One of our Short Sale customers in Fort Myers, Florida came to us a little late. 10 months of nonpayment and the date was set…
Is it all over for this family?
With some effort and proactive action, we were able to delay foreclosure 60 days and are now set with a short sale approval. We should close in a few days.
This is why you need to take action right now. The short sale process will not cost you anything. However, if you elect to be delinquent and decide to exercise you option of a short sale too late, then it may cost you. Keep reading…
This family was delinquent for 10 months but were trying to do the right thing. Modify their loan with the bank and save their home. Unfortunately this lender, as per their discussion with us, gave them the run around leading them to believe they would have a modified loan that would be suitable to their financial position.
They were denied a modification.
They called me and provided me all the bank / attorney notices immediately upon request.
I instructed them to hire an attorney to see if they could delay the foreclosure in which we got 60 days which cost them a few hundred bucks… On top of it, the negotiator has assisted in providing direct communications with the foreclosure attorneys on the progression. He was a great negotiator to work with in ensuring we would not be bypassed to foreclosure.
This does not go as well with all banks. However, it is never too late. Make sure you are being proactive in speaking to an experienced short sale real estate agent even while you are trying to modify your loan as back up…
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…
Thursday, March 10, 2011
Wednesday, March 9, 2011
Short Sales Are Terrible!! Or Are They??
Unfortunately, I have listened to both sellers and buyers of real estate in Southwest Florida with negative feedback concerning Short Sales.
Some buyers state they have waited 6 months to find out that they never got their dream home. Some sellers claim before hiring me on that they hired a "short sale negotiator" or just an inexperienced real estate agent and never sold the home and now the clock is truly ticking for those families (which we have saved from foreclosure).
There is a system that must be followed in order to successfully sell your home short of the amount owed even if you think it is too late...
Again - Thank you for reading this information and I appreciate all of our support clients who have referred other friends and family who are in trouble.
Respectfully,
Steve R. Daria
Some buyers state they have waited 6 months to find out that they never got their dream home. Some sellers claim before hiring me on that they hired a "short sale negotiator" or just an inexperienced real estate agent and never sold the home and now the clock is truly ticking for those families (which we have saved from foreclosure).
There is a system that must be followed in order to successfully sell your home short of the amount owed even if you think it is too late...
Again - Thank you for reading this information and I appreciate all of our support clients who have referred other friends and family who are in trouble.
Respectfully,
Steve R. Daria
Tuesday, March 8, 2011
Short Sale Highlights
Good morning!
As always, if you have questions regarding short sales, I can be contacted direct at (239) 425-5671 or at shortshortsale@gmail.com
We are aggressively and successfully performing short sales thus helping hundreds of people to avoid foreclosure in Charlotte, Lee and Collier counties. No worries if your property is not located in these areas. We are trained and certified short sale specialists with direct contact to other short sale specialists nationwide!!
With that said – Here are some short sale highlights!!
· A short sale can have a much less negative effect on your credit than a foreclosure or deed in lieu of foreclosure
· A short sale acts as a traditional closing with specified close date once we get an approval
· In most cases a short sale approval will have the language for a waiver of deficiency.
· If you maintain your credit you may be able to purchase a home in 24 months or less.
· We have other affiliates who have sold homes to people who have short sold their home 90 days from the short sale date. They kept current on their payment all the way to close and bought 3 months later!!
· Banks are more willing to do a short sale than foreclose on you. The time is now when things are so lenient and the government encourages it.
· Banks are making the short sale process even easier!
· It is estimated that there will be another 3,000,000 short sales, deed in lieu of foreclosure and foreclosures combined nationwide before we see this slow down. Why foreclose when you do not have to?
· A short sale will cost you NOTHING! If anyone is charging you money to do a short sale, RUN!
· A short sale is a means to a quicker recovery for you and your family.
· This can be time to relieve a bad asset for you! IE – negative every month b/c the rental market is so low!
· The short sale process is fairly easy for you – There are certain documents that are required. Once we get them from you, it is all up to us!
· We do not guarantee a short sale but we have a strong closing percentage
· Short sales can be done with 2 mortgages on the property.
· A short sale will clean up all past liens – Back taxes, HOA fees, etc – All are paid by your lender at closing.
· We average 7 days on the market for short sales.
· You do not have to be delinquent on your mortgage to do a short sale. It is a personal decision.
· Depending on how the property is held, you may not be taxed on the deficient amount! Speak with your accountant.
