Florida
Foreclosure Condos
Foreclosures - Short Sales - REO
Bank Owned - Foreclosed Real Estate News Search and News
May 2010 - The foreclosure crisis is finally showing signs of subsiding- 9 out of the top 10 cities with the highest
foreclosure rates posted annual declines
Condos
Below are Short Sales, Pre Foreclosures or Foreclosed.
Many are REO - meaning taken back and owned by the Bank.
To submit an offer on a REO, foreclosure or
short sale, you must have a proof of funds approval letter from a financial institution. Free
Loan and Real Estate Information Contact
Us Here
NOTE - ONLY A VERY SMALL SAMPLE IS SHOWN ABOVE
-
MANY MORE AVAILABLE
Is a seller required to accept a full price offer?
NO. The asking
price is considered an invitation
to make an offer rather than an offer
that must be accepted. (Florida Association of Realtors)
Get Full Details on All Units such as Maintenance Fees, Pets Allowed Etc
- Click
Here
There are also great deals on condos that are not in foreclosure.
Including Gulf
Front, Waterfront, Furnished Income Investments, Retirement and more
VIEW THEM
HERE
Government forecasters now
say there's up to an 80 percent chance that the massive oil spill will
reach the waters off Miami by the middle of August, caught in the loop
current around Florida and then pushed northward up the state's east
coast at a rate of 100 miles per day. The oil would bypass Florida's
west coast, but it would thread through the delicate environment of the
Florida Keys before moving toward Miami and Ft. Lauderdale.
Fannie Mae HomePath
Properties are approved for HomePath Mortgage and Renovation Financing.
They can be purchased for as little as 3% down
Real Estate Owned by the Bank or Lender is called an REO. The foreclosure process has been completed.
They have taken back the property and now have it for sale usually at a huge
discount.
Contact Us for Free Consultation
Buying foreclosures,
short sales or bank owned real estate requires knowledge of the process and how to
negotiate.Contact Us for Free Consultation Each unit and
complex will have a variety rules. Real estate property
insurance and flood insurance in Florida have increased. If you're not familiar with the
condo market - note, most Condominium Complexes are covered by a master insurance policy.
The Real Estate Condo Documents will have details on property insurance, rental policy,
maintenance fees, pets allowed, pet weight restrictions, association fees. parking space, use of boat slips,
community boat ramps, pool access etc. We will be happy to assist and answer any
questions. Contact us for a free consultation, especially if this will be a second
residence and you desire to lease or rent it out. We represent Buyers. We
are experienced in investment properties for personal use vacationing
and renting for income when you desire. We
welcome Foreign Investors
from Great Britain, France,
Scotland, Norway, Ireland and the European Union to Contact Us.
May 2010 - The foreclosure crisis is finally showing signs of subsiding.
Among states, Nevada posted the highest foreclosure rate in April, 2010
with one in every 69 households receiving a foreclosure notice.
Foreclosures there were up 10 percent from March, but unchanged from a
year earlier. Next on the list were Arizona, Florida, California and
Michigan.
Las Vegas continued to be the city with the nation's highest foreclosure
rate, but activity there was down 3 percent from a year earlier. And in
another sign the problem is receding, nine out of the top 10 cities with
the highest foreclosure rates posted annual declines. The exception was
Reno, Nev., where foreclosures were up 16 percent from a year ago.
2010 Real Estate News Update - While short sales have traditionally
taken months to settle, new federal guidelines that go into effect in
April require banks to respond to short sale offers within 10 days. Dec.
8, 2009 – The U.S. Treasury hopes to speed transactions under its new
short sale rules, but details count, and Realtors should understand the
process if they hope to avoid delays. While the new rules become
effective no later than April 5, 2010, lenders have been encouraged to
make them official as soon as possible.
The new rules, released Nov. 30, 2009, as the Home Affordable
Foreclosure Alternatives Program (HAFA), provide financial incentives to
spark short sale or deed-in-lieu (DIL) closings. The change was made to
grease the wheels of a short sale transaction, giving potential buyers a
shorter wait time from contract signing to lender approval of the
contract. It also should make a short sale more attractive to buyers by
reducing the number of problems.
FINANCING - Lenders assume that buyers with larger down payments will have a higher
likelihood of being able to close and are less likely to back out should problems arise
with the property. Writing an offer financed by a conventional non government loan or all
cash with a good down payment, a strong price and a quick closing date are the best
methods for foreclosed real estate.
On average banks and lenders are selling foreclosed condos well below fair market
value.
The prices listed above are determined by the bank or lender and reflect deep discounts.
Please do not inquire about foreclosures unless you are pre approved for a loan, can
demonstrate that you can pay all cash or are willing to be pre approved. We'll do a
comprehensive search and email you all properties in your criteria and determine how much
more room we might find to negotiate the prices.
Lenders and Banks are selling foreclosure
condos on average of 30 to 50% percent of market value. The MLS prices listed above
reflect the discounts.
