What Few People Get About the Foreclosure Problem

John Stewart on the Daily Show explains why we have so many foreclosures clogging up our legal system - Pure Greed

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WELL AS WE FEARED THE BANKSTERS HAVE GOT THEIR FRAUDULENT BILLS THROUGH THE SENATE TODAY.  BUT ALL IS NOT LOST.  IN ADDITION TO THE UNCONSTITUTIONAL ISSUES ALREADY COMMUNICATED TO YOU, WE HAVE LEARNED TODAY THAT HB 87 WAS UNLAWFULLY SET FOR A HEARING PRIOR TO THE BEGINNING OF THE LEGISLATIVE SESSION IN VIOLATION OF FLORIDA CONSTITUTION ARTICE III SECTION 3 WHICH BY LAW RESTRICTS THOSE HEARINGS TO BEING HELD WITHIN THE LEGISLATIVE SESSION.  

INJUNCTIONS ARE CURRENTLY BEING INVESTIGATED BY ATTORNEY HENRY P. TRAWICK AND OTHERS, BUT TODAY WE NEED ALL OF YOU TO PHONE TO GOVERNOR AND TELL HIM NOT TO SIGN THIS UNCONSTITUIONAL BILL INTO LAW AND TELL HIM THAT IT VIOLATES A NUMBER OF FLORIDA CONSTITUTIONAL ARTICLES, INCLUDING ARTICLE I SECTIONS 9 & 10 AND ARCILE III SECTION 3.

IF SCOTT SIGNS THIS UNCONSITUTIONAL GARBAGE INTO LAW THE HANGING TOGETHER FOR JUSTICE FOUNDATION AND OTHER GROUPS ARE GOING TO LAUNCH A MASSIVE CAMPAIGN TO EXPOSE THE SIGNORS.  

FOR YOUR INFORMATION IT LOOKS AS THOUGH ALL BUT ONE DEMOCRAT VOTED AGAINST SB1666 AND ONE WHO DID NOT VOTE.  HB87 WHICH HAD BEEN UNLAWFULLY SUBSTITUTED FOR SB1666 AFTER SB1666 HAD BEEN AMENDED AT ITS SECOND READING YESTERDAY AND ALL REPUBLICANS VOTED FOR ITS PASSAGE AND WHAT WAS UNLAWFULLY DESCRIBED AS THE THIRD READING OF SB1666 WHEN IT WAS IN FACT HB87 WHICH HAD NEVER BEFORE APPEARED ON THE FLOOR OF THE SENANTE.  HOW MUC MORE UNLAWFUL AND UNCONSTITUTIONAL CAN THESE ENEMIES OF THE PEOPLE FLEX THEIR POWER MUSCLES FOR THE BENEFIT OF THEIR CORPORATE BANKSTER MASTERS?  
THIS IS BOTH UNLAWFUL AND POLITICAL.  ITS TIME FOR THESE PEOPLE TO BE KICKED OUT OF THEIR CUSHY OFFICES AND TO BE BROUGHT TO JUSTICE FOR THEIR CRIMES AGAINST THE PEOPLE OF FLORIDA.

PLEASE CALL RICK SCOTT ON (850) 488-7146 AND TELL HIM NOT TO SIGN THIS UNCONSTITUTIONAL BILL INTO LAW.  

THIS IS VITALLY IMPORTANT AND WILL LAY THE FOUNDATION FOR ALL OF OUR NEXT MOVES IF HE DECLINES.
 

Buying Real Estate When Your Credit Is Whacked!

After the economic abundance that our country enjoyed prior to 2006, we have come to an unfortunate place where many people have been displaced from their homes due to foreclosure.  Similarly, many homeowners can no longer afford their homes due to employment changes but their credit has already been destroyed and they see no options.  They pray for modifications and short sales options which have not been too forthcoming leaving desperate homeowners underwater and feeling helpless.

