Real estate blog entries tagged with foreclosure by John Adams (Adams, Cameron & Co. Realtors)

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Home : Blogs : John Adams : John's Blog : Tag "foreclosure"

foreclosure: Flippers rejoice - 06/16/08 01:38 PM

WASHINGTON - The Bush administration is suspending a 5-year-old rule intended to deter property flippers as part of an effort to help speed the sale of foreclosed properties. For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold and receive government-backed loans. The policy aimed to deter property flipping schemes, in which buyers are overcharged for foreclosures. But the surge in vacant properties resulting from borrowers who were unable to afford their mortgages has become a far more pressing concern. - Associated Press
This short article came out today. … (1 comments)

foreclosure: Foreclosure liability - 06/06/08 09:29 AM

I had an interesting conversation yesterday with a seller. The seller owns property in Florida which was purchased as an investment. The property's just value according to the property appraiser is about $225,000. The owner owes over $400,000. The proeprty has been listed for some time and I was discussing the possible opportunity of a short sale. The seller's intent was to allow the bank to foreclose with the expectation that she would be finished with it. Unfortunately, she didn't understand that the bank has rights beyond the mortgage. Specifically, that the bank has the right to come after a seller … (1 comments)

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John Adams

Ormond Beach, FL

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Adams, Cameron & Co. Realtors

Office Phone: (386) 253-8044

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This blog is intended to update people who are interested in buying and selling homes, condos, or other real estate in the Volusia and Flagler market. While it is called Real Estate in Daytona Beach Area we will address statistics ranging from New Smyrna to Palm Coast and west to include Deland, Deltona, etc. I will also cover topics regarding investing in residential and commercial real estate. I encourage comments from everyone and am very interested in feedback and opinions.

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