Asking Prices versus Selling Prices of Foreclosure Short Sales Bank Owned Condos Villas Townhomes
from the MLS
Details for first-time homebuyers. The maximum tax credit remains
$8,000 ($4,000 for married individuals filing separately), and anyone
who has not owned a home within three years is considered a “first-time
buyer.” A purchase must be under contract by April 30, 2010. A purchase
under contract by April 30 must close no later than June 30, 2010.
Income limits are $125,000 for singles and $225,000 for married couples.
The tax credit phases out incrementally at each $20,000 increase in
income.
The maximum home value purchased cannot exceed $800,000. Prior to the
law being signed, first-time homebuyers had no limitation on a home’s
cost.
Current homeowner tax credit- An existing homeowner who
purchases a home may now claim a tax credit of up to $6,500. To qualify,
that owner must have owned and used the same residence as a principal
residence for any consecutive five-year period in the previous eight
years.
Personal income limits, maximum home value, and contract/closing
deadlines are the same as those for first-time homebuyers.
Pre-foreclosure represents the first stage in the foreclosure
process where the homeowner has missed at least one payment and is now
considered delinquent on the loan. A pre-foreclosure can also be
referred to as a notice of default - NOD or Lis Pendens, which is a
warning sent to the borrower on a loan concening delinquent payment.
A Foreclosure occurs when a homeowner misses payments and
defaults on the mortgage. Property in foreclosure is often referred to
as “distressed” because the owner is in financial distress and is behind
on payments. The owner’s financial distress can be caused by a variety
of circumstances that often results in a discounted buying opportunity
for a well informed homebuyer or investor.
REO stands for Real Estate Owned by the Bank. REO properties are
another great opportunity to purchase foreclosures. The REO stage is the
process after the auction, when the lender is either the successful
bidder or there are no bids at all. In either case, the bank becomes the
legal property owner and the property is considered a “non-performing
asset” of the bank, which means that the bank doesn’t want to hold on to
the property. This offers a good buying opportunity. Buying real estate
from the bank is the easiest way to purchase a foreclosure. If you're considering purchasing a condo,
townhome or villa, the process is just like buying from the owner.
Short Sales - A short sale is an alternative to bankruptcy or foreclosure proceedings.
Buyers pursuing a short sale will have a much longer wait for their offer to be considere.
Florida ranks second in the nation in foreclosed real estate. The top
five foreclosure states are: California, Florida, Ohio, Michigan and New Jersey.
Pre Foreclosures - Real Estate is in that phase when the
lender posts a notice of public record that the property owner is behind on payments and
they intend to foreclose the real estate.
The credit markets are not settled, although the mortgage market stabilized with the
government takeover of Fannie Mae and Freddie Mac. Inventory remains high, and price
declines are pressuring owners. Additional housing stimulus would stabilize prices more
quickly, which in turn would bring faster stability to Wall Street. Removing the repayment
feature on the first-time home or condo buyer tax credit and permanently raising loan
limits would bring more buyers into the market and further reduce inventory.
Due to falling real estate prices and rising foreclosures on the West Coast, sales of
existing homes rose to its highest level in 13 months and highest percentage increase in
five years, according to a report issued today by the National Association of Realtors
(NAR). The increase resulted from buyers responding to improved housing affordability
conditions.
The national median existing home price for all housing types was $191,600,
down 9.0% when the median was $210,500. Compared to a fairly small share
of foreclosures or short sales a year ago, distressed sales are currently 35 to 40% of
transactions. These are pulling the median price down because many are being sold at
discounted prices. The current market is not being dominated by speculative investors. 80%
of current buyers are purchasing a primary residence, which is a bit higher than historic
norms.
2009 -
Although national existing home sales dropped,
Florida reported a 12th consecutive month of sales increases, based on
lower property values and a high foreclosure inventory. State home sales
climbed 28 percent.
Zip codes madeira beach 33708 clearwater 33755 33759 33764 seminole
33776 dunedin 34698 palm harbor 34684 34683 largo 33777belleair beach
33786
Find distressed property waterfront gulf front boating docks boat slips gulf of mexico views intercoastal waterway
for sale in Pasco, Hillsborough and Pinellas County.
Such as Palm Harbor, Seminole, Dunedin, St Petersburg, St Pete Beach, Tarpon Springs, Belleair,
Belleair Beach, Largo, Clearwater, Island Estates, Madeira Beach, Treasure
Island, Tierra Verde, Sand Key, Clearwater Beach, Oldsmar, Safety
Harbor, New Port Richey and Holiday.
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preforeclosure,
foreclosures, short sales and bank owned real estate.
Pre view foreclosed
distressed properties on the Florida west coast.
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info on gulf front beach vacation investments for rental income or permanent
real estate residence.
Find links for homes for sale
in the tampa
area and
waterfront
properties with boat slips and boating and sailing with gulf access. Info
on structured
settlements loan consolidation and reverse mortgages and loans.