The banks are out of control.  They have committed numerous frauds and our legislators have not adequately punished them because we are told, "they are too big to fail".  So they continue to receive bailouts and monetary "punishments" which is  ultimately chanelled back to benefit the banks.  This is all done against the majority's wishes and there seems to be not a darn thing we can do about it. The banks can falsify documents, charge exorbitant fees without disclosing them and the average family is suffering terribly from their unfettered greed.

There was a time when money from the banks was so cheap and easy that buyers had no need for owner financing and real estate was selling so quickly that few sellers offered it.  Then everything changed!  Home sellers are now competing with bank foreclosures to sell their homes and a large number of buyers are cash investors looking for "deals".  Even though sales are up, it's important to know who's buying and who's selling.  Let me share some statistics from the Tampa Bay area for real estate sales in March 2013:


Short Sales seem to be picking up - 15% of all sales.

REO's (bank owned foreclosures) accounted for 18% of sales

Non foreclosure sales were 67% of all sales


So 33% of all sellers are either banks or homeowners who are upside on their mortgage. Upside down on a mortgage means that the homeowner owes more than the home is worth. There are also many homeowners who are distressed but are not upside down on their mortgage. These homeowners may still have some equity left but their financial situation has changed and they can no longer afford their homes. So they are hoping to use that equity for a down payment on a smaller home and they can't afford to sell too low. Many of these struggling homeowners have managed to keep their home but have been late on their mortgage and other payments so their credit is shot. Again for the month of March 2013:


50% are buyers are paying cash with no financing

Almost 75% of bank owned properties (REO's) are being bought cash

So this tells us that close to half of all buyers are investors and these cash buyers are buying bank owned foreclosed homes. Lending has not gotten easier for prospective buyers and distressed sellers find that they must become delinquent before the bank will even consider doing a short sale. The question then came to mind, how can sellers save their credit and how can buyers purchase a home when their credit is shot? Believe it or not, there is a way, actually 2 ways.

1) Owner Financing - OK so most sellers say "no way". I need my money now! Did you ever consider how the banks got so rich? Lending money. When an owner offers financing, they call the shots. Generally, they should require some sort of down payment and then they charge interest on the balance which often can double or triple what they make on the sale of that home depending on how long they are willing to hold the note. They can offer balloon payments, say after 3 or 5 years or they may choose to offer a fully amortized loan for 15-30 years.

So how does this help the seller? Well, they can generally get a higher selling price for their home plus additional interest, yielding a significantly higher yield from the sale. They can save their credit because someone else is paying their mortgage payment.

2) Non-qualifying Assumable Mortgages - Yes, there still are some out there. Assumable loans have not been offered for a very long time but they are still out there from people who purchased many years ago and have not yet paid them off. The aging population and economy in Florida has caused many to downsize and some of these people who have had mortgages for over 20 years may be selling a home with an assumable mortgage. There are 2 types of assumable mortgages: Qualifying and Non-Qualifying. They are just what they say. A qualifying assumable mortgage means you have to apply, have credit etc to qualify. Non-qualifying assumable mortgages are the gold. These loans can be assumed by a buyer without credit checks or income qualification and is quite a find for the buyer who has suffered economic hardship.

The next question one might have is "do these options really exist?"  Below are the listings available (separated by county and property type) at the date of this blog post that are offering owner financing or non-qualifying assumable loans.  At this time there are 192 listings (122 homes and 70 condos) offering alternative financing in the greater Tampa Bay Area.

Pinellas County:

Single Family Homes with owner financing or non-qualifying assumable mortgages
Condos with owner financing or non-qualifying assumable mortgage

Pasco County:

Single Family Homes with owner financing or non-qualifying assumable mortgages
Condos with owner financing or non-qualifying assumable  mortgage

Hillsborough County


Single Family Homes with owner financing or non-qualifying assumable mortgages
Condos with owner financing or non-qualifying assumable  mortgage

Remember there are still ways to secure your future by purchasing a home, even when you have suffered a foreclosure or mortgage delinquency.  Seller Financing can be a win-win situation that buyers and sellers should investigate.

