sarasota short sale realtor: Before a Short Sale, Where Do I Hide My Money? - 03/01/11 12:25 PM
Sarasota, FL - This is one of the most asked questions I receive, as a Short Sale Real Estate Broker with Keller Williams Realty.
After a foreclosure or short sale, there are assets that are legally protected from the collection of a deficiency judgment and assets that are not.  In this regard, there are legal ways to protect your assets and non-legal activities that could be construed as fraud.    This knowledge is important to understand up front before a foreclosure sale or before attemping to complete a short sale. This is where a qualified CPA who has had experience in working with homeowners that completed a Short Sale is critical.  In … (2 comments)

sarasota short sale realtor: Are Loan Modifications Just A Big Waste Of Time? - 01/28/11 02:41 AM

Sarasota, FL - It seems that most of the homeowners that come to me that want to complete a short sale are the result of a loan modification attempt that failed.  Yet, even during the process of trying to complete a short sale it is common for the seller to be approached or re-approached by their lender to attempt to complete a loan modification.   As a result, I am consistently being asked if I recommend that a homeowner complete a short sale instead of attempting to complete a loan modification.  Of course, that is not a decision I can make or … (1 comments)

sarasota short sale realtor: Wachovia Short Sales - Why I like a Wachovia Short Sale - 01/27/11 06:24 AM

Sarasota, FL - Having worked with many lenders, I would award Wachovia as one of my favorite lenders to work with in completing a short sale.  No offense to the other lenders out there, but they need to pay attention to what Wachovia does right and take notes.   What sets Wachovia apart from other lenders is they seem to have a perspective on the big picture in creating a win/win situation for everyone.  Examples of this are as follows:
•·         They have offered financial incentives to homeowners to complete a Short Sale within certain time periods, which has nothing to do with … (3 comments)

sarasota short sale realtor: In a Short Sale, does the homeowner decide what offer to accept or reject? - 01/20/11 04:38 PM

Sarasota, FL - Many homeowners are concerned their home will be sold at a price too low or not at all in a Short Sale.  The good news is that the homeowner decides what asking price to market their property for, to insure a timely sale, and which offer to accept or reject in a Short Sale.   The language in the Short Sale Addendum of the purchase contract should also explain how multiple offers will be addressed after a seller accepts an offer and if the homeowner has the right to continue marketing the property after they approve an offer.  These … (0 comments)

sarasota short sale realtor: Foreclosure and Alternatives to Foreclosure - what are the Pitfalls? - 01/13/11 03:58 PM
Sarasota, FL  -  Facing foreclosure can be overwhelming and "walking away" from your property may seem like the easy answer, if you are unable to locate a cash buyer to buy your property quickly and at a price you need to sell for.  There are alternatives to foreclosure, however their are also pitfalls to consider as well. 
Bankruptcy Pitfalls -
•  A repayment plan in a bankruptcy may be higher than if a homeowner had eliminated the negative debt through a Short Sale.   Bankruptcy is not always the cheapest way out.
•  With bankruptcy, you are losing the opportunity cost of having good credit up to … (1 comments)

sarasota short sale realtor: Sarasota, FL - Facing Foreclosure? Before you file Bankruptcy ... read this - 01/12/11 03:41 AM
Usually when someone talks to a bankruptcy attorney, they will be advised to file bankruptcy; however this might not be the best option when other alternatives are available.  Many homeowners facing foreclosure are under so much stress, they are usually looking for a quick way out; however Bankruptcy may not be their best option.   Why?  Because bankruptcy is not just a legal matter, it is a financial matter that should also be discussed with a qualified CPA.   Many times homeowners file bankruptcy without exploring all the other possible options to bankruptcy that could have a better outcome to their overall financial recovery.
(1 comments)

sarasota short sale realtor: Letter received from the National Default Division - Prior to a Foreclosure in Sarasota, FL - 10/26/10 07:26 AM

Recently one of my sellers attempting to Short Sale their property in Sarasota, Florida received a letter from an attorney out of our area.   The heading of the letter read that the correspondence was part of the "National Default Division".  The letter went on to state, "We expect that ownership of the property will be transferred to CitiMortgage, Inc. probably within the next 120 to 160 days" (which would typically Not be true, given the timing the letter was received).  The letter further concluded that they were attempting to work out an agreement to allow the owner to stay in the … (0 comments)

sarasota short sale realtor: Can a Condominium Association Prevent a Short Sale? - 10/19/10 06:47 AM

