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5 Buyer tips for Distressed Properties

In bank-owned properties, Buyers, closing, credit, Distressed Sales, Downtown Miami, fannie mae, FHA, First-Time Buyer, Fl, florida, forclosure, foreclosure, Freddie Mac, government, Home Buyer, home sellers, HomePath, HomeSteps, HUD, Investing, Investor, lenders, Loan Program, miami beach, Miami-Dade County, mortgage, real estate, REO, Short Sales, South Beach on January 24, 2011 at 4:56 pm

Miami Beach, Fla. – Jan. 24, 2011 – Wenceslao Fernandez, Jr, a Florida real estate agent with Keller Williams Realty who specializes in Downtown Miami and Miami Beach properties, has come up with five tips to help distressed property buyers. These tips should work in virtually any U.S. market.

Wenceslao says that, “even seasoned investors don’t always follow or understand these practical tips”.

1. Work with a full-time Realtor(c). After the bust, many agents left the business so, not all real estate agents are in the business full time or even Realtors(c) any more. The term Realtor(c) can only be used by members of the National Association of Realtors (NAR), who adhere to their strict Code of Ethics. When it comes to distressed properties, a specialist is your best bet. Look for a Realtor(c) who is also a Certified Distressed Property Expert (www.CDPE.com), and who’s able to guide you with the right strategy for making offers on Short Sales or REOs. Many buyers assume that all agents have the knowledge to help them with these two distinct types of distressed property sellers. Like with hiring any professional (doctor, attorney, plumber, CPA), hiring the right agent to help you through this process, is key.

2. REO properties have the advantage of faster closings. Their disadvantage is that, more than 90% of the time, they only sell for cash and there may be multiple, competing offers on the table. On the other hand, although you can also pick up a Short Sale at a bargain price, there is nothing “short” about the amount of time they take to even be accepted. Some lenders negotiate quickly, others still drag their feet. It is not unusual to wait two or three months or longer, just to hear whether your offer was accepted by the seller’s lender – then the actual sales and closing process begins. Their advantage is that often, they are in better condition, especially if they are still being lived-in by the owner(s), and your offer may be the only offer the lender is considering for approval – minimizing the bidding wars of multiple offers often seen with REO sales.

3. Bargaining for less than the asking price will be a function of many factors. Many REO’s are listed well below market and attract a lot of attention. Making sure you offers wins the “bid”, may require a full-price offer and often, even a slightly more aggressive offer. Short sales may allow you a little more flexibility – as long as the offer is within reason for the property condition and local (building or area), market condition. Sellers of REO don’t typically want to hold these too long and are usually motivated. Lenders who have been going through a long, pre-foreclosure process are also motivated but may only be “servicing” the loan and the bulk of the decision, may be dependent on the investors behind the loan and/or mortgage insurance folk.

4. Avoid complicated offers. REO sellers typically prefer clean offers. The less contingencies you attach to your offer, the cleaner the transaction flow is expected, the better the chances are that they’ll agree with your offer. Lenders looking to approve a short sale may agree to some concessions. The worst that can happen is that they say no. In either case, sometimes lenders are quite accommodating – even REO lenders who already have possession of the property are known to give concessions if inspections reveal certain problems not previously known or problems which were not readily visible. Otherwise, most of these purchases are “as-is, where-is” and you should know what you are getting into. Being “handy” may not qualify you to throughly inspect and understand what you are about to buy.

5. Get the right pre-approval from the right lender. Regardless of which type of property you intend to buy (whether distressed or not), having this approval letter ahead of time will ensure you move forward. Most offers to be considered, must be accompanied by this letter. REO properties are typically sold for cash. However, properties now held by Fannie Mae, Freddie Mac or HUD, will often consider financing offers during the first 15 days a property is listed, as long as the buyer is an owner-occupant. Even if the REO or Short Sale property needs repairs, there are loans that allow the buyer to borrow additional funds for repairs. Make sure you lender understands FHA-203k, Home Steps and Home Path loans and that they have a thorough understanding of any other government program you may qualify for.

Want to know more? Contact Wenceslao Fernandez Jr HERE.

