Foreclosure Slap!

By
Real Estate Agent with HouseMax Pro Realty 583618

Ouch!Foreclosure Slap...OUCH!

I have been selling Brevard County homes for almost 20 years and this foreclosure mess has me really baffled...

Brevard County real estate is getting a double slap in the face.  We not only have your "standard" mortgage melt down/real estate crisis and record unemployment here, we also have to deal with major layoffs of thousands of Space Center workers of the next few months.  The Space Center was overlooked for any stimulus money...thank God they gave it to the Banks, I know THEY can get us out of this mess, heck, they have a ton of job openings for short sale negotiators and banks service people, or did they outsource that to India yet. ;-))   

Needless to say we have our fair share of Brevard County short sales and foreclosures and we can look forward to a whole lot more.

I still have faith...this too shall pass.

On Saturday, I had an old high school buddy of mine call me and tell me he wanted to "stimulate the economy" and purchase a condo on the beach where he would like to eventually retire. Of course, I was ready to help him with his dream, so I set up to show him a couple condos on Sunday. He gave me 2 foreclosures he wanted to see the first one was your typical run of the mill total piece of crap foreclosure that seems to draw in a lot of folks who are ready to jump into the Brevard County foreclosure arena. Now, the 2nd one was an outstanding unit and it was in move in condition and in a GREAT location. (rare to find an move-in Brevard County foreclosure that still has it's A/C and appliances intact) 

So, we immediately put together an offer on this condo before another savvy buyer grabbed it.  I proceeded to type up our new 10 page Contract for Sale (it was only 5 pages a month ago, thanks to the Florida BAR and FAR it is now 10 pages).  I then downloaded over 20 pages of instructions and addendums from the listing agent the Bank/Loan Servicer Attorneys put together and read through all of them and finally got them filled them out.  One of these documents actually had to be Notarized stating the buyer was going to occupy the property (let's see...there are millions of foreclosures and you care who is going to occupy it...get over it!).

Now, I sit down with my seller late Sunday, not long after he had been relaxing watching the Miami football game and I proceeded to read through and go over all 27 pages of the Contract and Addendums...it took a couple hours of discussion to do this since he had not purchased a home in over 30 years, but we finally got it all signed and initialed and ready to submit....of course I reiterated, as it is stated in our new 10 page As-Is contract, he may want to have his Attorney look this over first and I am not an Attorney.

...but wait, I still have to get that ridiculous Owner Occupancy Affidavit Notarized, oh SNAP! 

So, on Monday while my buyer was working at the Space Center, he ran all over trying to find someone to Notarize the document and he finally came through and faxed it to me. Of course, I immediately faxed it to the REO  real estate agent so he could present it to the lender, I just knew this was a done deal...

SLAP! KAPOW! BAM!

Not 15 minutes after I faxed my offer to the real estate agent, he called me back on my cell...and informed me that Freddie Mac just pulled this foreclosure and others off the market because it was being handled by a foreclosure attorney out of Miami who was up to his ass in alligators over all this Robo Signing and Illegal activity being investigated by the Attorney Generals office.     Do you see a reoccurring theme here...Attorneys...ok, this is going to get me in trouble...who is also in a very high position and is an Attorney?

Ok, back to the Brevard County MLS looking for another $50K foreclosure to sell to help one day end this mess...

And this is why we get paid the BIG BUCKS!  I feel better now...

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Comments (8)

James Lowenstern
Castles Unlimited® - Newton, MA
Castles Unlimited. Newton MA Real Estate

OMG...

$50,000!

In my area the agents don't roll out of bed if the proce isn't $500,000 or higher!

I remember selling real estate in FL in the 1980's...I hope it improves for you guys...so sorry.

Oct 18, 2010 10:27 PM
Kathy Judy
Tri-Cities Real Estate retired - Ontario, OR

Sounds like another day in paradise!  lol

Oct 18, 2010 10:33 PM
Larry Fleckinger
HouseMax Pro Realty - Melbourne, FL

Don't get me wrong we do a some that are higher priced, thank God!  We sell them too!

Oct 18, 2010 10:38 PM
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

The good news is, there probably are a few more $50K condos out there - I've got a $39K one I'm closing on for a buyer next week, cash, short sale...

Oct 18, 2010 11:01 PM
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

Well, everyone needs to vent from time to time, and so it continues.  I am not getting new jobs either since the banks and investors are waiting to put new inventory on the market.  Hope this ends soon. 

Oct 18, 2010 11:12 PM
Randy Landis
Retired in Samar - Tupelo, MS
Overseas Retirement Consultant

It just doesn't look pretty, any way you look at it. This foreclosure thing is a GIANT mess and absolutely nobody knows how it will work out. It all goes back to those MBS's (mortgage backed securities) that keeps turning up as the continuing culprit.

Oct 18, 2010 11:31 PM
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Morning Larry,

Thanks for the post. Have a great day.

Oct 18, 2010 11:40 PM
Robert Amato
Bob Amato of Empire Home Mortgage Inc - East Meadow, NY

Larry,

 I just read in today's paper that BoA will be starting up their foreclosure process again next week. They reviewed their paperwork and it all is ok. Sorry about the hoops you are jumping through but I am sure you will close a deal for your buddy.

Oct 18, 2010 11:57 PM