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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 [email protected]

Written by Michael Solovay | Discussion: 1 Comment »

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 »

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 »

Let’s Make A Deal!

Portsview at The Waterways – 3610 Yacht Club Dr., Unit 912 Aventura FL  33180Portsview at The Waterways

List Price:  $265,000.00  SHORT SALE

Portsview at The Waterways Condominium is located within the 176 acre community of The Waterways, along the Intracoastal Waterway.  Residents have walking access to The Waterways Marina & The Waterways Shoppes.

Property details:

  • 2 BR 2 BA
  • 1,154 square feet of living space
  • large balcony with access from all rooms
  • new porcelain tile floors
  • new kitchen appliances
  • smooth ceiling
  • 2 assigned parking spaces in covered garage
  • extra storage included
  • lovely view to the Waterways Marina

Click on the following link to view photos and additional information on this property:

3610 Yacht Club Dr, Unit 912

Portsview Condominium amenities include:

  • 24-hr manned security gate
  • 24-hr manned lobby security guard
  • 2 heated swimming pools
  • tennis courts
  • gym

This is a short sale situation where the value of the property is less than what the owner owes to the bank.  The short sale is subject to the seller’s lender approval.  This type of transaction requires patience and is not for someone with a time constraint.

For more information or to schedule an appointment to view this property please contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Facts and Trends: Aventura, FL

Aventura Condos

November 2007 – January 2009


Aventura Trendgraphix


We can see from the chart that:

  • 2,053 condos were for sale  in 1/08  vs 1,732 condos for sale  in 1/09 = 16% decrease in the number of condos for sale 
  • Amount of inventory went from 57 months supply last year to 31 months supply currently
  • 55% increase in number of sales

Interesting Facts:

December 2008 – January 2009

Short Sale Inventory:          331 = 19% of total inventory for sale

Foreclosure Inventory:        31 = 2% of total inventory for sale


Total                                            362 = 21% of total inventory for sale


Short Sale Closings:               18% of total closings

Foreclosure Closings:          32% of total closings


Total                                           50% of total closings

50% of all Closings for the period were Short Sales and Foreclosures.

For more information please contact me at [email protected]

Written by Michael Solovay | Discussion: No Comments »

Short Sale: North Tower at The Point of Aventura, FL

21205 Yacht Club Dr, #2302, Aventura, FL 33180


$1,013 monthly maintenance fee

ocean, intracoastal & city view

ocean, intracoastal & city view

This 3 bedroom 2 bath condo has 1,870 sq ft of living space plus 2 separate balconies.  The property has marble floors throughout the living areas and carpet in the bedrooms.  The kitchen features granite counter tops and white lacquered cabinetry.  The marble master bathroom has a whirlpool tub, walk-in shower, 2 sinks and bidet. Additional features of this lovely property include Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

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