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I Can’t Pay My Mortgage and I Don’t Know What To Do :-/

In Distressed Sales, fannie mae, FHA, First Time Sellers, florida, forclosure, foreclosure, foreclosure moratorium, foreclosure prevention scam, Freddie Mac, government, HAFA, HAMP, home sellers, homeowner, HomePath, HomeSteps, HUD, Industry trends, IRS, Market Report, miami beach, Miami-Dade County, modification, mortgage, NAR, National, option-arm, real estate, REO, scams, Sellers, Short Sales, South Beach, Tax Matters, Trends, Wenceslao on December 22, 2010 at 4:05 pm

About 75% of folk who lose their home to foreclosure, do so because they either do not seek help, or they get the wrong kind of help.

I am often asked legal questions to which I must invariably reply…I am not an attorney. The best I can do is speak from personal experience and remind them that it is imperative to seek competent and relevant legal and tax advise from active professionals.

In real estate for example, not all real estate agents are even Realtors.  Realtors are agents who as members of the National Association of Realtors(c) (NAR), they must adhere to NAR’s strict Code of Ethics. In addition, many are no longer in the business full-time nor are they truly keeping up with all the industry changes.

Homeoners looking to sell must always seek the assistance of full-time professionals. When in distress, they must take extra precautions in order to avoid falling victims of scams and even, downright fraud.

Below are some of the most common Frequently Asked Questions (FAQs) about foreclosure avoidance.  If you have further questions not addressed below, or would like additional information and resources, feel free to Contact Us.

Do I qualify for a short sale?

The qualifications for a short sale include any or all of the following:

  1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
  2. Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
  3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

What is a mortgage modification?

A mortgage modification is a process through which your mortgage lender changes any or all of the following:

  • Your interest rate
  • Your principal balance (through a reduction)
  • Your loan terms (example: from an adjustable to a fixed rate)

This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.

Why would a lender modify my mortgage?

Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.

What do I need to qualify for a mortgage modification?

According to the Making Home Affordable Web site (www.MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:

  • Information about your first mortgage, such as your monthly mortgage statement
  • Information about any second mortgage or home equity line of credit on the house
  • Account balances and minimum monthly payments due on all of your credit cards
  • Account balances and monthly payments on all your other debts such as student loans and car loans
  • Your most recent income tax return
  • Information about your savings and other assets
  • Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources

If applicable, it may also be helpful to have a letter describing any circumstances that caused your income to reduce or expenses to increase (job loss, divorce, illness, etc.)

How do I qualify for a mortgage modification?

The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):

Prior to contacting your mortgage lender you can quickly complete an eligibility test atwww.MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP). For a list of mortgage lenders and servicers, visit www.HopeNow.com.

What if I don’t qualify for a mortgage modification, can’t afford my home, and owe more than it’s worth?

You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents like me, with the Certified Distressed Property Expert® Designation, have undergone extensive training in how to process and negotiate short sales. A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.

What is a Home Affordable Refinance?

If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.

What are the qualifications for a Home Affordable Refinance?

According to the resources released by the government, following are a list of qualifications:

  • You are the owner occupant of a one- to four-unit home
  • The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links)
  • At the time you apply, you are current on your mortgage payments (you haven’t been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)
  • You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house
  • You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan

Courtesy:  ©2009 Distressed Property Institute, LLC. | All Rights Reserved

The Distressed Property Institute LLC is behind the Certified Distressed Property Expert (CDPE) designation that over 29,000 professionals now hold.

So…What is a Short Sale?

In Distressed Sales, forclosure, foreclosure, government, home sellers, homeowner, miami, miami beach, Miami-Dade County, modification on November 10, 2010 at 12:15 pm

Whether buying or selling, knowing what a Short Sale is and how they work can help you through the process. In this article, I will concentrate on helping home owners in distress explore this very important alternative to foreclosure.

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here’s a more official definition:

  • A homeowner is ‘short’ when the amount owed on his/her property is higher than current market value.
  • A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then ‘sold short‘ of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into all of the following circumstances:

  • Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
  • Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
  • Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. Find a CDPE in your area by clicking here. Together, you can identify all possible options and, when possible, a CDPE can assist you in the quick execution of a short sale transaction.

