Jacksonville Beaches Real Estate

Once again it's time for me to repost the scariest real estate story ever! It's become an annual tradition to repost this article. I call it my "List Em and Leave Em" post. Don't let this happen to you! The names have been changed to protect the slackers and the victims... I continually hear people say that their realtor bugged them for weeks to get them to list their house with them. They finally agreed to list it and they never saw the REALTOR again!! I'm not exaggerating! Check out this story.... New example of a "list em and leave em" real estate company JANESVILLE, Wis. - A couple checking out a house for sale were shocked to discover the 55-year-old homeowner dead in her bed. Authorities said foul play was not suspected. Real estate agent Linda stood in the dining room while Justin and Colleen walked through a house Monday night. Before long, she heard Colleen scream."I thought, 'What's wrong?' Maybe it was a dead m

Field Opens for Buyers

From Information, Inc WASHINGTON – Oct. 16, 2013 – Fannie Mae and Freddie Mac have stepped up their program to collect unpaid mortgage debt from “strategic defaulters” – underwater homeowners who skipped out on their mortgage even though they had the ability to pay. If a home is sold at foreclosure but the proceeds don’t cover the outstanding balance of the homeowner’s loan, the mortgage giants can pursue judgments against the homeowner forcing him or her to pay the deficiency. And the Federal Housing Finance Agency (FHFA) that regulates Fannie and Freddie is pushing them to step up their efforts. FHFA says Fannie and Freddie haven’t been aggressive enough going after strategic defaulters; and, according to the inspector general, the mortgage giants could cut their losses by making it a priority – billions of dollars, the office says. So far, the office says it has identified about 58,000 foreclosures that Freddie Mac did not refer for collection – and estimated defic

Wow! Condo sells in Jax are up a whopping 90%. Yes. You read that right--90%. The median price of a condo in Jax dropped 42% to $74,200. That's the second highest drop in the state. NOW IS THE TIME TO BUY A CONDO! And it's the time to buy a single family home. Prices are LOW and interest rates are still incredibly low. If you've ever wondered if you could qualify for a loan to buy a condo or a home, give me a call or shoot me an email. I'll be happy to put you in touch with some really good lenders.

This is an amazing segment on people that are walking away from their mortgages. It's not just about that, it's very educational as far as the numbers go. It's unbelievable how many people are "underwater" right now. Are you in trouble with your mortgage? Don't walk away! Let's salvage some of your credit with a short sale. Call if I can help. Watch CBS News Videos Online

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 be

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

For those of you that might now know what REO stands for, it's Real Estate Owned. It is a line item on a banks books that is a BAD thing for the bank. They aren't in the business of OWNING homes, they are in the business of LENDING MONEY. An REO property is a bad thing for the bank but a good thing for a home buyer! I like dealing with REO properties a LOT more than short sales! The preliminary work has all been done. The foreclosure is over, the negotiations are over, there are no "people" involved (as in home owners) and it's just a "business deal". The emotions are gone, the sadness is gone and it just comes down to the calculator! I like that! I get caught up in all of my short sales. I tend to take on the worries of my sellers. I want so desperately to help them, and more often than not, I can't. The lenders just take too long to decide on whether or not they'll take offers. The process takes so long, the home usually ends up in foreclosure.

Homes sales have been quite brisk the past 30 days! Unfortunately more than half of those sales have been preforeclosures and short sales. The market is clearly price driven. The investors have come back out and first time buyers are finding deals galore! It's a great time to be a buyer in Jacksonville! Unfortunately, those that aren't in a short sale situation, those trying to get a fair price for thier homes, these are not such good times. If the seller is trying to compete with these foreclosed homes, good luck! The price of the short sale homes are usually 20% or more below the other homes in the neighborhood, naturally pulling the value of the homes in the entire area down with it. This is a tough time to try and sell a house at full value! If you're a buyer that's been sitting on the fence, it's time to JUMP! Interest rates are still low--inventories are HIGH--foreclosures are at an all time high! What in the world are you waiting for?? Let's g

In the spirit of Halloween... This is a post worth repeating: I continually hear people say that their realtor bugged them for weeks to get them to list their house with them. They finally agreed to list it and they never saw the realtor again!! I'm not exaggerating! Check out this story.... New example of a “list em and leave em” real estate company Wednesday, May 02, 2007JANESVILLE, Wis. — A couple checking out a house for sale were shocked to discover the 55-year-old homeowner dead in her bed. Authorities said foul play was not suspected. Real estate agent Linda Chabucos-Galow stood in the dining room while Justin and Colleen McKeen walked through a house Monday night. Before long, she heard Colleen McKeen scream."I thought, 'What's wrong?' Maybe it was a dead mouse or something," Chabucos-Galow said.But then she peered into the bedroom and saw the body of Linda L. O'Leary. An autopsy determined O'Leary had been dead for two to three weeks, Rock Cou

I've been hit in the face with the harsh reality of what really happens when an investor faces foreclosure on the home(s)he/she bought as rental homes. I've had the unpleasant task of informing renters that the home they're living in is in foreclosure. This is really a bad situation. The renters have been paying their rent on time and have a lease that is good through next year. Unfortunately, they will have to move right away if the home is foreclosed on. They are caught up in the housing nightmare that is engulfing our market. They are the innocent bystanders that are going to suffer through no fault of their own. At least my tenants know!! I have been hearing way too many stories about tenants having Sheriff's officers show up at their door telling them to GET OUT. It's gotten so bad, several cities have begun to refuse to evict these tenants without prior notice. SOMETHING must be done on a national level to ensure that these tenants have ample time to find

Times are tough for a lot of people today. The stock market continues to drop, consumer confidence in the Feds continues to drop, food prices continue to rise, gas prices are high and it just costs a LOT of money to survive today! Are you afraid you might be forced to miss a house payment? Have you missed one (or two or three)? Right now, right this minute, CALL YOUR LENDER. If your interest rate is above 7% please consider refinancing your home. If your credit is less than perfect, ask your lender about a FHA loan. The latest bailout package has help for you in it! I think it may be December before they are able to see exactly what that help will be. I think that you should contact your lender right now, today. They know that they are going to have to help you in some way, shape or form. They will work with you. Please don't lose your home due to inaction. Call your lender. Try to work something out with them today. If you're at your wits end and feel like you need

The developments in the finance and mortgage world come as no real surprise to those of us in the trenches. Currently there are 15,000 homes on the market in Jacksonville and of those, 20% are distressed sells. I define a distress sell as either a preforeclosure, short sale, or REO property. A REO property is owned by the bank and has already had all foreclosure proceedings completed. There are 2604 condos listed in MLS and 13% of those are distressed properties. It didn't take an MBA from Harvard to know that something had to give. When buyers can't get financing--Realtors are out of business. When lenders require a credit score of 720 and at least 20% down--Realtors are out of business. When homes drop by 15-20% in value in 6 months--Realtors are out of business. I now have 5 short sale listings. They are located all over town! I think that this is why I really got into Real Estate. I am trying to help alleviate the pain and pressure that a homeowner suffers through whe