This bill can assist individuals and families at risk of losing their homes, by reducing their mortgage balances and interest rates, thus avoiding foreclosure.

According to Kenneth Harney, for the Miami Herald, “The program will be entirely voluntary - and that’s a crucial limitation. Lenders and investors who own defaulting mortgages cannot be compelled to allow their borrowers to refinance.”

“The new maximum HOPE loan amount will be 90percent of the current market value of the property, not the value of the house when the lender originally made the loan” said Mr. Harney.

This program will work only with borrowers who reside in the homes being refinanced, cannot own additional houses, have never been convicted of a fraud,  are upfront and truthful about all aspects of thier financial status, among several other requirements.

What is a Short Sale?

A completed Short Sale occurs when a Lender agrees to accept a Purchase amount for the Home
(from a new Buyer) that’s less than the Mortgage amount owed by the existing Owner. Typically, a Short Sale occurs when the value of the property is less than the existing Mortgage amount and/or because the Owner no longer has the ability to continue making payments. HOWEVER, please note that not every Home is approved for a Short Sale! Read below for details.

IMPORTANT POINTS FOR SELLERS

1. DO NOT AVOID CONTACTwith your Lender.
2. The Clock is ticking. Do not delay listing your Home for Sale. At this point,your goal is attempting to find a QUALIFIED BUYER who will place an Offer on your Home, have their Offer approved by the Lender, and complete purchase of your Home before the Bank repossesses it.
3. Unlike a regular Sale where you’re responsible for paying Broker Commissions for the marketing of your home, that IS NOT the case with Short Sale Listings. Brokers & Agents are paid BY THE LENDER from the proceeds they receive from the Buyer for the purchase of your Home.
   
4. If you’re interested in negotiating a Short Sale, you must complete a Short Sale application through your Lender. The Short Sale Application package includes items such as the
   Listing Agreement showing that you’re actively marketing your Home for Sale through a Broker, Tax Returns, Financial Statements, W2s, Homeowner or Condo Association Lien Status Letters, and a Hardship Letter.
5. Every Lender will require that you provide documentation of your Hardship (in other words, the Lender will require that you provide a written explanation of why you’re unable to continue making your Mortgage payments) and the Lender will determine whether the Hardship you explained meets their criteria of “Hardship” or not. Simply owning a Home that’s worth less than your purchase price is not
   sufficient hardship. A few examples of Hardship include Payment Adjustments (such as Adjustable Rate Mortages–ARMs), Family Illness, Death, Unemployment, Divorce, Separation, Military Service, etc.
6. In reviewing your Income, Assets, and Hardship, the Lender will determine if you qualify financially for a Short Sale.
7. Other items that can affect the sale of your home include delinquent Taxes, delinquent Association fees, various Liens, etc.
8. The Lender will not allow you to receive any profit from the Short Sale.
9. Your Credit Score WILL be decreased by a Short Sale, although your Credit Score decrease for a Short Sale is less than the Credit Score decrease experienced in a Foreclosure or Deed in Lieu of a
   Foreclosure.
10. If you receive a qualified Offer for the purchase of your Home, the Offer will be submitted to the Lender along with your Short Sale Application package.
11. If the Lender accepts the Offer, they will order a Broker Price Opinion (BPO) which they use to determine the current Market Value of the home. The Lender will use the BPO to determine
    the purchase price that they will accept from the Buyer.
12. Carefully evaluate if you absolutely must sell your home. Listing your Home for Sale does not guarantee its’ sell, nor are there guarantees that a Buyer will place an Offer, or that the Lender will
    accept the Buyer’s Offer. Inventory of homes for sale in our current market is high, so if you do not absolutely have to sell right now, then wait until a future time when conditions are better for Sellers (right now, we’re in a Buyer’s Market, not a Seller’s Market). Review my Broward Real Estate Market Report.
13. Lenders are swamped with thousands of Short Sales and Foreclosures and, unfortunately, are understaffed to handle the caseload. Because of that and because of the required steps to process Short Sale requests, the Short Sale Offer and purchase process can be lengthy. Although
    some Short Sales close quickly once an Offer has been received (within 30-45 days), many others are known to have taken more than 2-3 months before even receiving a response from the Lender as to whether the Offer will be accepted or not.
14. The listing of your Home will be competing with other Homes on the market including non-Short Sales that are competitively priced. If you have more than one Mortgage on your home, the Short
    Sale process will typically take longer than if you have only one Mortgage.
15. I am not an Attorney, nor an Accountant. I advise you to consult your Financial and Legal Advisors regarding the ramifications of a Short Sale or Foreclosure.

