foreclosures: Can I Settle With Underwear?
- 08/09/12 03:29 PM
- I have given them my home back. The lady on the phone is screaming. She said she gave the house back to lender in foreclosure, and now they are going after her for deficiency. This is the same lady that told me to get lost when I suggested we could do the short sale. She spoke to her accountant, and then decided going with foreclosure. She stayed in the house for a bit over 2 years, and got used to it, but finally Flagler County started processing foreclosures. Now she got a letter demanding money. And she is pissed off. … (65 comments)
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foreclosures: Frequently Asked Questions About Foreclosure Auctions. How the Sale Happens?
- 06/10/12 04:03 PM
When the property goes for foreclosure auction, the information is published in a local paper, but do not expect that it would be in the major newspaper serving the area. It maybe in a newspaper that few people read. In Daytona we can read it in our biggest daily publication: News-Journal, however they just reprint the list of properties scheduled for foreclosure for the week. You can read it on Sunday (in print or on-line). This information is also can be found on Clerk of the Court website. They have the list of properties scheduled for foreclosure, and they go by … (0 comments)
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foreclosures: How To Buy At Foreclosure Auctions? Frequently Asked Question
- 06/10/12 02:22 PM
This is by far one of the most often asked questions. And this is the one, which does not have a simple answer. We need to know the following: 1. How the foreclosure sales happen? 2. Who and how forecloses on the properties? 3. Who buys the properties at the auction? 4. How to prepare for buying at the auction? 5. How to do the bidding? With all that said, I am basing my answers on the procedures employed by the Volusia County Court, which processes foreclosure sales for Daytona Beach Area. Rules are slightly different from county to county. And … (0 comments)
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foreclosures: Renting in the Times of Foreclosures
- 05/19/12 07:22 AM
I have posted Tenants in Foreclosed Properties. Myths and Reality It was about tenants taking advantage of the situation and stopping making payments to the landlord. Here another side to the story. It is about tenants, who learn that the property in pre-foreclosure, and walk away from the lease. Whether they learn it from the landlord or received a copy of the Notice of Default delivered by Sheriff.
There is often indignation involved. Tenants blame the landlord. They persuade themselves that this gives them the right to break the lease and leave at will. For the tenant, who terminates the lease, … (0 comments)
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foreclosures: Tenants in Foreclosed Properties. Myths and Reality
- 05/16/12 03:45 PM
There is a lot of discussion of tenants in properties that go into foreclosure, and a lot of it is plain balderdash (learned this new word to me from Lenn Harley). At least here in Florida. Here is why. When the Lender files Notice of Default, the Sheriff will bring a copy to the property and wake you up at 6 AM in the morning and will give it to whoever is in the house or condo. If you look at who is being served, there is usually a line: unknown tenants. So, trying to hide that fact that the landlord … (53 comments)
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foreclosures: If I Buy For $1K, How Much Money Can I Make?
- 03/01/11 04:56 PM
A GC friend of mine called me and said that he was thinking of taking a small project, where he would fix it and sell. If Tony calls me, things are really not great. He is great guy, very knowledgeable, and very responsible.
He was thinking of something the least expensive as the money is tight. On weekend I pick him and we tour homes in Daytona Beach. The least expensive ones, of course. I immediately notice that he sees homes very differently. He notices details that I would never even think of. Sometimes I feel that he sees the walls … (18 comments)
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foreclosures: 62 Million People Winning Powerball... That's Orgasm
- 09/22/10 06:48 PM
For quite some time on the periphery of my daily routine there is a vague notion of mortgages being securitized and sold as stocks or something similar to that. And that created a legal problem in the falling market, as legally there could have been a problem with finding a holder of the note.
Of course, after some lady managed to successfully sue McDonald for coffee being what it was supposed to be, a hot coffee, it was just a matter of time before someone or somemany would start suing someone or somemany for something here.
Again, the fact that it happened does … (23 comments)
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foreclosures: HOAs: Culprits or Victims?
- 05/21/10 07:00 AM
James Foxx posted HOAs Contributing to San Antonio Foreclosure Auctions
I am not in Texas, I am in Florida, and there might be difference in how it is handled, but I want to address some issues of basic understanding.
HOAs have a budget, and this budget is as lean as it can be. There is no serious reserve for covering unpaid dues. So, when someone is not paying, HOA may not have enough money to pay for the service. In this market it is often not just few people. It is widespread.
HOAs then have to increase the dues to … (6 comments)
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foreclosures: Short Sale. A Few Questions And Answers
- 05/30/09 02:37 PM
Peter and Lucy called me after seeing prices for 2 bdr/2 bath condos in direct oceanfront buildings in the Oceans Complex starting from $140,000.
Q. Can this true?
A. Yes and No.
Yes, there are listings starting from $140,000. We showed Peter and Lucy several units, and they signed an offer of $135,700 for a unit with $150,000 asking price. Is it a low price? Yes, but a just recently a similar unit was sold for $131,000.
