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By Davidson Realty | Broker in Jacksonville, FL
  • CDPE Momentum Convention 2010 - New Information on Short Sales

    Posted Under: Foreclosure in Florida  |  June 11, 2010 7:44 AM  |  494 views  |  No comments
    Towards the end of May, Cindy Vaughn (Davidson Realty’s Short Sale Coordinator) and I hopped a flight to Tempe, AZ to attend a Certified Distressed Property Expert seminar called the CDPE Momentum Convention 2010. We came home with tons of great information on short sales and the short sales process. We heard many great speakers and ate a lot of great meals! I want to share some of the comments I found most interesting.

    Matt Vernon from Bank of America discussed improvements to the short sale process using a new technology called Equator. Just to give you an idea of their volume of short sales, in March 67,000 short sales were initiated and 64,000 decisions were made. Major improvements have been made in the time frame for approvals; however, Matt pointed out that only about 10% of the loans are owned by Bank of America. Most of the approvals have to be made by an investor and some investors respond more timely than others.

    Diana Stauffer of Wachovia Bank told us an interesting statistic about average sales prices. The average price for a short sale is $212,400. The average price for a move in ready foreclosure is $191,900. She did point out that they do not see many move in ready foreclosures. A damaged foreclosure average price is $116,200. It is pretty clear that a short sale is a better option for the homeowner and the lender.

    Rick Sharga from Realty Trac Inc. talked about three waves of foreclosures. The first wave occurred when employment was strong and the economy was growing. These foreclosures were caused by the sub-prime loans. The second wave was caused by unemployment. They estimate that there is 1 foreclosure for every 6 to 10 jobs lost. The third is mainly due to Option Arm loans resetting. Many people will see payments rise by $1,000 to $1,500 per month. The resetting Option Arms will peak in 2011.

    There were other great speakers discussing the stress homeowners are experiencing and how different personalities deal with stress and the stages of grief that many homeowners have to work through. Cindy and I are both so happy we attended this great event and came back full of information to share with our Jacksonville and St. Augustine realtors. We are ready to make a difference by helping homeowners make informed decisions about their St. Augustine, FL homes.
  • Caring Realtors Make the Difference in Selling Distressed Properties in St. Johns County

    Posted Under: Foreclosure in Saint Augustine  |  January 19, 2010 8:46 AM  |  521 views  |  1 comment

    I have been working with many homeowners lately that are in a distressed financial situation. They aren’t able to pay their mortgage anymore and are looking at other solutions, like a Short Sale and, in extreme cases, foreclosure. Unfortunately, this has become more of a common occurrence, which is why there are so many foreclosures in Jacksonville and the rest of the Northeast Florida real estate market. As the homeowners make these tough decisions, they feel sadness and grief.  It’s my job to help my clients with their real estate transactions; however, as I work with them they become my friends, too. And I want to help lesson their stress and get them to a better tomorrow. So, I did a little research to get a better understanding of what they are going through. I now realize that the stages you go through when you are losing your home are the same stages as when you lose a loved one. After any significant lose, people experience the five stages of grief. They are:

    1. Denial and Isolation- At first, you tend to deny the loss has taken place.
    2. Anger – You may be angry with yourself for letting the event take place, even if, realistically, nothing could have stopped it.
    3. Bargaining – Now you may make bargains with God, asking, “If I do this, will you take away this loss?”
    4. Depression – You feel numb, although anger and sadness may remain underneath.
    5. Acceptance – This is when the anger, sadness and mourning have tapered off.  You simply accept the reality of you situation or loss.

    Although I can’t take all of their pain away, I believe working with an educated, professional Realtor – who is compassionate – can make a huge difference in the outcome. If you or anyone you know is in a distressed property situation and living through these stages please reach out to me at http://www.davidsonrealtyinc.com/our-team/davidson-realty/dottie-lay/?id=dlay@davidsonrealtyinc.com or a Realtor you trust and get help that can make a difference.

    Written by Davidson Agent, Dottie Lay
  • Davidson Realty offers free Real Estate Webinars

    Posted Under: Foreclosure in Saint Augustine  |  November 4, 2009 2:23 PM  |  463 views  |  No comments
    Davidson Realty, a real estate company located in Northeast Florida, is reaching out to educate consumers on short sales and foreclosures. Davidson Realty President, Sherry Davidson, will host a series of webinars designed to help homeowners with distressed properties understand their options. The first webinar, "Why You Should Avoid Foreclosure" kicks off Thursday, November 5th at 10 a.m. EST. It will last 20 to 40 minutes, leaving time for participants to ask questions. Sherry, along with Mortgage Loan Officer with Bank of America, Kevin Koscinski, and Davidson agent, Mirtha Barzaga, will discuss how foreclosures affect your job or security clearance and how they impact your credit score. Mirtha will recount a situation where she was able to help a military couple save their security clearance and continue their military careers by selling their home as a short sale.

    The upcoming schedule:

    • Nov. 5, 2009 at 10:00 a.m. EST - "Why You Should Avoid Foreclosure"
    • Nov. 12, 2009 at 10:00 a.m. EST - "How to Avoid Foreclosure"
    • Nov. 19, 2009 at 10:00 a.m. EST - "More Information on the Short Sale Option"

    The series will be repeated at 10 a.m. December 1st, December 10th and December 17th. To sign up for the webinar go to https://www1.gotomeeting.com/register/425365145. For questions email Matthew Davidson at mdavidson@davidsonrealtyinc.com or call (904) 940-5000

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