Eric Thompson, Sarasota Siesta Key Florida Real Estate At Its Best.

FIVE FORECLOSURE SCAMS TO AVOID!

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Wed, 16 Sep 2009 07:39:42 -0500

Sarasota, FL Foreclosure Prevention is more important than ever. With all that is going on with our homes and the economy, it can be difficult to decipher between truth and fiction. When a homeowner runs into trouble with their mortgage it can leave them vulnerable to tactics used by those trying to take advantage. Here are 5 tactics to be aware of. If you run into someone trying to use one of these on you, don't be fooled!

1. Never sign your deed over to anyone who promises to save your home.
If anyone such as an investor or real estate agent tries to convince you that they can stall your foreclosure but you must sign over your deed first, do not do it. They may reason that because they must invest their time and money into your home that their investment must be protected. They may even argue that it will help you out as you can stay in your home while they try to postpone the sale of your home or try to purchase the home from your lender.

The Reality: Once your deed is signed over, you no longer have legal rights to your home but the mortgage is still in your name. If the investor fails to work something out with your lender, then you no longer have any legal rights to the property. There was a similar scam going around not too long ago. A company was promising that they had discovered a loop hole in the law that could save homes from foreclosure and leave the home to the homeowner free and clear. All the homeowner had to do was sign over their home to this company and pay rent during the legal process. The reality is dozens of homeowners were duped into paying rent to a company that never saved anyone's home. There were several prosecuted in this scam but be aware there are others like it out there. Signing over your deed is never a good idea for Foreclosure Prevention.

2. Never Sign a Power of Attorney:
Very similar to signing your deed over, a power of attorney should never be signed. The investor or real estate agent convinces the homeowner that they need a power of attorney signed in order to negotiate on their behalf. They request several notarized documents such as a contract, release of information, and power of attorney.

The Reality: In order to negotiate with your lender on your behalf all anyone needs is a letter of authorization. This letter does not usually need to be notarized and does not take away any rights. On the contrary a power of attorney gives someone else legal authority to make decisions for you. There have been homeowners scammed into this that have subsequently had their property change hands without their knowledge. Signing a power of attorney is not advised for Foreclosure Prevention.

3. Never Create Issues with the Property:
An investor or real estate agent convinces the homeowner that the bank is more likely to accept an offer in a short sale if the home is in worse condition. So to help out the homeowner should create issues with the property such as a flooded kitchen, punched in walls, leaking pipes, or any other issues that would negatively affect the value of the property.

The Reality: This is called fraud and this is illegal. If your property truly is in bad condition you don't have to fix these things, however, you should never fabricate issues to help out with the sale of your home. This is Foreclosure Prevention in its worst form.

4. Be Aware of The Impossible Refinance:
An investor or mortgage consultant convinces the homeowner that there is plenty of equity in the home and all they need to do to get out from under the bad loan they are in is refinance the loan. They may even promise cash at closing.

The Reality: Always get a second opinion on value. If you know that you do not have equity in your home then perhaps you are right. What might happen? This tactic could waste valuable time you need to save your home. In some cases the refinance will actually go through. Many mortgage brokers will target areas with varied values such as an area where some homes have views while others do not. In these cases an appraiser can get creative and submit a fraudulent appraisal on a lowered value home. If the refinance goes through the homeowner is now even more upside down on their home and may have to pay higher payments as a result. On top of this, the homeowner can become suspect for mortgage fraud. Because of stricter mortgage guidelines, a refinance is not a very common solution to Foreclosure Prevention.

5. Be Leary of a Promise of Seller Cash a Closing:
If you as a homeowner are upside down on your home and decide to sell your home in a short sale as a form of Foreclosure Prevention, please understand that it is against the law to receive cash from the sale at closing. An investor may promise to pay you money outside of escrow. He or she may even offer to buy your appliances at an overvalued price. They may offer you $2,000 for your refrigerator and $3000 for your washer and dryer, for instance. It sounds great but be aware.

The Reality: If you are working with an investor you must understand that they are buying your house to make a profit. The more money they must put out such as money given to you, the lower their offer to your lender must be so they can make their margin. This means that the lender will be less likely to accept the offer which can waste the precious time you need in order to save your home from foreclosure. On top of this, making money off of the sale of your home outside of escrow is also a form of fraud.

6. FORECLOSURE SOLUTION: Short Sale.
What should you do if you find yourself in a situation where you are in pre foreclosure, are behind on your mortgage , or are in danger of falling behind?

If you live in Sarasota, FL or in the surrounding area and are looking for Foreclosure Prevention methods to save your home, always work with someone you trust. If you are looking for a Realtor who is experienced in short sales and other ethical foreclosure prevention solutions, then look no further. I am always a phone call or email away and I am here to help!

