MiamiRealEstateKing

FORECLOSURES HALTED! What does that mean to you?

In bank-owned properties, Buyers, closing, Distressed Sales, florida, forclosure, foreclosure, government, Home Buyer, home sellers, homeowner, Industry trends, Investing, Investor, lenders, mediation, miami, miami beach, Miami-Dade County, Military, modification, new rules, real estate, REO, Sellers, Short Sales, South Beach, Trends on October 4, 2010 at 1:19 pm

Recent developments have called for a full STOP of all foreclosures (see Awaiting Bailout, Several Big Banks Halt Foreclosures and Foreclosures Halted In 23 States: Plantiffs’ Lawyers Rejoice), including the State of Fla.

It seems that this move will not only affect new and pending foreclosure files, but all properties already on the market as well as pending transactions.

Therefore, if you are currently under contract to purchase an REO, you should contact the listing agent and the closing agent to determine the status of your transaction.

The upside about this new development is that it will make it the best time since the recession began to get short sales and regular sellers on the market, priced correctly and sold.

“I anticipate that this foreclosure stoppage will create a supply shortage in the short term and you will have a greater chance now than ever before to get your listings sold!”, says Natascha Tello, Broker, Operating Partner, Keller Williams Realty Partners SW, Pembrooke Pines.

So, if you are a seller that is looking to sell your home and avoid foreclosure or is considering selling your home, this new development should provide a favorable opportunity to do so.

Our market may be Shifting Again!

If you are an investor, home buyer or home owner, make sure you screen your real estate professional. Make sure they are in business full time, that they are members of the National Association of Realtors (which is the only way they can call themselves Realtors(c) and adhere to their strict Code of Ethics), and make sure they are additionally trained for this market.

If you feel you must sell and you owe more than your property is worth, make sure you consult a Realtor(c) who is also a Certified Distressed Property Expert (c) (CDPE). Search for one near you at http://www.CDPE.com.

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For any questions or for a complementary 30-minute, no obligation and confidential consultation, feel free to contact Wenceslao Fernandez Jr, CDPE by calling 786-361-6463 or by writing to Wenceslao@KW.com

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  1. […] This post was mentioned on Twitter by Ron Effot, Wenceslao Fernandez. Wenceslao Fernandez said: FORECLOSURES HALTED! What does that mean to you?: http://wp.me/p9Ggo-90 […]

  2. […] Read more: FORECLOSURES HALTED! What does that mean to you? « Miami Real … […]

  3. […] *Based on recent developments, this segment should experience a MAJOR SHIFT – see earlier post “Foreclosures Halted! What does it mean to you?“ […]

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