We all have heard of the many, but some times hard to get options, to stay in the home. With detailed explanations of the benefits, how does each option works,  how to start the process and even videos of people facing similar situations.

Options to Stay in Your Home:
Refinance
Repayment Plan
Forbearance
Modification
Deed-for Lease

Options to Leave Your Home:
Short Sale
Deed-in-Lieu

It is very important to study your options before making a decision like letting go your home to foreclosure. As time goes by Short Sales with some banks are moving faster than in the past I also know a lot of people who have been able to refinance there home. The clue for any of the options is patience and preparation. Provide all the requested information and chances are you will find your best alternative. I have noticed that homeowners get easily discourage if they try to contact their bank and don’t get any feedback…you have to get educated and KEEP TRYING.

Good Luck!!!

If you want to know how much your home is worth and what you can expect if you decide to do a short sale contact me at 954-588-7260.

The Answer is: Consult an Attorney…

From several conversations with attorneys I have gathered the following information. You particular circumstances may differ so please do your due diligence before making any decision.

Is the Property being sold as a Short Sale or being Foreclosed?

If the Property is being sold as a Short Sale and the Lease is current the new owner must honor the lease term. Very often, by the time the Short Sale is approved, the original lease has expired and the tenant is living in the property with on a month to month lease. Beware of oral agreement since they are harder to enforce than written contracts. In some cases the Tenant lives in the property until the amount given as advanced rent and security deposit is exhausted. It is advised to have a  written agreement with the owner because the owner’s default in paying his mortgage doesn’t give the tenant the right to default in his rental payments. One of the most common complaints from tenants when they keep paying their rent is either the lack of maintenance to the property. Attorneys always advice their clients to keep paying the Association/Condo dues while the Short Sale is being processed.
A good landlord/tenant relationship is key to ensure a smooth transition. Being it to grant access to prospective buyers and be able to commit with a closing date or transferring the lease to the new buyer.

If the Property is Foreclosed the new owner has the right to request the Tenant to vacate the property. Tenant is normally aware that a foreclosure is taking place well in advance.  The new owner can provide the Tenant with a “3 Day Notice” and if the tenant doesn’t leave most likely an eviction will take place. Under some circumstances the new owner offers incentives to ensure the property is left in good conditions and the tenant vacates without the need of being evicted.

If the Property is a Fannie Mae Foreclosure you may get some Help!

Some Qualified renters may be offered month to month Leases and even help to relocate. For additional information:

Fannie Mae Support for Renters

Fannie Mae Renters FQA’s

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Thinking of selling your home? Now might be a good time to put it on the market when the inventory of great properties for sale is low. For a FREE market analysis of your property call me at (954) 588-7260 or contact me.

Along with already low prices this kind of mortgage rates should keep the Real Estate “momentum” going. In the last few months we have experienced a surprising market; where multiple offers on attractive properties under $ 400,00 were the norm. When I say attractive, I mean either very well priced and/or in good conditions. Foreclosures normally require either some work or  major repairs but are priced accordingly.

Related Articles:
WSJ-Mortgage Rates…
USA Today- Mortgage Applications Rose…

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If you are interested in buying or selling Real Estate in WESTON, please call me at (954) 588-7260 or contact me.

I often hear about the lengthy letter borrowers are sending lenders to explain their hardship. Once the letter is sent they expect the bank will contact them right away to offer a loan modification; but it doesn’t work that way and borrowers get frustrated. Even though having gone through some financial issues help banks being more empathic; what they really want to know is if you can afford a “modified payment”.

Fannie Mae uploaded a Video in YouTube explaining the documents your lender need to be able to help you. Before you call your Lender gather the following information:

• Mortgage Statement
• Condo/Homeowners Association Statement (if applicable)
• Pay stubs and W-2’s if employed or Profit and Loss Statement if Self Employed
• Income Tax Returns
• Statements on every other debt, balance owed and monthly Payment. Including lines of credit, credit cards, car loan, student loans in other words….document every single penny you owe. Remember that this is not to tell the bank how broke you are but to help them figure out if you qualify for a “new loan”.
• And of course a letter stating the reason why you can’t pay the current mortgage payment.

Be truthful, don’t hide anything!!! and Good Luck

The South Florida Auction will be at FORT LAUDERDALE MARRIOT NORTH located at: 6650 North Andrews Ave. Ft. Lauderdale FL 33309.

