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Second-Lien Holders Are Killing Short Sales

Second-Lien Holders Are Killing Short SalesShort Sale Denied

WASHINGTON – July 27, 2012 – Second-lien holders are being blamed for derailing many short sale transactions. But a bill working its way through Congress – the Fast Help for Homeowners Act – would, if approved, require second mortgage lenders on federal mortgages to report their final decision on a short sale agreement within 45 days. If the second-lien holder doesn’t do that, the deal would automatically be approved on the 46th day. U.S. Rep. Jerry McNerney, D-Calif., proposed the legislation.

Greg Galli, a broker with Suburban Realty in Palmdale, Calif., supports the bill after seeing some of his recent short sale transactions fall through because second-lien holders refused to negotiate. He recalled one incident in which the second-lien holder refused a $6,000 payment from the first-lien holder in order for a short sale to move forward. Instead, the second-lien holder demanded $1,400 more, amounting to a total of $7,400, and all from the homeowner.

“(Second lien-holders) can really delay the deal if they don’t want to respond, or if they just don’t want to do anything,” Galli told HousingWire. “It doesn’t make sense. If they let it go to foreclosure, the second lien is going to lose out completely. It would make sense for us to work through the process, and then they can negotiate.”

Some in the housing industry aren’t in favor of legislation that might push a second-lien holder to make a faster decision on a short sale. Critics argue that first-lien holders need to be more willing to work with second-lien holders on an agreement that favors both parties.

“I am always hesitant to force second-lien holders or any lender to do something that they didn’t contractually agree to upfront, because ultimately that will add to the cost of future credit and reduce its availability,” Mark Zandi, Moody’s Analytic’s chief economist said.

Source: “Evasive Second-Lien Holders Thwarting Short Sales,” HousingWire (July 25, 2012)

© Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688

I hope this information is useful to you. Please contact me for all your South Florida real estate needs at (305) 329-4929 or sol[email protected]

Written by Michael Solovay | Discussion: 1 Comment »

High Score: Builder Confidence Rises Six Points in July

High Score: Builder Confidence Rises Six Points in JulyHousing Market Confidence

Builder confidence in the market for newly built, single-family homes rose six points to 35 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for July, released recently. This is the largest one-month gain recorded by the index in nearly a decade, and brings the HMI to its highest point since March of 2007.

“Builder confidence increased by solid margins in every region of the country in July as views of current sales conditions, prospects for future sales and traffic of prospective buyers all improved,” says Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “This is greater evidence that the housing market has turned the corner as more buyers perceive the benefits of purchasing a newly built home while interest rates and prices are so favorable.”

“Combined with the upward movement we’ve seen in other key housing indicators over the past six months, this report adds to the growing acknowledgement that housing – though still in a fragile stage of recovery – is returning to its more traditional role of leading the economy out of recession,” notes NAHB Chief Economist David Crowe. “This is particularly encouraging at a time when other parts of the economy have begun to show softness, and is all the more reason that Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

South Florida’s Next Condo Boom – Sunny Isles Beach

South Florida’s Next Condo Boom – Sunny Isles BeachSunny Isles Beach FL

According to the Miami Herald, Sunny Isles Beach, a city created only 15 years ago on a stretch of beach that was dominated by theme-oriented boutique hotels built in the 1950s, is emerging as the epicenter of South Florida’s next condo boom.

Developers are proceeding with at least six condo towers with at least 530 luxury units to be constructed in a community that stretches less than 40 blocks along Collins Avenue.  The number of proposed new condo towers in Sunny Isles Beach is expected to increase in the upcoming months as developers have recently purchased an additional four condo sites.

Unlike the last South Florida condo boom, lenders are not yet willing to finance condo construction projects, thereby forcing developers to build using their own money combined with payments from contracted buyers.

The city of Sunny Isles Beach could see its total number of condos increase by more than 1,200 units with the latest boom.

Read more here: http://www.miamiherald.com/2012/07/22/v-fullstory/2907525/sunny-isles-beach-emerging-as.html#storylink=cpy#storylink=cpy

I hope this information is useful to you. Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

South Florida Residential Inventory

South Florida Residential Inventory

South Florida Inventory

Compiled by Condo Vultures Realty using the South Florida Shared Multiple Listing Service. Active listings are properties where no current sale contract exists; pending sales are properties in which a contract for sale has been executed, but not yet closed. Listing brokers control the status of a property listing. — Christopher Cameron

I hope you find this information useful.  Contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Why Is Location So Important When Buying a Home?