Don't spend more time than you need to carrying the burden of your current financial stress the winner between short sale vs. foreclosure is obvious. If putting your life back on track is your goal, then please give me a call. You have many options. Find out if a Short Sale is right for you. Eric Thompson, Florida State Licensed REALTOR®
Telephone (941) 809-6680
Email: EricThompsonRealtor@gmail.com
Web: http://EricThompsonRealtor.com
The above agent is not engaged in the practice of law nor gives legal advice. Realtor License # SL3092706

IT'S THE ECONOMY STUPID!

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Mon, 13 Jul 2009 15:27:44 -0500

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Call me at (941) 809-6680 for enrollment as a customer and/or agent.

To your success & health.

Eric Thompson

Best Siesta Key, Longboat Key, Bird Island Florida shopping.

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Mon, 13 Jul 2009 09:47:08 -0500

Siesta Key Florida shopping has the usual tourist attraction shops. I would highly recommend a visit to St. Armands Circle- famous for its first rate shops and boutiques- which is adjacent to Longboat Key on the south end of the island.

Sarasota Florida Area home prices buck u.S. Trend

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Thu, 28 May 2009 09:18:27 -0500

A recent article from the Herald Tribune shows that area homes prices buck U.S. Trends. Read entire article here.

Would you like to by your dream condo or home on Siesta Key? Now is a great time to buy. I specialize in waterfront properties. I would love to show you our fantastic real estate gems.

Best wishes,

Eric Thompson

Siesta Key beach: "The whitest and finest sand in the world".

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Fri, 22 May 2009 06:34:14 -0500

Actual photo of Siesta Key beach: "The whitest and finest sand in the world". Harvard University's geology department found that the sand on Siesta Key is 99 percent pure quartz grains, ultimately derived from the southern Appalachian Mountains.

PARADISE FOUND! LIVE AND PLAY ON FLORIDA'S SIESTA KEY ISLAND.

Our world famous crystal white powdery soft beaches, incredible boating, world famous golf courses, top notch dining, world class shopping and on par with New York styled theater bless Siesta Key and Sarasota as a destination city of choice for a vacation or for retirement.

Located on the West Coast of Florida, midway between Fort Myers and Tampa, Sarasota, Siesta Key, Longboat Key and the other barrier islands real estate are amoung the most desireable living locations in all of Florida.

Enjoy rich abundance from the Ringling Museum to the Sarasota Opera, Ballet, Concerts, and the Drama of the Performing arts Hall. Take in the West Coast Symphony, theater, art galleries and exhibits as well as attend excellent art schools and classes. We have even received Money Magazine's "Best Small City Award".

"Don't be a vacationer! Why not live here. I specialize in waterfront properties. Now is a great time to buy. Call me today to schedule an appointment. I would love to show you our fantastic real estate gems."- Eric Thompson

Free! Search millions of homes nationwide from my real estate website. What a great feature.

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Mon, 11 May 2009 15:30:34 -0500

For the first time in the industry, this cool search function allows you to access millions of listings nationwide, including For Sale, For Rent, Foreclosures, FSBO and more. Great for Snowbirds to refer out-of-area customers (or agents) easy use.

Benefits of this tool include-

ultra-fast user interface

unlimited, preconfigured neighborhood and niche searches

mapping, Googl street view and Google Earth features

Visit me, and give it a try- http://ericthompsonrealtor.com

Florida's Tax System Fundamentally Flawed

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Mon, 11 May 2009 12:48:17 -0500

Here is a sobering article from the St. Petersburg Times- http://snipurl.com/ht5xs

To your home buying/selling success!

Eric P. Thompson

Are Banks Making Short Sells a Long Process?

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Mon, 11 May 2009 12:11:20 -0500

Here is a good article I recently came across over at RIS Media worth reading about banks making short sells a long process.

http://sn.im/ht2ox

To your home selling/buying Success!

Eric P. Thompson

BANKERS.... ARE YOU LISTENING? YOUR FORECLOSURE & SHORT SALE PROCESSES ARE BROKEN!

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Mon, 11 May 2009 10:41:39 -0500

Sharing some insightful comments from other Realtors concerning Foreclosures & Short Sales.
Via East Manatee County Homes - Real Estate ~ The Serena Group (Keller Williams Realty of Manatee):
Just like a lot of other Real Estate professionals... REALTORS, Title Companies, etc. , we have been trying to do the impossible! To successfully negotiate through the jungle that is known as the banking "short sale process" towards a merciful end for our clients and to produce revenue for our real estate business... not to mention helping to clear the glut of short sales & foreclosures that are choking our Real Estate market and preventing it from stabilizing and becoming healthy again! We can EVEN help the banks get what THEY want.... more money for toxic assets and smaller deficiencies!

The problem is that we are working with a BROKEN BANKING SYSTEM where common sense and logic play no part!

