The Florida BAR News reports that 291,309 foreclosure cases are currently pending statewide as of September 30, 2009. Nearly 300,000 people facing the very real possibility of losing their home. As of today, November 11, in the MLS covering the Central Florida area, 16,105 homes are listed as being subject to short sale which are potential future foreclosures.
The Florida BAR News article addresses the need in the minds of some for a mediation program that would allow home owners and the lenders potentially to avoid foreclosure or assist in speeding up the process.
According to the report 95% of Floridians facing foreclosure do not have an attorney.
Related blog posts on foreclosures
Showing posts with label foreclosures. Show all posts
Showing posts with label foreclosures. Show all posts
Aug 19, 2009
Banks release 23 Orlando Kissimmee foreclosure properties today
Banks that have had to foreclose on property in the Orlando Kissimmee area released 23 of these properties today. The homes/condos range in price from $18,000 up to $277,500. You can view these homes by contacting me at 407-304-0255.
Newer bank owned properties are being released daily. In order to not miss out on the latest in bank owned foreclosure property, contact me to receive updated lists.
Newer bank owned properties are being released daily. In order to not miss out on the latest in bank owned foreclosure property, contact me to receive updated lists.
Aug 16, 2009
Fixer upper bank owned foreclosure houses are being offered at low prices
Bank owned foreclosure houses are considered by some to be the best deals on the market today. However bank owned foreclosures that are also listed as fixer uppers in need of mechanical and cosmetic repair, the deals can appear to be even better! I say appear because often these lower priced homes will receive multiple offers that exceed the list price creating a much higher sales price. Also in some cases the cost of work that needs to be done in order to make the home livable again makes the purchase price less of a deal.
Low List Prices
But still the list prices are inviting to investors and first time home buyers. For instance in Osceola and Orange County there are over 1200 of these types of homes for sale. Nearly 500 of them have a starting list price under $100,000 and 200 plus are listed below $50,000!
Due Diligence
Buyers will want to exercise caution when making a deal for one of these homes. Make sure you take advantage of every inspection available to you and are comfortable with the costs involved to repair the items in the home that are found defective or damaged.
If you would like a list of available damaged, fixer upper bank owned foreclosures in your area contact me and I will email you a list of houses in your area.
Related Florida real estate views:
6 out of 10 homes purchased in Kissimmee were homes that were listed as bank owned
What buyers and agents are discovering when buying bank owned homes
Getting a buyer to buy your home over a bank owned home
Low List Prices
But still the list prices are inviting to investors and first time home buyers. For instance in Osceola and Orange County there are over 1200 of these types of homes for sale. Nearly 500 of them have a starting list price under $100,000 and 200 plus are listed below $50,000!
Due Diligence
Buyers will want to exercise caution when making a deal for one of these homes. Make sure you take advantage of every inspection available to you and are comfortable with the costs involved to repair the items in the home that are found defective or damaged.
If you would like a list of available damaged, fixer upper bank owned foreclosures in your area contact me and I will email you a list of houses in your area.
Related Florida real estate views:
6 out of 10 homes purchased in Kissimmee were homes that were listed as bank owned
What buyers and agents are discovering when buying bank owned homes
Getting a buyer to buy your home over a bank owned home
Jul 9, 2008
Real estate agents being fined for run down REO property
This is amazing.
In an article written by D.L. Bennett for The Atlanta Journal-Constitution, real estate agents who list properties that are run-down or not maintained are being fined. In one reported case an agent was reportedly fined $3,311.
Those agents who list bank owned/foreclosed properties feel they are being unduly punished simply because it is easier for code enforcement to fine them, than to locate and fine the lenders who are often out of state.
City official quote a code that allows them to “cite anyone from the owner to someone who has the ability to control or maintain the property”.
What is next? Will listing agents be obligated to make up mortgage payments not paid? Pay the city back taxes on property the agent is trying to market? I certainly hope NAR has taken notice of this and will offer assistance to the Atlanta Board of Realtors in fighting this silliness.
Related Florida real estate views:
Is customer service improving as the market weakens?
Seller home disclosures may need updated
Realtors should not write home loans
- Greg Staker, Watson Realty Corp., 407-304-0255
In an article written by D.L. Bennett for The Atlanta Journal-Constitution, real estate agents who list properties that are run-down or not maintained are being fined. In one reported case an agent was reportedly fined $3,311.
Those agents who list bank owned/foreclosed properties feel they are being unduly punished simply because it is easier for code enforcement to fine them, than to locate and fine the lenders who are often out of state.
