REO VS. SHORT SALES IN FLORIDA
Did you hear about Bank of America, JP Morgan Chase and GMAC putting the brakes on the foreclosure process? What does all this mean to you as an investor, mortgage broker, realtor or homeowner? First off, the attorneys who were representing the Mortgage Companies have documentation with wrong information. As a Homeowner, it will allow you additional time for work a loan modification or a Short Sale. Just because the Mortgage Companies say stop the foreclosure action for a while, it does not mean the Judge needs to comply. The Court will not automatically stop the foreclosure action unless the attorneys working for the Mortgage Companies file the necessary paperwork. Learn the foreclosure process and understand the foreclosure time line. Check the court docket at www.flclerks.com to keep informed. You will need to make sure that the mortgage companies’ attorney has filed the necessary Motion to delay the foreclosure process. Mortgage Companies don’t always know when their attorney has scheduled a sale date. We had to stop a foreclosure sale on a house we bought and resold many times.
What happens to all the Real Estate Owned (REO) properties that have been purchased from the above mortgage companies? At my IRC Sig Group, the first Thursday of every month, I had Hope Richards and Kelly Carrie from Southeast Title Company talk about foreclosure defense and about insuring title from the above lenders. Hope stated that three closings were postponed just this week. As an investor, I would not be buying REO’s from any of the above lenders due to the fact that title companies are going to have a problem with insuring clear title to the property. Title Companies insure when property is transferred the owner has clear title and there are no liens other than what is listed on the title commitment. I believe Investors who have purchased these properties to flip are going to have problems selling the properties if no title company will insure them. This happened to me when I bought a property at Tax Sale. In order for me to obtain title insurance, I had to conduct a Quiet Title Action which took about 6 months. A Quiet Title Action notifies the public I just purchased the property and if anyone has any interest or claim in the property and/or liens against the property, they would need to come forward or forever waive their rights. Finally my local title company agreed to give me title insurance so I could sell it. Thank goodness I used my own money and didn’t use a hard money lender to eat up the profit!
Three Big Points: First point, don’t buy any REO’s from these lenders right now and if you did and you are going to flip them, do it now while you have a title company that will insure the property. Second point, Loan Modifications and Short Sales are going to be pushed through faster due to the fact that the mortgage companies can’t foreclose. Many homeowners can’t qualify for loan modification so get ready to ride the wave of Short Sales again! Third and biggest point, IRC has a monthly meeting and Sig Groups to keep you informed of the changes in the real estate market, new laws and how it will affect you as a homeowner, mortgage broker, investor and realtor. You need to attend and invite 3 friends to our meetings every month. Guests attend one time for free. The more members we bring into IRC the better we grow as a Group. Last but not least, if you haven’t signed up for another year, find me at the meeting and sign up – What are you waiting for??? Just do it!!! As a Director of IRC, I want personally thank all our members, business members and speakers as we appreciate your continued support, education, and networking. We are the best because of you all!
Having the right Short Sale Expert on your Team will make or break your deal. Should you have a short sale deal and have questions, please feel free to contact me.
Kimberlee Frank
Working as a Real Estate Agent
I believe that the short sale industry is changing. If you aren’t a real estate agent, I would recommend to become one. Sellers who are in higher end homes want an experienced real estate agent to sell their property. Having the knowledge to negotiate a short sale and save the seller from foreclosure will increase the amount of short sales that you would not have gotten without your license. As a Broker, I am looking for real estate agents that would like to learn how to do short sales. I always say that short sales make you want to smoke, drink and swear sometimes. Knowing what price to list the property at, whether or not to meet the bpo agent at the house and having a complete short sale package can make or break your deal. To learn more about short sales, stay tuned.
Live Training in Orlando – February 26, 27 & 28
Kimberlee Frank is offering her much talked about 3 day LIVE training event in Orlando, Florida. In this workshop she will personally take you by the hand, and walk you every step of the way to Your Financial Success In Real Estate.
At this event you will experience “The Power of the Team”. A concept and practice that sets Kimberlee apart from other real estate foreclosure experts.
When you attend the 3 Day Live Training Event you not only get to know all of the coaches better, you get to network and build long lasting relationships with your fellow successful students. Her belief is that her Team is a Family. Her office is Home . It is warm, happy and supportive.
For more information on this event go to Foreclosures Gone Wild NOW!
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