IMPORTANT POINTS FOR BUYERS

1. Review the points I included for Sellers above as they will help your understanding of the Short Sale process.
2. The List Price shown on a Home offered as a Short Sale DOES NOT EQUAL the amount that you will pay for the Home!!! When you submit an Offer to the Lender, they will determine the current
   Market Value of the Home and will decide how much of a discount they’re going to offer off of the existing Mortgage amount. Factors affecting their decision include the current market value of the Home, how much home inventory they own, and other factors.
3. Lenders are requesting “highest and best Offer” from Buyers, so ask me for details about how to structure and place an Offer that’s based in reality, an Offer that’s more likely to be accepted.
   I and many other Real Estate Professionals are seeing numerous Buyers’ lowball Offers being rejected by Lenders. Just because home inventory is high and because Lenders do not want to own Real
   Estate DOES NOT MEAN that they are “giving homes away” and that they’re accepting every Offer that they receive. If it were so easy and if Lenders were indeed giving homes away, the current inventory of Broward homes for sale would be A LOT lower and home sales would be A LOT higher.
4. The Lender will first have to determine if the Homeowner qualifies for a Short Sale. Not all
   Homeowners qualify for a Short Sale. The Lender will review the Homeowner’s Income, Assets, and nature of their Hardship to determine if the Owner qualifies for a Short Sale.
5. Other items that can affect the sale of the home include delinquent Taxes, delinquent Association fees, various Liens, etc.
6. When you place an Offer on a home offered as a Short Sale and submit the Offer to the Lender, the Lender will determine if they will ACCEPT or REJECT your Offer. Price negotiations are conducted through the Lender. Although Homes offered as Short Sales are still owned by the Owner (these homes are also known as Pre-Foreclosures), the Homeowner in Pre-Foreclosure DOES NOT determine the amount that will be accepted for the purchase of their home.
7. Get Pre-approved through a Lender BEFORE starting your home search in order to determine how much home you can afford. Home inventory is high in many segments of our local market
   and we have to be able to narrow your home search first based on price and then other search criteria. It’s a complete waste of everyone’s time and resources to view homes that you cannot afford.
   If you’re planning for your purchase to be a Cash purchase, a Letter from your Financial Institution verifying your available funds to purchase a home will be necessary.
8. The Lender will determine if you qualify financially for the Short Sale that you placed an Offer on.
9. Lenders are swamped with thousands of Short Sales and Foreclosures and, unfortunately, are understaffed to handle the caseload. Because of that, other reasons, and because of the required steps to process Short Sale requests, the Short Sale Offer and purchase process can be lengthy. Although some Short Sales close quickly once an Offer has been received (within 30-45 days), many others are known to have taken more than 2-3 months before even receiving a response from the Lender as to whether the Offer will be accepted or not.
10. IF YOU ARE NOT PATIENT, DO NOT ENGAGE IN A SHORT SALE!!!Repeat this a few times! Short Sales ARE NOT for Buyers who are not patient or who have a short, specific timeframe for purchasing. I’ve experienced several Buyers who ignored my advice regarding this who later regretted not listening.
11. Other interested Buyers can submit an Offer on the same Home that you placed an Offer on, so it can be a competitive process where the Buyers involved are all hoping that their Offer is the one that’s approved by the Lender.
12. Short Sales are not the only great deals available for Sale. Many Sellers have reduced their prices in response to market conditions, so there are other Homes that are priced competitively that can be purchased through a normal sale process, without the necessity of Short Sale and Lender approval and related issues.
13. I’ve outlined information about Short Sales in this post, however, Foreclosures (properties that the Bank has repossessed) are also available for sale. Foreclosures typically require a much more
    specific timeframe for closing (unlike the lengthy time for Short Sales), however, item #9 applies here as well (other Buyers can all submit Offers). Additionally, Foreclosed Homes are sold “As Is”, which
    means that the Bank is selling the Home in its’ current condition, has already determined its’ current market value and WILL NOT negotiate the price with you based on repairs or updates that might be necessary. You will pay for and complete an Inspection prior to purchase and will decide to purchase or not purchase the home based on the Inspection results (unlike a non-Foreclosure sale, you will not be able to use the Inspection results as a point of price negotiation or ask that repairs be completed prior to your purchase). Be advised as well that some Foreclosed homes are in varying states of disrepair. Additionally, the Electricity might not be on, so it will be your responsibility to pay for connection of the Electricity prior to the Inspection in order to test the Electrical components of
    the Home.