The homeowner was relieved after they received the Short Sale approval on their Property, after almost a year of waiting for their property to sell and be approved by their lender for a Short Sale.  Then just before closing, the title company handling the sale of the property discovered that the Condominium Association for the property had not been paid (in over a year) and refused to negotiate the amount owed and would not release the lien on the property.
This is when I received the e-mail ... that stated:
"Troy,  My Short Sale is already approved by my bank … (5 comments)

sarasota short sale realtor: Is a Foreclosure Freeze a "Good Thing" for Sarasota, Florida? - 10/13/10 09:10 AM

Last week came the big announcement that Bank of America, was halting foreclosures in all 50 States.  With this recent news, it is expected that more lenders will follow the decision to temporarily freeze foreclosures.
Is this Good News for Sarasota, Florida?   Currently in the Sarasota Real Estate market, it is estimated that approximately 17% of the mortgages on homes in our area are in default.   As a result, Bank-Owned Properties and Short Sales are the majority of the market place and have been consistently driving property values down as a result of an oversupply of distressed properties for sale.  As property values have … (2 comments)

sarasota short sale realtor: "F word" in Real Estate ... Foreclosure! - 09/25/10 09:23 AM

Foreclosure is nasty and often is something we don't talk to others about because the word can upset those around us who are facing financial difficulty.  As a result, many people facing financial hardship take the path of least resistance and ignore their problem in the hope it will go away.  When faced with the threat of foreclosure, many people choose to "walk away" and believe they have put their problem behind them and the situation is solved.   However, the consequences of "walking away" and letting your property foreclose can be severe, especially if a foreclosure results in a "Deficiency … (3 comments)

sarasota short sale realtor: The Process of a Sarasota Short Sale - How a Short Sale works in Sarasota, Florida - 09/20/10 03:08 PM
 

Today, in our economic environment, many homeowners in Sarasota, Florida are facing foreclosure.   As a result, completing a Short Sale could be the right solution for many owners trying to avoid foreclosure or bankruptcy. 
What is the process of a Short Sale in Sarasota, Florida?   First, let's explain what a Short Sale is.  A Short Sale is a solution to foreclosure where a lender agrees to accept less than what is owed on a mortgage balance to facilitate the sale of a property.  As a result,  this will prevent the property from being foreclosed.   This solution can be a tremendous benefit to a homeowner facing foreclosure and will also benefit the homeowner's lender.  The … (1 comments)

sarasota short sale realtor: 10 Good Reasons Why a Short Sale is better that letting your home Foreclose - 09/18/10 11:44 AM

Facing Foreclosure?  You are not alone.   In our area (Sarasota, Florida) approximately 1 in every 7 homeowners is in default on the mortgage.  This is not surprising, as property values in our area have declined approximately 50% over the past few years making it difficult for a homeowner who wants to sell their property to do so if they purchased it in the last several years.   As a result, many homeowners are considering a Short Sale on their property to avoid a foreclosure. 
What are 10 Good Reasons to Do a Short Sale vs. Walking Away and Letting a Property … (1 comments)

sarasota short sale realtor: Should I do a "Background Check" on the Real Estate Agent handling my Short Sale? - 09/17/10 02:17 PM

In most Short Sales, a seller is required to:  1. List their property with a licensed Real Estate Broker.  2. Provide their financial information, which includes tax returns, bank statement, copies of pay stubs and other personal information to the Real Estate Broker they select.    Question? ...  What if the Real Estate Agent representing you in your Short Sale has never closed a Short Sale or even worse does not protect your confidential information (Social Security #, bank records etc.)?  Wouldn't it be wise to do a "Background Check" on the Real Estate Agent handling the sale of your Short … (0 comments)

sarasota short sale realtor: What caused the Forclosure Crisis ... How to Stop it! - 09/15/10 04:02 PM

We are in a crisis right now with an estimated 1 in 7 homeowners in the Sarasota, FL area in default with their mortgage.   What caused this problem and what is the answer to solving  it?   In my opinion, it gets down to the simple equation of what determines value (Supply vs. Demand).   As most of us are aware, many years ago money became too "easy to borrow" (yes, I think lenders are the cause of this mess with their lack of responsibility in managing the money they lent).   Not too long ago, if you could fog a mirror, you … (3 comments)

sarasota short sale realtor: Served with Foreclosure Papers (Lis Pendens) in Sarasota, Florida? What to do Next ... - 09/09/10 02:12 PM

