Bank of America addendum addresses short sale fraud

A short sale addendum now being used by Bank of America is in line with the position our office has maintained all along.  When faced with seller, buyers or agents insisting there is nothing wrong with a  short sale transaction that involves flopping or money being received without full disclosure, this addendum will be something we can now rely on as additional proof the lender, in this case BoA, view these matters very seriously. When faced with these situations we may forward this addendum to all parties involved for them to review. Even if the transaction is not Bank of America, in my opinion it would be reasonable to expect all lenders to have the same thought process to the items above.

Highlights of the article include;

Bank of America has started requiring buyers and sellers to sign an addendum to its short-sale agreement. It’s entirely about fraud prevention. We want to ensure that the transaction is at arm’s length and that the property isn’t immediately flipped for a higher price without there being any repairs or upgrades.

The kinds of fraud the addendum is intended to curb are:

• Immediate Flipping/Flopping. Buyer agrees that property cannot be sold or otherwise transferred within 30 days of closing.
• Schemes in which parties collude or otherwise try to keep the home owner in the home or else pass along some kind of benefit to the home owner from the sale of the property.

The article that discusses this in more detail can be found here;

http://speakingofrealestate.blogs.realtor.org/2011/06/14/short-sale-addendum-aims-at-fraud-bofa-says/#more-5293

KISSIMMEE – 1950 Irlo Bronson Mem. Hwy. in Kissimmee 34744


June 16th – July 21st Monday, Tuesday, & Thursday 6 PM to 10 PM

Class Exam: July 25th Monday 6 PM to 9 PM



The class is $199 total cost for the new text book, material, class exam, and admin fee in check, cash, money order, or Credit-Debit Card



Open registration will start at 5:15 PM on a first come, first serve for the remaining seats.



Do not send any money as I will register you on Thursday, June 16th 2011.



I can register you over the phone with a Credit/Debit Card.



Call me at 407-772-3696 to reserve a seat or with any questions.



Email at Wayne@WatsonRealtyCorp.com



Please visit our Real Estate Career web site at: The New Watson Career Development Web Site

How do I apply for Florida foreclosure prevention assistance programs?

How do I apply for Florida foreclosure prevention assistance programs?

Florida Housing has two programs available as part of the Florida Hardest Hit Fund.

1. Unemployment Mortgage Assistance Program (UMAP)
2. Mortgage Loan Reinstatement Payment (MLRP) Program

To apply or receive additional information click https://www.flhardesthithelp.org/ to be taken to the official page in order to create a profile.

Buying or selling a house in Florida drives the economy and creates jobs.

Buying or selling a house in Florida drives the economy and creates jobs.  Here is a short video that shows how this happens.

The Government has funds to help homeowners pay their mortgage

Unemployed or underemployed Florida homeowners having trouble paying their mortgage payment may be able to receive financial assistance from the government. Qualified homeowners can apply for funds to pay up to 6 months of their mortgage payments!

Eligibility requirements include; must be a Florida resident, property must be primary residence, and homeowner must be underemployed or unemployed through no fault of their own.  Additional homeowner eligibility requirements must be met.  The complete list and additional information on how and where to apply for this assistance can be found by visiting the official website Florida Hardest-Hit Fund.

Are you licensed to sell real estate in Florida but don’t want to spend the money to join the REALTOR boards?

Are you licensed to sell real estate in Florida but don’t want to spend the money to join the Realtor boards or you just have the time or desire to sell real estate full time?  You may want to contact me about enrolling in Watson Referral Realty.  By joining, you can receive referral income by sending referrals my way! Everyone knows someone that will be buying or selling real estate in the future, why not take advantage of your license and get paid?

Watson Referral Realty, Inc. is a Corporation organized for the purpose of providing referrals to Real Estate Brokers with full-time licensees.  If you know someone who works for Watson Realty, you can choose for that agent to receive your referral.  Referrals include someone listing their home, someone looking to buy a home or anyone wishing to rent a home.

I can email, (gstaker@watsonrealtycorp.com) you the enrollment package and additional information.  Or call me 407-304-0255.

One in Five Canadians Would Consider Purchasing Property in the US

A BMO Bank of Montreal study revealed that 20% of Canadians would consider purchasing real estate in the US because of low prices and the strength of the Canadian dollar.

Canadians interested in purchasing property in Central Florida may want to take a look at the Osceola County area.  Home to Kissimmee, Osceola County offers a number of quality homes at affordable prices.  Short term rental zoning is also very attractive to out of area buyers. 

Call or email to receive information on buying a short sale or foreclosure home in the Kissimmee-Central Florida area.

50,000 blue balloons and nearly as many real estate agents

On March 26-27  neighborhoods throughout Florida will have blue balloons and open house signs where houses are for sale.  The Florida Realtors Association is promoting the state-wide open house weekend.  Buyers will want to take advantage of this opportunity to visit homes in areas of their choosing. 

The video below offers a detailed explanation about the upcoming open house.

Can I sell my home if I have a Federal Tax lien on it?

I would encourage anyone who has tax or legal questions to contact their tax preparer, a tax attorney or the IRS directly in order to obtain answers to questions about tax liens and taxes in general.

As a real estate agent working in the Central Florida area, I have seen homes sell that had Federal Tax liens on them.  In these situations the IRS agreed to lift the lien from the house in order for the home to close.  Even if you owe more that the home is worth, there are a number of options to satisfy the tax lien.

You can find more information on this subject by visiting the IRS page dealing with tax liens and selling your home.

Are you thinking about opening your own mom and pop shop in Orlando?

Are you thinking about opening your own mom and pop shop in Orlando?  Orlando is one of the cheapest places to open a business according to a report from the Miami Herald.

Discussing research conducted by BizCosts.com, Orlando ranks at the top as the cheapest place to set up a business.  When you take this information into consideration with the fact the homes are being offered for sale at the lowest prices seen in some time; it may be time to consider owning a home and starting your business in the Orlando area.