stop foreclosure: Lenders Now More Inclined to Accept Short Sale Proposals - 07/21/11 09:08 AM
It is a fact the foreclosure mess was the result of unscrupulous lending practices. Unfortunately, it did not stop there as federal regulators continue to investigate allegations of illegal foreclosures and penalize lenders who are found guilty.
 
 
With such heat experienced by the banks to make sure they are following proper and legal foreclosure process, it is not surprising why many have become more accepting of short sale proposals.
 
Short sale transactions used to be looked at by some banks with skepticism, thinking the homeowners are only trying to get out of their mortgage obligations by … (0 comments)

stop foreclosure: Short Sale: Helping Stabilize the Housing Market - 07/21/11 09:08 AM
When you hear about a short sale, what usually come into mind are distressed homeowners looking for a way out of their mortgage problems. But these days, short sales have fast become the solution to the enduring crisis in the housing industry.
News reports involving foreclosure statistics are showing an increasing number of short sale transactions. Most markets hit hard by the mortgage mess are actually enjoying an improved home sales activity with short sale homes accounting for almost half the total sales.
Such data only goes to show two things — investors and home buyers are taking full advantage of the … (0 comments)

stop foreclosure: Cash Offers to owners who agree to a Short Sale - 07/21/11 09:07 AM
If you are a homeowner on the verge of defaulting on your mortgage, a short sale is most likely one of the options you would consider to stop foreclosure. Usually, the process involved can become complicated and lengthy, causing many distressed homeowners to lose patience. 
But in the past couple of weeks, there has been news of lenders offering cash to homeowners so they will agree to a short sale. The lenders, Wells Fargo and JPMorgan Chase, choose delinquent borrowers and give them as much as $20,000 for agreeing. 
Such offer usually falls under the “cash for keys” foreclosure alternative, wherein … (0 comments)

stop foreclosure: The Right Attitude Will Get Your Short Sale Approved - 06/22/11 05:05 PM
Being on the brink of foreclosure is not fun. What would make this situation worse is if you are already underwater on your mortgage. Obviously, there is no other option available to you but a short sale. It is the best foreclosure alternative and it will even may allow you to move on without having to worry about a blemished credit report.

You need to understand a short sale is not as simple as some people make them out to be. It actually involves a lengthy and complicated process. It would be to your advantage to work with a … (1 comments)

stop foreclosure: Short Sale – Your Best Way Out - 06/18/11 01:36 AM
 
It is indeed funny to think that years ago most people had not heard of a short sale transaction. It was something homeowners were not familiar with. Even Realtors and lenders for that matter rarely encountered these transactions in their daily work. Lately,  short sale transactions are getting more and more popular especially amongst distressed homeowners.

Of course, this should not be surprising. Short sales remain the best foreclosure alternative out there for homeowners who:
- Are underwater or owe more in mortgage debt
- Are on the brink of mortgage default and did not qualify for a … (1 comments)

stop foreclosure: When the Going Gets Tough, the Tough Consider Short Sale - 06/15/11 09:33 PM
As a homeowner, your worst fear will usually involve losing your home to foreclosure. This is certainly something to think about considering the state the housing industry is currently in. Of course, there is such a thing as thinking ahead and it would be wise for you to look at your options — the best of which is a short sale.

A real estate transaction which involves selling the property at an amount equivalent to the mortgage owed, a short sale has become more popular in the last couple of months. Lenders, who previously looked at short sales as … (0 comments)

stop foreclosure: New Fannie Mae Servicing Guideline – Will It Help Distressed Homeowners? - 06/14/11 11:09 PM
 
Early this month, the government sponsored enterprise Fannie Mae has released their new servicing guidelines as a response to the still large number of homes entering some stage of foreclosure. The problem is actually attributed to the communication gap between servicers and distressed homeowners. The new guideline will supposedly address this gap.