Again, the information I provided here IS NOT comprehensive and does not substitute for the
advice of Legal and Financial professionals, but is intended to provide you with basic, important details regarding the process. Contact me for additional details. I meet people everyday who
do not understand the FACTS related to Foreclosures and Short Sales.

If you are a Seller who wants to list a Ft. Lauderdale Short Sale or Broward Short Sale, please contact me for information about my Marketing Plan for your home.I work full-time to market your Home for sale and search for QUALIFIED Buyers.Real Estate is not a Part-time Profession for me.

I work with local Short Sale Mitigation Specialists–who also work with you and deal directly with the Lender, on your behalf, to negotiate the existing Mortgage(s), assist you with completing necessary documentation, and facilitate many other necessary steps in the Short Sale process, including closing/completing the transaction if a QUALIFIED Buyer places an Offer that’s accepted by the Lender for the purchase of your Home.

If you are a Buyer who wants to buy a Ft. Lauderdale Short Sale, Ft. Lauderdale Foreclosure, Broward
Short Sale, or Broward Foreclosure, contact me for information about available Foreclosures and Short Sales. As a member of the S.E. Florida MLS and Greater Ft. Lauderdale Association of Realtors, I have access to a Foreclosure database which allows me to search available Pre-Foreclosures and Foreclosures based on a variety of search criteria, including but not limited to City Names, Zip Codes, Subdivision Names, Building Names, Filing Date, Mortgage Amount, etc. The database pulls information from Tax Records, so it’s not limited only to properties that are listed for sale through the MLS and it has far more powerful search capabilities than the local Tax site.

Search Ft. Lauderdale Homes for Sale, search the Ft. Lauderdale MLS and Broward MLS.

GREAT WATERFRONT FORECLOSURES FROM $110,000 TO $250,000

We deal directly with the bank. It is easier and fast!

SOUTH BEACH SHELBOURNE HOTEL - one bedroom $119,000

By far,  the best priced Oceanfront unit in the Shelborne.  The owner understands the market and would just like to sell fast.Oceanfront unit with a balcony as well. The interior is very clean.I promise you this one won’t be around to long. 

SUNNY ISLES BEACH

OCEANVIEW CONDO - ACROSS FROM THE BEACH - 1 Bedroom 1 Bath - $140,000

 Condo needs new carpet and pain. sold as is.

THE ARLEN HOUSE - 1 Bedroom 1 Bath  $168,000

Large unit waiting for a new owner. Beautiful views of the Intracoastal and partial ocean views. Run this one will not last! 

HOLLYWOOD THE WAVE - Oceanfront! 1 Bedroom 1.5 Bath  $199,000

Spectacular ocean view condo, European Style Kitchen, marble counter tops, wood cabinets and great balcony.Great Amenities and … the Ocean!.  

LA MER - 2 Bedrooms 2 bath - More than 1,600 SF.  $244,900

Great Building on the Ocean. Over 1,650 sq.ft to enjoy. Walk in Closets, all tiled floors!No Carpet! Building is on the Ocean Side. Heated Pool, Tennis Courts, In House Restaurant, BBQ Area, Fitness Center and More. 

