Real Estate On Tap

Short Sales / Foreclosure / REO

Short Sale Fraud Plagues The Housing Market

Who’s To Blame?

Recent article on CNN Money talks about this issue. Now is it not bad enough that the housing market has the issues it has with value and foreclosures that it has to deal with people trying to manipulate the system? I ask you? Please I want to hear how other people feel about the situation where there are people who are coming in buying a home in a short sale and flipping it for significant profits! Is it the banks fault or is it greed from the investor who is a straw buyer, buying and flipping the property? Per Freddie Mac 13% of all home sales are short sales! So tell me what you think!

Adam Granger is a Home Mortgage Consultant with HomeServices Lending, LLC., an Affiliate of Wells Fargo Home Mortgage.  He is a frequent commentator at RealEstateOnTap and can be reached at 954-306-7218 or by emailing him here.

Tags: adam granger, cnn money, freddie mac, short sale fraud, straw buyer, wells fargo home mortgage

*** SOLD! *** 7370 NW 4 STREET #106, PLANTATION, FL – POLO GLEN

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updated!!! sold as a short sale in under 45 days for $105,500

offered at $124,900 … WELL PRICED TOWNHOME! ATTORNEY ASSISTED SHORT SALE. THIS IS AS PRISTINE AS IT GETS. WELL APPOINTED 3 BED, 2 BATH, 1-CAR GARAGE TOWNHOME WITH GORGEOUS FLOORS, KITCHEN, BATHROOMS.  WONDERFUL VIEW AND PHENOMENAL POOL AND TENNIS FACILITIES MAKE THIS A MUST SEE! SELLER TO PAY TITLE INSURANCE AND CHOOSE TITLE AGENT. CALL JAMES TO SHOW.

Call 954-347-3799 to set your appointment today or enroll NOW on our “Property Search” page to be automatically emailed the listings of your choice!  We can get short sales closed quick.  The process does NOT have to be never-ending.  Let us help you get out of a bad situation.  Our legal team stand ready to help you now.

Tags: Agents, First Time Homebuyers, plantation, plantation fl, plantation fla, polo glen, real estate, short sale, south florida

Home Prices Drop, But Only Slightly

The Typical Loss Evaded

Home prices dropped 3.3 percent year over year.  Although this theme seems recurring, there is good news to report.  If you are an agent, a homeowner or anyone with a vested interest in residential real estate, this figure would suggest a serious slow down in the decline of home prices.  Consider this:  During the height of the meltdown, appraisers would attribute anywhere from 1/2 to 1 and 1/2 percent monthly drop in home valuation.  That equates to to a mind boggling 6-18 percent decrease per year.  3 percent is a welcome change and although no loss is ever good, it does suggest that we are trying to find a bottom. Read the rest of this entry »

Tags: Agents, bloomberg survey, home prices, nar, national association of realtors, south florida

Judge Bailey Lays Down The Gavel

Sending A Message

Miami-Dade Circuit Court Judge Jennifer Bailey sent a message to every  lender who presupposes that simply being owed money by a borrower is enough to circumvent laws, orders or anything else that under any other circumstances would simply not be tolerated in a court of law.

Eslava vs. HSBC

The substance of the case was this:  A borrower was looking to his lender for a loan modification to make payments more affordable.  Essentially unable to come to terms, the lender’s motion to foreclose was granted … but, HSBC (the lender) lost the note.  Because of this, the court mandated that the lender post a bond to avoid any issues from another lender filing a claim against the borrower. Read the rest of this entry »

Tags: florida default, foreclosure, lawsuit, loan mod, loan modification, short sale

The Home Affordable Foreclosure Alternatives Program

Attempting To Reduce Transaction Time for Short Sales

The HAFA program takes effect on April 5, 2010—although some loan servicers may implement it sooner, if they meet certain requirement–and sunsets on December 31, 2012.

Essentially, it will mandate a 10-day time period for lenders to make a decision once a file has been completely turned over to the lender by the homeowner.

Misconceptions About The New Policy

There seems to be a lot of misunderstandings about the policy as many Realtors are interpreting the language to mean “10 days from the Read the rest of this entry »

*** Back-up Offers Only *** 7748 NW 112th Way, Parkland

This gorgeous Heron Bay home spans 6,218 sq. ft. and features 5 bedrooms and 4 and one-half baths.  Marble floors and a granite/stainless kitchen are just a few of the many upgrades for this lakefront home, located on a quiet street in the Greenbriar subdivision.

The home has just been repainted, re-carpeted, re-landscaped and is meticulously presented as a short-sale worthy of your bid.  Aggressively priced at $599,000.

To see additional photos of this home please click here.

If you wish to comment or have questions about this particular property, leave a comment below or contact me.

Citigroup Announces “Foreclosure Alternatives”

Are you on the verge of Foreclosure?

If so, Citigroup has come up with a program intended to help borrowers who don’t qualify for a mortgage modification or a short sale.

“Foreclosure Alternatives – What Are The Requirements?”

• Borrowers must turn over property deed  to be considered; Read the rest of this entry »

U.S. Vacancy Rate Increases as Banks Seize More Homes

Excess Inventory Will Be Problematic

Stats – Q4 – 2009:

4.5% of mortgaged U.S. homes are in foreclosure;

18.9 million vacant homes according to census reports.

Full story courtesy of Bloomberg.com

Short Sales Represent A Major Percentage Of All South Florida Sales

Short Sales Are Popular Again

It certainly speaks volumes that more and more people know the definition of a short sale.  For those of you who don’t, essentially, it is the sale of distressed real estate where the ultimate sales price falls below the mortgaged amount.

The volume of these types of sales has so inundated banks and brokerages Read the rest of this entry »