Ignoring your lender and court notices can be very costly over the long run. For instance, many employers may frown on a foreclosure record, including some financial industry, military and positions requiring security clearance to name a few.

Also, selling short can allow you to buy again in as little as two to three years. A foreclosure would stop you from being able to buy again for at least 5-7 years, it stays in your credit report for at least 7-10 years and requires you to answer “yes” to any loan or employment application where you are asked if you have had a foreclosure in the past, affecting your ability to borrow (even if allowed, your rate, down payment and other factors may cost more), or apply for certain employment opportunities.

Even more important, there is the issue of what happens to the short fall. Lenders can choose to issue a 1099 causing “phantom income” that must be reported with your income tax (consult a competent tax expert/CPA to see how this may affect you), or a deficiency judgment.

A deficiency judgment is an injunction against you the lender obtains from the court that allows them to pursue you for the shortfall (consult with a competent real estate/bankruptcy attorney for possible solutions), possibly stretching this difficult period beyond the foreclosure date.

Although either is also a possibility with short sales, the size of the short fall is usually mitigated during a short sale, where a foreclosure typically leads to bigger shortfalls. This means that allowing the property to be foreclosed, may cost you more in the long run than if you were to work with a team of competent experts to sell your house ‘short’.

For more information and to explore this option to foreclosure CONTACT US today.

Beacon Economics: Housing most affordable in more than 40 years

In Buyers, Distressed Sales, fannie mae, First Time Sellers, First-Time Buyer, florida, forclosure, foreclosure, foreclosure moratorium, foreclosure prevention scam, government, Home Buyer, home sellers, homeowner, lenders, miami, miami beach, Miami-Dade County, modification, mortgage, new rules, real estate, REO, scams, Short Sales, Wenceslao on October 15, 2010 at 3:51 pm

Beacon Economics: Housing most affordable in more than 40 years SAN FRANCISCO – Oct. 13, 2010 – Beacon Economics’ new Beacon Economics Home Affordability Index finds that in August homes were at their most affordable level since data became available (1969). Beacon Economics developed the Beacon Economics Home Affordability Index based on the percentage of income an average family would need in order to make mortgage payments on an average priced home.

The August estimate shows the cost of homeownership (mortgage interest plus principal payments after a 20 percent downpayment) falling to 16.9 percent from 17.1 percent in July. Overall, the Beacon Economics Home Affordability Index has remained below 20 percent for the past twenty-one months.

“Home affordability has reached an historic high,” says Beacon Economics Founding Principal Christopher Thornberg. “Nationwide, prices are down approximately 25 percent from their peak, and mortgage financing rates are at all-time lows.” Moreover, the high level of affordability is likely to drive demand and reduce the stock of excess inventory, ultimately resulting in the need for new housing, a rise in prices, and a pickup in new construction, according to Thornberg.

“While prices may fluctuate modestly over the next several months, we believe the worst of the housing crisis is behind us,” adds Beacon Economics Research Manager Jordan G. Levine. “We expect prices to stabilize around current levels and likely be higher in the next twelve months.”

Thornberg agrees. “Although there could be some modest volatility over the next several months, our research indicates the housing market is at or near the bottom,” he says.

The Beacon Economics Home Affordability Index is intended to help homebuyers and policymakers alike understand the current state of the market.

Reprinted by Permission: © 2010 Florida Realtors®

Open Letter to Obama and Congress

In bank-owned properties, Buyers, credit, Distressed Sales, First Time Sellers, First-Time Buyer, florida, forclosure, foreclosure, foreclosure moratorium, government, Home Buyer, home sellers, homeowner, Industry trends, Investing, Investor, IRS, lenders, Loan Program, Market Report, miami, miami beach, Miami-Dade County, mortgage, NAR, National, new rules, Obama, real estate, REO, Sellers, Short Sales, South Beach, Wenceslao on October 15, 2010 at 11:08 am

With our economy draging (in spite of the recession being over according to “experts”), it is more important than ever to find common ground, leave politics aside, get comfortable, get friendly and come together to find answers, compromises and solutions.

