short sales: Don't Overpay for Your Property - 02/28/11 02:33 AM
Its amazing to me how many people actually overpay for a property, especially in this market because they are not informed or they are not working with a Realtor who can provide them with the correct information about the property. 
Most of the time the buyers that overpay are the ones that are trying to get a great deal!  Whether its a foreclosure property, a short sale or a regular sale you have to be informed and be working with a Realtor who knows the market and can give you the correct information.
 
 
Joseph Santini  --  Your Boca Raton, Florida Luxury Waterfront Expert!
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short sales: Listing Your Short Sale - 02/03/11 07:58 AM
Short sales are moving along a little easier than a couple of years ago mainly due to the banks getting better at processing them. That being said the level of success you receive getting your short sale closed lies in the hands of the listing agent that you choose.  While today many listing agents take your listing and hand it over to their short sale department, its still very important that the correct things are done to get it sold.
The most important thing in getting the job done in a reasonable amout of time is creating a good relationship with the loss mitigator at … (0 comments)

short sales: Short Sales in Boca Raton, Florida - 01/13/11 11:53 PM
     A year or so ago I was not a big fan of short sales as the banks just couldn't deal with what was going on and to get involved in one was not very productive for the buyers. Now things have definitely improved probably as much as they are going to as far as getting these properties closed. At this point there are certain short sale properties worth taking a shot at to try to get a good deal. 
     This improvement in the processing of short sales is also great news for sellers looking to get out of their properties.  In my office … (1 comments)

short sales: Buying & Selling Short Sales - 12/14/09 04:18 AM
Since so many of the properties on the market today are short sales its important that you fully understand how these sometimes complicated transactions work.  The best way to do this is to work with a Realtor who is experienced with them. 
A good Realtor will understand everything about these deals from guiding you on how much to offer to time frames and contracts.  So if you want to try to get a short sale deal choose your Realtor wisely to assure that you get the best results possible.
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short sales: Banks, Short Sales and Loan Modifications - 12/11/09 12:22 AM
The way the banks are currently handling short sales and loan modifications definitely needs much improvement. Many times when dealing with these issues you can't help but feel you are talking to people not qualified to do their job. These huge institutions are just not dedicating enough resources to these departments which is strange since these departments are either making them alot of money or losing them alot of money.
With all the people out of work you would think that they would have no trouble finding qualified people or maybe they just haven't figured out how much money they are losing everyday from poor decision making. … (2 comments)

short sales: The Real Estate Market is the Key to the Economy - 11/26/09 10:29 PM
Real Estate has always been the key to the US economy and the one sector that effects just about everything else. When housing is good everything flows.  This is why everything must be done to continue to help the market. 
The home buyer tax credit is one example of something that is helping tremendously.  It would be nice to see some things to address the banks and their handling of short sales and loan modifications.  Many were so quick to ask for help when they needed it and once they received it most became very hard to deal with.
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short sales: Banks,Short Sales and Foreclosures - 06/17/09 02:00 PM
The banks are becoming easier to work with as they have had plenty of time to get their systems in place as far as short sales and foreclosures go. They are still having a tough time keeping up with the volume and they are still turning away many decent short sale offers only to let the property hang in limbo and deteriorate further and liquidate it on the foreclosure market down the road.
I am not sure if they can become more efficient at this since there are so many variables involved and the people handling the files really don't have the motivation … (0 comments)

short sales: Know The Value - 05/08/09 02:00 AM
Activity is really up and many deals are getting done!  I still see many buyers willing to pay anything as long as the property is advertised as a short sale or a foreclosure.  Many people continue to buy these properties, especially foreclosures and not do so well.  Bottom line is you must know the current value and remember that the bank must approve all short sales and many times will make you wait months and then ask for more money. 
There are opportunities in both short sales and foreclosures but you must educate yourself and know your values.
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short sales: Don't Forget Part 2 of a Short Sale - 05/05/09 03:22 AM
You found a patient buyer who submitted an offer.  Your Realtor worked night and day getting it approved. You are ready to close this deal and put all this behind you.  Make sure you take care of part 2 of negotiating a short sale with your bank.
Most people are so happy to be closing on their short sale property that they forget this all important step.  Just because your bank has agreed to let you do this deal does not mean they have agreed to forget about the monies that you are shorting them.  Most banks don't bring this topic up … (0 comments)

