daytona short sales: The Button for No BS? - 10/27/13 01:12 PM
This house in Palm Coast is a short sale, and looks like it is a contender for the title of the longest one.
Anyway, we were hoping that we would get to the approval soon. And then a few days ago I got a frantic call that there was a notice on the house, and it was about foreclosure.
We asked the Seller, but she claimed she did not receive anything. Well, she does not live in the house anymore, so that did not really surprise me. We checked the house, there were no notices on it. The record in the … (111 comments)

daytona short sales: Need Authorization to Authorize Authorization, Baby… - 07/19/12 04:30 PM
We have a short sale with BoA. The Seller lost a job, had to leave town. Should have been an easy short sale, the selling price is very close to what she owes, so what could be a problem? Put the package together, submitted to the Lender. Does not show anywhere. Do it again, no trace of it on Equator again… and again. Calling BoA and they say there is something there, and it will not work until the Seller calls them directly. OK, the Seller calls, and after verifying everything and kicking her from one person to another, they tell … (76 comments)

daytona short sales: Right of First Refusal And Short Sale - 07/15/12 09:20 AM
I posted Right Of First Refusal…What You Need to Know. It is a simple concept. If the price is low, it may trigger interest among other condo owners and they will have the right to buy the property under contract, provided they offer the same terms. Not all condos In Daytona area have this provision. Some only have the right of first refusal by the Association, and I only heard of two cases where it was used. But some condos have both the Right Of First Refusal by the Association, and also the Right of First Refusal (if the Association is … (4 comments)

daytona short sales: Our Longest Mile... - 07/08/12 05:18 AM
We took the listing for this Short Sale October 22, 2009. We closed July 6, 2012. It was a non-stop fight for 2 years, 8 months and 15 days. So, as of July 6, 2012 this 2 bedroom/2 baths condo unit in MG on the Halifax (former Marina Grande on the Halifax) is sold to the investor. Our previous record was a gorgeous 3 bdr/3 baths condo in Cinnamon Beach, Palm Coast. (see The War & Peace of Short Sale and Terri, I Miss You, Too). I do not want any more records. What started as a simple short sale with … (48 comments)

daytona short sales: Frozen Future - 03/14/12 02:21 PM
 
We finally closed a short sale, which I did not think we would ever be able to close. SunTrust Bank. The property is a lakefront lot. Mortgage is $216K. It was supposed to be an affluent gated subdivision, but just a few homes have been built…
It is like a frozen future. You can already see it, but it is not yet there. A land of opportunity. The problem is that there are too many opportunities lots for sale there. And about $200 a month HOA fees do not help either.
There were no takers at $49K. The first offer … (14 comments)

daytona short sales: Crying Wolf - 01/23/12 04:21 PM
Once upon a time there was a listing. Price for this 3 bdr /3 bath oceanview condo in Daytona Beach Shores was very good, and I rushed to call the listing office for the showing instructions.
There was a slight hesitation, and then I got the listing agent on the other line. And we know each other.
- Jon, it is actually not for sale at this particular moment…
I was puzzled. It is on MLS as active, so what is the deal? Well, the seller has a much more expensive piece of property in South Florida, and he is … (22 comments)

daytona short sales: 2-Bdr Condos in The Oceans In Daytona Beach Shores - 12/30/11 04:15 PM
I am looking at 2/2 units for sale in all oceanfront buildings in The Oceans in Daytona Beach Shores. Changes from just a few months ago are stunning. The lowest price went up from $110,000 to $174,900. Such a dramatic rise in such a short time during the slowest season in Daytona is remarkable.

Total number of 2/2 units for sale is 40 in 11 Oceanfront buildings is really a small number. This is just another striking sign of decreasing inventory, which usually is accompanied by increase in prices.
If we look at sales, there were 36 units sold in … (0 comments)

daytona short sales: Short Sale Going Bonkers... Need Advice - 12/21/11 05:18 AM
We got this listing and thought that we would just find the Buyer and run it with Boa VIA Equator, and be done with it.
And then the Seller has received a letter that she was chosen to participate in Co-Op Short Sale Program, and there were quite serious perks to jump on it. No deficiency, stopping foreclosure, $2,500 allowance...
So, she filed her paperwork, we did ours and submitted it all to those Dignified Solution's people. They acknowledged that we are OK. We had a bunch of showings, reduced the price a few times, and the contract came at $80K.
(7 comments)

daytona short sales: Anybody Managing Paradise? - 12/15/11 02:43 AM
I am working with a client on a short sale of a piece of land. They bought this lakefront half-acre lot at the height of the market for $220K, but since then her husband died, and she is loosing every property they bought. We are negotiating an offer for 13% of that.
At one point I asked her about her primary residence, as I knew she stopped making mortgage payments. She said she was not interested to keep it, as there were repairs needed and she did not want to deal with it. Hmm, the house is 15 years old, … (10 comments)

daytona short sales: The One That Got Away – Through No Fault of Mine - 11/24/11 04:46 PM
The One That Got Away – With No Fault of Mine
It started as a short sale as some others. We helped a client, from New York, and she referred her friend Jennifer to us.
It was all pretty usual stuff. The Sellers forwarded us all the documents, after we secured the contract.