City official quote a code that allows them to “cite anyone from the owner to someone who has the ability to control or maintain the property”.
What is next? Will listing agents be obligated to make up mortgage payments not paid? Pay the city back taxes on property the agent is trying to market? I certainly hope NAR has taken notice of this and will offer assistance to the Atlanta Board of Realtors in fighting this silliness.
Related Florida real estate views:
Is customer service improving as the market weakens?
Seller home disclosures may need updated
Realtors should not write home loans
- Greg Staker, Watson Realty Corp., 407-304-0255
Jul 4, 2008
Foreclosure sales increase in Central Florida
Bank owned or foreclosed homes continue to make up a large portion of certain Central Florida housing markets. Recent MLS statistics indicate that in June, homes that were foreclosed on and now being resold by the lender are a major source of business for Realtors.
Reports indicate that Deltona led the way with 45% of the sold inventory being bank owned. Kissimmee followed closely with 39.8% of June sales reported as bank owned and Orlando 19.8%.
Area Realtors are aware of this latest trend and are prospecting lenders in hopes of listing these REO properties. Additional prospecting is centered on locating buyers by holding open foreclosed homes weekly.
The bank owned numbers should continue to rise as foreclosures increase throughout Central Florida.
Related Florida real estate view:
Lender says no to deed in lieu
There comes a point when you have to foreclose.
Is there a way to search for foreclosures in the MLS?
- Greg Staker, Watson Realty Corp., 407-304-0255
Reports indicate that Deltona led the way with 45% of the sold inventory being bank owned. Kissimmee followed closely with 39.8% of June sales reported as bank owned and Orlando 19.8%.
Area Realtors are aware of this latest trend and are prospecting lenders in hopes of listing these REO properties. Additional prospecting is centered on locating buyers by holding open foreclosed homes weekly.
The bank owned numbers should continue to rise as foreclosures increase throughout Central Florida.
Related Florida real estate view:
Lender says no to deed in lieu
There comes a point when you have to foreclose.
Is there a way to search for foreclosures in the MLS?
- Greg Staker, Watson Realty Corp., 407-304-0255
Jun 15, 2008
There comes a point when you have to foreclose.
This Wall Street Journal article discusses the differences between California and Florida's foreclosure market. The article reports that while California sales are increasing in part to the investor purchasing foreclosures, in Florida the same can not be said. Florida seems to be experiencing a backlog.
While the article places some of the blame on Florida foreclosures having to run through our judicial system I think there may be another culprit, the short sale phenomenon.
Lenders, Realtors and home owners are often caught in a 3-6 month dance of trying to get the lender to accept a partial payoff in hopes of avoiding foreclosure. For the traditional home owner this process can have positive effects. A short sale can keep a home owner's credit from being totally trashed which will keep open the possibility of the individuals ability to obtain a new home loan once they have their financial situation in order. While this is going on, lenders are pushing back the foreclosure process.
I believe we need to stop some of this madness. I am all for helping the traditional homeowner who got caught with a high adjustable mortgage or who has seen their financial situation change drastically and are now in need of assistance. But for the rest, let's foreclose.
I am hearing disturbing rumors of some home owners seeking a short sale on their home so they can buy a better home also being offered as a short sale. Is this right? Or how about the individual who cashed out all of their equity to purchase a second home or luxury item and now seek have this debt erased via the short sale route? Should we continue to delay the foreclosure process for an investor who had no business investing in the first place?
In my opinion the answer is no. Lenders need to follow through with their foreclosure proceeding and get these homes back out on the open market for real home buyers and real investors to pick up at a fair price. Doing this will stimulate the real estate market in Central Florida ultimately leading it back to a healthier place.
There comes a time when a foreclosure is needed. Now is that time.
Related Florida real estate views:
Appraisal problems add to the frustration
Foreclosures for sale: Million dollar houses
Real estate agents would be wise to pick short sales over long sales.
- Greg Staker - Watson Realty Corp. - 407-304-0255
While the article places some of the blame on Florida foreclosures having to run through our judicial system I think there may be another culprit, the short sale phenomenon.
Lenders, Realtors and home owners are often caught in a 3-6 month dance of trying to get the lender to accept a partial payoff in hopes of avoiding foreclosure. For the traditional home owner this process can have positive effects. A short sale can keep a home owner's credit from being totally trashed which will keep open the possibility of the individuals ability to obtain a new home loan once they have their financial situation in order. While this is going on, lenders are pushing back the foreclosure process.