In Sarasota, Florida approximately 1 in 7 mortgages are in default, meaning that at least one mortgage payment has been missed.
What happens after the mortgage becomes several payments behind?  Eventually the lender (Mortgagee) of the mortgage will file a lawsuit against the homeowner (Mortgagor).  After a lawsuit has been filed (Lis Pendens) a process server will usually serve the homeowner with papers acknowledging that the homeowner's lender is suing them for foreclosure.   This is a critical time and needs to be addressed     quickly.   The lawsuit (Lis Pendens) allows the homeowner to "Answer the Complaint" within 20 days.    It … (1 comments)

sarasota short sale realtor: 7 Good Reasons why to consider doing a Short Sale instead of Foreclosure - 09/08/10 12:17 PM

We are in a crisis right now with approximately 1 in every 7 homeowners in default with their mortgage in the Sarasota, Florida area.
Noted below are some "General" benefits of a Short Sale.  Of course every circumstance is different and it is imperative to speak with a qualified Real Estate Agent and accountant to discuss your particular concerns and objectives before completing a Short Sale.  
1.      It does not Cost you any "out of pocket" expense to complete a Short Sale.   Properties sold as a Short Sale are usually sold "As Is" which means there is no expense to … (1 comments)

sarasota short sale realtor: Facing Foreclosure ... What Options are available to Stop Foreclosure? - 09/07/10 06:41 AM

In our market area (Sarasota, Florida) 1 in every 7 homeowners with a mortgage is in default on their mortgage.   As a result, many homeowners in our area are faced with the concern of how to prevent foreclosure and resolve their financial situation.   There are many solutions that a lender could offer a homeowner to avoid foreclosure, which include:
Reinstatement - Where the lender reinstates the current mortgage after all the missed mortgage   payments are made up.
Forbearance - Where any missed mortgage payments are added to the mortgage and are to be paid off later.
Deed in Lieu of … (0 comments)

sarasota short sale realtor: Sarasota Short Sales ... Time to embrace Short Sales in Sarasota, Florida - 08/31/10 02:07 AM

Short Sales in Sarasota have become one of the biggest market shares of available real estate for sale in the Sarasota, Florida area, yet a majority of Real Estate Professionals in our community avoid them, have not embraced the needed education, or have the experience to properly represent a seller or buyer in a Short Sale transaction. 
One of the most respected Nationally known training programs for real estate professionals on the Short Sale business is the Certified Distressed Property Expert (CDPE) designation.   The CDPE course is an intense 2 day training for real estate professionals on the process of how to properly market, submit a Short Sale package to a lender, and … (0 comments)

sarasota short sale realtor: Facing Foreclosure in Sarasota, Florida? Know When to Walk Away and When to Stay ... - 08/30/10 12:20 PM
 

With approximately 1 in 7 homeowners facing foreclosure in Sarasota and Manatee County, Florida, many homeowners are asking if they should "Walk Away or Stay" in their homes.  Judge Lee Haworth of the 12th Judicial Circuit, which covers Sarasota, Manatee, and Desoto counties in Florida, has a clear answer, "Stay .. Fight Your Foreclosure ... Find your Best Answer to Avoid Foreclosure."
Judge Lee Haworth was recently a guest speaker, along with Troy Funk and Cristian Tramontozzi of Keller Williams Realty On the Water, Bryan Sands, CPA with Sands and Associates, and Mary Howard with Cornerstone Title at a free … (1 comments)

 
Troy Funk, Broker / Associate (Allison James Estates & Homes, Sarasota  941-957-3737)

Troy Funk

Broker / Associate

Sarasota, FL

More about me…

Allison James Estates & Homes, Sarasota 941-957-3737

Address: 630 S. Orange #102, Sarasota, FL, 34236

Office: (941) 957-3737

Fax: (941) 870-9294

Email Me

Short Sales in Sarasota & Foreclosures in Sarasota - Sarasota Real Estate for Sale & Information for Homeowners Facing Foreclosure - by Sarasota Short Sale Expert & Real Estate Agent Troy Funk, CDPE, SFR, who has helped many homeowners successfully stop foreclosures with short sales in Sarasota, Florida.


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