Why Is Location So Important When Buying a Home?Location Location Location

A: Location remains the single most important factor when choosing a home. It can make or break the value and desirability of a home.

Because everyone’s preferences vary, your lifestyle will determine the best place for you to live. Some people prefer the suburbs while others thrive on downtown living. If you favor city living, find out what part of the city suits you best – a fast-paced neighborhood or one slightly more subdued. Talk with the neighbors and keenly observe such things as traffic patterns, lifestyles, and even sounds and smells.

When choosing a town, take property taxes, schools, accessibility to work, services, recreation, and the character of the community into consideration.

I hope this information is useful to you. Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Top 5 Reasons to Buy a Home

Top 5 Reasons to Buy a HomeTop 5

1. Housing Affordability Still at Record High Levels

Each month the National Association of Realtors issues its “Housing Affordability Index,” which measures the ability of the average family, in a particular geographical area, to afford the average priced home for that area.  In February 2012 the national affordability index was 206.6.  This means that if a family with the median income of $60,974 wanted to purchase a median-priced existing singlefamily home at $157,100 (with a 20% down payment of $31,420), they would have 206.6% of the qualifying income needed to purchase that home.

2. Interest Rates Are at Historic Lows

It’s still a great time to take advantage of historically low interest rates.

3. Tax Advantages of Homeownership

Whether you’re a first-time buyer, up-sizing, or down-sizing, most homeowners qualify for tax breaks annually.  Please consult a tax advisor.

  • Interest paid on a home mortgage maybe tax deductible (up to the value of the primary residence)
  • Property taxes are typically deductible for most homeowners

Plus, for most homeowners, there are no capital gains taxes when a primary residence is sold.  Please consult a tax advisor.

4. Inventory of short sale Real Estate Owned (REO) properties

Also called lender-mediated, lender-owned, or non-traditional, these properties may appeal to bargain hunters looking for that hidden gem.

5. Inventory of homes overall is at an 6.4-month supply nationally. It is a buyer’s market!

More than 6 months of housing inventory indicates that it’s a buyer’s market, where traditionally buyers enjoy more choices and more bargaining power.

Regional differences in housing affordability from February 2011 to February 2012

Housing Affordability by Region

Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Happy 4th of July

Happy 4th of July

Happy Birthday America

Written by Michael Solovay | Discussion: No Comments »

City of Aventura: 4th of July Fireworks

City of Aventura: 4th of July Fireworks4th of July Fireworks

The City of Aventura’s 17th annual Independence Day fireworks celebration can be viewed from any location along Country Club Drives. The fireworks will begin promptly at 9PM on Wednesday, July 4, 2012.

Rain date for the fireworks will be Thursday, July 5, 2012 at 9PM.

For more information please call (305) 466-8930 or visit the City website www.cityofaventura.com.

Please contact me regarding real estate in Aventura at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: 1 Comment »

What’s Happening in Florida’s Housing Market?

What’s Happening in Florida’s Housing Market?

In this Market Minute, Florida Realtors® Chief Economist Dr. John Tuccillo updates you on the state’s latest housing statistics and provides insight into what the numbers really mean.

I hope you find this information useful.  Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Five Rules for Buying a Foreclosure or Short Sale with Confidence

Five Rules for Buying a Foreclosure or Short Sale with ConfidenceThe Rule Book

(ARA) – Buyers are still clamoring for real estate deals in this turbulent market. Foreclosures and short sales offer some of the best bargains, but also have a higher risk level. Still, more than four in five adults think foreclosures and short sales can be good deals, according to a recent American Society of Home Inspectors (ASHI) survey.

Some analysts say the rebound has begun and home prices may rise by the end of 2012. This means now may be buyers’ last chance to take advantage of affordable properties and low interest rates. If you want to score a bargain before the housing market recovers, you’ll need to follow a few rules to invest with certainty.

Make a wise investment by adhering to these five rules while shopping distressed properties:

Rule 1: Position yourself for success

Before starting your search, get preapproved for a mortgage so when a good deal presents itself, you’re positioned to submit a bid right away to be the first offer on the bank’s desk. Work with an experienced real estate agent who can help guide you through the daunting sea of foreclosures and short sales. Bidding can be complicated and time-consuming, especially when working with a home sale needing bank approval. A good agent will know how to navigate through the paperwork and red tape.

Rule 2: Do your research

A real estate agent can help you with research, but it’s wise to do some on your own. Are there any undisclosed liens on the property? Is the seller behind on his property taxes? What permit records does the city have on file? This information will be critical during decision-making. Work with your agent to Read the rest of this entry »

Written by Michael Solovay | Discussion: 26 Comments »

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