· Timelines for short sale approval are becoming quicker and quicker.
I am sure I am forgetting some other things, but feel free to call me, write me or set a time to meet so we can discuss your options. shortshortsale@gmail.com
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…
http://www.maximrealtors.com/
Steve R. Daria
Broker/Owner
MAXIM LLC
Commercial & Residential Realtors
As always, if you have questions regarding short sales, I can be contacted direct at (239) 425-5671 or at shortshortsale@gmail.com
We are aggressively and successfully performing short sales thus helping hundreds of people to avoid foreclosure in Charlotte, Lee and Collier counties. No worries if your property is not located in these areas. We are trained and certified short sale specialists with direct contact to other short sale specialists nationwide!!
With that said – Here are some short sale highlights!!
· A short sale can have a much less negative effect on your credit than a foreclosure or deed in lieu of foreclosure
· A short sale acts as a traditional closing with specified close date once we get an approval
· In most cases a short sale approval will have the language for a waiver of deficiency.
· If you maintain your credit you may be able to purchase a home in 24 months or less.
· We have other affiliates who have sold homes to people who have short sold their home 90 days from the short sale date. They kept current on their payment all the way to close and bought 3 months later!!
· Banks are more willing to do a short sale than foreclose on you. The time is now when things are so lenient and the government encourages it.
· Banks are making the short sale process even easier!
· It is estimated that there will be another 3,000,000 short sales, deed in lieu of foreclosure and foreclosures combined nationwide before we see this slow down. Why foreclose when you do not have to?
· A short sale will cost you NOTHING! If anyone is charging you money to do a short sale, RUN!
· A short sale is a means to a quicker recovery for you and your family.
· This can be time to relieve a bad asset for you! IE – negative every month b/c the rental market is so low!
· The short sale process is fairly easy for you – There are certain documents that are required. Once we get them from you, it is all up to us!
· We do not guarantee a short sale but we have a strong closing percentage
· Short sales can be done with 2 mortgages on the property.
· A short sale will clean up all past liens – Back taxes, HOA fees, etc – All are paid by your lender at closing.
· We average 7 days on the market for short sales.
· You do not have to be delinquent on your mortgage to do a short sale. It is a personal decision.
· Depending on how the property is held, you may not be taxed on the deficient amount! Speak with your accountant.
· Timelines for short sale approval are becoming quicker and quicker.
I am sure I am forgetting some other things, but feel free to call me, write me or set a time to meet so we can discuss your options. shortshortsale@gmail.com
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…
http://www.maximrealtors.com/
Steve R. Daria
Broker/Owner
MAXIM LLC
Commercial & Residential Realtors
Monday, March 7, 2011
Short Sale Disclosure - A Must...
When selling a short sale, it is imperative that your real estate broker / agent fully discloses to the buyer that the property is a short sale.
Most states will have a short sale addendum to be signed off on by both buyer and seller.
This language will cover the following:
1. Approval of the Lender: This ensures that any and all of the seller’s lien holders against the property approve the purchase price, terms of the contract, HUD-1 settlement statement, agreement of the payoff for settlement less of what is owed, etc.
2. Time Periods: All time periods are set forth when seller delivers to buyer the approval of the short sale.
3. Acknowledgement: Buyer agrees the Lender is not a party to the contract and therefore is not obligated to approve the contract. This also discloses that Seller and Broker cannot be held liable for any delays by the lender for approval.
Be sure to consult with a local real estate professional who has experience in dealing with short sales. There are many specifics that they should be aware of in order to assist in a successful transaction between buyer and seller.
My primary concentration is successfully performing short sales on a residential and commercial basis. If you or someone you know needs help or advise, call me for a no obligation meeting.
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… http://www.MaximRealtors.com/
Most states will have a short sale addendum to be signed off on by both buyer and seller.
This language will cover the following:
1. Approval of the Lender: This ensures that any and all of the seller’s lien holders against the property approve the purchase price, terms of the contract, HUD-1 settlement statement, agreement of the payoff for settlement less of what is owed, etc.
2. Time Periods: All time periods are set forth when seller delivers to buyer the approval of the short sale.
3. Acknowledgement: Buyer agrees the Lender is not a party to the contract and therefore is not obligated to approve the contract. This also discloses that Seller and Broker cannot be held liable for any delays by the lender for approval.
Be sure to consult with a local real estate professional who has experience in dealing with short sales. There are many specifics that they should be aware of in order to assist in a successful transaction between buyer and seller.