However, many experts and analysts are looking at the new guidelines as simply redundant. After all, it is the job of the mortgage servicers and lenders to make sure all possible options to stop foreclosure are explored for the simple reason the repossessed home will end … (0 comments)

stop foreclosure: Underwater Homeowners Worried About Dropping Home Prices - 06/09/11 04:48 PM
Bad news concerning the housing market is certainly everywhere.

For starters, a report from S&P/Case-Shiller showed home prices declining by 4.2 percent during the first quarter of 2011. High unemployment rate is also driving more homes into foreclosure while job growth remains tepid. The number of foreclosure properties is at 2.25 million and at least 1.8 million homes are on the verge of foreclosure.
 
There is good news from time to time. Mortgage rates may be low but some people choose to rent because they cannot afford a home while others are just waiting for things to get … (4 comments)

stop foreclosure: Why Choosing Foreclosure Over Short Sale Is A Big Mistake - 05/23/11 11:54 AM
Let’s face it. Most distressed homeowners today are more inclined to walk away from their homes or choose a foreclosure over a short sale. If you ask them, they will tell you it is the easier way out of a rather difficult problem.

Of course, they did not think about the long term effects of this decision. Having a foreclosure entry on your credit report means you are not financially credible. You will, for the first time in your life, have difficulties applying for loans even credit cards. Banks today have become more conservative when it comes to their … (1 comments)

stop foreclosure: More Reason to Consider a Short Sale - 05/21/11 01:12 PM
Florida lawmakers have recently decided to no longer extend the one-time stipend given to the courts. The stipend was supposed to be used to reduce the backlog of foreclosure cases by employing additional manpower for the processing of the filings.

Ramifications of such decision have already been felt in Palm Beach County where a Circuit Judge cancelled a foreclosure hearing scheduled for July citing financial constraints. The budget of the court for an entire fiscal year runs from July 1 to June 30. In 2010, Palm Beach County got a share of about $640,000 from the stipend and used … (1 comments)

stop foreclosure: Why Buyers Also Need Short Sale Realtors - 05/16/11 03:13 PM
Time and again, the process involved in a short sale transaction has been established to be lengthy and complicated. But despite this, smart buyers understand why investing in short sale homes is a smart decision especially if you consider the considerable discount you can enjoy with these properties.
Usually, it is the seller who requires the services of a short sale Realtor. But considering the many things which could go wrong, you might as well work with one — from finding the perfect property to negotiating with the lender. Just make sure you deal with a Realtor who is experienced, knowledgeable … (0 comments)

stop foreclosure: The Realities of a Short Sale Transaction - 05/16/11 03:12 PM
Whether you are a seller or a buyer, you need to learn about the real truth behind a short sale. such facts will allow you to make the right decision and prevent you from mistakes, which could waste not only your time but also your money.
Sellers Point of View
Selling your home via a short sale is probably the best decision you will ever make considering it is less damaging to your credit score and less traumatic to you and your family than a foreclosure. Of course, making the decision to sell is actually the easiest part. One of the … (1 comments)

stop foreclosure: Short Sale Rules: How to Settle Deficiency - 05/16/11 03:12 PM
If you have been thinking about selling your home via a short sale transaction, one reason for you to be apprehensive is the deficiency judgment your lenders might not waive. Avoiding this judgment is actually what is in the mind of most short sale Realtors and sellers and surprisingly, it can be managed most of the time as long as you know just what is needed to be done.
Deficiency Judgment Defined
A short sale usually means selling the home at an amount less than what is owed on the mortgage debt. The difference between the sell price and the mortgage … (0 comments)

stop foreclosure: Buyers’ Appetite for Pre-Foreclosures and Short Sales Growing - 04/29/11 02:11 AM
The housing market seems to be picking up in most states including Florida as market conditions continue to favor buyers. But, sellers are having a hard time dealing with declining home prices and are holding out, waiting for a buyer who will agree to their prices.