The recent foreclosure fiasco is absolutely appalling. The government and oversight entities, failed; banks and investment houses, failed; borrowers failed and everyone in between, failed; while those who were never even interested and stayed in the sidelines,  are all paying for it.

Some title insurers are already issuing statements refusing to insure recently litigated foreclosure properties.

If we want to see this country come out of the ashes and be the beacon of financial opportunity for everyone again, we need to start coming up with ways to incentivise certain bahaviour and dis-incentivise other.

For instance…for prices to begin to stabilize, even increase, real estate needs to improve. For this to happen, we all agree that jobs must improve.

Looking at the stabilization of real estate, there are certain actions that can be taken with government policy/legislation that will motivate lenders to act in a way that will, in my view, improve market conditions.

The now on-going foreclosure fiasco, has investors/first-time buyers in the sidelines or competing for less properties. An unintended consequence of this may be that prices may begin to rise as buyers/investors compete over remaining inventories, raising the bottom to new highs during this period.

Temporarily, this may also drive investors across the proverbial fence if they insist in avoiding Short Sales and feel that they don’t want to compete at higher prices for the REO inventory now in play.

The higher prices go, the more diluted their returns can be if they feel that the increases are still unsustainable until the employment/ tax situation is sorted.

Lenders must be given a choice to either continue to pay more attention to the REO area of their business, rather than to actually begin to pay attention to short sales and to divert attention and resources that lead to the settlement and conclusion of these, less costly deals.

To continue to ignore this cheaper, friendlier and still competitive alternative that helps save money in legal and other REO related expenses and legal responsibilities and liabilities, while helping to stabilize neighborhoods further, would be a shame.

Worst still…for the government to continue to incentivise rather than dis-incentivise lenders to take the REO route with pain – pleasure oriented programs that help lenders “choose” to continue rather than to abandon the REO alternative (unless absolutely necessary), in favor of the short sale route, would be aweful.

Leadership, starts with our government and the policies they create on behalf of and to help the citizens they represent. If the policies implemented create an environment where sellers can get their property sold with dignity, while keeping a gleam of hope for some future chance of home ownership again, then we are helping multiply the blessings in the future.

Otherwise, foreclosed home owners loose their chance of buying again while required to answer whether they’ve ever had a property foreclosed on or gave it back to the bank in lieu of.  Lenders in the future will be reluctant to lend to these folks.

To create policy that “overlooks” the foreclosure / character side of the mortgage application process in the future as a patch to address the needs of these borrowers 10 years from now, will be in that future, a hindrance to good lending practices. Instead, those borrowers should be allowed to sell with dignity today so they can perhaps buy again tomorrow.

Diverting resources and creating policy that “encourages” lenders to make a deal in a short sale rather than foreclose, will help stabilize prices, will help buyers get into good properties, and will help those outgoing homeowners get their act together so they can consider buying again in 3 to 5 years.

In the meantime, investors will consider buying short sales (once expediently processed), so they can enjoy rental income and then sell to future home owners when things improve, or continue to repair and resell to end-users and other investors as they have. Again, only if they can avoid the pain of the current short sale process.

I’m not coming up with anything that hasn’t been thought of. However, it is time for simple, sensible leadership, NOW.

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OPINIONS WELCOMED

Americor / Vacation Finance Lunches New Lending Product

In Buyers, credit, Distressed Sales, florida, forclosure, foreclosure, government, Home Buyer, Industry trends, Investing, Investor, IRS, lenders, Loan Program, Market Report, miami, miami beach, Miami-Dade County, Military, mortgage, National, Qualified Retirement Plan, real estate, Roth-IRA, second home, Self-Directed IRA, South Beach, Tax Matters, Trends, vacation home, Wenceslao on October 13, 2010 at 7:51 am

Using your IRA to buy Investment Real Estate

Posted: 12 Oct 2010 09:35 AM PDT

Americor Mortgage is launching a new loan program for investors who are buying investment property with their self directed IRA. Our mortgages will be NON-RECOURSE, and the individual does not need to qualify, the property does.

