Showing posts with label foreclosures in jacksonville fl. Show all posts
Showing posts with label foreclosures in jacksonville fl. Show all posts
Wednesday, August 6, 2014
Monday, March 21, 2011
Perfect Time to Buy a Foreclosed Property in Jacksonville FL
Home sales up 12.9% in NE Florida
From WOKV News Talk Radio Jax
Jacksonville, FL —
In February home sales were up 12.9% from a year ago in northeast Florida. The Northeast Florida Association of Realtors is reporting sales are up but prices are down 12.9%.
NFAR communications director Melanie Green says most of the homes sold last month were not traditional sales. "The sales that occurred in February were weighted heavily by lender mediated sales, those are your foreclosed and short sales." She says that's a bit of bad news but it does indicate that investors are coming back into the market.
We also heard from consumer warrior Clark Howard. He says right now is the perfect time to buy, the reason being that the timing is right. "If you're buying a home now, man everything is smiling on you, the prices are phenomenal on the homes, the cost of money to borrow and finance those homes is still great, and this is not a gotcha this is an opportunity."
I can't argue with the experts!! Call me today!
From WOKV News Talk Radio Jax
Jacksonville, FL —
In February home sales were up 12.9% from a year ago in northeast Florida. The Northeast Florida Association of Realtors is reporting sales are up but prices are down 12.9%.
NFAR communications director Melanie Green says most of the homes sold last month were not traditional sales. "The sales that occurred in February were weighted heavily by lender mediated sales, those are your foreclosed and short sales." She says that's a bit of bad news but it does indicate that investors are coming back into the market.
We also heard from consumer warrior Clark Howard. He says right now is the perfect time to buy, the reason being that the timing is right. "If you're buying a home now, man everything is smiling on you, the prices are phenomenal on the homes, the cost of money to borrow and finance those homes is still great, and this is not a gotcha this is an opportunity."
I can't argue with the experts!! Call me today!
Monday, February 22, 2010
Foreclosure Help In Jacksonville FL
Things are changing in the world of foreclosures and distressed home owners. The Feds have finally mandated some guidelines for Florida lenders to use to help home owners in trouble. If you're considering a short sale or foreclosure, please read the following article from EZine Magazine. This is the new program that will start on April 1st. I hope this will help you. If you find out that you might need to do a short sale, give me a call and we can discuss exactly how it works. Let me know what you think about the new plan to help homeowners decide what to do about their situation. Please keep in mind that all of the options listed below are for PRIMARY residences only. No investment property is included in the program. Call if you have questions.
Although the foreclosure mediation process has been around for many years, until recently it's been mostly voluntary and not widely publicized to homeowners throughout Florida. Borrowers who are behind on their mortgage payments or are in serious risk of default may not be aware that this program exists or realize that they have rights and options along the way of the foreclosure process.
Currently, Florida is one of the hardest hit states in the nation, with almost half a million foreclosures lawsuits in various stages of litigation. On December 28, 2009, the Florida Supreme Court mandated mediation for Floridians who are in danger of losing their homes through foreclosure. Chief Justice Peggy Quince directed each Chief Judge of the 20 judicial Circuits to issue an administrative order addressing how the managed mediation program will be handled in their respective Circuit. This Supreme Court Order strives to reduce the foreclosure overload that is currently clogging our court system and monopolizing limited judicial resources.
State guidelines must be followed when conducting foreclosure mediation in Florida. Mediation managers are required to schedule sessions no less than 60 days and no more than 120 days after the filing of the foreclosure case has occurred. Meetings are usually several hours and lenders are required to pay a $750 fee up front, which may be recovered in the final judgment if mediation fails and the suit proceeds to foreclosure. The house in default must be the homeowner's primary place of residence and the loan must have originated under the federal truth-in-lending regulations. Exceptions to the mandatory foreclosure mediation will be granted where the borrower and the lender reach an agreement to forego mediation, mediation was previously unsuccessful, or the homeowner cannot be located.
Mediation enables troubled homeowners to meet with their lenders at the bargaining table to renegotiate the terms in their mortgage and address other issues and circumstances surrounding the borrower's default. Mediation not only removes the fear the borrower has in communicating with the lender, but brings both parties together in an informal setting that will help decide if modifying the loan terms or if another remedy, such as short sale on the house or deed in lieu of foreclosure, is a more appropriate and reasonable solution.
