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34287 : Real Estate Advice

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  • Local Info5
  • Home Buying15
  • Home Selling2
  • Market Conditions2

Activity 168
Wed Nov 12, 2008
James Mulligan answered:
A short sale is when a seller owes more on his home than the asking price of the listing. Contrary to many people's understanding, you do not assume any debt. If you purchase a short sale or any property in Florida, you will have the property researched by a title insurance company and you will be issued a clean title and a title insurance policy. If the title insurance company finds problems with the title and will not issue a policy, you should not purchase the property.

A short sale is often difficult to buy because banks are reluctant to let the seller "off the hook". If the seller has other assets, the bank wants them to liquidate. This can complicate any closing and often short sale offers are rejected by the banks. Sometimes short sale sellers have no real intention to sell but are looking for offers for ammunition to get the banks to renegotiate their loan.

Foreclosures (often noted as "Corporate Owned") are somewhat easier to close. You will deal directly with the bank rather than a "third party approval".

Northport has seen a lot of speculation during this real estate bubble. Consequently, there are many neglected or abandoned homes. While this might sound like an opportunity to cash in, one must be VERY cautious. I have seen many homes that will not bring a positive return on investment EVER. It is important to evaluate a property carefully. Find a real estate pro who can perform a comparative market analysis of a property and help you determine repair costs. You may find that it is better to pay a little more and get a home that is in better shape.

Finally, if you are financing, you will need a preapproval letter from your lender. If you are making an offer on a foreclosure or short sale, the offer will not even be considered without proof of available funds. Even in a private purchase, an offer holds more weight with a pre-approval letter.

Jim Mulligan, Broker
Suncoasteam Realty
941-456-3034
jim@suncoasteam.com
Free MLS access: www.searchsuncoast.com
... more
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Mon Nov 10, 2008
Bill Eckler answered:
Lorraine,

What is the home and where is it posted for sale?

You raise a very good question..........
0 votes 2 answers Share Flag
Mon Nov 24, 2008
Shannon Moore - The Moore Team answered:
We live and work in North Port and can get you the info you need if you would like to contact us via email or phone.

Roxanne Moore, Realtor
Re/Max Anchor Realty
North Port/Port Charlotte
941-626-3926
twomoores19@comcast.net
... more
0 votes 4 answers Share Flag
Sat Oct 11, 2008
Mott Marvin Kornicki answered:
I really don't know! The exact amount of time depends on several factors.

• Backlog of the court
• Motivation of the pre-vailing party, usually the plaintiff
• Lender's policy
• Weather conditions
• ?
Get packed and move on!!!
I have seen the eviction proceedure happen withing 5 days. From what I read at the link below, it is quite clear that a minimum of 30+ days that you could possibly stay.

Mott Marvin Kornicki, Broker/Associate
Sunny Isles Beach, Florida
Real Estate Professional in Miami
... more
0 votes 1 answer Share Flag
Fri Oct 10, 2008
Dallas Texas answered:
Contact an attorney therefore no statements made would be to your disadvantage sorry to hear about your situation. http://www.lynn911.com http://www.homes-for-sale-dallas.com
0 votes 1 answer Share Flag
Sat Oct 4, 2008
Shannon Moore - The Moore Team answered:
Hi Leslie,

I have a few suggestions for rental agents you can call:

Luanne Nudi, 941-957-4677, Ext, 501, http://www.nudionthebeach.com/

Connie Nowell, 941-628-0949, www.RentMeFlorida.com

Brian Fischer, 239-225-5663, Douglas Realty, brianfischer@douglasrealty.net

I think between the three of them they should be able to find something for you. Good luck with your search!

Shannon Moore, Realtor
Re/Max Anchor Realty
North Port, FL
941-276-8142
... more
0 votes 4 answers Share Flag
Fri Oct 3, 2008
Mott Marvin Kornicki answered:
The mechanics of the foreclosure process is detailed in the link below. You can assume that you may have up to 6 months of legal correspondence and service until the property is officially transfered to the lender.

There are other options that you may want to consider;

• DEED IN LIEU OF FORECLOSURE
• SHORT SALE
• LOAN MODIFICATION

Contact your lender and real estate broker/agent- ASAP, get things sorted out.
... more
0 votes 8 answers Share Flag
Thu May 21, 2009
Myke Atwater answered:
you might try vrbo.com for that area to see what might be available for you. This probably isn't the right venue to find this information, but vrbo works great, and you can rent directly from an owner. Good luck to you! ... more
0 votes 6 answers Share Flag
Mon Aug 25, 2008
Shonda Campanaro,REALTOR® answered:
There are so many agents on here from SW Florida, I'm sure one will be in contact with you soon. They will be able to email you everything that meets your search criteria along with pictures and details about the properties. I would love to help you, but I am in Jacksonville and our MLS is limited to NE Florida Good Luck with your search! ... more
0 votes 10 answers Share Flag
Thu Aug 28, 2008
Scott Godzyk answered:
the mobile home will have to meet regulations set forth by the insurance companies to even get insurance such as age limits and if it is tied down or anchored. there are government programs available when private insurance is not availoable. It is costly and will still need to meet these regulations, the best bet is to make any offerr contingent upon being able to get insurance. ask the agent for a copy of teh sellers insurance policy to see they have insurance and then contact them to see if you can get insurance. that is the easiest way. good luck ... more
0 votes 7 answers Share Flag
Sun Aug 3, 2008
Shannon Moore - The Moore Team answered:
Krystal,

It really depends on the home, location and price. Homes with a fourth bedroom or den and homes with pools rent much faster. Can you give a little more detail about the home you are referencing?

