Short Sales in Jacksonville

The $8000 Tax Credit, as currently written, expires on November 30th. If you've been considering buying a short sale, you might be too late! They have consistently taken 90-120 to close and with that in mind, you need to write a contract TODAY! Of course, there are a few weird exceptions that have closed in 60 days, but for the most part, a 90 day minimum is the norm.

Please don't wait! There is a chance they may extend the credit and I hope they do! It's keeping the real estate market alive right now. BUT. There's just no guarantee that they will.

If you have a short sale in mind; if you like it, you'd better make an offer right away in order to beat the deadline.

Call me today for more information about buying a short sale and about how you might qualify for up to $35,000 of bond money!

Help For Renters Living in Foreclosed Homes

Great news concerning renters of foreclosed properties! I have been complaining and worrying about these tenants for months! I am so relieved that SOMETHING is finally being done. I hope they follow through with all of this and really protect these families caught in the foreclosure mess. This is not fair to the tenants that have been paying their rent and playing by the rules. Please see the article below from the Florida Association of Realtors site today:

Fannie Mae bans evictions of renters

WASHINGTON – Jan. 14, 2009 – Mortgage finance company Fannie Mae said Tuesday it has adopted a policy allowing renters to remain in their homes even if their landlord enters foreclosure.

The new policy will allow residents of about 4,000 properties to sign new leases with Fannie while the property is up for sale. Michael Williams, Fannie Mae’s chief operating officer, said in a statement that the change should “help bring a measure of stability to communities impacted by high foreclosure rates.”

Fannie Mae had indicated last month that it was planning to do so. Sibling mortgage financier Freddie Mac is working on a similar policy, company spokesman Brad German said.

But Amy Marx, an attorney with New Haven Legal Assistance in Connecticut, said Freddie Mac has not been responsive to requests that it do the same, and has continued with evictions of renters in recent weeks.

“We are thrilled that Fannie Mae has done the right thing,” she said. “Our hope that Freddie Mac will follow their lead.”

New Haven Legal Assistance and two other legal aid organizations in Connecticut represent seven tenants facing eviction on properties whose loans are held by Fannie Mae or Freddie Mac. The legal groups argue that financial bailout legislation passed in October requires the companies allow tenants to remain in their homes.

Some households, Marx said, haven’t been notified of Fannie Mae’s policy change by the real estate agents charged with selling the properties.

Fannie and Freddie said last week they will extend a suspension of foreclosure sales and evictions from single-family homes through the end of January. The companies had suspended foreclosures through the holidays.

The government-controlled home loan giants say the extension will allow borrowers facing foreclosure to keep their homes as they work to modify more loans.

Washington-based Fannie Mae and McLean, Va.-based Freddie Mac own or guarantee around half of the $10.6 trillion in U.S. outstanding home loan debt.

The pair were taken over by the government in September and placed in a conservatorship after mounting mortgage losses put them in distress that was a prelude to the broader financial crisis that hit Wall Street last year.

Foreclosure Rates Continue to Rise

There are currently 3000 preforeclosure homes on the market in Jacksonville. If they aren't in full blown foreclosure proceedings, they're definitely in deep trouble. Most are in some stage of the foreclosure process, lots are short sales. In troubled times like these, it's time for the buyers to come out of hiding! Interest rates fell again Friday to below 6%! Now is the time to get into the market! Whether you're a first time buyer or an investor--the time is right. Inventory remains extremely high (which means lots of homes to pick from) and now interest rates are low so it's the "perfect storm" for buyers. I can even tell you about a way to get up to $35,000 in buyers assistance for first time buyers! Yep. You read that right. I can get you up to $35,000 to help get the price down, pay closing costs, do repairs, or whatever it takes to get you into that first home! Call me today and I will put you in touch with the lender that will guide you through the simple process of taking advantage of these funds. Don't wait! Buy today.

Short Sales in the Jacksonville, FL area

I attended a 3 hour seminar today about the Short Sales opportunities we now have in the Jackonville market. There are SO MANY of them on the market! I found out that not all "upside down" homes are true short sales. The criteria is very clear on what qualifies as a short sale. The seller must a) be insolvent with NO ASSETS (no IRA, no 401K, car paid for car, no boat NOTHING of value. b) must be behind on the payments (60-90 days) c) mortgage balance must be higher than actual market value d)Seller didn't cause the problem that caused the issue (medical bills, act of nature etc). Wow. That's not quite what I thought a short sale was. I thought if you were upside down, and you wanted the bank to take less than you owed; you were a short sale. Wrong. The guidelines are very clear.

Are you facing troubled times with your mortgage? There is help out there. I have contact numbers for several agencies that can help. Please call me before the situation gets any worse. The future effects on your credit report can be devastating.

I'll help if I can. I can't give you legal advice, unfortunately, I'm not an attorney. I strongly recommend that you speak to an attorney if you're considering selling your home as a short sale. If you can't afford an attorney, I have contact info for agencies that will advise you for free or reduced prices. Just call me or email me.