The Mediator is an impartial and neutral third party who will bring a fresh perspective to the case at hand. In the managed foreclosure mediation cases, he or she must be Circuit Court certified and specially trained in foreclosure law and mortgage modification issues.
Before a homeowner can be eligible formediation, he or she must see a foreclosure counselor who is approved by the U.S. Department of Housing and Urban Development. After obtaining advice from such a professional, troubled borrowers have been found to be less likely to re-default on their mortgages.
The record volume of foreclosures in Florida is threatening to break its court system. With the new mediation requirement, the hope is that applicable cases will be directed away from the courts and handled in a more timely and efficient fashion.
If you or someone you know is facing foreclosure mediation, be sure to insist on a qualified, competent Circuit Court certified mediator with experience in foreclosure law and mortgage modifications and the short sale process.
Article Source: Michelle Berg is a Magna Cum Laude graduate of both Boston College and the University of Miami School of Law. She has experience handling a variety of real estate issues in south Florida, both as an attorney and as a mediator.
Call if I can help.
Although the foreclosure mediation process has been around for many years, until recently it's been mostly voluntary and not widely publicized to homeowners throughout Florida. Borrowers who are behind on their mortgage payments or are in serious risk of default may not be aware that this program exists or realize that they have rights and options along the way of the foreclosure process.
Currently, Florida is one of the hardest hit states in the nation, with almost half a million foreclosures lawsuits in various stages of litigation. On December 28, 2009, the Florida Supreme Court mandated mediation for Floridians who are in danger of losing their homes through foreclosure. Chief Justice Peggy Quince directed each Chief Judge of the 20 judicial Circuits to issue an administrative order addressing how the managed mediation program will be handled in their respective Circuit. This Supreme Court Order strives to reduce the foreclosure overload that is currently clogging our court system and monopolizing limited judicial resources.
State guidelines must be followed when conducting foreclosure mediation in Florida. Mediation managers are required to schedule sessions no less than 60 days and no more than 120 days after the filing of the foreclosure case has occurred. Meetings are usually several hours and lenders are required to pay a $750 fee up front, which may be recovered in the final judgment if mediation fails and the suit proceeds to foreclosure. The house in default must be the homeowner's primary place of residence and the loan must have originated under the federal truth-in-lending regulations. Exceptions to the mandatory foreclosure mediation will be granted where the borrower and the lender reach an agreement to forego mediation, mediation was previously unsuccessful, or the homeowner cannot be located.
Mediation enables troubled homeowners to meet with their lenders at the bargaining table to renegotiate the terms in their mortgage and address other issues and circumstances surrounding the borrower's default. Mediation not only removes the fear the borrower has in communicating with the lender, but brings both parties together in an informal setting that will help decide if modifying the loan terms or if another remedy, such as short sale on the house or deed in lieu of foreclosure, is a more appropriate and reasonable solution.
The Mediator is an impartial and neutral third party who will bring a fresh perspective to the case at hand. In the managed foreclosure mediation cases, he or she must be Circuit Court certified and specially trained in foreclosure law and mortgage modification issues.
Before a homeowner can be eligible formediation, he or she must see a foreclosure counselor who is approved by the U.S. Department of Housing and Urban Development. After obtaining advice from such a professional, troubled borrowers have been found to be less likely to re-default on their mortgages.
The record volume of foreclosures in Florida is threatening to break its court system. With the new mediation requirement, the hope is that applicable cases will be directed away from the courts and handled in a more timely and efficient fashion.
If you or someone you know is facing foreclosure mediation, be sure to insist on a qualified, competent Circuit Court certified mediator with experience in foreclosure law and mortgage modifications and the short sale process.
Article Source: Michelle Berg is a Magna Cum Laude graduate of both Boston College and the University of Miami School of Law. She has experience handling a variety of real estate issues in south Florida, both as an attorney and as a mediator.
Call if I can help.
Saturday, September 12, 2009
Times Up For First Time Buyers
If they don't extend the November 30th deadline for first time buyers to get the tax credit---you're too late!!! Short sales are consistently taking 3-6 months to close so you've waited too long.