We patiently plod along, with our clients in tow, through the maze of paperwork, the never ending phone calls, difficult negotiations, heart wrenching details.... thinking that we are getting close to accomplishing a win-win situation for all under the most dire of circumstances.... then.... WHAM!... a bank negotiator that we've established a rapport and open line of communication with, (after painstaking patience & diligence on our part) leaves, gets laid off, falls off the face of the earth... WHO KNOWS WHERE THEY GO! No one ever seems to know or care! The file goes into "Short Sale Limbo Land" and is reassigned... to who? They never call with that information!.... the only way to find that out is solve the mystery that becomes..."Short Sale, Short Sale....Who's got the Short Sale File?" ...OR...

We plod along trying to keep a buyer loyal to "THE TRANSACTION FROM HELL" forging through months of empty deadline promises, ignored phone messages, stubborn INVESTORS that say "NO" to a perfectly fair offer (supported by comps & market statistics, I might add!), extensions because of delays that really shouldn't be necessary, and "missing" workout negotiators that get replaced by "mystery" negotiators that don't identify themselves but wait for you to find THEM! The transaction drags on for so long that: the buyer walks, the property owner loses precious time before foreclosure is eminent, AND the banks lose perfectly good deals that most certainly would put more money in their pockets than they will ultimately get with another offer which will clog their systems even more and produce less revenue and cause larger deficiencies! These "toxic" assets then continue to compete with normal home sales and continue to drive down everyone's property values and belabor the recovery period.

Might I add... that most Real Estate deals today are short sales and foreclosures and this "BROKEN BANKING SYSTEM" is preventing us, as REALTORS, from enjoying our CONSTITUTIONAL RIGHT TO MAKE A LIVING!

Has the banking industry asked us for our suggestions or put together a panel of experts in the REAL ESTATE INDUSTRY to aid them in fixing their systems? WHY NOT? Is there some advantage to them to continue on with this devastating course of events?

Lots of questions and opinions... but no conclusive answers.

                             BANKERS...ARE YOU LISTENING?

                                                  www.TheSerenaGroup.com

Eric P. Thompson, Sarasota Fl: EARNING YOUR TRUST.

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Fri, 30 May 2008 16:00:55 -0500
EARNING YOUR TRUST FOR LIFE.
Experience equals results. It is my privilege to develop a trusting relationship with you. I understand that buying or selling a home is among the most important decisions in your lifetime. Making these important decisions is not simply a business transaction, it is your life.
Please feel free to phone, email, or visit me to discuss your real estate needs.
Sincerely,
Eric Thompson

Welcome to all group members. Please read this first.

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Fri, 22 Feb 2008 16:50:05 -0600

Welcome to all group members.
A few rules.
When posting please observe the Golden Rule.
Stay on subject.
Photos are OK as long as they aren't too large.
Please share your motorcycle niche marketing success secrets with members, or share just plain motorcycling stories.
Live to ride, ride to live.
Eric P. Thompson, P.A. Licensed REALTOR in the state of Florida.
http://activerain.com/ericthompsonrealtor
http://activerain.com/floridamotorcyclist
http://MySarasotaFlorida.com

REALTORS, Please Join ABATE: Motorcycle Safety Awareness

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Fri, 22 Feb 2008 16:17:40 -0600

First I want to say a big "THANK YOU" the founder Mike Mueller for putting up this blog.
I'd also like to encourage all members of this blog to join their local ABATE chapter. Just google ABATE with your state name. It is a national organization with chapters in every state and county.
I'd also like to open up discussion about how we as REALTORS (R) and motorcyclists can do more to get our Buyers, Sellers, Vendors, and the general public take interest in motorcycling.
Best wishes,
Eric P. Thompson, P.A., Licensed real estate agent in the state of Florida. REALTOR(R)
WEST COAST ABATE of Florida, Inc. Safety Director
http://activerain.com/ericthompsonrealtor
http://MySarasotaFlorida.com

Eric P. Thompson, Realtor recommends Sarasota Florida Newcomer helpful websites

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Mon, 29 Oct 2007 09:15:34 -0500

Over the years I've found the following websites helpful, especially for newcomers to the area.

thisWeekinSarasota.com

SRQ Magazine, Sararasota' premier magazine

Sarasota Downtown & Beyond Magazine

Sarasota Convention Center & Visitor's Bureau

Sarasota Chamber of Commerce Power Networking Lunch

Estate Treasures

Siesta Key Chamber of Commerce

MySarasotaFlorida.com

Sarasota Speaks blog

Save Our Sarasota blog

Sarasota Livin' blog

Eric P. Thompson, Realtor, Sarasota, FL.- Join the Imagine Nation

Eric P. Thompson, REALTOR, Siesta Key Florida (WATERSIDE REALTY, LLC) — Fri, 26 Oct 2007 09:28:58 -0500

JOIN THE IMAGINE NATION

"Imagine no need for greed or hunger, a brotherhood of man."

Purchase your Imagine Florida License Plate.

"Imagine" specialty license plate supporting Florida's food banks.

http://www.imagineplate.com/main.htm