law in most states gives the homeowner every opportunity to stop the process leading to foreclosure, right up to the minute that the auctioneer’s gavel comes down and sometimes even beyond. In some states there is a period after the foreclosure during which the homeowner can redeem the property (right of redemption.).

In Florida there basically is is no such “redemption period”. The borrower can stop the foreclosure up until the date of the sale and prior to the Certificate of Sale being issued by paying the total amount owed to the lender.

Once the sale (auction) takes place, the homeowner / borrower can only redeem the property by paying the balance as indicated on the Final Judgment in certified funds prior to the Certificate of Sale being issued.

Within 10-20 days of the sale, depending upon the work load of the clerk, ownership transfers to the winning bidder if no one disputes the sale. In most instances, a borrower has no right of redemption after the Certificate of Sale is issued.

It is important to note that the lender may obtain a deficiency judgment in Florida. A deficiency judgment is what a lender may obtain that gives the lender the ability to recoup losses incurred by selling the property at auction.

That is to say if the final judgment, or what the borrower owes the lender, is more than what the property is sold for, the lender may obtain an additional judgment for the balance. This could be a staggering number. For instance:

Final Judgment: ………$350,000.00
ess Auction Sale Price: $275,000.00
= Possible Deficiency Judgment of $75,000.00

A properly presented Short Sale proposal can alleviate this burden for the homeowner and is a big reason for a homeowner seeking the short sale route in avoiding a foreclosure. Additionally a foreclosure on your credit report in most instances is a lot worse than having avoided a foreclosure by means of a short sale.

Short sales are not by any means easy. They are also very, very time consuming and you as a homeowner are going to have to participate and make an effort to be successful. Just as the homeonwer had to apply and submit documents to obtain the loan, the bank is going to want to see some proof that it is true that the homeowner can now not afford the loan. They are also going to want to know what happened to put the homeowner in the hardship that they are in that has caused them not to be able to pay.

If a short sale is to be successful, it is best that you have a very experienced and competent real estate agent working for you. My team of professionals have been successfully completing short sales for years. In fact my team has been responsible for actually training thousands of real estate agents across the Country how to do short sales correctly.

Before you ask an agent to help you, find out their credentials. Ask them to PROVE to you that they know what they are talking about. Make sure they did not take some 2 hour course and become a short sale expert overnight. Let them know you want references of the cases they have worked on.

Ask them for a sample short sale package. Ask them to show you listings of homes that they executed short sales on that are now still on the market as well as those that closed and most importantly how many of those that they represented eventually got taken back by the bank.

You are going to want to know that you are not dealing with a “Johnny Comelately” real estate agent who took a late night short sale infomercial class. If you have any questions I will consult with you free of charge. One of the members of my team is an attorney here in the Fort Lauderdale real estate area. If you choose to work with my short sale team you will have legal representation in Court as well as a staff working to execute your short sale.

Whether you contact me or anybody else, please do contact someone if you are in foreclosure. The banks are not going to stop their proceedings and you will most assuredly lose your Fort Lauderdale real estate home or condo if you do nothing and the sheriff will evict you from your home.

Don’t stick your head in the sand. Do something to try and either save your Fort Lauderdale real estate home or condo and your credit rating.

I and my team are here to help and your privacy is of the utmost importance to us. It would be our pleasure to work with you if you are in foreclosure and we have the relevant experience to handle your case.

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