I predict they will extend the deadline, but you just can't count on that for one minute. If you're looking for a really good bargain in todays market, stick with foreclosed homes. They can close in 30 days or less. You can USUALLY get a response from the lender on your offer in 24-36 hours. Please note that there are multiple offers now on the nicer houses. I've heard that some homes have as many as 2 dozen offers!! In today's market, it's probably better to start out with your highest and best offer right from the "get-go". That way, if you really love the house, you'll know if you're in the game. With the number of offers being thrown on the table, you need to try to make yours the best!
Call or email me today for a list of foreclosures in the neighborhoods you like.
Friday, May 1, 2009
Jacksonville Short Sales
The number of houses that are now pending in MLS is AMAZING! I am blown away by the increase in business in our market. The number of REO's (bank owned--foreclosed homes) on the market is increasing too. I was shocked to revisit a search I did the first week in April on the Westside of town. Out of 11 homes that had been "active" at the time, 9 are now "pending". Wow! Now keep in mind, these are low priced homes ($100,000 or less) but they are an indication of the increase in sales. A lot of these homes are being purchased by investors. That's okay! We HAVE to get these homes off the market so the rebuilding process can begin. As long as these properties continue to bring the entire market value down, we're destined to stay in this declining market.
I celebrate every single sell of a short sale or REO property in the Jacksonville market! That's one less low priced home that's keeping the price of every home nearby low.
I celebrate every single sell of a short sale or REO property in the Jacksonville market! That's one less low priced home that's keeping the price of every home nearby low.
Tuesday, February 3, 2009
Foreclosure Rates Continue to Rise
The number of foreclosures continue to increase in the Jacksonville area. Several different auctions are held at least once a month and these tend to clear out large numbers of homes in one afternoon.You can even buy foreclosures online! Lots of empty, foreclosed homes continue to sit in many neighborhoods creating eyesores and in some cases, a safety hazzard.
The upcoming bail out package has GOT to include some relief from this foreclosure nightmare! I think if they would lower the interest rates down to around 3.5%---we'd have buyers coming out of the woodwork! And why not? There are lots of good deals out there.
I've decided NOT to work with short sales for a while. The time involved and the disaster that often befalls the poor buyer, has made me rethink this market entirely. As my short sale listings expire, I refer them to another agent. I just don't think they're fair to the buyers OR the sellers. They often take so long, the house ends up in foreclosure before the buyer can get to closing. All because the lender took forever! When the lenders get their act together, I'm jumping right back in! Until then, I think I'll pass on short sales.
I like selling REO properties. These are homes that have already been foreclosed on and are bank owned. REO stands for "Real Estate Owned" by the bank. A buyer can make an offer, submit it to the listing agent, get an answer in 12 hours and you can close in 30 days or less!! The buyer can get a FANTASTIC deal on these foreclosures! The bank does NOT want to be in the real estate business! They just want the property and the headaches to GO AWAY. The low prices being accepted are amazing!
Call me today and I'll send you info on foreclosures in the Jacksonville area.
The upcoming bail out package has GOT to include some relief from this foreclosure nightmare! I think if they would lower the interest rates down to around 3.5%---we'd have buyers coming out of the woodwork! And why not? There are lots of good deals out there.
I've decided NOT to work with short sales for a while. The time involved and the disaster that often befalls the poor buyer, has made me rethink this market entirely. As my short sale listings expire, I refer them to another agent. I just don't think they're fair to the buyers OR the sellers. They often take so long, the house ends up in foreclosure before the buyer can get to closing. All because the lender took forever! When the lenders get their act together, I'm jumping right back in! Until then, I think I'll pass on short sales.
I like selling REO properties. These are homes that have already been foreclosed on and are bank owned. REO stands for "Real Estate Owned" by the bank. A buyer can make an offer, submit it to the listing agent, get an answer in 12 hours and you can close in 30 days or less!! The buyer can get a FANTASTIC deal on these foreclosures! The bank does NOT want to be in the real estate business! They just want the property and the headaches to GO AWAY. The low prices being accepted are amazing!
Call me today and I'll send you info on foreclosures in the Jacksonville area.
Sunday, January 11, 2009
Jacksonville Homes For Sale
Great Article on Selling Your Home
by Anonymous (I read it online and loved it! Started following other links and never got back to the article!) Enjoy the read. IT IS SO TRUE!