My primary concentration is successfully performing short sales on a residential and commercial basis. If you or someone you know needs help or advise, call me for a no obligation meeting.
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… http://www.MaximRealtors.com/
Friday, March 4, 2011
Are Banks Logical with Short Sales & Loan Modifications??
Answer: NO
But I can give some banks credit that they are trying.
You think about the family that just needs a small reduction in their mortgage to help them save their home but are denied. Why? They have to fit in strict guidelines – Cannot make too less or too much money, show hardship, etc.
Why? It is estimated over 50% of people who are modified will end back up in foreclosure… So people must meet these strict guidelines.
Now short sales are no easy ride either. It is a process but many banks are streamlining the process. Thankfully.
There are some banks that will still take 120 days to close but hopefully the new treasury guidelines ensure a more efficient process for everyone (see our past blog with the entire 44 page doc on that).
My suggestion: If you are looking to save your home and need a modification, do not give up. Provide them everything they need and see what comes up. You do stand a chance.
If you are:
· Facing foreclosure
· Denied modification
· Modification presented still does not help
· Losing money because the rent does not cover the expenses
· Completely upside down and this is a bad asset
A Short Sale may be an option. We are dealing with most major banks, many small banks and even FDIC in short sale transactions in Lee, Collier and Charlotte Counties of Southwest Florida. Every day is a learning experience for me and my staff. However we do not give up and we are successfully saving people from foreclosure on their records.
I have many clients that will express their thoughts of our service. And we hope to do the same for you!! Please be aware of those charging upfront money.
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
MAXIM LLC, Commercial & Residential Realtors
(239) 425-5671
But I can give some banks credit that they are trying.
You think about the family that just needs a small reduction in their mortgage to help them save their home but are denied. Why? They have to fit in strict guidelines – Cannot make too less or too much money, show hardship, etc.
Why? It is estimated over 50% of people who are modified will end back up in foreclosure… So people must meet these strict guidelines.
Now short sales are no easy ride either. It is a process but many banks are streamlining the process. Thankfully.
There are some banks that will still take 120 days to close but hopefully the new treasury guidelines ensure a more efficient process for everyone (see our past blog with the entire 44 page doc on that).
My suggestion: If you are looking to save your home and need a modification, do not give up. Provide them everything they need and see what comes up. You do stand a chance.
If you are:
· Facing foreclosure
· Denied modification
· Modification presented still does not help
· Losing money because the rent does not cover the expenses
· Completely upside down and this is a bad asset
A Short Sale may be an option. We are dealing with most major banks, many small banks and even FDIC in short sale transactions in Lee, Collier and Charlotte Counties of Southwest Florida. Every day is a learning experience for me and my staff. However we do not give up and we are successfully saving people from foreclosure on their records.
I have many clients that will express their thoughts of our service. And we hope to do the same for you!! Please be aware of those charging upfront money.
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
MAXIM LLC, Commercial & Residential Realtors
(239) 425-5671
Wednesday, March 2, 2011
"Those Who Fail to Study History are Doomed to Repeat it"
I can say that I personally got caught up in making purchases and selling for a profit when real estate values were sky rocketing in South Florida. I also am stuck with some negative performing rental properties.
The 1920’s real estate boom and doom especially in South Florida can be compared to the 2000’s – Massive amounts of people waiting in lines, filling hotels, traveling major distances to the sunshine state in order to purchase preconstruction real estate betting on a profit. The 2000’s was a nationwide disaster, however, the state of Florida has been one of the fastest in growth, appreciating market and also the fastest falling.
So what happened in 2000?
There was a lot of access to money. Individuals were getting loans that they should not have traditionally been able to get. No documentation & 100% financing allowed the average pizza delivery guy to “state his income” and make a real estate purchase with no money.
The level of greed and quick money skyrocketed not just by the home buyer but also government and Wall street. Check out the “House of Cards” video by CNBC: http://www.cnbc.com/id/28892719/ Very, very interested…
So now what? It is a matter of learning and rebuilding. I speak to some people who initially contact us about short sales and I hear “get me out of this house, I will never purchase real estate again.” This is unfortunate and it was bad timing for many. However, there is time to start over and rebuild. Learning from the past and not dwelling on it will ensure a brighter future.
Consult your local real estate professional on rebuilding your future in real estate. It will and has proven to be an equity / asset builder over the long term. There are steps you can take if you are in a bad position with your current real estate portfolio such as a short sale. Being proactive now will help a quicker recovery for your future.