I believe we need to stop some of this madness. I am all for helping the traditional homeowner who got caught with a high adjustable mortgage or who has seen their financial situation change drastically and are now in need of assistance. But for the rest, let's foreclose.
I am hearing disturbing rumors of some home owners seeking a short sale on their home so they can buy a better home also being offered as a short sale. Is this right? Or how about the individual who cashed out all of their equity to purchase a second home or luxury item and now seek have this debt erased via the short sale route? Should we continue to delay the foreclosure process for an investor who had no business investing in the first place?
In my opinion the answer is no. Lenders need to follow through with their foreclosure proceeding and get these homes back out on the open market for real home buyers and real investors to pick up at a fair price. Doing this will stimulate the real estate market in Central Florida ultimately leading it back to a healthier place.
There comes a time when a foreclosure is needed. Now is that time.
Related Florida real estate views:
Appraisal problems add to the frustration
Foreclosures for sale: Million dollar houses
Real estate agents would be wise to pick short sales over long sales.
- Greg Staker - Watson Realty Corp. - 407-304-0255
May 29, 2008
Is there a way to search for foreclosures in the MLS?
Investors looking to purchase foreclosed or bank owned homes often end up paying fees to online companies for lists of available properties. Did you know that you can obtain this same information simply by calling your local real estate agent?
In Central Florida our MLS system allows us to search for these types of homes for our customers. Choices offered in our search that would be of interest to investors include:
In Central Florida our MLS system allows us to search for these types of homes for our customers. Choices offered in our search that would be of interest to investors include:
- Assumable Mortgage
- Bank Owned
- Fixer-Upper
- In Foreclosure
- Owner Will Assist w/ Closing Costs
- Owner Will Consider Financing
- Pre-Foreclosure
- Zoned for short-term Rental
We can provide this information for free to qualified buyers. What are you looking for?
Related Florida real estate views:
Search for a home in 25 Florida counties
Florida home buyers buy block homes
Where can you find a really big home in Central Florida?
- Greg Staker - Watson Realty Corp. - 407-304-0255
May 16, 2008
Foreclosure sales make up large portion of Kissimmee market in 2008
Mid-Florida MLS numbers for 2008 indicate that bank-owned foreclosures are playing a big part in the total sales transactions handled this year in Osceola County home of Kissimmee Florida.
Records reviewed today show that of the 758 reported sales in Osceola County, 163 were listed as bank-owned. These numbers should continue to hold true through-out the year with over 18% of the active inventory listed are described as being either bank owned or pre-foreclosure.
Investors looking for the better deals may find that bank owned homes are better alternatives when compared to short sales in that bank owned homes have a higher chance of closing.
Related Florida real estate views:
Kissimmee foreclosure market is heating up
Kissimmee foreclosure
7% of Kissimmee listed home inventory are foreclosures
- Greg Staker - Watson Realty Corp. - 407-304-0255
Records reviewed today show that of the 758 reported sales in Osceola County, 163 were listed as bank-owned. These numbers should continue to hold true through-out the year with over 18% of the active inventory listed are described as being either bank owned or pre-foreclosure.
Investors looking for the better deals may find that bank owned homes are better alternatives when compared to short sales in that bank owned homes have a higher chance of closing.
Related Florida real estate views:
Kissimmee foreclosure market is heating up
Kissimmee foreclosure
7% of Kissimmee listed home inventory are foreclosures
- Greg Staker - Watson Realty Corp. - 407-304-0255
May 13, 2008
Countrywide wants to help troubled home owners
Testifying before a Senate Judicial Subcommittee an executive of Countrywide's written testimony included;
"Countrywide is committed to helping its borrowers avoid foreclosure wherever they have a reasonable source of income and a desire to remain in the property."
The full press release can be read here.
"Countrywide is committed to helping its borrowers avoid foreclosure wherever they have a reasonable source of income and a desire to remain in the property."
The full press release can be read here.
May 9, 2008
7% of Kissimmee listed home inventory are foreclosures
To hear some talk, every home for sale in Kissimmee is either in foreclosure, already foreclosed on or in a short sale. What do the actual numbers show?
I search the Mid-Florida MLS this afternoon looking to see what portion of the total listing inventory for the area fell into one of the categories mentioned above. Here are the results.
As of today the MLS is showing a total of 4,675 homes for sale. Of those homes:
357 homes or 7.6% are listed as being bank owned or already foreclosed on.
