Hi, check my blog but this is the short version:
Fannie Mae 2009
A two-year period is required to re-establish credit, measured from the completion date.
Exceptions for Extenuating Circumstances
Hello Heather: In October of 2008 I completed my CDPE certification, since then I have dedicated 90% of my time in helping people in distressed situations. You need to aviod foreclosure to protect your security clearence. Call me 305 467 1881, please leave a message with contact number, I will get back with you promptly.
Ian A. North
You need to contact your lender and explain the situation which might encourage them to move the transaction along faster. Every lender approaches this situation differently. The most important thing is for you to communicate with them. You don't want to get to the closing table and find out you need to bring money in order for the transaction to close.... more
The "bottom" is subject to location. Some areas never were affected by this crazy roller coaster of a market. Some were dramatically affected.
The buying frenzy is back with multiple offers in many locations in Florida. This is due to investors buying up well priced properties and forclosures. Also, first time home buyers are entering the market again as they can now afford what they couldn't 4 years ago.
In our area, we've had an increase in prices. That's not to say prices need to come down on over priced properties but with lower inventory and higher market activity, I would say we are very close to bottom, if we haven't already hit it and are on the rebound.
RE/MAX Tropical Sands
Well, between May 1, 2009 and July 1, 2009 the inventory has dropped 20% in Cutler Bay. Of the current 505 active listings on the MLS probably a good 62% to 67% are "Short Sales" and as such will probably not sell until the banks finally foreclose. As a result, the true buyers only have about 165+/- homes to choose from. Despite all this, we have still NOT seen much upward pressure on the prices.
I would think we should be past the absolute bottom by early to middle of next year, but no matter what, we won't see significantly higher prices anytime soon.... more
Title insurance is usually only mandatory if there is a lender involved, but is always a good idea. The bigger question is why are you transferring the house? Adding a child to the title of the home, or giving the home to a child can have MAJOR tax consequences for both of you. Stress on that word MAJOR. You REALLY should consult with an attorney who specializes in estate planning, as well as an accountant who can advise you on the best way to do this. Typically, you can put the house into a family trust, or even do a reverse mortgage (depending on your goals), but an outright transfer is usually not a good idea.... more
Ask a Realtor. They will probably give you an estimate or range of value.
If you are selling without professional representation, just be up front, let them know that you need to know the sales price.
Most Unrepresented Sellers need a Realtors help, so just in case, why not start getting to know a few of the top Realtors.... more
If you can afford to hold on to your property, it is a great time to buy, but hold out to sell later. There are a lot of income tax benefits to having a rental property--all expenses are deductible from your income tax. It would probably be worth your while to talk to a financial planner or an accountant to see how to maximize your investment. A 1031 exchange could also be in your future where you can delay the payment of taxes to further down the road. Consider all options, but this forum isn't equipped to handle all of your specific personal investment needs. And remember, there is a reason why many people hold rental property--there are definite advantages--I am one of them, and see significant savings, even though the process of renting and maintaining can be a pain in the _______. Every time I do my income tax I am glad I have the rental property!!... more
1. Increase your home’s "Curb Appeal" before you list it for sale.
2. Clean your house.
3. Pack up your house when you prepare it for sale.
4. Prepare a House document Book.
5. Gather copies of your original purchase documents.
6. Make sure you know what you owe on your property.
7. Check for title defects.
8. Make a list of all the things you need to do when you sell.
9. Always make the home available to showings
10. Use a professional Realtor®!
Real Estate is a highly regulated industry and many laws are written to protect the consumer. Once you decide to sell your home, you are now subject to all of those laws, rules and regulations, and the penalties are extreme. A professional Florida Realtor® knows the laws and has passed the exams and has access to all the forms, documents and information necessary to ensure both you and the buyer are protected.
It is also important to know that when a buyer is looking for a new home, they will generally choose to use a Realtor® to assist them. Those Realtors® will use the Multiple Listing Service (MLS) and other professional marketing tools to help them find the right property. You, as an individual, do not have access to all of those resources.
