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Giant bank, giant struggle

Foreclosure-assistance pipeline clogged for Bank of America NEW YORK – March 5, 2010 –Two years after swallowing the troubled mortgage giant Countrywide Financial, Bank of America trails other major U.S. lenders in resolving troubled home loans through short sales or modified loan terms. The lender, one of the nation’s biggest banks, holds more than a [...]

The Short Sale Process is Unbelievable!

When describing the absurdity of the short sale process, I can only say that you would not believe how bad it really is unless you experience it first hand. Negotiating a short sale requires patience and tenacity. It really seems sometimes that banks have little to no interest in actually getting it done. Tarpon Coast Realty negotiates [...]

New Home Sales Sink 11% Nationwide

It is no surprise that new home sales are way down. With prices of homes so far below cost to constuct, why would anyone build a new home?
Sales of new single-family homes in the U.S. sank 11% in January to a
seasonally adjusted annual rate of 309,000. It was an unexpected tumble that
sent sales to their [...]

Remaining Committed to Real Estate – by Michael Braga

EVER SINCE GRADUATING FROM the University of Michigan’s business school, Jules Roman has been determined to make money in real estate.

He started by buying duplex apartments in Englewood and renting them. Then he co-founded a company — LeaseOptionProgram.com — to help people with poor credit transition from being renters to owners.
Along the way, the historic [...]

HAFA: Home Affordable Foreclosure Alternatives Program

Beginning April 5th 2010. The US Govervnment has instituted the HAFA program:
Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP [...]

Rebates for Appliances 2010 Government Program

If you are in the market for new appliances, wait until April!
Beginning 4/16/2010 and goes until $$$ gone or 4/25/2010 -only for Florida residents.
-Good for Energy Star appliances- gas tankless water heaters, washers, refrigerators, dishwashers, room air conditioners and freezers
-Rebate is 20% of purchase price before taxes plus $75 on top of rebate if appliance is [...]

Lenders will usually not accept a Short Sale on Current Loans

I am often asked, “Can I do a short sale on my home if I am current on my loan?” While the answer is yes, we can try, the reality is that until a loan becomes delinquent, there is no motivation for the lender to take the haircut and agree to eat the shortage. Once [...]

The median sale prices for standard transactions were 150% higher than the distressed property sales prices!

Sarasota Area: Foreclosure sales are bringing in a median price of about $80k whereas short-sale prices are showing about $120k median.
”Our market is rebounding from the recession, particularly in the category of normal arm’s length transactions,” said 2010 SAR President Erick Shumway. “We are seeing a stark contrast between these two markets, and this probably [...]

The shadow market? REOs held back

Courtesy of Denver Business Journal 1/29/10:
We see the same issue here in Florida: Banks foreclose but the properties do not appear back onto the market.
Denver-area residential real estate brokers fear a flood of foreclosed homes still held by lenders — the “shadow market” — will be put up for sale in 2010, depressing home prices [...]

Dream Home Finder

See new listings as soon as they hit the market!
Let us help you find your dream home! We will send you email updates when new listings that might interest you go on the market.
This is a free, no-obligation service to you, and your information will only be used to send your requested information and will [...]