I have several other units. Call me now!

ADRIANA FAERMAN - BROKER ASSOCIATE

GREEN FRIENDLY REALTOR

305 773 0253 faerman.a@ewm.com 

INCREIBLE OPORTUNIDAD DE COMPRAR

FORECLOSURES SOBRE EL AGUA EN MIAMI,

FLORIDA

DESDE $110,000 HASTA $250,000

Es facil y rapido, trabajamos directamente con los bancos!

SOUTH BEACH 

 SHELBOURNE HOTEL - 1 dormitorio $119.000

Por lejos la unidad mas barata sobre la playa en el Shelborne, y con balcón. Esta unidad se va ya! 

SUNNY ISLES BEACH

OCEANVIEW CONDO - ACROSS FROM THE BEACH - 1 Dormitorio, 1 baño $140,000

Cambiele la alfombra y pintelo y se queda con un hermoso departamento frente a la playa! 

THE ARLEN HOUSE - Frente al mar. 1 Bedroom 1 Bath  $168,000

Este amplio apartamento espera a su nuevo dueño. Hermosa vista del Intracoastal y parcial vista del Océano desde su balcón. Corra porque a este precio no durará en el mercado!  

HOLLYWOOD THE WAVE -  Sobre la Playa! 1 Dormitorio 1.5 Baño  $199,000

Espectacular vista y gran balcón. Unidad con cocina decorada con estilo europeo, mesada de marmol y mucho mas! Edificio con exelentes servicios y … la PLAYA! 

LA MER - 2 Dormitorios 2 Baños- More than 1,600 SF.  $244,900

  TENGO MUCHAS MAS OPORTUNIDAD A ALCANCE DE SU MANO

LLAMEME PARA MAS INFORMACION AL 305.773.0253

O ENVIEME UN E-MAL A faerman.a@ewm.com

Miami -Aventura - Hollywood Real Estate - Foreclosures - Oceanfront Luxury Properties  YOUR GREEN FRIENDLY REALTOR305 773 0253 faerman.a@ewm.com

Just for the record, I have no financial interest in this company.  I learned about it from Alex Moskovitz, the CFO, while we were both sweating away at the gym.  You can reach Alex at 305-677-0022, ext. 803.  Funny the stuff you can learn at the gym.  Anyway, I thought that this sounded like a good service that people ought to know about and that could help property owners and associations.

If you’d like any information about real estate in South Florida, you can reach me at 305-401-8058 or bishopric.r@ewm.com.

Who is responsible for the current mortgage/real estate crisis?

A couple wishes to buy a home. Their income is approximately $125,000 per year.

Average home prices in their area are about $605,000. After their down payment they end up with a loan of $550,000. The lender will approve them for a loan but the payment is a tight squeeze. Technically they can “afford” the mortgage but they will need to be on a very tight budget to be able to pay their other bills and won’t have much discretionary income. They fall in love with a house and think it is a great buy as there are similar homes in the area listed for more. The couple goes ahead and makes the purchase.

Fast forward a year or two and home prices have dropped significantly and the couple now finds that they really can’t afford their mortgage after all. They are falling behind on the payments and face foreclosure. Who do we blame?

a) The Real Estate Agent. She knew that the home was probably a little more than the couple could comfortably afford and should have steered them toward lower priced homes or recommended they wait until prices come down a bit or have a larger down payment.

b) The Mortgage Broker. He is the expert in the home financing field and should have discouraged the couple from this much of a loan.

c) The Lender. They are the ones who set the guidelines and ultimately approve loans for people with high debt ratios and offer the creative financing options that allow people to qualify for loans that they can’t really afford.

d) The Couple. They should have been more responsible and not rushed into homeownership because ultimately they are the ones who will lose their home and ruin their credit.

e) All of the above

f) None of the above

The issues surrounding short sales have become almost mainstream today.  Can’t afford your home?  Avoid foreclosure via the short sale.  Is it that easy?  Not by a long shot.

Truth. The banks don’t have the staff to explain it and I am not even sure they could explain it if they did because short selling is essentially new to the banking system and although they have dealt with similar scenarios in the past, never before has there been the volume, UNTIL NOW.