It was the Bank of America, so we were working via Equator. And one day the task required information from the Buyer, like Equator asks every time, and one of the pieces was the first 5 digits of Social Security number.
Forwarded to the Buyer, and, … (32 comments)

daytona short sales: Case of Severe SSS (Short Sale Sabotage) - 10/26/11 06:18 PM
Short sales are always rocky. One day they are as usual, which is fine, and some days they are a disaster. The fun with short sales is that when take it upon yourself, you do not know which one is OK, and which one is a disaster.
This short sale of a 2 bedr/2 baths beautiful condo in Marina Grande on the Halifax (MG on the Halifax) has celebrated its 2-year anniversary, and we had a string of denials. Chase did not even make an attempt to negotiate. They would tell us that it is denied because this and this, and … (26 comments)

daytona short sales: I Want Short Sales and REOs.... Really? - 10/20/11 08:56 AM
Every week I get calls about condos in Daytona area on the beach, and the first question is whether I can get them information about REO units (owned by the banks) or Short Sales.
What puzzles me is that people are not asking about best deals. They are asking about REOs and Short Sales. As if their hobby is to buy only REOs and Short Sales, and any other deals are not good for them. 

But we all know that all they are looking for are good deals. They simply assume that REOs and Short Sales are the best deals.
Is … (22 comments)

daytona short sales: Terri, I Miss You, Too - 09/20/11 04:36 PM
I posted The War & Peace of Short Sale a couple of weeks ago. It was at a time when I thought that all the hurdles were over, and we were sailing uneventfully to the Closing.
Wrong. The documents were sent to the Seller but the Buyer's Lender did not send the package to the Title Company because of the insufficient insurance on the condo building.
And in the evening on Thursday last week the Closing set for next day, Friday, looked dead in the water, and then the stars lined up in the last moment and we closed.
It was my … (16 comments)

daytona short sales: Love Your Tenant... or It Can Cost You - 09/04/11 04:58 PM
Some situations when you describe them sound unreal. We were working on a short sale. After we got a contract, we thought it was now OK for the seller to rent it to tenants, as she desperately needed money.
She rented it to guys. However, because she was not paying any maintenance fee for a very long time, the management told them they could not use the pool, Jacuzzi, gym…
So she was charging them nearly half of the regular rent in the building. The problem was that she did not want to pay the maintenance fee, so she most probably … (14 comments)

daytona short sales: Ready, Aim, Fire! - 07/14/11 07:56 PM
Elizabeth Weintraub posted Many Short Sale Banks Are Issuing Counter Offers on Sacramento Short Sales It is another excellent post about pricing short sales. And it resonated with me, because we have these conversations pretty often.
It happens when the agent shoots us a lowball offer. Sometimes I want to counter the way Broker Bryant and TLW countered. They would hang the offer on a tree, and then TLW would take aim and shoot it with a rifle. Makes it a strong counter, I assume... 

We deal with short sales on both sides. We try to do what the Lender … (20 comments)

daytona short sales: Pride And The Hole From The Bagel - 03/03/11 04:24 PM
Doing short sales of condo units has its own nuances. Our short sale was not supposed to be a out of the ordinary. But it came with a twist…
We work with a buyer, so the ball is not in our court. Checking properties going for foreclosure auction, we notice that this unit is going into foreclosure. And it is not the Lender; it is the association that forecloses on the unit. Not being paid in years, they just got frustrated and decided to take action.
We are calling the listing agent. Of course the agent has no clue about foreclosure. We … (12 comments)

daytona short sales: Short Sale Fiasco...Why? - 07/25/10 04:59 PM
For the last 6-7 months we are watching the foreclosures. It is a bit tricky, because you have to go through several sources to figure out the real picture. The properties scheduled for Foreclosure Auction, but taken off the auction still stay on one the sites we use, so it is a balancing act to really know what happens.
More and more I see situations that the houses or condos that end at a foreclosure auction are active listings. Short sale listings. When I look at the listing on MLS, I often see that the price has not been reduced in … (27 comments)

daytona short sales: Short Sale Gurus. Where Are You? - 06/05/10 04:40 PM
It is not the first time I notice it on AR, when you ask direct questions and the comment thread is anything but answers. I remember once Richard Zaretsky was asking whether anyone on AR had the specific experience with a particular Lender and he added that he was not asking for the opinions, but only for the direct answer. I do not mind opinions, but if I can get someone to answer, I would be thrilled.
AR does better with rants and opinions, and maybe it its strength. I guess for straight and exact answers we better go to experts. … (11 comments)

daytona short sales: Affidavit of Arms Length Transaction – What Is It? - 06/04/10 10:31 AM
I am getting close to closing on a short sale where I have never seen the buyer, and I have never seen the Seller. The lender sent us the Affidavit of Arm’s Length transaction. I signed for me and sent to both the Seller and the Buyer.
The buyer called me next morning. What the heck was that? I told him about relationship between the Buyer and Seller, and me as the agent. He was OK with that. He did  not have a slightest idea who the Seller was anyway.
But he is an investor. He would sell it when he … (22 comments)

daytona short sales: Terrible Short Sale Turned Perfect Foreclosure - 05/02/10 02:22 PM
Rose was not a loyal client. Others simply called her 'Bitch'. Well, they are entitled to their opinion.
She bought that gorgeous oceanfront unit for just pennies over $200K. It was a phenomenal price at that time. Only two such units on the floor, the rest just regular studios.
The other - smaller unit - we sold to our Maine clients for $350,000 and the Seller did not agree to go a penny lower. The market was already not great, and Rose (name changed) got it for less than half price.
It is an exclusive unit, and she never rented … (2 comments)

 
Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices (Daytona Condo Realty, 386-405-4408) Ambassador large

Jon Zolsky, Daytona Beach, FL

Buy Daytona condos for heavenly good prices

Daytona Beach, FL

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