Fort Lauderdale Real Estate | Buying a house or a condo in Fort Lauderdale | Selling your house or condo in Fort Lauderdale FL
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Direct: (954) 529-5505
Office: (954) 396-5900
RE/MAX Preferred
2810 E Oakland Park Blvd Ste 200
Fort Lauderdale, FL
(954) 396-5900
Cash-tra-tion (n.): The act of buying a house, which renders the subject financially impotent for an indefinite period of time.
http://www.cnbc.com/id/39909157/
Click on the above link for an article appearing today in MSNBC describing the horror story now going on between foreclosing Lenders and the Title Insurance Industry.
Earlier this month, I took up this problem with a major title insurer in our Fort Lauderdale market….who wishes all their cases were Bank of America, since that Lender gave Fidelity Title Insurance Company, his parent company, a blanket warranty of title for all properties they foreclose! He did not yet have an answer on what his company would do if the property was not foreclosed by Bank of America.
This could make all unsold REO’s non-saleable, except a sale to a less than knowledgeable Buyer that is willing to accept the risk of an invalid title, if that appears as an exception on Schedule B to Title Policies because
foreclosing Lenders deeding the property would not guarantee the insuring Title Insurance Company against this risk.
This MERS caused mess continues to be a tremendous problem; Lenders that developed and funded this MERS system, are apparently now having 2nd thoughts about its legality, because even they appear to be reluctant to
guarantee subsequent Title Insurers, and therefore REO Buyers, of good title.
In my view, the Title Insurers and the American Land Title Insurance Association, are correct in their believe there is a legal risk that the REO lender may not have acquired good title by foreclosure. The Uniform Land
Transactions laws, in my view, have been quite clear on this for centuries: Mortgages, and any subsequent Assignments thereof, must be recorded in the County’s land records, and notes setting forth the requirements for repaying that mortgage, must be endorsed to the mortgage assignee.
While this plays out, what will Lenders do with their foreclosures and their subsequent REOs? Are we, Tax Payers, to pick up that tab to bail out the banks for their deliberate screw-up?
I am not sure who is worse anymore: The Mafia’s bullyish scare tactics or the Lenders devious administrative practices?
All this could have been avoided if Lenders would have followed the laws of mortgage records and foreclosure procedures.
In a “tug of war” game you need two opposite teams pulling at each end of a rope until the strongest side pulls down the entire opposite team.
Right now, Fort Lauderdale (or Southeast Florida) is witnessing a magnificent tug of war match between buyers and sellers. Both parties are pulling their end with equal force and nobody is falling down, anymore.
This is a great indication that we have reached the bottom of the real estate tumble. Prices of homes and condos have dropped significantly in the past four years down to those prices of 2002 and 2003 (depending on areas) and those sale prices have leveled off for quite a while, already. Sellers realize that they can’t let go any lower than the ground prices; that is what gives them the extra energy to pull harder of that rope.
Buyers, you know the roller coaster effetc: ater it reaches the bottom of the hill, it goes back up the next hill, again, and so on. The real estate roller coaster car is presently rifing the bottom of it’s highest hill. THAT’S WHY THIS IS THE BEST TIME TO BUY YOUR PIECE OF SUNSHINE IN FORT LAUDERDALE BECAUSE, SOON, THE CAR WILL START CLIMBING.
The National Association of Realtors® (NAR) reported Monday that the July 2010 home sales (that includes houses, condos and townhouses) fell to 27.2 %. The media loves drama. Most reputalbe media had a field day with that NAR report by glooming their report with “This is the worse home sales decline in 15 years…. and probably caused by the termination of the stimulus package tax credit for first-time buyers at the end of April 2010″ making it sound like this is the end of the housing world.
OK. That’s reality. Get over it! This is not real estate doomsday. Here in Fort Lauderdale, Southeast Florida, yes the amount of property sales have slowed down some but there have been many, many sales in June and July. In fact, this month I am very busy working with buyers who are either making a local lateral move to larger homes or condos and snowbirds now preparing to buy something ready for the winter season.
Life may not be the best these days but life is gooood, nonetheless!
Do you remember when you were a child playing on the beach by the lake or on the ocean shore with your plastic pale and shovel trying to build a sand castle?
That was kid’s stuff. Now that you are an adult, confident, successful and financially secured, come down to Fort Lauderdale, FL and build the real thing. If you don’t have time to take on that project, I’ll help you find the land and the right contractor to materialize it for you; or, you can buy an already built dream castle or a luxurious condo to make an impressive statement from the fine and exclusive selection of superb residences on the beach or near it .
Call my “Sell” phone (954) 529-5505
John Bourassa, Realtor®
EVERYONE HAS A SPECIALTY. The past five years of radioactive real estate decay forced almost every Realtor® to change their practice by selling tedious bottom-feeding priced distressed sales (short-sales or foreclosures). Despite that real estate depression, I managed to survive through it, humbly, without diverting my real estate practice towards “short-sales” or “foreclosures” .
I am a professional luxury residential real estate agent who does just that: My specialty is to selling properties above $350,000 – matching buyers and sellers to purchase homes or condos on or near the beaches as primary residences or as a second vacation homes. And, I excel in that market segment.
Real estate in Fort Lauderdale, FL is good this summer. I don’t know how the rest of Florida or the United States are doing, except for what I read in the papers, but sale activities are still good down here mainly because prices of luxury homes and ccondos are so affordable and the interest rates on loans are excellent.
Call my “Sell” Phone (954) 529-5505
John Bourassa, Realtor with RE/MAX Partenrs selling Luxury homes and condominiums in Fort Lauderdale, FL.
A photographer took this amazing picture of birds in flight delivering a smile formation flying towards a colorful sunset background as if the birds’ intention was deliberate to say:
“We hope you’ve had a nice day!”
John Bourassa, Realtor® selling luxury homes and condominiums along fort Lauderdale Beaches, the Intracoastal Waterways and downtown Fort Lauderdale. Call my “sell” phone (954) 529-5505
The late John Denver described it best in his song “Back Home Again”.
“It’s the sweetest things I know of, just spending time with you. It’s the little tings that make a house a home like a fire softly burning, supper on the stove and it’s the light in your eyes that keeps me warm.”
Listen to the entire song: 
In Fort Lauderdale, we have houses that give you that same longing “home” feelings.
John Bourassa, Realtor® with RE/MAX Partners serviceing Fort Lauderdale Beach. Call my “Sell” phone (954) 529-5505
CNBC reported that The National Asociation of Realtors ® (NAR) revealed this week that “The Realtors® said its Pending Home Sales Index, based on contracts signed in May, fell to a record low 77.6 from 110.9 in April. Economists polled by Reuters had expected a smaller decline of 12.5 percent in May.” a 30% drop.
Meanwhile, in Broward County, Florida, sales of homes and condos combined rose from 1150 Pending Home Sales in April 2010 to 1475 in May 2010 (a 22% increase) and rose agian from May 2010 to 2619 in June 2010 (a 43% increase).
Life is good in Fort Lauderdale, FL and our homes and codos are now affordably cooool!
John Bourassa, Real Estate Agent with RE/MAX Partners in Fort Lauderdale, FL.
Call my “Sell” phone (954) 529-5505
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