Surplus in shadows: Unlisted homes in financial limbo threaten Fl

Surplus in shadows: Unlisted homes in financial limbo threaten Fl

What is Senate Bill 1666 FLORIDA FORECLOSURE LEGISLATION-HOMEOWNERS VOTE...

Both Florida Senate and House of Representatives seek to use bank fraud fines to push homes through foreclosure by eliminating Floridians constitutional rights.  Senate bill 1666 denies Floridians the right to be heard by a duly elected judge.  Learn more:

The Daily Bell - Trust Us; We're the Government

The Daily Bell - Trust Us; We're the Government

More power given to the Federal Reserve which is 100% owned by bankers and private interests. GOOGLE "who owns the FED" and "quotes about the FED". ANYTHING to do with the FED is controlled by the banks.

"Give me control of a nation's money and I care not who makes it's laws"—Mayer Amschel Bauer Rothschild

"Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States" — Senator Barry Goldwater (Rep. AR)

Stop the Delusional Celebration: Victims of Foreclosure Fraud Have Little to Celebrate

Stop the Delusional Celebration: Victims of Foreclosure Fraud Have Little to Celebrate

Banks above the law AGAIN!

Bondi says court ruling puts foreclosure fraud investigations in jeopardy

Miami Herald 2/12

An appeals court has denied Attorney General Pam Bondi's request to allow the state Supreme Court to review a ruling she says limits her ability to fight foreclosure fraud. Because of this decision, seven pending cases are now threatened, Bondi said Thursday.

In December, the state's 4th District Court of Appeals ruled that Bondi does not have the authority to investigate a law firm for alleged fraud under the Florida Deceptive and Unfair Trade Practices Act because attorneys' work on behalf of lenders did not constitute trade or commerce. She asked the court to certify that its decision in the  Law Offices ofDavid Stern, P.A. v. State of Florida case passes upon a question of great public importance so that she could appeal to the Supreme Court.

She announced Thursday that the appellate judge had refused the request, which precludes her from seeking a higher court's review.

"This decision poses a unique challenge, and the Attorney General’s Office will now assess each of its seven pending investigations into law firms for potential misconduct in foreclosure cases to determine whether there are other avenues through which the Attorney General’s Office can pursue
foreclosure-related misconduct," Bondi's spokeswoman Jenn Meale said in a news release.

______________ end of article

Comment:  Did you know  that the Federal Reserve is NOT OWNED by the US government.  100%  of the FED's shareholders are private banks! The same bankers that own the FED own the 5 major media outlets and the information we receive.

"Every effort has been made by the Federal Reserve to conceal it's power but the truth is that the Federal Reserve has USURPED THE GOVERNMENT OF THE UNITED STATES.  IT CONTROLS EVERYTHING HERE AND IT CONTROLS ALL OF OUR FOREIGN RELATIONS." - Congressman Louis T McFadden

"By controlling the issue of money, you can control the government" - The Rothchilds (own the Bank of England)

"We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it". — Congressman Louis T. McFadden in 1932 (Rep. Pa)

"Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States" — Sen. Barry Goldwater (Rep. AR)


More quotesabout the Federal Reserve and how it controls your life by wars, inflation etc.

Support HR 459 and S 202, the Federal Reserve Transparency Act to AUDIT THE FED.