342 homes or 7.3% are show as needing 3rd party approval which would indicate a short sale situation. I compared this search to a search where I used the term short sale in the public comments and found 589 homes or 12% listed as subject to a short sale. 161 homes or 3% are listed as being in foreclosure. The in foreclosure, 3rd party approval and short sale descriptions would most likely be overlapping descriptions for the same type of property.
Related Florida real estate views:
Kissimmee foreclosure
Kissimmee housing statistics - 2007
Foreclosure sales make up large portion of Kissimmee market in 2008
- Greg Staker - Watson Realty Corp. - 407-304-0255
I search the Mid-Florida MLS this afternoon looking to see what portion of the total listing inventory for the area fell into one of the categories mentioned above. Here are the results.
As of today the MLS is showing a total of 4,675 homes for sale. Of those homes:
357 homes or 7.6% are listed as being bank owned or already foreclosed on.
342 homes or 7.3% are show as needing 3rd party approval which would indicate a short sale situation. I compared this search to a search where I used the term short sale in the public comments and found 589 homes or 12% listed as subject to a short sale. 161 homes or 3% are listed as being in foreclosure. The in foreclosure, 3rd party approval and short sale descriptions would most likely be overlapping descriptions for the same type of property.
Related Florida real estate views:
Kissimmee foreclosure
Kissimmee housing statistics - 2007
Foreclosure sales make up large portion of Kissimmee market in 2008
- Greg Staker - Watson Realty Corp. - 407-304-0255
Mar 9, 2008
Florida foreclosure prevention counseling receives support
Governor Charlie Crist announced in a press statement this week that Florida has received nearly $1.3 million foreclosure prevention counseling efforts.
Governor Crist observed:
“We know that most homeowners never talk to their mortgage lender, even as they are facing foreclosure,” said Governor Crist. “By making more counseling and education about foreclosure alternatives available to homeowners, it is our hope that more homeowners will be able to avoid the financial devastation of foreclosure.”
Here is the complete press statement.
Related Florida real estate views:
Florida Senators vote in favor of foreclosure bill HR 3221
Florida Governor Crist addresses Florida foreclosures
Mr. Postman look and see if there is a letter from FHA for me.
- Greg Staker - Watson Realty Corp. - 407-304-0255
Governor Crist observed:
“We know that most homeowners never talk to their mortgage lender, even as they are facing foreclosure,” said Governor Crist. “By making more counseling and education about foreclosure alternatives available to homeowners, it is our hope that more homeowners will be able to avoid the financial devastation of foreclosure.”
Here is the complete press statement.
Related Florida real estate views:
Florida Senators vote in favor of foreclosure bill HR 3221
Florida Governor Crist addresses Florida foreclosures
Mr. Postman look and see if there is a letter from FHA for me.
- Greg Staker - Watson Realty Corp. - 407-304-0255
Dec 20, 2007
Foreclosure market update for Orlando area
In Seminole and Orange there are as of December 20th, 269 homes listed for sale described as being in foreclosure. This is approximately 1.3% of the total listings for the 2 counties.
There have been 75 homes in these 2 counties that have sold this year out of 14,281 reported sales or 0.525% of the total sales have been homes described as being in foreclosure.
Sold numbers are expected to increase as the in foreclosure inventory increases. There has been a 72% increase of homes coming on the market listed as being in foreclosure from September to November as compared to 19% total increase of listings during the same period.
There have been 75 homes in these 2 counties that have sold this year out of 14,281 reported sales or 0.525% of the total sales have been homes described as being in foreclosure.
Sold numbers are expected to increase as the in foreclosure inventory increases. There has been a 72% increase of homes coming on the market listed as being in foreclosure from September to November as compared to 19% total increase of listings during the same period.
Dec 6, 2007
Huge jump in bank owned real estate sales in Orlando for 2007
2007 is setting a torrid pace in foreclosed or bank owned property selling over 2006 numbers. You can view Recent statistics of bank owned sales in Orlando on my Orlando real estate site.
Related Florida real estate views:
Banks that are selling houses in Deltona
What Central Florida city has the most foreclosed homes for sale?
Bank owned homes for sale in St. Cloud
- Greg Staker - Watson Realty Corp. - 407-304-0255
Related Florida real estate views:
Banks that are selling houses in Deltona
What Central Florida city has the most foreclosed homes for sale?
Bank owned homes for sale in St. Cloud
- Greg Staker - Watson Realty Corp. - 407-304-0255
Dec 1, 2007
Foreclosures affect property management
The increase of foreclosures impacts tenants and rental property.