Shannon Moore, Realtor
Re/Max Anchor Realty
North Port
941-276-8142
twomoores19@comcast.net
... more
0 votes 4 answers Share Flag
Thu Aug 28, 2008
Mott Marvin Kornicki answered:
Here is a link with several resources for North Port, Florida

Insurance costs have been increasing, shop around!
0 votes 10 answers Share Flag
Wed Mar 4, 2009
James Mulligan answered:
There area over 100 poll homes currently for sale through the MLS system in North Port, FL. The price range is slightly under $100,000 to well over $600,000. You have many choices. If you were to build a pool, I have seen ads starting at about $25,000 for a complete package (pool, deck, filter, cage). That is bare bones. You will probably spend $10,000 more. Nevertheless, it is probably best to first consider homes with a pool in place.

Jim Mulligan
Licensed Real Estate Broker
... more
0 votes 7 answers Share Flag
Mon Aug 25, 2008
Jim Soda answered:
Your home would need to appraise for more than the asking price. You may need to take the loss or apply for a short-sale. Call an attorney & discuss a short-sale or what option would be best for you. ... more
0 votes 15 answers Share Flag
Fri May 4, 2012
Lynn Pineda answered:
Vicky, it's hard to pinpoint an exact time frame as to how much time you'll be able to stay in your home as it varies according to your Lender, Attorney and their case files, I'm seeing; 6 months is an average time.

Why is it that you think your home won't sell? I recommend that you work with a Realtor qualified in Listing Short Sales as that can make a huge difference in whether or not your home is sold as a short sale. If your home is priced for your market, you should have a good chance of selling your home as there are buyers seeking good opportunities that come with a Short Sale. I'd hope for the best in selling your home.

Another good option for you that will stall the foreclosure process and give you more time to sell your home is to contact an Attorney in your area who can represent you and defend you against the foreclosure. You'll have to pay for his services which from my experience can run about $500/month.

However, in the event that your home isn't sold and it is foreclosed on, the time remaining in your home can run between 30-60 days without much notice given at all. So if you get to that point, you should plan on finding a new place to live right at that time.
... more
0 votes 15 answers Share Flag
Thu Jun 26, 2008
Jason Sandquist answered:
Each state varies as far as foreclosure laws here is a weblink that might be able to point you in the right direction
0 votes 6 answers Share Flag
Thu Jul 3, 2008
Shannon Moore - The Moore Team answered:
Nice speaking with you Angela. I'll get the CMA emailed over to you momentarily. Thanks!

Shannon Moore, Realtor®, 941-276-8142
Roxanne Moore, Realtor®, 941-626-3926
Re/Max Anchor Realty
North Port/Port Charlotte
www.TropicalFloridaProperty.com
www.TwoMoores.com
... more
0 votes 7 answers Share Flag
Wed Jul 5, 2017
answered:
Right now Florida is leading the nation in foreclosures. Florida is number 1 in foreclosure filings followed by California and Detroit Michigan and other areas of Michigan. There is no diveresified industry or high paying job base in Florida to justify inflated home prices. Retirees traditionally live in Florida and retirees generally live on 1/3rd of thier previous employment income. And people living on 1/3rd of thier former income just do not have the money to pay high prices. Also a large percentage of retirees live solely on SSA payments. Widows must live on 75% of thier late husbands SSA income. Since our federal government defines as poverty level most seniors, these retirees will not be buying inflated overpriced homes.
Also much of Florida has had a non justifiable rise in hoa fees, home owners association fees, monthly fees homeowners are charged by hoa ' trustees' or directors In many cases the homeowners are not receiving any value in service for these excessive hoa 'fees' and land rent 'fees'. One community of homeowners is being charged 535 a month hoa for 1 bedroom, 1 bath units, the 535 a month they are hoa assessed goes to pay for an annual ' anna marie island party 1x a year' . Needless to say this type of gross mismanagement and hoa assessment land rent fee price gouging keeps millions of buyers away.
Hopefully Florida residents and thier states attys will correct this enron type hoa fraud.
... more
0 votes 18 answers Share Flag
Wed Apr 23, 2008
Tony H. Rahnamoon answered:
Present an offer ASAP to the seller or their representative.
If you need help feel free to contact me.
0 votes 6 answers Share Flag
Thu May 22, 2008
Bill Eckler answered:
Ron,
Help us to understand your question.....could you provide some additional information?
0 votes 9 answers Share Flag
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