The Hudson and Marshall Auction Process:

1. Find a House: for a list of the Properties that will be auctioned go to Hudson & Marshall. You can search based on location, size… You can attend the Open Houses or call your Real Estate Agent to show it and accompany you to the event-she/he will be compensated by H&D. Get information about comparable properties and decide upfront how much is the maximum you are willing to pay for the property. Inspections should be made prior to the auction to determine the cost of any needed repair. You don’t have to be represented by a Real Estate Broker to buy in the auction but it doesn’t cost you and you will a professional who will help you in the process.
Some properties sell in the pre-auction program, the site will be updated right up to the day of the auction with last minute accepted offers.

2. Pre-Qualify for a Loan: you have to make sure you will have funds to close. All the terms of the sale are disclosed upfront and if you are not sure if you understand every word of it consult an attorney.

3. Prepare for your Auction: bring a picture ID, Social Security #, Cashier Check or Money Order for $3,000. If you are taking title in the name of a company or trust bring your articles of incorporation, trust documentation, or other proof of signing authority.

4. Wind the Bid: registration starts at 11:00 AM until 1:00PM. You will get your bidding number. With the help of the bidding assistants bid on the houses you like. When you win the bid the closing process starts. Unless identified as absolute, each property sells subject to reserve.

YOUR FINAL PURCHASE PRICE will be your winning bid plus a 5% buyer’s premium.

List Price: $ 269,900.00

4 Bedrooms

2 Full Baths

1 Half Bath

SF Living Area: 2,116   ( $ 127,55 Per SF)

Development: Savanna, Weston FL

Last Saturday I showed this property.  The property looked well maintained and had all the appliances. The backyard was very small and the 4th Bedroom is actually a Den. When the Builder ARVIDA sold in pre-construction this model had the option of having that space built out as a Bedroom or a Den.

There a just a few of  Foreclosed Single Family Homes in Weston and this one was priced very aggressively. I expected there would be competing offers.As much as I know that Weston’s Real Estate Market has changed a lot in the last few weeks, when I received this message from the listing agent on Tuesday I was shocked!

LISTING ANNOUNCEMENT : 928 SUNFLOWER CIR WESTON

Thank all for showing this property. This email is to confirm that an offer has been accepted on this property. If you did not receive a call than your offer was not accepted. Again thank you to the 101 agents who showed the property and the 20 or so who put in offers. Thanks again and have a great day.

About this Listing Announcement
You have received this listing announcement because you have shown this property previously.

More details on 928 Sunflower Cr (Multiple Listing Service-MLS Detailed View)

Foreclosure Information:
As per Broward County Records:
Mortgage Balance: $ 540,921.00
Judgement Amount: $ 570,681.00
Posted Date: 6/15/08
Previous sale date: 10/09/00 for $ 220,200.00 – Most probably the owners refinanced at the peak of the market.

Bank Foreclosure Here!

Auctions:

I have to confess that until last year I never attended an auction. There were not many anyway…Some of the properties that go to Public Auction have been listed in the MLS. In an auction sale there are not contingencies (at least the ones I know about), you have the opportunity to inspect the property in advance and decide before you go how much is the most you will pay for it. You can go with your Real Estate Agent who can help you determine the market price of the property. Auction Companies have in-site lenders who will pre-qualify prospective buyers to make sure they have the ability to close.
The process moves very quickly and you need to be ready to make a quick decision. For more details about my first experience in an auction and how the process went click here.

Court Doorsteps:

That’s for “pro’s” you will be competing in the same field with knowledgeable investors with deep pockets. If you go this route make sure you are educated enough to avoid making a terrible mistake. What you see on TV and all those wonderful success stories might be true if you make it a career, I don’t think it is the way to go unless you are well versed in the subject. You will have to pay cash and inspect the property prior to the auction date.

Our beloved friend the Multiple Listing Service (MLS):

Just be ready to “Jump” and put your best offer in terms of price, financing and time to close… As the number of sales increase and as the banks price the properties at very attractive prices the “best deals” receive multiple offers and most of the time you are competing against cash buyers. In the last couple of months we have also seen a decrease in the number of foreclosed properties-new listings. In a way it has become a “private” auction!
If a foreclosure is what you are looking for, ask your agent to keep you updated on every new listing that hits the market. Banks normally do not accept any offer in the first few days but you will be more motivated to put an offer if you know there are not 14 offers ahead of yours. You can expect a response 2 or 3 days after the offer(s) are presented to the bank. They come back with a counter offer, very one sided in my opinion…since most of the terms favors the bank. That’s the price you have to pay to get a deal! It’s very hard to have them do any repairs…what you see is what you get!!! Some are requesting no contingencies on inspections. Many of the foreclosed properties, even some in very good shape, do not have appliances. You can not trust the pictures … sometimes you see the kitchen with the appliances and discover when you visit the property that it doesn’t have any. I have seem many counteroffers from banks that include a clause excluding the appliances (in case they disappear between the time the contract is signed and the closing day)