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John Bourassa
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Direct: (954) 529-5505

Office: (954) 396-5900



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RE/MAX Preferred
2810 E Oakland Park Blvd Ste 200
Fort Lauderdale, FL
(954) 396-5900


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ARE FORECLOSURES OR REO’S PRESENTLY SELLABLE?

Friday, October 29th, 2010

 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.

Life is good for lenders.

Wednesday, October 27th, 2010

Realtors, Haven’t you noticed that Banks are no longer amicable to entertain low offers of foreclosures lately?  I keep monitoring the Fort Lauderdale  Beach area MLS daily and I noticed that the REO and short-sale properties are priced nearly as much or equal to the non-distressed homes or condos on the market for sale.  Does that mean that the real estate market has finally reached rock bottom? 

As for the major lenders, it was reported last week on the National Public Radio that the 4th biggest lenders have each generated billions of profit in the 3rd quarter of this year – thanks to the FED allowing them to continue to borrow at 0%.

REALTOR.COM…

Tuesday, October 5th, 2010

The internet is litterally oversaturated with thousands of sites offering the same thing but the first one who comes up with a new idea or product seems to imprint their brand which will forever remain the most popular on people’s minds much stronger than any others who copy original ideas.

And that applies to Realtor.com.  In 1995, the National Association of Realtors® cornered the idea of gathering every single listing from every single local Realtor® association across the nation in a real estate site named  Realtor.com (1) which also allows the general public to searxch listings.  Naturally, soon, everyone copied Realtor.com but even to this date, people search properties on Realtor.com before they visit any other real estate sites because Realtor.com is the most accurate and reliable real estate web presence in the United States and, perhaps, world wide. 

(1) ©1995-2010 NATIONAL ASSOCIATION OF REALTORS® and Move, Inc. All rights reserved. Equal Housing Opportunity REALTOR.com® is the official site of the National Association of REALTORS® and is operated by Move, Inc.

REALTOR® — A Registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. Inquiries regarding the Code of Ethics should be directed to the board in which a REALTOR® holds membership.

REAL ESTATE TUG OF WAR

Saturday, September 4th, 2010

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.  

SPACE-SAVER FURNITURE FOR SMALL ROOMS

Friday, September 3rd, 2010

If you don’t have that much space in your home or condo, then, watch this video of ingenious space-saver furniture.   This is the answer.

YouTube Preview Image

John Bourassa, Realtor® with RE/MAX Preferred servicing Fort Lauderdale Beach. Call my “Sell” phone (954) 529-5505.

A Realtor with dys-LIKE-xia

Thursday, August 5th, 2010

This afternoon, upon showing one of my listings to a buyer’s agent and her customers, I arrived fifteen minutes earlier to open up the condo. Then, I went  down to the lobby to meet the buyer party. 

As I approached the lobby’s entrance door, the agent hurried inside clutching her papers against her chest with her left arm while holding her cell phone with the other hand and firing rounds of words, about 100 per second.  Then, she abruptly excused herself from her phone conversation to end it with “…I’ll call you like later.”

The attractive agent appeared to be about 26-28 years old,  5′ 4′” with the help of  elevated shoes, thin yet well proportionally fit sporting a tight medium blue cocktail dress harmonized by mid-length curlied light brown hair hilighted with frosting streaks and perfectly held in place with hair mousse as if she spent hours sculpting the do.   Unfortunately, the pretty package was aromatized with a mixture of perfume and heavy cigarette smoke. 

Standing by the door,  she walked towards me and, in one breath, she introduced herself and began explaining how her journey to this building turned into an ordeal.  What was difficult to understand in that storm of words was the word like being repeatedly missused over and over again as if everything she tried to convey needed to be exampled so I could understand her delivery: “…We have to wait for my customers because it’s like, oh!  They couldn’t meet me at my office and I was like stressed out.  So, we decided to meet like at the condo. 

We sat down in the lobby chairs waiting for her customers.  She proceeded to tell me how she recently embarked in the real estate profession, again  in one breath, she poured out at the speed of light:  “… While in college, I took like business administration and real estate.  It was like intense.  I am so glad I graduated, last year.  It was like, wow! I am like happy it’s all over over with…”

The customers finally arrived, 10 minutes late.   A 40-something casual couple with a 13 year old well mannered daughter.

