foreclosures: 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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foreclosures: Great Time to Buy on the Water in Boca Raton, Florida - 02/11/11 07:17 AM
Ever dreamed of looking out at the water every morning when you wake up?  Now is the time to make your dream a reality.  Take advantage of the market and secure your dream home now while you can in one of the most beautiful places to live in the world.  There are fantastic properties available in all price ranges!  How about living on the sand in Boca priced in the 200's!  Now is the time!
Joseph Santini  --  Your Boca Raton, Florida Waterfront Expert!
 
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foreclosures: Foreclosure Activity is Down in South Florida - 12/17/10 04:26 AM
Foreclosure activity is down across South Florida for a few reasons. As we move along in this cycle things do eventually start slowing down and hopefully the banks are doing all they can to keep people in their homes. 
The main reason is that the banks are holding back some of the foreclosure inventory because of the robo signing issue that has been in the news. They also usually slow down with foreclosure activity anyway in December during the holidays. 
Look for increased activity the first couple of months of 2011 and hopefully once that works through things can really start to improve as … (1 comments)

foreclosures: Bank of America Announces Principle Reduction Plan - 06/04/10 09:27 AM
Bank of America has begun their principle reduction program taking another step to help reduce foreclosed properties. 
To qualify the loan must have been originated by Countrywide on or before January 1, 2009.  The amount of principle owed must exceed the value of the property by 20% or more and the borrower must be at least 60 days past due.  Contact Bank of America for more information.
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foreclosures: Are Banks Getting What They Want? - 01/26/10 11:23 PM
In neighborhoods across South Florida many homes are still getting foreclosed on and I wonder if this is what the banks really want. 
Certainly some of these would qualify for some kind of workout plan where the people can stay in their homes and the bank can get the loan back on track and make money instead of taking a huge hit by foreclosing.  More importantly the number of foreclosures could be much less, improving the market. 
In alot of cases foreclosure is the right thing to do but certainly the banks can improve on their workout rate.  I just can't figure out … (0 comments)

foreclosures: Foreclosures Are Not Always The Best Buy - 07/31/09 02:04 AM
Though the word foreclosure makes people excited, they are not always the deal they seem to be.  What we are seeing now is many homes that have been sitting unoccupied for very long periods of time and when the bank finally gets around to selling the property, in many cases the homes are in very bad shape.  Things like water intrusion and no electricity on to power the AC really do damage when left for such long periods of time.  Always make sure to have a thorough home inspection and watch out for cheap repair jobs.
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foreclosures: 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)

foreclosures: 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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foreclosures: Sales are up in Boca Raton and across South Florida - 12/05/08 01:03 AM
Sales are definitely up across all of South Florida and its great to see inventory moving. Though this is welcomed news we need to look at what really is happening.  The inventory that is being sold falls under two categories.  One is foreclosures and the other are sellers dropping to prices to compete with foreclosures.  Sure there are other properties selling as well but those are at greatly reduced prices as well.
The regular seller trying to sell right now is really having a tough time going up against these really low prices which is why the sooner these distressed properties get cleared … (0 comments)

foreclosures: Deed in Lieu of Foreclosure - 12/04/08 05:42 AM
There are many options available to you when you finally decide that you can no longer afford to stay in your current property and one of these options is Deed in Lieu of Foreclosure. This process is available to someone in a primary residence who has had some kind of hardship such as loss of employment, sickness, etc.
While many people assume that you just mail the bank the keys, its not quite that simple.  The property owner must meet strict guidelines to be approved for a deed in lieu of foreclosure and more of these files fail than make it through … (0 comments)

foreclosures: 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)

foreclosures: 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)

foreclosures: Mortgages are Available in Boca Raton - 11/07/08 11:57 AM
The uncertainty has quieted down somewhat with the banks and with the bailouts that the government put in place money has loosened up again to the point where it was about 2 months ago.  What the banks are seeing now is that they are ready to lend money but applications are down.  The reason for this is that many people wrongly assume that they won't be able to get financing and don't even try and also many people are choosing not to take on any additional debt in uncertain times.
Now is a great time to get out there and find your deal.  I am seeing … (0 comments)

foreclosures: Foreclosure Activity in Boca Raton and Beyond - 10/07/08 07:47 AM
Seems like all we hear about these days are foreclosures. It may not be as widespread as you might imagine in your town or maybe it is. Check out this interactive map that lets you see how your area is doing. You can check anywhere from Boca Raton to Los Angeles. The map also lets you check to see what areas are experiencing late payments and the other beginning stages of foreclosure as well.
 
www.newyorkfed.org/mortgagemaps/
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foreclosures: 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)

foreclosures: 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)

foreclosures: Tenants Beware of Foreclosure Issues - 06/16/08 02:15 AM
Every market creates different circumstances that affect different parties in different ways.  One thing that is becoming way to common in this market is the bad effect foreclosures are having on innocent tenants.  Often times the first hint of trouble they are getting is from a letter or notice they happen to find at the house that hints their landlord is being foreclosed on.  Many times the tenants aren't aware of whats going on until the bank notifies them that they have taken back the property and are giving them 30 days or even less to leave.
There are some things … (3 comments)