Read more here: http://miamiherald.typepad.com/nakedpolitics/2012/02/bondi-says-court-ruling-puts-foreclosure-fraud-investigations-in-jeopardy.html#storylink=cpy

Realty Times - Real Estate Outlook: Case-Shiller Index

Realty Times - Real Estate Outlook: Case-Shiller Index

Last week the latest data was released by Standard & Poor's for their S&P/Case-Shiller index. According to their latest stats, a double-dip in the U.S. home prices is confirmed. FULL STORY->

Foreclosure law firm can't be investigated by Florida's AG, court rules

Foreclosure law firm can't be investigated by Florida's AG, court rules

By KIMBERLY MILLER, The Palm Beach Post

7:18 p.m. EDT, April 27, 2011

Florida's attorney general has no authority to investigate a Boca Raton-based foreclosure law firm under a civil unfair trade practices statute, an appeals court ruled Wednesday.

In siding with the Shapiro & Fishman law firm, the 4th District Court of Appeals likely ended the state's current pursuit of subpoenas against other so-called "foreclosure mills," including the Law Offices of David J. Stern in Plantation.

Judge Spencer D. Levine wrote in Wednesday's ruling that the state's subpoena was not connected to "trade or commerce," a requirement when using Florida's Deceptive and Unfair Trade Practices Act to investigate.

Spencer says the attorney general could have proceeded with "a criminal investigative subpoena if other relevant criteria were satisfied.

The decision upholds a circuit court ruling made in October by Palm Beach County Circuit Court Judge Jack S. Cox.

"The court ruled correctly in terms of it being a matter of law that there was no jurisdiction," said attorney Gerald Richman, who represents Shapiro & Fishman. "That being said, we have maintained all along that we would give them a reasonable amount of information in the spirit of cooperation, and we still offer to do that."

Jennifer Meale, communications director for the attorney general's office, said the ruling "explicitly" outlined other avenues the office could pursue. It is reviewing those options.

West Palm Beach foreclosure defense attorney Melva Rozier was disappointed with Wednesday's ruling.

"If the attorney general can't investigate law firms, where is the recourse? How do we protect the public?" Rozier asked.

In August, then-Attorney General Bill McCollum, a Republican candidate for governor, issued subpoenas to three foreclosure law firms; Shapiro & Fishman, the Law Offices of Marshall C. Watson, in Fort Lauderdale, and the Stern firm. A fourth firm, the Florida Default Law Group in Tampa was already under investigation.

The Watson law firm settled with newly elected Attorney General Pam Bondi last month, agreeing to pay $1 million to the attorney general's office for the cost of investigating and another $1 million to the Florida Bar Foundation to pay for Legal Aid attorney positions for foreclosure cases.

In October, Stern's firm lost a protest in Broward Circuit Court against the subpoena, although it used the same argument as Shapiro & Fishman. It has an appeal pending with the 4th District Court of Appeal.

"We're encouraged by this," said Stern attorney Jeff Tew, about Wednesday's ruling. "We made the same argument in our brief, and it was the same subpoena."

David J. Stern closed his foreclosure operations last month, leaving as many as 100,000 cases statewide in question as they are transferred to new attorneys.

Florida Default Law Group did not respond to a message concerning the status of the investigation.

Four other law Florida law firms are either under investigation by the attorney general's office for foreclosure-related concerns or have been issued "letters of inquiry" requesting information.

Foreclosure law firm can't be investigated by Florida's AG, court rules

Foreclosure law firm can't be investigated by Florida's AG, court rules

By KIMBERLY MILLER, The Palm Beach Post

7:18 p.m. EDT, April 27, 2011

Florida's attorney general has no authority to investigate a Boca Raton-based foreclosure law firm under a civil unfair trade practices statute, an appeals court ruled Wednesday.

In siding with the Shapiro & Fishman law firm, the 4th District Court of Appeals likely ended the state's current pursuit of subpoenas against other so-called "foreclosure mills," including the Law Offices of David J. Stern in Plantation.

Judge Spencer D. Levine wrote in Wednesday's ruling that the state's subpoena was not connected to "trade or commerce," a requirement when using Florida's Deceptive and Unfair Trade Practices Act to investigate.

Spencer says the attorney general could have proceeded with "a criminal investigative subpoena if other relevant criteria were satisfied.

