Wednesday, March 23, 2011

Commercial Real Estate / Strategic Default In Southwest Florida

With so many foreclosures and short sales in Southwest Florida Residential Real Estate, it should be a given that we will see that transition into commercial real estate in Fort Myers, Naples and Southwest Florida.  This should be a top alternative to help owners of bad assets / distressed commercial properties and those banks who are involved.  It is imperative to have real estate professionals get involved and set up these mutually beneficial scenarios. 

It is estimated there is approximately $1.4 trillion dollars of commercial loans set to come due by 2014.  That is a lot of money and these are the short term numbers.  So what are the options? 

·         Borrower and Bank agree to modify the loan in some fashion or delay the balloon.

·         Bank forecloses on the defaulted property.

·         Bank, borrower and Realtor work to get a buyer at fair market and short sale the commercial property

At MAXIM LLC – Commercial & Residential REALTORS – We are dedicated to perform mutually beneficial scenarios for both commercial lender and borrower.

Written By:  Steve R. Daria / Real Estate Broker /

Monday, March 21, 2011

Property of the Month

3698 Cotton Green Path Drive

Beautiful and large 3 bedroom 2 bath home in a quiet section of Fiddler's Creek. Security and privacy contribute to the location of this home. Large pool with brick pavers into the pool area in the screened lanai overlooking the preserve and golf course.

Very natural setting with this dead end location on Cotton Green. Large tile throughout, solid surface counter tops, and stainless steel appliances are just some of the upgrades in this home.

Property has front brick paver porch area to enjoy its Florida outdoor settings.

For more information or showing instructions, please contact Steve Daria direct at (239) 425-5671 .

Friday, March 18, 2011

What Happens to the Deficient Amount in a Short Sale??

What Happens to the Deficient Amount in a Short Sale??

This is one of the top questions we receive from people who are looking at the option of a short sale.

Our goal is to get a short sale approval stating that the bank waives any deficiency rights.  

The literature we are looking for:

“This letter will confirm our acceptance of the short payoff on the above referenced property.”

“We agree to accept the proceeds as full and final satisfaction on the mortgage indebtedness”

“Approval to sell the property which will result in a short payoff of the mortgage of the mortgage… agreed settlement short of full payment and waive any deficiency rights.”

We are aggressively helping people to avoid foreclosure. Let me know if I can answer questions and be of service to you. At NO cost. We are short sale servicing all of Lee, Collier and Charlotte Counties… That is Punta Gorda, North Fort Myers, Pine Island, Cape Coral, Fort Myers, Sanibel Island, Captiva Island, Lehigh Acres, Fort Myers Beach, Estero, Bonita Springs, Naples, Marco…

Steve R. Daria (239) 425-5671

Thursday, March 17, 2011

My Property Has 2 Mortgages, Can I still do a Short Sale??

This is a question and real short sale example we are currently working on in Fort Myers, Florida.

If there are 2 mortgages, will the second lien holder ruin or complicate the short sale??
The answer is YES, IF the short sale process if not done correctly... 

It is imperative when your agent submits your short sale package that it includes a complete and correct HUD (Department of Housing and Urban Development Settlement Statement) showing a "payoff" to the second lien holder. 

The HUD is your settlement statement which shows ALL costs, prorations, credits between buyer and seller.  You actually reviewed one of these (below)and signed off on it when you initially made your purchase.

Now this form (usually drafted by a title company or attorney) acts as a net sheet to show what your lender will net after all costs in order to move forward with the short sale.
In this, needs to be a "payoff" to the second lien holder (which is paid by the first lien holder).  This payoff amount is usually a small percentage of the second lien say 3-5%.


Here is an example of a current short sale file for a Fort Myers, Fl property:  (Names Changed/ Info not disclosed for privacy)

Billy owes a total of $350,000 ($280,000 first mortgage and $70,000 second mortgage).
The value for this short sale is $200,000 and we have a ready and willing buyer for this price. 

Most second lien holders are aware that if they do not accept a short sale they will get nothing if the property forecloses.  The old saying "something is better than nothing" rains true...  This Fort Myers property (like many others we have transacted in Lee and Collier County) is approved and should close shortly

Monday, March 14, 2011

Featured Rental of the Month

2745 First Street #801
Fort Myers Florida 33916

St. Tropez - Downtown Fort Myers High Rise!

Beautiful 3 bedroom 2 bathroom condo with a direct view of the river. Upgraded unit with granite and stainless steel appliances.  Tile throughout, carpet in bedrooms.  Tenants move out 3/15/2011.  AVAILABLE 4/1/11. Rent is $1200 per month.

If interested, please contact Jennifer Daria at (239) 464-7701 or

Short Sales + Tolerance + 2011

Short sales have been a grueling process in many cases in my experience… Some have been so timely and we actually closed in less than 10 days… Others have taken 3-4 months…

What does this year have for us in 2011 for short sales?

I spoke to a Bank of America negotiator the other day. She told me there were over 3,000 representatives attending a workshop for new trainees just for short sales.

We will see how it goes… I deal with some reps who are not very good and then others that know what to do. We will actually call the line multiple times to get someone that we feel confident will provide us decent results in a timely manner.


The strategy for your agent representing you on the sale:

1. Ensure they have a full package.
2. Aggressively call to ensure they are moving along (We call every Monday and Thursday)
3. Seller - Be tolerant – Some may be quick, others may take some time – But, hey – You may have just avoided a foreclosure.

The strategy in buying a short sale:
1. Be sure the listing agent knows what they are doing with a short sale. If not valuable time could be wasted on a property that you may never purchase.
2. Be sure you have a good buyer’s agent interviewing the listing agents that have the properties to ensure they are experienced.
3. Be tolerant on getting a good deal - In our Southwest Florida market, if you make a short sale or foreclosure purchase, you are doing well. As there is A LOT of buying activity!

As always, we are short sale servicing all of Lee, Collier and Charlotte Counties… That is Punta Gorda, North Fort Myers, Pine Island, Cape Coral, Fort Myers, Sanibel Island, Captiva Island, Lehigh Acres, Fort Myers Beach, Estero, Bonita Springs, Naples, Marco…

Steve R. Daria
(239) 425-5671