The Listing office acted very fast. And then comes the shock for Peter and Lucy. The Lender countered at $175,000. They go on my IDX and … (14 comments)
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foreclosures: I Had Two Closings Scheduled for Today... But Did Not Close
- 05/15/09 06:13 PM
I had two closing sgheduled for Friday. Both did not happen, and I am not even angry. No reasonable person can be angry with the same stuff again and again and again. I am not even really surprised.
You learn to take things in stride. What was supposed to be normal before, and what you would not priase, is now a pleasant surprised. Scheduled for Friday and closed Friday? Wow. What happened?
My too small closings are REOs. 2 studio units in The Plaza Resort & Spa, daytona Beach premier condo-hotel. And I am far from the magical REO world. My interest is with … (18 comments)
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foreclosures: New Mercedes for $60. Only in Florida
- 04/05/09 01:15 PM
Our office is in Fountain Beach Resort, which is a condo-hotel. On the Marquee sign we have one line. Today it ways "Condos fr $35K".
People walk into the office and ask us about these condos. We give them the printout, brochure, and take them to this $34,900 (we shorten it on the sign) unit. A foreclosure unit, nothing wrong and nothing great about it, a decent size hotel room. Not rented because the lender / owner does not know that they can rent it.
When they come and ask about the condo, I often ask them what they are looking for. … (4 comments)
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foreclosures: Stimulating National Debt. Huge Success!
- 03/07/09 03:08 PM
The consensus is that we are in big mess. The government is figuring out how to spend even more money not to lose an opportunity of a perfect crisis.
So, what are the options?
1. Throw as much money as we can and hope this can fix the problem, however, so far it does not look really happening.
So what happens if after all the money thrown in it does not work? If it fails, what happens?
These properties will end up in foreclosure.
2. Do not bail out anyone and anything. Do not spend trillions.
What will happen in this case?
These properties will … (17 comments)
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foreclosures: Looking For Logic? Wrong Place
- 02/24/09 10:59 PM
For several years after immigrating to US we were loyal AT&T customers. One of the problems was an extremely high rate for the calls to Russia, I think $2.25 a min, and we had to call, even though these calls were so expensive.
Because of technical problems on the Russian side, you had to keep dialing until you get through. On the bill these attempts were shown as one minute, the smallest time frame by AT&T at that time. AT&T always credited us back fr those calls that did not go through, until once, however, the customer service rep refused to credit … (20 comments)
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foreclosures: Did Not See It With Your Own Eyes? I'll Lend You Mine
- 02/07/09 07:17 AM
Dawn Jezina wrote a blog Dealing with buyers!!!! that made me disagree with her.
Dawn got a call from someone, who wanted to give an offer on the property unseen. I actually envied her and thought that I would be ecstatic have I received a call like that. Dawn says that it does not work this way. I think it does.
One of 25 best Re/Max agents in Florida once told me how he witnessed his broker calling his clients and offering $750K property and 3 of those clients said "Sure. No problem". They knew the broker, they trusted him. This was investment, and they … (7 comments)
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foreclosures: Crocodile Tears
- 12/06/08 05:02 AM
Thom Abbott posted a blog THIS is EXACTLY Why The Mess We are In WILL Continue! Stop The Madness!
It is another touching story about the loan payment. Life changes, less income, and a lot of mortgage. This was an investor property, now owner occupied. He has first and second, and calls the servicer for the second to see what they can do. the answer - "Nothing".
Somehow the tone of discussion on AR shifted from "People made their choices, now they face the consequences" to "Lenders, you gotta make their life easy". Shifted from the notion of personal responsibility to the notion … (9 comments)
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foreclosures: Short Sale vs Foreclosure. Heck With the Scores, What About the Jail?
- 04/03/08 10:04 AM
Short Sales & Foreclosures are maybe most often used words lately in Real estate community.
In his very interesting blog CREDIT REPORTING AND SHORT SALES / FORECLOSURES - REVISITED Florida attorney Richard Zaretsky, Esq. looks at how the credit score is affected by Short Sales vs Foreclosure. And, yes, foreclosures are more damaging.
There is, however, still a question of financial consequences. A client of mine told me he is not going to do the short sale, but rather let it go into foreclosure. When I asked him why, he explained that if he chooses short sale, and he did not have the property as primary residence, … (23 comments)
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- I have given them my home back. The lady on the phone is screaming. She said she gave the house back to lender in foreclosure, and now they are going after her for deficiency. This is the same lady that told me to get lost when I suggested we could do the short sale. She spoke to her accountant, and then decided going with foreclosure. She stayed in the house for a bit over 2 years, and got used to it, but finally Flagler County started processing foreclosures. Now she got a letter demanding money. And she is pissed off. … (65 comments)
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