The decision upholds a circuit court ruling made in October by Palm Beach County Circuit Court Judge Jack S. Cox.

"The court ruled correctly in terms of it being a matter of law that there was no jurisdiction," said attorney Gerald Richman, who represents Shapiro & Fishman. "That being said, we have maintained all along that we would give them a reasonable amount of information in the spirit of cooperation, and we still offer to do that."

Jennifer Meale, communications director for the attorney general's office, said the ruling "explicitly" outlined other avenues the office could pursue. It is reviewing those options.

West Palm Beach foreclosure defense attorney Melva Rozier was disappointed with Wednesday's ruling.

"If the attorney general can't investigate law firms, where is the recourse? How do we protect the public?" Rozier asked.

In August, then-Attorney General Bill McCollum, a Republican candidate for governor, issued subpoenas to three foreclosure law firms; Shapiro & Fishman, the Law Offices of Marshall C. Watson, in Fort Lauderdale, and the Stern firm. A fourth firm, the Florida Default Law Group in Tampa was already under investigation.

The Watson law firm settled with newly elected Attorney General Pam Bondi last month, agreeing to pay $1 million to the attorney general's office for the cost of investigating and another $1 million to the Florida Bar Foundation to pay for Legal Aid attorney positions for foreclosure cases.

In October, Stern's firm lost a protest in Broward Circuit Court against the subpoena, although it used the same argument as Shapiro & Fishman. It has an appeal pending with the 4th District Court of Appeal.

"We're encouraged by this," said Stern attorney Jeff Tew, about Wednesday's ruling. "We made the same argument in our brief, and it was the same subpoena."

David J. Stern closed his foreclosure operations last month, leaving as many as 100,000 cases statewide in question as they are transferred to new attorneys.

Florida Default Law Group did not respond to a message concerning the status of the investigation.

Four other law Florida law firms are either under investigation by the attorney general's office for foreclosure-related concerns or have been issued "letters of inquiry" requesting information.

FICO: Short sale no better for your credit score than foreclosure

APRIL 26, 2011

Timothy Smith

For borrowers going through the frustration of trying to market their home as a short sale, the big selling point generally is the thought that it's not as bad -- from a credit-score perspective -- as a foreclosure.

But that doesn't appear to be true, the folks at FICO say.

The credit-score company says on its analytics blog that it compared the effect of both types of distress sales on the scores of three different types of consumers. A foreclosure and a short sale represented an equal hit to the FICO score of all three, FICO said. (Thanks to HousingWire for noticing.) 

One commenter on that blog takes issue with the suggestion that it's all the same, arguing that someone who needs a security clearance would be out of luck with a foreclosure in their past and thus has a reason to push for a short sale. But it's not clear that defense officials see a difference, either.

Sheldon I. Cohen, an attorney who focuses on security-clearance issues, writes that the Department of Defense's Office of Hearings and Appeals has granted clearances to some with a short sale in their background and some with a foreclosure in their past, and it's also denied clearances to people who had a foreclosure or a short sale. The key is "good faith and moral behavior," he writes:

The common thread in all of these cases is that: (1) applicants were victims of circumstances not of their own doing; (2) they had not been speculators in the housing market who were caught when the bubble burst; (3) they had not succumbed to fraudulent schemes "too good to be true" as a result of their own greed; and (4) they had made good faith efforts to meet their other debts after the loss of their homes by foreclosure or short sale.

What do you think, guys? Anyone see an upside to a short sale -- from the exiting homeowner's perspective -- compared with a foreclosure?

Were your mortgage papers "Robosigned"?

New bank frauds are being exposed daily.  Were your documents forged by a robosigner?  Whether you are upside down, trying to modify, in foreclosure or post forclosure, you should know your rights.