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…
The 1920’s real estate boom and doom especially in South Florida can be compared to the 2000’s – Massive amounts of people waiting in lines, filling hotels, traveling major distances to the sunshine state in order to purchase preconstruction real estate betting on a profit. The 2000’s was a nationwide disaster, however, the state of Florida has been one of the fastest in growth, appreciating market and also the fastest falling.
So what happened in 2000?
There was a lot of access to money. Individuals were getting loans that they should not have traditionally been able to get. No documentation & 100% financing allowed the average pizza delivery guy to “state his income” and make a real estate purchase with no money.
The level of greed and quick money skyrocketed not just by the home buyer but also government and Wall street. Check out the “House of Cards” video by CNBC: http://www.cnbc.com/id/28892719/ Very, very interested…
So now what? It is a matter of learning and rebuilding. I speak to some people who initially contact us about short sales and I hear “get me out of this house, I will never purchase real estate again.” This is unfortunate and it was bad timing for many. However, there is time to start over and rebuild. Learning from the past and not dwelling on it will ensure a brighter future.
Consult your local real estate professional on rebuilding your future in real estate. It will and has proven to be an equity / asset builder over the long term. There are steps you can take if you are in a bad position with your current real estate portfolio such as a short sale. Being proactive now will help a quicker recovery for your future.
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…
Tuesday, March 1, 2011
There is a lot of short sale inventory in Fort Myers... Will my house sell??
Yes, there is short sale inventory that sits on the market for long periods of time in Southwest Florida. And in some cases, unfortunately turns into a foreclosure because they were not competitive and the property did not short sell.
It is imperative to have a team of professionals who know what they are doing in terms of how to handle a short sale correctly and know market conditions and trends in order to price correctly as well as act quickly if values continue to diminish.
Other tips for the seller include: Treat your property as if it is a normal, traditional sale. That means, keep the inside clean and tidy, maintain your lawn and shrubs and make sure you electricity is always ON.
There is a lot of inventory on the market that you will compete with, but will have an edge as long as you maintain your property. Drive by your competition of short sales and foreclosures in your Southwest Florida market. Or get your agent to show you the real estate in direct competition with you. You will see houses with high grass, vandalism, missing AC units, busted water softners, a bunch of trash, etc... When you walk into these properties they are hot and uncomfortable to be in - Some of which you have to literally have a flashlight to walk the property.
Even though it is a bad time for your situation, you must consider your purchaser in order to have an edge. If you were making a purchase, wouldn't you want to walk into a well groomed, frigid, nice smelling home??
Not all buyers are "investors" trying to make a buck on your home. Many are first time homebuyers.
Bottom Line... You will make it beneficial for everyone including yourself by maintaining your property.
If you are considering a short sale, we are servicing Fort Myers, Lehigh Acres, Cape Coral, Estero, Bonita Springs, Naples, Marco Island, Ft. Myers Beach, Sanibel - Anywhere in Southwest Florida. Call Steve R. Daria direct at (239) 425-5671
It is imperative to have a team of professionals who know what they are doing in terms of how to handle a short sale correctly and know market conditions and trends in order to price correctly as well as act quickly if values continue to diminish.
Other tips for the seller include: Treat your property as if it is a normal, traditional sale. That means, keep the inside clean and tidy, maintain your lawn and shrubs and make sure you electricity is always ON.
There is a lot of inventory on the market that you will compete with, but will have an edge as long as you maintain your property. Drive by your competition of short sales and foreclosures in your Southwest Florida market. Or get your agent to show you the real estate in direct competition with you. You will see houses with high grass, vandalism, missing AC units, busted water softners, a bunch of trash, etc... When you walk into these properties they are hot and uncomfortable to be in - Some of which you have to literally have a flashlight to walk the property.
Even though it is a bad time for your situation, you must consider your purchaser in order to have an edge. If you were making a purchase, wouldn't you want to walk into a well groomed, frigid, nice smelling home??
Not all buyers are "investors" trying to make a buck on your home. Many are first time homebuyers.
Bottom Line... You will make it beneficial for everyone including yourself by maintaining your property.
If you are considering a short sale, we are servicing Fort Myers, Lehigh Acres, Cape Coral, Estero, Bonita Springs, Naples, Marco Island, Ft. Myers Beach, Sanibel - Anywhere in Southwest Florida. Call Steve R. Daria direct at (239) 425-5671
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