According to mortgage daily news, the average cost of foreclosure is 50,000 to 70,0000 according to several sources. This is going to vary by state. I think the common sense explanation should be stop penalties, interest, attorney fees, marketing cost, defaulted mortgage amount today or let it accumulate. The key here is understanding that the longer a property is a short sale and gets closer to foreclosure auction the less likely they will accept the foreclosure. Why? At that point it doesn’t make financial sense because their so much debt associated with the property they can sell as an REO and get a default judgment for the deficiency against the homeowner for all amounts outstanding and then sell that on the secondary market. So if they got a default judgment for 150,000 the bank will sell it for 100,000 to an investor and the investor will go after the debt. HUGE business. Continue reading ‘The true cost of a short sale’
Monthly Archive for March, 2010
At 9am Tuesday morning the Manatee County EDC is proposing a tax on local businesses - this means all of you that operate as an LLC, PA or otherwise act as an independent contractor (1099) - will be now taxed by the EDC. As it stands now the tax will be $35/year but, as you can imagine, once an avenue for taxation is in place governments tend to abuse it.
Here is the release: http://www.manateeedc.com/NewsPDF.aspx?ID=82.
I am attending the meeting to voice my concern and to listen to the argument. I will pass on what I learn.
You can make you own voice heard by contacting the EDC at 748-3411 or info@manateeEDC.com.
Written By Robert Herzog
As some of you may already know, I specialize in helping homeowners avoid foreclosure through the use of short sales. Recently, I dealt with a very interesting case involving Indymac/OneWest Bank, that I felt needed to be brought to the attention of all American taxpayers.
Basically, IndyMac Bank (now OneWest Bank), is holding one of my clients hostage, demanding a $75k promissory note, or they will proceed to foreclosure. For the life of me, I couldn’t figure out why they were doing this. The BPO came in at the contract price of $275k, with a net to IndyMac of $241k. What advantage could there possibly be for them to proceed to foreclosure? Continue reading ‘Is The FDIC Killing Indymac OneWest Bank Short Sales & Loan Modifications?’
Ammendment 4 will destroy our effective representative republic. By forcing every ammendment to the Manatee County Comprehensive Plan to be voted on by the public will not only bankrupt our county but will halt all future growth, wether bad or good!
Don’t believe the hype! It ruined St. Pete Beach, don’t let it happen here!
20100205_insiders_briefing.ppt
There are a lot of Realtors that don’t comprehend the whole idea of working with short sale investors. Here is my argument for short sale flips:
By keeping a home on the market that is delinquent and not having the short sale process begin is just as bad as low-balling the price. You see, when the home owner doesn’t pay the mortgage they not only rack up a deficiency but they also compound legal fees and late payment fees. With our approach the property automatically goes into short sale, negating all those excess fees and delinquency and putting the home owner in the best possible position with regards to evading foreclosure, which is the absolute goal. Continue reading ‘Argument for short sale flipping.’
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. Continue reading ‘Frequently Asked Questions About the First-Time Home Buyer Tax Credit’
Foreclosure sales are sales of properties ordered sold pursuant to final judgments in foreclosure actions. The properties are offered for sale to the highest bidder in order to satisfy the judgment. The Clerk’s Office conducts the sale or public auction in accordance with Florida Statutes. The information below offers a general overview of the foreclosure process, however these proceedings are governed by Florida Statutes and appellate case law interpreting these statutes. Anyone participating in these auctions should research not only the properties involved but foreclosure court case and all the law governing the process. Continue reading ‘Foreclosure Sales’
FL Broker #CQ1003173. 7411 Manatee Avenue W Suite 100 Bradenton, FL 34209
An Equal Housing Opportunity Realtor®