So even borrowers with recent credit challenges, low or retirement income, can get a mortgage through their IRA.

IRAs can buy condos, single family residential, and commercial income producing properties.

Contact Americor-Vacation Finance for more info: info@vacation-finance.com

To learn more about Self-Directed IRA rules visit http://www.IRS.gov

You may also contact Jason DeBono at Entrust Florida (www.EntrustFl.com) at JDeBono@EntrustFl.com who are qualified administrators for Self-Directed IRAs

Government moves toward foreclosure moratorium

In Distressed Sales, forclosure, foreclosure, foreclosure moratorium, government, Home Buyer, home sellers, Investing, Investor, lenders, Market Report, mediation, miami, miami beach, Miami-Dade County, mortgage, new rules, real estate, REO, Sellers, South Beach, Wenceslao on October 12, 2010 at 4:43 pm

WASHINGTON – Oct. 12, 2010 – Despite concerns about its impact, some legislators are pushing for a nationwide moratorium on all foreclosure sales.

U.S. Rep. Edolphus Towns, a New York Democrat and chairman of the House Committee on Oversight and Government Reform, says the top 10 mortgage lenders should immediately suspend foreclosure proceedings in all states.

“The implications of ignoring the foreclosure problems are far too great to be ignored,” he said Friday.

Other legislators are moving to revive cramdown legislation, which would give judges the power to reduce mortgage principal to market value in bankruptcy cases. The controversial bill had passed the House earlier but was stuck in the Senate.

But the Mortgage Bankers Association of America and the Financial Services Roundtable said Friday in a joint statement that, after reviewing paperwork, nearly all bank foreclosures are legitimate.

“Calls for a blanket national moratorium on all foreclosures are a bad idea and would cause significant harm to communities at risk, the unstable housing market and the fragile economy,” the statement said.

Source: The Wall Street Journal, Ariana Eunjung Cha, Steven Mufson, and Jia Lynn Yang (10/09/2010)

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Pending Sales Up in Miami-Dade County’s Eastern Corridor by as much as 2,250%

In Distressed Sales, florida, forclosure, foreclosure, Home Buyer, home sellers, Industry trends, Market Report, miami beach, Miami-Dade County, real estate, REO, Sellers, Short Sales, South Beach, Wenceslao on October 4, 2010 at 3:46 pm

Pending home sales show another gain (see further below for Miami charts)

WASHINGTON – Oct. 4, 2010 – Pending home sales have increased for the second consecutive month, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator, rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, says the latest data is consistent with a gradual improvement in home sales in upcoming months. “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he says. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”

Although Yun expects a continuing steady rise in home sales from favorable affordability conditions and some job creation, he cautions any sudden rise in mortgage rates could slow the recovery.

“Current low consumer price inflation has helped keep mortgage interest rates very attractive this year. However, recent rising trends in producer prices at the intermediate and early stages of production, along with very high commodity prices, are raising concerns about future inflation and future mortgage interest rates,” he says. “Higher inflation would mean higher mortgage interest rates. In the meantime, housing affordability is hovering near record highs.”

The PHSI in the Northeast declined 2.9 percent to 60.6 in August and remains 28.8 percent below August 2009. In the Midwest the index rose 2.1 percent in August to 68.0 but is 26.5 percent below a year ago. Pending home sales in the South increased 6.7 percent to an index of 90.8 but are 13.1 percent below August 2009. In the West the index rose 6.4 percent to 101.1 but remains 19.6 percent below a year ago.

Reprinted by Permission: © 2010 Florida Realtors®

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In Miami-Dade county’s Eastern corridor, roughly covering Brickell, Downtown Miami, Biscayne Boulevard and the beaches (from South Beach to Sunny Isles Beach), Pending sales have also shown recilliance.

