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33179 : Real Estate Advice

  • All31
  • Local Info5
  • Home Buying11
  • Home Selling4
  • Market Conditions3

Activity 26
Wed Feb 8, 2017
Ally answered:
The standard waiting period is 3 years for short sales and foreclosures, 2 years for bankruptcies.

However, there is a program by HUD called the back-to-work program which allows a buyer to qualify 12 months after short sales, foreclosures or bankruptcies. There must me extenuating circumstances that lead to the event, and you must be able to show that you have recovered to qualify.

This information came from The Lenders Network, they will be able to assist you in finding lenders that offer the HUD program and can help steer you in the right direction.

Good luck to you!
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9 votes 14 answers Share Flag
Sun Nov 20, 2016
James Williams answered:
You should find a lender in your area who does 203K loans. There are "streamlined" 203K loans that can include up to $35k in renovation money in the initial mortgage & they're a lot easier and cheaper to do than the regular 203k program. If it's a foreclosure property there may be other options like the HomeStyle renovation mortgage.

http://203klenders.org/florida-fl/miami/
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0 votes 13 answers Share Flag
Wed Aug 3, 2016
Realestateindia answered:
Yes this is nice but you can search more properties on http://www.realestateindia.com/ that will better than this because. Because this my experience about this site. Last monday i was purchase a flat by this site. you can visit this site for one time then you can buy properties easily because after this you have lots of choice. ... more
0 votes 2 answers Share Flag
Wed May 28, 2014
Irina Karan answered:
Best way to buy is with cash or through Homepath foreclosures program financing.
Condos are not easily financeable, California Club included.

Pick a good real estate agent, get pre-approved for a Homepath financing, so you are ready.

Short sales may or may not happen.
Short sales lenders have to approve both the seller and the property.
They want to make sure that they "forgive" the seller because the seller is in deep hardship.
And - that the property is not sold below about 95% of market value.
So, when a buyer makes an offer, besides waiting for months, a lot of things can happen.
Your offer could become too low (property values go higher), the seller can find a job and become solvent (not broke any longer), the seller can choose a loan modification etc...

Foreclosures are usually a more sure way of buying.
However, when buying a condo, condo associations could have their unresolved maintenance fees argument with the foreclosure lender, which could slow down or kill the deal.
Make sure to check the property for mold and other serious issues.
Too many to handle - don't buy!

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
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0 votes 9 answers Share Flag
Fri Oct 25, 2013
Margaret Hassani answered:
The process of foreclosure by a bank can take years in Florida. Once the bank has foreclosed, it now owns the property. They may or may not put it on the market for sale right away.
0 votes 6 answers Share Flag
Fri Oct 18, 2013
Don Tepper answered:
Pablo's correct. The unit must be in habitable condition.

Further, the owner/Realtor was doing worse than failing to disclose. A case could be made that he was actively concealing a known defect.

The owner/Realtor is in the wrong. A lawyer is a good option. Another might be to talk to the owner/Realtor's broker. That might provide some pressure.

Hope that helps.
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0 votes 7 answers Share Flag
Fri Aug 16, 2013
Rick Goldfeder answered:
It is important to know if you want this unit for use as an investment property to rent or as a
primary residence. Do you want it near the City of Miami for proximity to a job workplace, or is this
the area where you wish to live.? send me an email at : fredrick.goldfeder@century21.com. or call me at
786-255-9411
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0 votes 10 answers Share Flag
Fri Aug 16, 2013
Rick Goldfeder answered:
I have just moved up here from the Kendall section of Miami . I moved to Aventura, right next door to
North Miami, very familiar wtih the area in a short time plus I had worked over here when I moved here 10 years.ago. email : fredrick.goldfeder@century21.com/ fgoldfeder@aol.com ... more
0 votes 4 answers Share Flag
Sat Dec 15, 2012
June Savage answered:
I can recommend someone depending what you need
0 votes 4 answers Share Flag
Mon Sep 10, 2012
Nereida Figueroa answered:
Use facebook, there is a lot of school already register with web.
0 votes 4 answers Share Flag
Fri Jun 29, 2012
Gloria Rodriguez Delosreyes answered:
There's a saying in Spanish which translates: Clear accounts save friendships.

You're right, everything spelled out in black and white will save everyone a lot of trouble. But hire someone that represents your interests and let the other party worry about theirs.

We work with some great real estate attorneys, I can email you a few names and numbers if you like.