We all went upstairs to the unit and everyone was drawn to the spectacular Intracoastal water views.  “…Check out this view down the Intracoastal, you guys.  It’s like, awesome!  I could like live here, easy!”  She exclaimed with animation. 

Throughout the visit, the agent kept a disarming friendly and genuine smile complementing her bubbly, outgoing personality.  What was odd is at the end of the tour she didn’t use the word like when she asked her customers: “What do you think of this place?”

After we all parted company, I thought, maybe,  if she were to drop the word like out of her speech, it would probably impair her ability to express herself with ease;  thus,  handicap her overall personality.  It would be like removing the “F” word out of auto mechanics’ lingo.”

Actually, I really  like the agent – and she will do well in this business.

THOMAS JEFFERSON WARNED US…

Wednesday, July 14th, 2010

Thomas Jefferson (April 13, 1743 – July 4, 1826) was the third President of the United States (1801–1809), and the principal author of the Declaration of  Independence.

Jefferson was not only a brilliant man but also a pragmatic who warned us way back then on the following predictions (among other political warnings):

1- “I believe that banking institutions are more dangerous to our liberties than standing armies.  If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people 
of all property -
 until their children wake-up homeless on the continent their fathers conquered.”

2- My reading of history convinces me that most bad government results from too much government. 

3- The democracy will cease to exist when you take away from those who are willing to work and give to those who would not. 

4- I predict future happiness for Americans if they can prevent the government 
from wasting the labors of the people under the pretense of taking care of them. 

Isn’ this like an I told you so?

National Flood Insurance Program (HR5569)

Thursday, July 1st, 2010

Florida Realtors® News reported this morning that in addition to Congress extending the homebuyer tax credit closing deadline from June 30, 2010 to Sept. 30, 2010, the  U.S. Senate also passed another bill last evening previously passed by the House.  Congress once again reauthorized a short-term extension for the National Flood Insurance Program to Sept. 30, 2010. The bill, HR 5569, makes the program retroactive to May 31, 2010, the date the program went on hiatus.

Both bills, however, still need President Obama’s signature to become law, but that’s expected to happen quickly.

John Bourassa, Realtor® servicing Fort Lauderdale Beaches, FL.  Call my “Sell” phone (954) 529-5505

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Ask Jeeves? NO! Ask John Bourassa, Realtor®

Wednesday, June 30th, 2010

Being  a Realtor® goes way beyong taking customers out showing properties, or listing properties, or knowing the laws affecting real estate or having a good understanding of financing. 

Realtors® are also neighborhood experts, the ”know-it-all“ with a wealth of resourceful information.  When working with either a buyer or a seller, Realtors® are always asked where to find this and that or “Can you recommend a handyman, a painter, a plumber and electrician,  a mortgage broker,  a mover, a title company, a babysitter, as petsitter, a motel or hotel, a restaurant” or every imaginable recommendations or advice.

When I am asked for recommendations, it one of the highest compliments I could ever receive.  It means that I have established a strong rapport of trust and confidence with my customers and friends.  In return, I recommend those specialists whom I know will deliver the best services to those people because if they perform well for my customers, my customers will tell all their friends that I am not only an excellent real estate agent but that I am also exceedingly resourceful and reliable.

Referrals is what kept me alive as a real estate agent through the real estate meltdown of the past four years.   I work towards “win-win” relationships with my customers.

Thank you.

John Bourassa, Real Estate Agent servicing Fort Lauderdale Beach with RE/MAX Partners.  Call my “Sell” phone (954) 529-5505

EXTENDED, AGAIN, FOR NOW – YES OR NO?

Wednesday, June 30th, 2010

The United States House of Representatives has just passed HR 5623, the Homebuyer Assistance and Improvement Act of 2010, by a vote of 409-5.  This bill extends the deadline for closing tax credit eligible transactions from June 30 to September, 30, 2010.   The bill moves to the Senate where the outcome is much less certain.  The REALTOR(R) Association of Greater Fort Lauderdale will continue to update you as the events move forward.

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