FLORIDA SUPREME COURT ADDRESSES FORECLOSURE SALE CANCELLATIONS - 02/17/10 10:52 PM
The Florida Supreme Court last week published its decision bringing to task lenders that - at the last minute - cancel foreclosure sales.  The court had been petitioned primarily by condominium associations, homeowner associations and property owner associations for something to prevent lenders from dragging on foreclosure proceedings in an effort to delay payment of association fees and assessments.  The practice has also seen some press as - reverse foreclosures - where the association pushed the court to force the lender to stop dragging its feet and get a foreclosure judgment and sale date.
The full decision called IN RE: AMENDMENTS TO … (9 comments)

EQUATOR SYSTEM - ARE BORROWERS THAT COMPUTER LITERATE? - 02/17/10 10:00 PM
The "Equator System" is now in use by Bank of America and GMAC. Touted as a simplistic system to get short sales moving though the lender's system, is it really just an automation method that removes the human decision making element and makes our clients just a jumble of numbers?  Also, how many of your clients are trainable to learn the computer system so they can enter pages of data and create Adobe PDF files of their financial backup material and then upload it to the Equator System?

I am going to take a fast guess and say that as … (14 comments)

CHINESE DRYWALL - CANCER CLUSTER - UNEXPLODED ORDINANCE - WHEN THERE IS NO BUYER AT ANY PRICE - 02/15/10 07:25 AM
What happens when there is no buyer for your property at ANY price because a literal buyer disaster has occurred in your neighborhood?  In the past 2 years, mortgage crisis and real estate value meltdown notwithstanding, three events keep showing up in my Florida office: 
            1.  Chinese Drywall homes where the family has to move out because they are sick and the house is inhospitable to not only the family but to all the mechanicals inside (wire, metal studs, appliances)
            2.   Loxahatchee (Acreage) Cancer Cluster where the rate of brain tumors in children is alarmingly high, making raising a … (5 comments)

SHORT SALE MARKET EVOLUTION - GMAC SOLUTION TO FALSE BUYERS - 02/11/10 05:50 PM
KUDOS to GMAC mortgage.  Their new criteria for short sale consideration is that all contracts with buyers must have a clause that requires the deposit on buyer default to go to GMAC.
Here is the language GMAC wants if you have a short sale with them as the lender:
2-3% earnest money must be agreeable to buyer. Contingencies must be removed 14 days after we issue approval letter and earnest money becomes non-refundable. If buyer walks, buyer and seller must agree in writing that earnest money will be wired to GMAC.
      This development is clearly an attempt to stem the … (97 comments)

AGENT PAYS FOR ATTORNEY - THE CONTINGENT SHORT SALE ATTORNEY FEE AND CONFLICT OF INTEREST - 02/03/10 10:06 PM
The beginning of this year brought to mind the recurring problem of attorneys that are hired by the real estate agent to represent the seller.  Unfortunately, too often the advice the attorney gives to the "client" is designed to make the deal happen - at dire cost to the client seller. Realtors, attorneys and sellers should be aware of the "greed side" of our human nature and guard against being put into these unfortunate situations. 
The scenario begins with the selling agent having a short sale listing and providing a "service" to the homeowner to negotiate the short sale and provide … (6 comments)

YOU LOST YOUR HOUSE - BUT YOU STILL HAVE TO PAY - CNN MONEY AND ACTIVERAIN - 02/03/10 08:22 AM
Last night I went to my first (and our area's first) ActiveRain member meeting.  For almost no publicity we had 35 brave souls venture out in the rain to meet mostly complete strangers - and we had a wonderful time seeing fellow bloggers. 
ActiveRain has been a boon to my business and recognition - for example, without ActiveRain the following article would never have included my interview with CNN-Money last week (Thank you Les Christie!) ---
You can link to the article at CNN.COM by clicking on CNN MONEY




You can link to the article at CNN.COM … (9 comments)

 
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Richard Zaretsky, Florida Real Estate Attorney

West Palm Beach, FL

More about me…

Richard P. Zaretsky P.A. - Board Certified Real Estate Atty

Address: 1655 Palm Beach Lakes Blvd, Suite 900, West Palm Beach, Fl, 33401

Office Phone: (561) 689-6660 x 107

Cell Phone: (561) 329-2279

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Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog.
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