Sunday, November 28, 2010

Short Sale frustation (Tampa Bay)

Its Sunday, normally im spending time with family, hiking or wathcing football. I just received a phone call from a well know investor asking me to remove one of my short sale listings from the MLS. Apparently he purchasd the property at the aution on Friday. A few minute later I receive an email (im on their distributoin list) advertising the home for 50% less than what the bank told me they would accept as a short sale. Fortunately the property was vacant; my seller was over the whole short sale and loan modification situation...We previously had an offer which took the bank months to respond back ...When they finally responded, the banks approval was contingent upon the seller submitting updated docs. My seller declined that request, they were tired of submitting updated docs over and over and over..At this point of time, my seller was completly over submitting updated docs.It just does not make sense that the bank will prefer to take a hugh loss. If the banks would revamp and streamline their short sale process it would help illeviate the forclosue title fiasco, help reduce the inventory of homes on the market and help reduce both buyer and seller stress.
Ainsley Daux
Home Run Real Estate inc
(813)546-1954
http://ainsleydaux.topseller.net/

Monday, November 22, 2010

Just Sold short sale Tampa Bay



Just closed another BOA transaction using Equator..."This one was a long time coming" I had previously mentioned on a blog the importance on having a title company who has a quick turn around on HUD's. In this case the title compnay played a big part on closing the transaction. They were on the ball. It also helps when both buyer and seller are cooperative.
If you have any short sale questions or concerns, please feel free to contact me.
Ainsley Daux
Home Run Real Estate inc
Lic Realtor
813.546.1954

Tuesday, November 16, 2010

Foreclosure News in Florida

Here is some interesting information that I researched. Hopefully with the foreclosure fiasco.lenders will streamline the short sale process or maybe offer practical loan modifications to people who would like to stay in there homes. By offering loan mods and expedite short sales, I think it would help alleviate the title issue that lenders are having with the foreclosures.……There are 7,018,000 mortgages in the United States that are 30 or more days delinquent or in the process of foreclosure, according to new data from Lender Processing Services (LPS). This company is a Florida-based analytics and technology firm. The company has a loan-level database of nearly 40 million mortgage loans. The company stated “of the more than 7 million home loans in the currently going unpaid, 2,055,000 have already started foreclosure proceedings. LPS reports that 4,963,000 are in the pre-foreclosure default stages, with nearly half of these falling into the 90-plus-days delinquent bucket. LPS’ measurement of the U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) rose to 9.27 percent as of the end of September. That’s a 0.6 percent increase over the previous month, but down 7.8 percent compared to last September. The company also stated that the states with the highest amount of delinquencies as a percent of all active loans include: Florida, Nevada, Mississippi, Georgia, and Louisiana. The lowest percentage of non-current loans can be found in: Montana, Wyoming, Arkansas, South Dakota, and North Dakota.

Friday, November 12, 2010

Forclsoure News in Tampa Bay

RealtyTrac released a report stating Foreclosure filings of all kinds, including notices of default, notices of auctions and notices of auction sales, dropped 4.4% during October, but it's not because fewer people are losing their homes. Instead, the market is seeing a temporary stay from banks freezing foreclose auctions to review loan documents. The drop in repossessions came after increases in four of the six previous months, topped by an all-time high in September, when 102,000 people lost their homes. In October, 93,246 homes were repossessed. Rick Sharga, Senior Vice President of RealtyTrac, believes there could be a further drop-off in November, because the impact of the freeze was not fully reflected in the October report. While that may result in further declines in bank repossessions, Sharga expects it to take many months before overall foreclosure rates really improve. There is still a very large backlog of borrowers who stopped paying their mortgages long ago but who have not yet been served forclose noticee filing and so are not being counted in RealtyTrac's statistics. "Today, servicers are waiting longer and longer to put people in foreclosure," said Sharga. "It's not unusual for someone in default go six to nine months without receiving a notice of default."

Friday, November 5, 2010

Attorney office reduces staff by 70%

David J Stern’s office stated today “that they will reduce their staff by 70%”. They currently have 1000 employees. As you may know David J Stern’s office is currently in the hot seat OR UNDER INVESTIGATION by the Florida Attorney general for possibly robo-signing, sloppy work and fabricating documents for foreclosures.
The attorney general's office stated they have two sworn statements by former employees detailing a system designed to speed up foreclosures. The employees testified that staff signed documents without reading them or signed them outside of the presence of a notary. It is also said that some employees were given jewelry, cars and houses in exchange for forging documents used to process foreclosures.
The law firm, David J Stern handles Florida foreclosures for major lenders such as Fannie Mae, Freddie Mac, Bank of America, Citimortgage and many more… Freddie Mac and Fannie Mae has severed ties with the law firm. It is said tha the office handles over 20% of all foreclosure filing in the state of Florida.
Ainsley Daux
Home Run Real Estate inc
(813)546-1954

Thursday, November 4, 2010

Face of Forclosure

Ive attached a file which provides


(a)Review of statewide foreclosures by filing type
(b)Demographic profiles of known foreclosed families & individuals
(c)Foreclosure trends in selected major metropolitan areas



It also provides informative information regarding the forclosure effect on Florida.

Thank you

Regards

Ainsley Daux

Home Run Real Estate inc

(813)546-1954

Short Sale Tampa Bay


Back on the market. The 3 bedroom 2 bathroom home built in 2002 boast sliding glass doors that lead to the yard, washer dryer hook up, a newer roof, a fenced in yard. This home is only minutes from I4...Centrally located hour drive from Orlando, 45 minutes from Clearwater Beach. Great for first time home buyers.

If you have any questions regarding selling or buying a short sale feel free to call or email.

Thank you,

Regards

Ainsley Daux

Home Run Real Estate inc

(813)546-1954