Greg Rand, a managing partner at Prudential Rand Realty shares 5 tips on Reducing Mortgage Costs on “Happening Now“- video below (Return To Fort Lauderdale Real Estate)
March 6, 2009
5 Tips to Reducing Monthly Mortgage Costs
March 4, 2009
Fannie Mae New Guidelines Instruct 3rd Parties Not To Renegotiate Agents Commission on Preforeclosures (Short Sales)
No Negotiation of Preforeclosure Sales Commission
Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers
Effective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a
reduction of the total commission to be paid to real estate agents to a level below what was
negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales price of the property in aggregate. Servicers are reminded that they must continue to obtain any approvals that may be required by interested third parties in connection with preforeclosure sales….
You can read more on new guidelines at Fannie Mae.
It is about time that real estate agents are recognized for the amount of time and effort that goes in to successfully closing a short sale.
View Fort Lauderdale Short Sales and Foreclosures listings
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January 27, 2009
Will South Florida’s Real Estate Market Begin to Rebound in 2009?
South Florida real estate may be turning around and heading in a positive direction according to several Real Estate analysts, however, not before a possible further 10-15% decline in 2009.
It is important to understand, that South Florida encompasses a large area and many smaller parts; cities, neighborhoods, communities and condominiums, may face less of a decline and rebound sooner.
With huge property inventory levels including foreclosures and short sales, it will take time for these homes and condos for sale to eventually be absorbed.
Once the rebound begins, real estate values should return to realistic sustainable yearly gains of 3-6% instead of the unrealistic gains of recent years, which along with other elements lead to the real estate bubble bursting.
Real Estate will once again return to its inherent value; a home, a roof over your head, a neighborhood, etc., not the get rich quick opportunity.
If you have been patiently waiting on the sidelines searching Fort Lauderdale homes and condos for sale, contemplating a purchase and are planning to stay in the property for at least 5 years, this may now be the perfect time for you to buy.
Buyers can take advantage of rock bottom real estate prices down 30-40% or more, rolled back to 2004 levels. Interest rates are still at historic lows. First time home buyers including those who have not owned a home for 3 years prior to a purchase may be eligible for a tax credit which is expiring soon.
Do your homework. As with any great opportunity, the best time to get in for maximum benefit is at the beginning.
For more information about buying a home or condo, contact me today at 954-850-2397 or visit my Fort Lauderdale Real Estate website where you can search the Fort Lauderdale MLS for available homes and condos for sale.
January 22, 2009
635 SW 5th Ave – Fort Lauderdale | Foreclosure -Just Sold
Clients of mine just recently closed on this Fort Lauderdale Foreclosure at 635 SW 5th Avenue, near dowtown Fort Lauderdale.
Built in 2001, this townhouse features 3 bedrooms, 2.5 baths and just under 2,000 square feet of living area.
Sales Price was $290,000 and closing date was December 23, 2008. The property was previously purchased for $479,900 in June 2005.
Negotiating the contract was easy, however, dealing with the bank’s closing agent was a nightmare. The closing was held up for 2 weeks and the buyers were almost homeless on Christmas.  The buyers had their own attorney which was prudent and in my opinion, instrumental in successfully closing the transaction.
You can view short sales in Fort Lauderdale or Foreclosusure properties in Fort Lauderdale, or contact me today at 954-850-2397.
Search property listings with access to the Fort Lauderdale MLS or search condos in Fort Lauderdale by building name
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December 4, 2008
Have We Reached the Bottom of the Real Estate Market?
The 2 most common questions I hear over and over about the Fort Lauderdale Real Estate market are “Is now the time to buy?” and “have we reached the bottom?”
Every day we read and hear about real estate statistics and figures, inventory levels, foreclosures, sales projections and all sorts of experts claiming we’ve hit the bottom, the bottom is near or those claiming the bottom isn’t even close.
So how can you be certain that we’ve hit the real estate bottom? Financial Expert Suze Orman, in my opinion, gave the most clear and concise answer.
During a recent broadcast of her show, Suze explained “the absolute way to know for sure is prices always dictate if we have reached the bottom or not.”
Suze further explains that in her opinion, it does not matter how many properties are for sale, whether inventory levels are decreasing or any other statistics. If prices are continuing to decline, we have not reached the bottom. “It is only when prices start to go up that we’ve reached the bottom. Â
“Since real estate is local, it is important to understand what is happening with home prices in the area you want to buy in. When home prices start to increase and begin to sell for more than in previous months instead of staying flat or declining, then and only then, can you be certain that the bottom has been reached. No other facts or figures will accurately reveal the bottom. Prices speak the truth.”