The best way for me to explain why you need to be PERFECT if you are a seller who is considering a short sale is by scenario:

Suppose you have a mortgage or mortgages on your home totaling $800,000.  Your home is worth $600,000.  The following two questions need to be addressed before the banks will even consider allowance of a short sale.

[1] Is there a financial hardship?  No hardship – no short sale.  (i.e. “I am strapped for cash and I don’t want to sell my other 9 investments properties in this environment” won’t cut it)
[2] Are you current?  This is tricky but if you are current on your loan(s), you may not qualify for the short sale scenario either, because without a solid argument, there is no hardship, YET.

Assuming, the answer to number one is ”yes” (you will have to prove it) and the answer to two is “no”, you may then , subject to lender approval, try and sell your home in this market but you better be PERFECT in execution,  otherwise you may be doomed to foreclosure.

PERFECT in timing and pricing.  The two are inter-related and if you can not adequately execute both, you will be in trouble.

[1] Timing.  You don’t have much time.  Sure there will be people out there that will beg to differ and argue that you can stall an inevitable foreclosure for months and even years…which may be the tactic of choice if you wish to continue the daily stress involved for months or even years.  I think you would have to be a sadist but who am I to judge.  Assuming you are not, the goal is to quickly put an end to this, which leads to pricing.

[2] Pricing.  Sounds easy but it isn’t.  Here’s why.  There are two trains of thought on this.  [1] Price as close as you can to recovering the full debt even when comparables dictate a lower selling price.  Insane idea, never works.  [1] Price it rock-bottom, essentially ringing the dinner bell for all vultures to come by for a quick pick-up.  Also insane, works every time, but many times with dire consequences.  Pricing too low is often a mistake made by a seller who is elated by the bank’s allowance of a short-sale scenario.  Sellers misunderstand the effect of the short-sale as they often equate it to a do-over, even though a majority of the time it is not.

The short sale will allow the seller to avoid the ominous default and ultimate foreclosure which may undoubtedly wreck their credit but, IT WILL NOT AUTOMATICALLY RESET THE DEBT (shortage) OWED!  For instance, if you owed $800,000 and the short sale of your home recovers $600,000, the shortage of $200,000 is still in question.  More often than not, the shortage will be designated as a collectible balance.  It is still a deficiency and a recorded judgment, much like the original mortgage.  On some occasions, banks quash the entire debt and absorb the loss but with the amount of short sales occurring, lenders are in no position to write down these losses so long as they are not going to have to hold onto tangible assets.

Bottom Line:  If you are even remotely thinking about selling your home via the short sale process, understand that it is a PROCESS that requires real guidance and precision to navigate successfully.  For questions regarding your specific situation, my contact information is below.

Jason Kapit, Esq. is a Realtor with EWM. Contact Jason at 954.650.4443, buzz@jasonkapit.com or www.jasonkapit.com.

Therefore, some homeowners’ attitude towards this problem is just waiting until the banks evict them from their homes. They even fear to open their mail, for the banks notification of eviction. But not everything is lost; there are some options to be consider. 

Financial institutions concur that their cost of foreclosures’ fees between legal fees and commissions range from $40.000 to $50.000 per home. That means a high cost for them, and based on that critical situation; banks are open to consider options for homeowners. It may be not easy at the beginning and bank’s attitude may be reluctant, but Don’t Give Up. There are chances that they will agree to find a solution for every particular case.

The U.S Department of Housing and Urban Development HUD provides information of non-profit agencies that helps people with mortgage problems to manage their budgets, negotiate with banks, and most important to learn about their responsibilities and rights. There is phone number and electronic address that can be reached, in order to obtain information related with this matter.

* U.S Department of Housing and Urban Development  HUD  1800- 569-4287
* HUD Local Office
* Suggestions of how to avoid foreclosures

Savanna at Weston Florida is the biggest private community in the city of Weston in Florida, representing 20% of Weston population. Therefore, the number of foreclosures is significant compared with the rest of Weston communities.
At present there are 171 houses for sale in Savanna, with prices ranging between $1’150.000 and $250.000. The average sale price is $486.052.