Realtors can also assist in many other areas to make sure the transaction is legal and efficient.... more
Speak with CPA however even in good times I sale investment properties once they hit the most I feel I can get out of home. Question ask yourself and CPA tax advantage you have following expenses selling a home:
Realtors fees up to 6% paid out closing
Taxes thru close date
Make ready of home
Can you take your earn equity make additional money upon closing .
Great question... more
I can't speak for sales in Lakes by the Bay, but sales are already up in general in Miami over last year - approx. 67% higher for March 2009 over March 2008 I believe was what I read. We have a lot of inventory, so prices are still falling, but once the inventory gets soaked up, we should be better.
Just how much inventory we have is difficult to estimate - some say as much as three years worth. However, I don't think people are taking into account the fact that many MANY listings (maybe as much as half the listings) on MLS are short sales and MANY of those already have signed contracts. The problem is that Realtors are leaving them showing "Available" status as opposed to marking them "Pending", so it appears there is more inventory out there than what is actually available.
Of course Realtors are doing this because they want to get back up offers on the contracts they have in case the Buyers lose interest while waiting for the bank, or in hopes of bringing a higher offer to the bank, or for any other of a number of reasons. However, it is skewing the inventory numbers. For example, I pulled 7 listings recently to show a customer and of the 7, five were already under contract - but they show AVAILABLE in the MLS.
Miami is a difficult market to navigate at times, but I believe it to be a resilient market and I think in terms of sales, we are well on our way to recovery, but price is another matter - nobody can really say when our values will start to improve. Hopefully, they stop falling soon, as more listings are sold.
Hope this helps,
You should check on Fannie Mae website for Florida to get the list fo approved condominium developments at www.eFannieMae.com
The list for Florida is updated at https://www.efanniemae.com/syndicated/documents/dps/condopud/FL.pdf
Franck Dossa... more
Your first question is pretty easy, normally lenders are granting short sales on investment properties.
I do agree that if you plan to hold a property for over 5 years, there is a good chance you can "right" your upside down properties, but for the time being, the recovery is going to be slow and gradual.
If you can hold on to them and wait it out, the effects will be minimal if at all (not taking into consideration the neg. you are paying out each month). If you just cannot, the short sale option is by far the better solution and the one easier to overcome than foreclosure. Neither are great, but the recovery from a short sale is faster and less painful.
I wish you luck and please do not hesitate to contact me should you have any additional questions.
With kind regards
Anthony: there are about 150 properties for sale in Lakes by the bay, ranging in price from $87,900 (townhouse in Isle, to $470,000 for a 5/3 2,800 sf in Day. There are 28 4/2 homes, 7 of which are similar to yours in square footage. Yours is the most expensive (the mls also shows that you're a 4/2, not a 4/2.5). That is not the position to be in because you become the last option, even if you're the best house. There were two closings in the last 90 days of similar homes, both for about $210,000 (9838 SW 221 ST, a regular sale and 8744 SW 213 LN, an REO). Unfortunately, those two numbers set your price point. There are about 2,800 properties in Lakes by the Bay; there are 640 that show lis pends (the first step towards foreclosure) filed against them.
The answer to your question is that you have not hit bottom, and that in a year or so, your home is likely to fall below $200,000. There are a number of areas to the South - Lakes by the Bay, Spicewood, and several others, that have been hit very hard by the foreclosure market. I don't know what you owe on the property, but you may need to seriously examine your position before deciding what to do next.... more
Find an aggressive REALTOR now. Pick up the phone(NOW) and start interviewing your agents. Ask them what they know about short sales. Get it done and keep out of foreclosure. Who is advertising in the area? Any short sale ads? Be real about the price and get out! Good luck. HURRY.... more
Condos in general are extremely slow because of the huge inventory. They are going to have to be more competitive with price before they will get taken off the shelves, because buyers have literally tens of thousands of choices.
Marketing is also a factor. Unless listing brokers are marketing these properties well, they will not get the necessary exposure they need to get people excited about them, but again, no one will get excited unless they have an attractive price.... more