Because of such dynamics, a lot of buyers are turning to distressed properties which include pre-foreclosures and short sale homes. Sellers of these properties are easier to negotiate with since they are more worried about having to deal with a foreclosure entry on their credit report.
Although the inventory of short sale … (1 comments)

stop foreclosure: Short Sales: Saving Distressed Homeowners Everywhere - 04/24/11 01:04 PM
The worst thing that could happen to homeowners is to discover there is a huge possibility of losing their homes to foreclosure because of mortgage default. There are times when financial difficulties arise and trying to look for a way out is the thing you need to focus on.

Truth be told, there are actually plenty of options available to you. Although these options will be less damaging to your credit report compared to a foreclosure, you still need to understand what you are getting into. For instance, a loan modification might look attractive, but if your financial troubles … (0 comments)

stop foreclosure: Florida Short Sale Reforms Introduced - 04/18/11 10:08 PM

Good news for distressed homeowners considering a Florida short sale. Last week, Florida Representative Tom Rooney, along with New Jersey Representative Robert Andrews introduced new legislation which aims to speed up the short sale transactions.
With lenders having trouble keeping up with the flood of short sale proposals, the two legislators deemed it crucial to require lenders to decide on the short sale within 45 days. Obviously, the new legislation is also welcomed by realtors and agents who usually work hard to make sure the short sale is approved as soon as possible.
The Florida Association of Realtors considers the … (1 comments)

stop foreclosure: Picking the Best Short Sale Offer - 04/08/11 12:54 PM
Many short sale Realtors will agree the hardest part is not actually getting lender approval. Believe it or not, the difficulty usually lies in making sure the buyer gets to the closing table.
Once you accept a short sale offer, you can consider the closing to be successful. If the property is priced correctly, you can even expect multiple offers. It is best the seller and Realtor wait for at least 5 days before starting the screening process to ensure no more offers will come in.

Accepting an Offer and Closing Schedule
Once an offer is accepted, you … (1 comments)

stop foreclosure: Secret to Successful Florida Short Sale: Proper Home Staging - 04/05/11 12:17 AM
If you have been following the news lately, you are most likely aware of how Florida short sales are dominating the homes for sale market. As a type of distressed property, buyers are slowly coming to realize how smart investing in them is, in terms of profit and savings.

On the other hand, a lot of sellers who are having trouble with their mortgage payments are choosing to sell their home via short sale to avoid having to deal with a nasty foreclosure entry on their credit history. At the same time, they sell at somewhere around 80 percent of their asking … (1 comments)

stop foreclosure: Over 40% South Florida Borrowers Are Underwater - 02/23/11 01:22 PM
 

The housing market problem is not actually only confined to borrowers having trouble with their mortgage payments. There is also a growing number of homeowners who are finding themselves with a home whose property has declined at a level which left them with more debt than home equity.
Since 2006, the amount of home equity lost in Florida has reached $113 billion. In addition, home prices have declined by almost 55 percent while 43 percent of South Florida homeowners are said to be underwater.
It is therefore not surprising why more and more homeowners are choosing a … (1 comments)

stop foreclosure: Low Priced Short Sales Attract More Buyers in 2010 - 02/16/11 02:11 PM
A report from Zillow revealed how short sales are became the favorites of home buyers last year. Traditional home sellers are even looking at short sale properties as competition, prompting one out of five sellers to slash prices by an average of 9.4 percent.
The large volume of distressed properties which includes short sale has actually dragged down home prices in South Florida. In fact, property values are now at a level similar to what it was in 2002. Nationwide, home values have dropped 27 percent from its peak in 2006.
In South Florida, home values dropped by 3.3 percent further … (0 comments)

 
Jared Dalto, Market Flow (The Palm Beach Group)

Jared Dalto

Market Flow

Boca Raton, FL

More about me…

The Palm Beach Group

Office: (561) 533-9797

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Real estate in Florida is ever changing so to keep up with the times please frequent this blog. At the forefront of our market right now are short sales. As a Realtor in Florida I have been working with those who need to sell their homes as a short sale.


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