Search your mortgage document signatures here:  http://www.whatsignature.com/searchdocuments.html

CBS 60 Minutes- The Second Mortgage Meltdown Crisis

In case you missed it:

Foreclosure bill creates mediation process

Legislature: 3rd party might help avoid bank takeover

KATIE SCHMIDT; Staff writer | • Published February 18, 2011 

 

The Washington Legislature this week moved forward on two bills meant to reduce foreclosure rates in the state and offer more guidance to indebted homeowners.

After some changes, House and Senate proposals to set up a foreclosure mediation process passed out of committee, picking up support from bankers and anti-poverty advocates alike.

“We’re joining a handful of states that have done mediation and had a lot of success,” said Rep. Tina Orwall, a Normandy Park Democrat and the primary sponsor of House Bill 1362. “I think it will help a lot of homeowners who are frustrated with the process.”

Both Orwall and Sen. Adam Kline, sponsor of Senate Bill 5275, introduced substitute bills to the ones originally heard in committee. Orwall said the substitutes were the product of negotiations with banks, anti-poverty advocates and others over the bill’s third-party mediation provisions, one of its most controversial elements.

Under the substitute bills an attorney or housing counselor could refer a homeowner to mediation, which would mean that the lender and borrower would meet with a third party to try to work out an alternative to foreclosure.

The original bills would have allowed a homeowner to request mediation without a referral.  The substitute bills would also require banks to pay a $250 fee per property they foreclose on, which would fund additional housing counselors in the state.

Washington Bankers Association lobbyist Denny Eliason, who opposed the mediation provisions in the original bills, said he was satisfied with the substitutes and the negotiation process that the measures had gone through.

Foreclosures rise despite government "aid"?

Are the Federal programs intended to abate foreclosures working?  Reuters says no!

• Taxpayers pay $700 Billion in Bank Bailouts.  Banks making massive profits and obscene bonuses while they owe taxpayers for their very existence.  So far, it's estimated that taxpayers have lost $117 billion on the program.

 

• Moratoriums on Foreclosures didn't do a thing except ADD INTEREST to the banks final forclosure judgement against the homeowner!

 

• Loan Modification efforts didn't work. In fact, the banks add late fees and interest to the new loan, raising the borrower's principal balance.   I personally "benefited" on a loan modification.  Now, instead of owing $450K on my home, I owe $530K and my home is now upside down.  BOF was kind enough to remove late fees to compensate me for applying $21,000 of my payments to forced flood insurance (which wasn't required) through an insurance company that they owned.  This modification "help" cost me, the homeowern $80K!

 

• Relocation assistance increased from $1500 to $3000 didn't work!  Basically, you get $3000, a 1099 to get taxed on the foreclosure, your credit ruined, no money to buy a new home and the BANK GETS YOUR HOME.

 

• "Delaying" a "portion" of the mortgage payment for unemployed homeowner isn't going to help. So you are unemployed, bank will lower your payment to 31% of your income which is basically unemployment insurance.  They do this for 3-6 months only and ADD THE PAYMENT REDUCTIONS TO YOUR PRINCIPAL!

 

• Now homeowner will get a chance to cut their debt by FHA GIVING THE BANKS MONEY to offset a 2.25% reduction on loans to qualified homeowners and then the FHA will refinance the 97.75% balance (adding closing costs, of course to the reduced loan which will probably make it higher than to start)

It has pretty much been conceded that the deregulation of the banking industry allowed banks to engage in predatory and irresponsible lending practices which has created a financial crisis for millions of American homeowners.

On April 14, 2010, as broke homeowner's are in fear of filing income taxes and worrying how to get the money to pay them, JP Morgan Chase posted a net income of $3.3 billion, just for the first three months of this year.

I wonder why the government "aid" isn't stopping homeowner's from losing their homes.

 

 

 

 

 

Short Sales

Question:   How are all these rich people with assets doing short sales?  Are they responsible for the differerence in what its sold for and whats owed?  Will the bank forgive the debt to some of these wealthy people who have assets?

Answer:   Actually when a property is upside down , there's a couple of ways to sell the property.