Related Florida real estate views:
More people sharing living arrangements suggest University of Florida
Bill introduced to help with foreclosure and low-income housing
The condition of the rental property is important.
- Greg Staker - Watson Realty Corp. - 407-304-0255
Related Florida real estate views:
More people sharing living arrangements suggest University of Florida
Bill introduced to help with foreclosure and low-income housing
The condition of the rental property is important.
- Greg Staker - Watson Realty Corp. - 407-304-0255
Nov 13, 2007
Foreclosures becoming profitable?
No one likes the current real estate situation. Homes are not selling and lenders are not making loans. Foreclosures are rising at a record rate. It would appear no one is winning. Appearances may be misleading.
Gretchen Morgenson of the New York Times recently wrote a fascinating article on November 6th which can be read in it's entirety here.
A few of the interesting observations and opinions as I read the article are:
The New York Times article credits Katherine M. Porter, associate professor of law at the University of Iowa with providing much of the information used in the article.
Related Florida real estate views:
President Bush not completely happy with housing bill
HUD is coming to a theater near you
Banks that are selling houses in Deltona
- Greg Staker - Watson Realty Corp. - 407-304-0255
Gretchen Morgenson of the New York Times recently wrote a fascinating article on November 6th which can be read in it's entirety here.
A few of the interesting observations and opinions as I read the article are:
"Because there is little oversight of foreclosure practices and the fees
that are charged, bankruptcy specialists fear that some consumers may be losing
their homes unnecessarily or that mortgage servicers, who collect loan payments,
are profiting from foreclosures."
"Now that big lenders are originating fewer mortgages, servicing
revenues make up a greater percentage of earnings. Because servicers typically
keep late fees and certain other charges assessed on delinquent or defaulted
loans, ''a borrower's default can present a servicer with an opportunity for
additional profit,'' Ms. Porter said. "
"She also found that some creditors ask for fees, like fax charges and
payoff statement fees, that would probably be considered ''unreasonable'' by the
courts."
The New York Times article credits Katherine M. Porter, associate professor of law at the University of Iowa with providing much of the information used in the article.
Related Florida real estate views:
President Bush not completely happy with housing bill
HUD is coming to a theater near you
Banks that are selling houses in Deltona
- Greg Staker - Watson Realty Corp. - 407-304-0255
Nov 1, 2007
Orlando foreclosure report
Mid-Florida MLS statistics for Orlando as of November 1st indicate:
522 homes listed are in a pre-foreclosure status
121 homes listed are in foreclosure
262 homes listed are bank owned
The number of households that have had a foreclosure filed has increased over the previous quarter by 50%.
Related Florida real estate views:
Orlando home sellers: giving in, selling or losing their home?
Where can you find a foreclosed home in Florida?
HUD offering free foreclosure seminar in Orlando
- Greg Staker - Watson Realty Corp. 407-304-0255
522 homes listed are in a pre-foreclosure status
121 homes listed are in foreclosure
262 homes listed are bank owned
The number of households that have had a foreclosure filed has increased over the previous quarter by 50%.
Related Florida real estate views:
Orlando home sellers: giving in, selling or losing their home?
Where can you find a foreclosed home in Florida?
HUD offering free foreclosure seminar in Orlando
- Greg Staker - Watson Realty Corp. 407-304-0255
Sep 6, 2007
Watson Realty associates to attend a pre-foreclosure seminar in Orlando
Watson Realty associates in Central Florida will be attending a seminar conducted by Dan Miller & Chris Kyle of Right Now Consulting Speaking On…
“How to Grow Your Income with Pre-Foreclosure Sales!”
This exciting seminar will teach the fundamentals of working with a homeowners that are in financial distress.
Our associates will learn:
This event will be free to real estate agents in the 15 Central Florida Watson Realty offices.
“How to Grow Your Income with Pre-Foreclosure Sales!”
This exciting seminar will teach the fundamentals of working with a homeowners that are in financial distress.
Our associates will learn:
- How pre-foreclosure sales (PFS) are affecting the market and how to communicate that information to potential customers
- The elements of the PFS process and how real estate agents will need to work with banks to properly conduct a sale
- The who, what when, where, why and how of the PFS process and procedure game. Contact info and bank-specific data to make the process seamless
- How to make the most out of your PFS capabilities. Includes a basic outline for a presentation in real estate agent environments and specific ways to attract new clients with your PFS information.
This event will be free to real estate agents in the 15 Central Florida Watson Realty offices.
Related Florida real estate views:
- Greg Staker Watson Realty Corp. 407-304-0255
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