Selling a home in a declining market starts with a proper attitude and finding the right Realtor® who is optimistic and knows the right sales techniques in this tough market. Even though most people and economists are down on the housing market (feel it is depressed, that the economic recovery isn't going to happen in the next few months, and consumer confidence is down), it doesn't mean that you can't sell your home.
The truth of the matter is many people will sell their homes between now and this summer. While many sellers and real estate agents take a reactive approach to market conditions, those sellers who take a more proactive and realistic approach to the market will be the ones who sell their homes. These are the sellers who take advantage of this market and move up to their dream home! First, be honest about appraising the condition of your home.
The key to successful selling in a 'declining market' is pricing your home at today's market value, having your home in tip-top condition and being able to work with a prospective buyer on financing needs and terms. Don't let your ego or pride get in the way when determining a price for your home. Put yourself in the buyer's shoes and walk across the street. Curb appeal to a new buyer is a very important and is many-times overlooked.
Secondly, take a leisurely walk through your home jotting down the little things you might do to spruce it up. New carpeting, a fresh coat of paint, new light fixtures, mirrors, etc., are items that will give your home more emotional appeal and does not cost too much. Put away the clutter throughout the home. Rooms free of clutter will appear bigger and the new buyer can visually 'move into' your home much easier. Remember, new buyers are not buying your furniture.
Finally, be patient. The real estate market has changed considerably since the last run-up where homes sold in hours or days. We are now experiencing a more "normal market" where homes take 90-120 days to sell. Remember, inventories are at an all-time high right now. Bank foreclosures are all around you and many buyers will have difficulty qualifying for a new loan. Lenders also have very strict guidelines now and consumer confidence is very low. Allowing for a normal marketing period will do a lot to alleviate your impatience when you have few showings of your home or a lack of offers to review.
A good Realtor® will keep you abreast of market changes, activity on your home and others in the neighborhood, while maintaining a "teamwork" concept that is paramount for a successful sale. Properties need ample time to be exposed to the public and finding the right buyer requires a good understanding of the market as well as sales values. In all honesty, there are no easy answers but one thing is for certain, even in the worst markets, there are people selling homes and taking their equity!
AMEN!
by Anonymous (I read it online and loved it! Started following other links and never got back to the article!) Enjoy the read. IT IS SO TRUE!
Selling a home in a declining market starts with a proper attitude and finding the right Realtor® who is optimistic and knows the right sales techniques in this tough market. Even though most people and economists are down on the housing market (feel it is depressed, that the economic recovery isn't going to happen in the next few months, and consumer confidence is down), it doesn't mean that you can't sell your home.
The truth of the matter is many people will sell their homes between now and this summer. While many sellers and real estate agents take a reactive approach to market conditions, those sellers who take a more proactive and realistic approach to the market will be the ones who sell their homes. These are the sellers who take advantage of this market and move up to their dream home! First, be honest about appraising the condition of your home.
The key to successful selling in a 'declining market' is pricing your home at today's market value, having your home in tip-top condition and being able to work with a prospective buyer on financing needs and terms. Don't let your ego or pride get in the way when determining a price for your home. Put yourself in the buyer's shoes and walk across the street. Curb appeal to a new buyer is a very important and is many-times overlooked.
Secondly, take a leisurely walk through your home jotting down the little things you might do to spruce it up. New carpeting, a fresh coat of paint, new light fixtures, mirrors, etc., are items that will give your home more emotional appeal and does not cost too much. Put away the clutter throughout the home. Rooms free of clutter will appear bigger and the new buyer can visually 'move into' your home much easier. Remember, new buyers are not buying your furniture.
Finally, be patient. The real estate market has changed considerably since the last run-up where homes sold in hours or days. We are now experiencing a more "normal market" where homes take 90-120 days to sell. Remember, inventories are at an all-time high right now. Bank foreclosures are all around you and many buyers will have difficulty qualifying for a new loan. Lenders also have very strict guidelines now and consumer confidence is very low. Allowing for a normal marketing period will do a lot to alleviate your impatience when you have few showings of your home or a lack of offers to review.