Please click to see the estatistics of  Houses for Sale in Savanna, Weston

• 8040 SW 11 ST     - $258,000 - 4 Bed/3.5 Bath
• 12426 SW 140 ST - $275,000 - 4 Bed/2 Bath
• 16904 SW 144 PL     - $225,000 - 3 Bed/2 Bath
• 2009 NE 40 AV        - $184.900 - 4 Bed/2 Bath
• 1022 NE 42 TER      - $122,500 -  3 Bed/2 Bath
• 20403 SW 325 St     - $299,000 - 4 Bed/2.5 Bath
• 5500 SW 156 Pl        - $385,000 - 4 Bed/2 Bath /Pool/ 16KSF Lot
• 1544 SE 24 CT #216 -$104,000 - 3 Bed/2.5 Bath
• 20420 Marlin Rd       -$230,000 - 3 Bed/2 Bath
• 2001 Biscayne Blvd#3307-$189,900 - 2 Bed/1 Bath
• 8357 NW 15 Ave        -$ 95,000  -  3 Bed/1 Bath

If you our anyone you know is interested in buying any of these foreclosed properties or any other, have them contact either Carlos Ruiz 305 510.0647 or Alex Salazar at 305 807.0931. Buyers must be pre-approved by Homeservices Lending.

AVENTURA REAL ESTATE AL DIA: TRUMP FORECLOSURES Y ULTIMAS VENTAS: 18101 COLLINS AVE, SUNNY ISLES, FL 33160

 Puedo anunciar con mucha satisfacción que he vendido un apartamento en Trump Palace en Sunny Isles, Fl. Aún cuando el Mercado muestra signos de debilidad, los compradores ya se estan asomando y hacen sus apuestas. Utlimamente, el edificio Trump Palace ha tenido mas actividad de ventas y los compradores han logrado cerrar a muy buenos precios. Aunque el número de foreclosures continua en ascenso los vendedores ahora son mas coherentes al ponerle precio a sus unidades. Les ruego tomen unos minutos para estudiar la siguiente informacion y no dude en llamarme al 305. 773.0253 o también puede enviarme un email a faerman.a@ewm.com.     ESTADISTICAS EN EL TRUMP PALACE 

La siguiente informacion se basa en el MLX, sistema regional de las asociaciones de bienes raíces del Sudeste de la Florida para el periodo 1/1/08 al 01/07/08.

• Unidades disponibles a la Venta: 46
• Unidades Pendientes para la Venta: 6 con un incremento en los últimos 3 meses.

Unidades Vendidas:  6 unidades se vendieron en el ultimo año

Run and get a move on these condos! 2 bedroom, 2 bathroom apartments at Turnberry on the Green on the 5th and 16th floor. Bank owned (which avoids the short sale hassle). These units were sold by the developer 5 years ago starting at $327,000. You are getting a great discount from prices 5 years ago, just when the real estate boom was just starting.

The condo on the 5th floor comes with an upgrade of marble floors, and has views towards the South West side of Aventura, here are the specs:

Unit 507

Floor Plan

The other condo located on the 16th floor has carpet through out. It has great views towards the South West side of Aventura.

Unit 1607

Floor Plan

Slide Show

Both units include the following features: panoramic views the Aventura skyline, granite counters in kitchen and bathrooms, tile flooring in foyer, kitchen, & baths , GE profile appliances including: side-by-side refrigerator, microwave, full-size washer & dryer, spacious walk-in closets and spacious balconies.

Turnberry on the Green features the following amenities: 24-hour valet parking, 24-hour attended lobby with monitored cameras, concierge services, mail and package receiving services, fitness center & spa, men’s and women’s locker rooms, aerobics/yoga studio with scheduled classes, club/party room, conference room, executive business center, pool with recreation deck, children’s playground, billiard parlor, multi-level covered parking with security access, exquisite landscaping and gardens.

Move quickly before these great foreclosure opportunities are gone in one of Aventura’s most desired addresses.