1) The seller pays the difference outright or transfers the debt to another asset for security. The bank gets all their money or at least something else to attach as security for the difference.

2) Short Sale - The seller does not have to pay the difference to transfer the title. This type of sale is subject to the bank approving it and they are taking less than what the seller owes. Whether the bank forgives the debt or not is another thing. They may require the seller to sign a note for part or all of the deficiency before they release title or they may even go after a deficiency judgement if the seller doesn't get a release. The bank will also report the loss to the IRS and the seller can be taxed on the deficiency, though the government is temporarily not taxing forgiven debt on a primary residence but this doesn't help at all on vacation homes or investment property. Short sales also mess up your credit like a foreclosure does so nobody but the bank and the buyer wins.

How to buy a foreclosure home

Posted by Frank Jenkins on March 11, 2010

If you are looking for good investment opportunities in these tough economic times then buying a foreclosure home might be perfect for you.  A foreclosed home is a property that is owned by a bank when the current homeowner could not keep up with their mortgage payments.

These properties offer the chance at a great investment because they can be bought at such a discounted price.  With the struggling economy foreclosures can be purchased for as cheap as 30% - 40% below market value and then sold for only 5% below market value which will make for a nice return on your investment.

Foreclosure Listings are Rising

Nearly 1  million homes were foreclosed in 2009 and many of these homes now appear as foreclosure listings in the multiple listing service.  Everyone has heard about short sale listings and how difficult it is to get the banks to respond offers to purchase the homes. There's a very good reason that banks aren't motivated to sell short sale listings.  First a short sale by definition means that the bank is being asked to sell the home for less than the mortgage on it.  Often, MUCH less. Secondly, the home is still occupied with an often hopeful owner who is maintaining the home and perhaps even paying association fees and taxes.  When the bank forecloses, these expenses become the bank's obligation.   Lastly, the number of delinquent mortgages are overwhelming to the bank and they simply don't have the staff to adequately review short sale offers.

Florida is a judicial foreclosure state which means that banks have to take the owner to court and win a summary judgement before they can foreclose on the home so one would think that they want to save the hassle and expense of court but this doesn't appear to be the case.  Innovations of the banking industry after deregulation has created numerous defenses to home foreclosure which will be covered in a subsequent article but many homeowners feel helpless when faced with foreclosure and allow the bank to win their property through default - the owner doesn't show up in court.  Still other delinquent homeowners arrange to turn their deed over to the bank rather than go to court. This is known as offering a "deed in lieu of foreclosure".  So the banks have now got more properties than they want without even agressively suing foreclosure  complaints in the courts and they need to sell them.

Real estate investors now have a cornucopia of bank owned properties to choose from which have now begun to populate multiple listing services.  Tradionally, bank owned properties were rare jewels offered to tried and true investors who had established relationships with the bank but this is no longer the case.  Anyone can purchase a bank owned property or REO (real estate owned) for any purpose.  In fact, many banks are offering financing on their REO's. So real estate shoppers can take advantage of the large number of bank owned properties instead of waiting months for their offers on short sales, only to be turned down.

People may mistakenly believe that bank owned properties are destroyed or otherwise undesirable.  In the Florida Panhandle real estate market, multi million dollar homes, waterfront condos, beachfront lots, prime commercial spaces and even bulk units for investment are being offered at prices well below today's market value . Just like any other seller, the asking prices for these foreclosure properties are negotiable. So if you are looking for real estate, don't pass the growing number of bank owned properties on the market today.

by:  Deborah Orr, Broker / Exclusive Buyer's Agent

In a time when sellers are in trouble and prices are soft, it's critical that buyers have their own representation working for them to get the lowest possible price on their real estate purchase.  There is an inherent conflict in representing both the buyer and the seller in a real estate deal.  Would you go to court and use the same lawyer as your opponent?  Then why would you in a real estate purchase?