Good luck!
G.

Gloria Rodriguez de los Reyes
Media, Branding & Team Building
Avanti Way Realty
(786) 322-9438
gloria@avantiway.com

avantiway.com
joinavantiway.com
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0 votes 3 answers Share Flag
Wed Jun 27, 2012
Cathy Sloan answered:
Cosi

If your loan is non-recourse doesn't mean they can't try for a deficiency judgment. If you don't show up in court, they win by default. If you did something to invalidate the non-recourse protection the lender can and probably will win in court. Example: they prove you reported incorrect debt to income ratio or gave any false information.

Perhaps you had a first & second mortgage and the second was not non-recourse

This is a complex legal question, you should seek legal council
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0 votes 2 answers Share Flag
Wed Jun 27, 2012
Mott Marvin Kornicki answered:
Many property owners are upside down these days. It appears that the short-sale is the only option besides foreclosure. Another option may be to offer the lender a deed in lieu of foreclosure. It is best to seek capable legal and financial advise from an accountant and/or attorney. ... more
0 votes 9 answers Share Flag
Wed Jun 27, 2012
Get-smart answered:
if you didn't find the information you needed you can go to the link below.
0 votes 9 answers Share Flag
Fri Oct 28, 2011
Christopher Pagli answered:
Hi, This will depend on the landlord in question. Many people are going through the same thing that you are at the moment. If you can prove that otherwise your credit is good and you have enough income to afford the apt they may be willing to work with you. Be aggressive and don't give up hope!

Chris
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0 votes 3 answers Share Flag
Wed Jul 20, 2011
David Marks answered:
Big guy, 6% return is not difficult. Depending on your risk tolerance to locations, vacancies, quality of the property construction, year built, floor plans and overall layout, any construction flaws, etc. In addition to the return you want to also consider the future price increase potential. My experience is to mainly focus on the location of the property. I have done deals from as far north as PGA Blvd and as far south as Doral. Some are performing better then others of course. The properties with the better overall location are doing better. Yes I can get you 6% easily. I have conservative deals earning 9% and aggressive risk deals earning double that and some others doing a lot more. An example of a deal I am involved in: $150K total investment, $4000 a month income. The aggressive properties are a major pain to deal with and you must consider chasing rent payments and vacancy periods. The holding costs while not earning income is highly important to consider. ... more
0 votes 5 answers Share Flag
Fri Mar 4, 2011
Mali Shahbazian answered:
Hello Tracy,

In order not to accumulate late fees and attorney fees, which usually banks do not pay much of it.
it's better to pay HOA to make it smoother transaction.
0 votes 13 answers Share Flag
Fri Feb 18, 2011
Mott Marvin Kornicki answered:
Es una zona segura, hay delincuencia , como es en porcentaje su poblacion? Translated, the question in

English looks like this;

It is a safe area, no crime, as their population percentage?

La respuesta es .....

33179 es un barrio muy agradable. Abarca Miami Gardens, Este y Norte de Miami Beach. Nunca han sido afectadas, robado o heridos como resultado de la delincuencia en esa zona.

Consulte a un sitio como ciudad-los datos de la demografía y un informe de la delincuencia. La ciudad de North Miami Beach, la policía es un buen lugar para comenzar.

The answer is.....

33179 is a very nice neighborhood. It encompasses Miami Gardens, East and North Miami Beach. I have never been harmed, robbed or injured as a result of crime in that zone.

Check with a site like city-data for demographics and a crime report. The City of North Miami Beach Police is a good place to start.

http://www.city-data.com/crime/crime-Miami-Florida.html

❧ MIAMI BEACH REAL ESTATE GUY ✱ WATERWAY REALTY, REALTORS®

http://goo.gl/JueZ2 Like Us on FaceBook too.
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0 votes 1 answer Share Flag
Mon Feb 14, 2011
John Sacktig answered:
Hi Tracy,

What was the result of your short sale experience?

From my experience in short sales, yes the lender can ask that you liquidate the assets to pay back the loan.. But you don’t; have to do it. Once that happens, your short sale will probably not be approved.
Think about the situation logically and the answer should present itself.
When you move forward with this, you should probably seek the advice of an attorney and work with a Realtor that knows the short sale process.

John Sacktig
Broker / Manager
Orange Key Realty
Direct: 732-213-1409
JSacktig@orangekeyrealty.com
... more
1 vote 4 answers Share Flag
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