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 10009 10043 0.3% 11261 10043 -10.8%
New Listing 1747 1760 0.7% 1420 1760 23.9%
Sold 584 523 -10.4% 484 523 8.1%
Pended 793 894 12.7% 762 894 17.3%

To brake it down, here’s how it all looks like by property type/segment and by whether distressed (short sale or REO) vs. non-distressed (regular sales)

Single Family Homes (all)

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 1459 1488 2% 1672 1488 -11%
New Listing 278 301 8.3% 235 301 28.1%
Sold 93 89 -4.3% 81 89 9.9%
Pended 131 139 6.1% 142 139 -2.1%

Single Family Homes – Non-Distressed (not Short Sales or REO)

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 1042 1070 2.7% 1312 1070 -18.4%
New Listing 169 180 6.5% 214 180 -15.9%
Sold 51 49 -3.9% 52 49 -5.8%
Pended 53 41 -22.6% 105 41 -61%

Single Family Homes – Short Sales

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 336 333 -0.9% 316 333 5.4%
New Listing 57 66 15.8% 3 66 2100%
Sold 15 20 33.3% 1 20 1900%
Pended 43 47 9.3% 2 47 2250%

This is by far the best segment of the market with 2,250% increase in Pending Sales year-over-year

Single Family Homes -REOs*

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 79 83 5.1% 44 83 88.6%
New Listing 52 55 5.8% 18 55 205.6%
Sold 27 20 -25.9% 28 20 -28.6%
Pended 35 51 45.7% 35 51 45.7%

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

Condo/Townhouse (all)

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 8550 8555 0.1% 9589 8555 -10.8%
New Listing 1469 1459 -0.7% 1185 1459 23.1%
Sold 491 434 -11.6% 403 434 7.7%
Pended 662 755 14% 620 755 21.8%

Condo/Townhouse – Non-Distressed (not Short Sales or REOs)

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 6161 6154 -0.1% 7374 6154 -16.5%
New Listing 838 842 0.5% 758 842 11.1%
Sold 237 182 -23.2% 224 182 -18.7%
Pended 205 234 14.1% 264 234 -11.4%

Condo/Townhouse – Short Sales

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 1940 1927 -0.7% 2021 1927 -4.7%
New Listing 348 308 -11.5% 319 308 -3.4%
Sold 120 92 -23.3% 63 92 46%
Pended 252 255 1.2% 254 255 0.4%

Condo/Townhouse -REO*

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 447 472 5.6% 197 472 139.6%
New Listing 283 309 9.2% 108 309 186.1%
Sold 134 160 19.4% 116 160 37.9%
Pended 205 266 29.8% 102 266 160.8%

*Although to date, the second best segment of Pending Sales in this market and in the areas covered in this report – please refer to previous post “Foreclosures HALTED! What does it mean to you?

All charts copyrighted –  courtesy Trendgraphix, Inc

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 10009 10043 0.3% 11261 10043 -10.8%
New Listing 1747 1760 0.7% 1420 1760 23.9%
Sold 584 523 -10.4% 484 523 8.1%
Pended 793 894 12.7% 762 894 17.3%

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

First-Time SELLERS: HGTV WANTS YOU

In Distressed Sales, First Time Sellers, florida, forclosure, foreclosure, foreign nationals, home sellers, homeowner, miami, miami beach, Miami-Dade County, real estate, Sellers, Short Sales, South Beach on September 30, 2010 at 12:12 pm

We’ve heard of “Property Virgins” and other First-Time buyer t.v. shows. Well…now there’s one looking at the issues First-Time sellers deal with….

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SELLING YOUR FIRST PLACE?

Then HGTV is looking for you!

MY FIRST SALE, the popular primetime HGTV show, is looking for first-time home sellers (and their real estate agents!) in and around MIAMI and Ft. LaUDERDALE, FL.

We are looking for fun, high-energy people who are starting the process of selling their first place!  Our cameras will be there to capture all the trials and tribulations, stress and success of prepping for sale, pricing, negotiating, and ultimately selling a home for the first time.

Taping will begin in Fall 2010 and will continue through Spring 2011.  Ideal candidates will be motivated, financially candid people who want to share the experience and the SALE details with HGTV and their audience.  Singles, couples and families are all invited to apply!

If this sounds like fun, first-time sellers should apply now for immediate consideration!   Casting will continue on a rolling basis from fall 2010 until January 2011 or until all spots are filled.

For more information or an application contact:

Amy Sabreen

asabreen@highnoontv.com

303-712-3178

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