A good Realtor® will keep you abreast of market changes, activity on your home and others in the neighborhood, while maintaining a "teamwork" concept that is paramount for a successful sale. Properties need ample time to be exposed to the public and finding the right buyer requires a good understanding of the market as well as sales values. In all honesty, there are no easy answers but one thing is for certain, even in the worst markets, there are people selling homes and taking their equity!
AMEN!
Tuesday, December 16, 2008
Help For Renters Living in Foreclosed Homes
Thank goodness! After making several posts about the renters caught in the foreclosure nightmare, I got great news today from Fannie Mae. The following article was on the Florida Association of Realtors site. I think they're on the right track and I will keep an eye on how things develop. If you're a renter living in a home that has been foreclosed on, Hang on! Help is on the way.
Check this out:
FANNIE TO HELP RENTERS STAY IN FORECLOSED HOMES
NEW YORK – Dec. 16, 2008 – Fannie Mae said Monday it’s finalizing a plan to help renters stay in their homes even if their landlord enters foreclosure.
The mortgage giant said it’s working on a national policy to allow renters living in foreclosed properties - and who can make their rental payments - to sign new leases with Fannie while the property is up for sale or get cash to help move into a new home.
Last month, Fannie and sibling company Freddie Mac suspended foreclosure sales on occupied single-family homes and evictions from those properties through the holidays until Jan. 9, 2009. Fannie said these actions helped an estimated 7,000 to 10,000 families to remain in their homes.
The company said the new renter policy will go in effect before Jan. 9.
Last week, New Haven Legal Assistance Association Inc. in Connecticut, which represents several tenants facing eviction on properties held by Fannie Mae, raised the concerns about renter evictions and discussed the situation with Fannie on Friday.
“Fannie Mae had the tendency to empty these properties with no attempt before or after the foreclosure to contact these tenants,” said Amy Marx, an attorney at the legal aid group. “A lot of these renters are low-income and an eviction wreaks havoc on their lives due to moving costs and the lack of affordable housing.”
Despite the suspension on foreclosure sales and evictions, some Fannie evictions were still going forward, Marx said. Fannie said Monday it contacted its lawyer and broker network to halt those evictions.
Fannie and sibling company Freddie Mac own or guarantee about half of the $11.5 trillion in U.S. outstanding home loan debt. The government seized control of the pair in September.
Company spokesman Brad German said Monday that Freddie Mac also aims to have a similar plan in place by early January.
“Clearly, renters are caught in the crossfire,” German said. “The goal is to provide them some stability and not evict them as a result of another’s foreclosure.”
Check this out:
FANNIE TO HELP RENTERS STAY IN FORECLOSED HOMES
NEW YORK – Dec. 16, 2008 – Fannie Mae said Monday it’s finalizing a plan to help renters stay in their homes even if their landlord enters foreclosure.
The mortgage giant said it’s working on a national policy to allow renters living in foreclosed properties - and who can make their rental payments - to sign new leases with Fannie while the property is up for sale or get cash to help move into a new home.
Last month, Fannie and sibling company Freddie Mac suspended foreclosure sales on occupied single-family homes and evictions from those properties through the holidays until Jan. 9, 2009. Fannie said these actions helped an estimated 7,000 to 10,000 families to remain in their homes.
The company said the new renter policy will go in effect before Jan. 9.
Last week, New Haven Legal Assistance Association Inc. in Connecticut, which represents several tenants facing eviction on properties held by Fannie Mae, raised the concerns about renter evictions and discussed the situation with Fannie on Friday.
“Fannie Mae had the tendency to empty these properties with no attempt before or after the foreclosure to contact these tenants,” said Amy Marx, an attorney at the legal aid group. “A lot of these renters are low-income and an eviction wreaks havoc on their lives due to moving costs and the lack of affordable housing.”
Despite the suspension on foreclosure sales and evictions, some Fannie evictions were still going forward, Marx said. Fannie said Monday it contacted its lawyer and broker network to halt those evictions.
Fannie and sibling company Freddie Mac own or guarantee about half of the $11.5 trillion in U.S. outstanding home loan debt. The government seized control of the pair in September.
Company spokesman Brad German said Monday that Freddie Mac also aims to have a similar plan in place by early January.
“Clearly, renters are caught in the crossfire,” German said. “The goal is to provide them some stability and not evict them as a result of another’s foreclosure.”
Monday, December 1, 2008
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.
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