Home prices are still falling, but South Florida
is doing better than many metro areas.
Check out the article below and if you are
in default on your mortgage, check out the
humorous video link below:
We in Cooper City as well as in all of Broward County have four different types of home sellers Let me spell them out:
The unapproved short sale
The approved short sale
The retail listing
The REO ( Bank owned)
What are they and what are their consequences for the home buyer?
The unapproved short sale refers to a seller who owes more than the home is worth. They want to avoid foreclosure, but there has been little, if any communication with the bank to determine if the bank will accept less than what is owed. The process to get approval has been decreasing partly because of HAFA, but may still take weeks to months to get an answer and an offer is not guaranteed to be accepted.
If you want to deal with a short sale, you are most likely to have a positive outcome if you use a Realtor who is a CDPE ( Certified Distressed Property Expert) . I am and I can help.
There are certain restrictions for a short sale, Please call me to discuss.
The approved short sale means the bank for the current seller has already reviewed the documentation of the owner and the circumstances and has agreed on a sales price for the home. Usually this occurs after another buyer has given up. Usually an answer to an offer comes within three weeks.
Again, I have contacts with most lenders and can get an answer quick. Call me.
The retail listing is what was called “normal” in the past but now represents less than 50% of the sales in most areas. It is a typical seller who has one of the following reasons to sell: reduction in income, increase in income, marriage, divorce, death,relocation, larger family size, smaller family size. Although these may be present in short sales, these owners are motivated primarily by these reasons, not being behind on their mortgage.
There are an increasing number of investor purchased properties now being refurbished and put back on the market in this category.
Finally, the REO or bank owned homes. They have been taken back by the lenders in a foreclosure proceeding. The banks do not want to own homes so they sell them at a discount. Be aware that most foreclosures sell for at above listing price.
Welcome to Inside Real Estate. This is our brand new Real Estate blog. Check back soon for market updates, new houses on the market, etc.
We hope to provide you with useful information about buying and selling real estate as well as useful information about the communities we serve, including Cooper City, Davie, Southwest Ranches, Pembroke Pines, Hollywood and the surrounding areas.
We will delve into buying and selling tips and understanding the process of buying and selling real estate. Discussions of foreclosures and short sales will be prevalent as these are a big part of our market now. In fact the number of foreclosures on the market has grown rapidly in the last two months and in some areas, short sales represent over half the homes available. We will discuss the HAFA (Home Affordable Foreclosure Alternatives) program for short sales and statistics for sales in the Cooper City area.
As lifestyle is important to any community, we will discuss restaurants and places to shop. As you should know, one of the biggest draws for people to move to Cooper City is our A+ school system. We hope to provide useful information about Cooper City schools.
We also will look into our new communities of Estada and Monterra and keep you up to date on their progress. We will also review the many communities in Cooper City with information about Homeowners associations and condominium associations.
Our goal is to help our neighbors with useful information that can help in making buying home buying and selling decisions and to show that our area around Cooper City is truly Someplace Special.
We want to hear from you. Please feel free to request any other topic you would like to learn more about.