short sales: Why Short Sales Might Not Be the Best Deal - 03/23/09 01:49 AM
All you here about these days are short sales. Just the words short sale puts an incredible picture in the heads of buyers of incredible deals and something for nothing. This has alot to do with the low listing prices that they see on these short sale listings.  They see this incredibly low number and assume they will get it for even less than that and they also assume the bank will surely take whatever they can get.
This is nothing but an illusion because the bottom line is the bank has to approve the sale and they are looking for 90% of … (0 comments)

short sales: Two Parts to Short Sale Negotiating - 03/12/09 02:17 AM
Short sales are a very big part of the market now and if you find yourself needing to work with your bank on one its important to know as much as you can about the process and how it works.  The problem with this is that all the banks work a little differently and the rules seem to change every week.
One important thing to remember is that there are two parts to short sale negotiating.  Everyone pays alot of attention to the first part which is getting the bank to approve an offer so you can get your deal closed.  The other … (0 comments)

short sales: Paying Doc Stamps on Short Sales - 12/26/08 01:24 AM
The Florida Department of Revenue has cleared up what was becoming a major issue in handling short sales.  They have ruled that the amount of Doc Stamps due is based on the amount actually paid by the buyer and does not include any amount forgiven by the lender. For awhile many closing agents had different views on this but now everyone is on the same page. This is great news for seller's in this challenging market.
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short sales: Foreclosures, Short Sales and Motivated Sellers - 11/24/08 12:48 AM
In this buyers market many people are looking for the best deal in town and many people assume that when a property is a foreclosure they are getting the best deal on the planet.  While it may be true that they are getting a deal, many times they could do better elsewhere since banks are in the market to make money. The big problem with foreclosures right now is that most of them are receiving multiple bids and driving the price up. The banks just love this bidding frenzy, especially when they wind up receiving market value for the property.
Short sales are a … (0 comments)

short sales: The Effect of Foreclosures - 11/19/08 09:44 PM
Foreclosures have many different effects on many different things but obviously they have the most effect on the people who are losing their home.
Though a necessary part of this challenging real estate cycle, foreclosures also cause a big problem for other sellers trying to sell their homes and perhaps stay out of the foreclosure process themselves.  With the banks discounting so many properties throughout the country, sellers are finding it hard to compete with them. Its very important to price your home correctly as a seller but this is getting harder and harder to do for many sellers because of … (0 comments)

short sales: Banks, Short Sales and Foreclosures - 09/29/08 05:20 AM
I must say that most banks have really got their systems in place to handle short sales.  I have two short sales going on right now and the banks are getting easier to deal with.  They still move slowly but they are easier to get on the phone and they do answer your questions.  Much different than a year ago.
Don't be afraid of going after a short sale.  As long as you accept what is involved you just might get a deal!
Watch out when you are going after foreclosures.  I am hearing bad stories about people buying  foreclosures.  Just because they hear the … (0 comments)

short sales: Foreclosure or Short Sale Know the Difference - 08/26/08 03:01 AM
Foreclosures and short sales are now common words here in Boca Raton and across the country.  During this slow market many people find themselves in less than ideal positions.  If you are in the market looking to buy and are concentrating on foreclosure and short sale opportunities you should know what these two terms mean and the differences between them.
When you as a buyer are looking at a property that is a foreclosure it means that the owner of the property is the bank.  They have taken over the property and in most cases have hired a real estate agent … (0 comments)

short sales: What is a Short Sale? - 06/12/08 05:19 AM
A short sale is when the homeowners lender agrees to accept a payoff for less than what is truly owed on the mortgage.  When trying to buy a home advertised as a short sale keep in mind that the bank who holds the mortgage must approve the deal.  Some of these transactions can become very drawn out as the banks are overwhelmed and are very hard to work with at this time. These deals are only allowed under certain circumstances.  If the deal is accepted then it will close just like any other transaction.  As a buyer you may be facing endless delays waiting … (0 comments)