Home prices in Fort Lauderdale have declined on average approximately 30% +/-. In most areas, prices have adjusted back to 2004 levels. Opportunities exist today to buy condos and homes for sale in Fort Lauderdale that were considered unaffordable just a few years ago. Unfortunately, obtaining loans to buy these properties is not easy and it appears the government may step in further to ease this burden.
As with any market, in my opinion, the time to buy is not after, but before the real estate bottom has been reached and before the market begins to rebound. Unfortunately, timing any market is impossible and we won’t know the bottom has been reached until several months have passed and we are well into recovery.
I think it is safe to say that we are much closer to a bottom than we are to the top. Many buyers feel the same way and are scooping up great bargains from short sales, foreclosures and sellers who just want to sell and have priced their home competitively.
As with any buying decision, before making any sizable purchase, you must look at your own situation. Do your own homework. Does it make good financial and emotional sense for you to buy now? If you will be staying in the property for a long time, even if prices decline a bit further, you may still be well ahead in the long run.
If you are considering buying or selling a home in Fort Lauderdale or buying one of the many Fort Lauderdale condos for sale, contact me today at 954-850-2397.
Return to Fort Lauderdale Real Estate home page
November 25, 2008
Foreclosures | Short Sales – Fort Lauderdale
If you are looking for real estate foreclosures in Fort Lauderdale, Florida and properties offered for sale as short sales, you can search these listings on the Short Sales page and REO Foreclosures page of the Fort Lauderdale Real Estate website.
Both foreclosure properties and short sale properties are sorted by single family and condo/townhomes.
If you are interested in viewing any of these properties, contact me at 954-850-2397.
September 26, 2008
Nu River Landing – Short Sale | Fort Lauderdale Condos
In the heart of downtown Fort Lauderdale, this high floor corner unit at Nu River Landing is being offered for sale via a short sale (pre-foreclosure) at $299,000.
This condo features 2 bedrooms, 2 baths with just under 1,300 square feet of living area and offers an ocean view.
Nu River Landing Condo situated riverfront in Downtown Fort Lauderdale, was built in 2006 and offers residents luxurious amenities including a roof-top pool and Club Room with panoramic views of the Atlantic Ocean, Nu River, Intracoastal, Downtown Fort Lauderdale and views as far south as Miami.
Residents also enjoy a 2-story Fitness Area, Business Center, Meditation Garden, valet, 24-Hour Security and onsite Management.
For more information on this Fort Lauderdale condo or other condos for sale in Fort Lauderdale, including short sales and foreclosures, contact John Sabia at 954-850-2397.
Visit the #1 Fort Lauderdale Real Estate website where you can search for homes and condos for sale with photos, virtual tours and detailed property brochures.
*Note: Short Sales are subject to lender(s) approval.
June 2, 2008
Short Sales
Do you want to search Short Sale Listings in Fort Lauderdale, Florida?
I have added a new feature on my website listing available Short Sale listings.
You can view single family and condo short sales in all of Broward County by visiting Fort Lauderdale Short Sale Listings
Short Sales may be great opportunities for purchasing a property well below market value, however, be prepared to exhaust a great deal of patience because lenders have not been very cooperative in approving the sales in a timely fashion if at all.
March 25, 2008
Short Sales Benefit Fort Lauderdale Buyers and Sellers
Short sales are becoming more and more popular as the real estate market in Fort Lauderdale continues in a slump. A Short Sale is a great opportunity for the Florida homeowner who can no longer afford their home to make a deal with their lender to sell for less than what is still owed on the loan. This is an opportunity for the homeowner to sell their home for less than market value and get rid of the monthly payment without having the negative impact on credit that a foreclosure has. While the Short Sale is often referred to as a pre-foreclosure it does not affect an individual the way a foreclosure does.
Short sales don’t just benefit the Ft Lauderdale seller; they are also advantageous for buyers as well. Home buyers can purchase a home for just 60-80% of the market value, allowing them to get in a home for just a fraction of what they would typically pay for the home in a flourishing real estate market. This is a good thing for the market overall because the home never goes into foreclosure and never sits empty. Instead it simply changes hands and everyone is happy.
The process of a short sale or pre-foreclosure is one that takes a bit of work, but if all procedures are followed closely and everyone agrees, then it can typically be finalized in just six to eight weeks.
As “Short Sales†become more and more a part of Ft Lauderdale real estate as well as real estate across the nation, they are a great option for both the troubled sellers as well as real estate buyers looking for bargains.
Contact me if you are considering selling your home short sale or if you are interested in buying a short sale or homes in foreclosure.