Florida Foreclosure Bill Passes House Committee

Florida Foreclosure Bill Passes House Committee

After putting on the full-court press, a Florida foreclosure bill called HB 87 was able to pass the House committee. The proposal gives lenders just one year to pursue a judgment against a home owner if the sale of the foreclosed home doesn’t make-up what is still owed on their loan. Currently, the timeline gives lenders five years. The new bill also will require lenders to have all of their paperwork in order, including loan notes, when they file a foreclosure complaint. The bill was filed by Rep. Kathleen Passidomo, R-Naples.

She adds, “We need to make the sure the process is as efficient as possible while at the same time giving the borrower their due process rights. Unfortunately, if you don’t have an income or you can’t afford to pay anything, the property can’t just sit in limbo forever.”

Some consumer advocates say the bill brings about unfair changes for home owners who are already finding it difficult to defend themselves in the current foreclosure landscape. In South Florida, home foreclosures are on the rise once again, and advocates say this is a moderate form of the original proposal that will help speed up the process and clean-up the process.

The “faster foreclosures” proposal issues a variety of civil procedure changes that are specific to foreclosures in Florida. Currently, a Florida foreclosure can take more than 600 days to run its course, and proponents of the bill like Passidomo say it just can’t take that long anymore. The new bill brings about strict paperwork requirements for lenders and fast-track foreclosure procedures, and any backers say it couldn’t have come at a better time.

In Florida, foreclosure filings climbed 20% in the last year, and banks are getting ready to refocus on foreclosures once again after slowing down for about two years amid claims that bank employees improperly proceeded with foreclosure paperwork. The “robo-signing” scandal led to a landmark $25 billion national settlement between states and five major banks last year, clearing the way for a more streamlined foreclosure process.

Florida now has the highest foreclosure rate in the country, and despite the improvements in the housing market, experts say there are still plenty of foreclosures still to come. At present, one in five mortgages in Florida are delinquent, and over half of those have yet to enter the foreclosure process.

Passidomo is hopeful the new bill will speed things up. The original bill passed the Florida House last year, but died in the Senate. In the new bill, many of the controversial provisions, like the one allowing for faster foreclosure on homes that appear to be abandoned, have been scrapped.

Would you like assistance with your Palm Beach real estate needs? Our local team of real estate agents have helped numerous buyers with their unique objectives. Please reach out to us so we can show you available Palm Beach homes for sale.

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Short Sale Tax Relief Extended for Another Year

For many South Florida home owners, the end of 2012 brought with it a tremendous amount of anxiety. There were looming fears that the Mortgage Forgiveness Debt Relief Act of 2007 wouldn’t be extended, and that sent sellers into a frenzy to close deals before the end of the year. Fortunately, however, the short sale tax relief act was extended for another year. The act allows borrowers to deduct their forgiven mortgage debt from their taxes after they have sold a South Florida home through a short sale channel, foreclosure or loan modification.

This is big news in South Florida where short sales have, and continue to, play a huge role in the nation’s economic and real estate recovery. Short sales are a transaction where a lender agrees to sell a home for less than what is owed on the mortgage. Threatened by the Fiscal Cliff deal, the tax deduction was set to expire on December 31, but was saved for another year.

South Florida home owners who are hoping to take advantage of this unique opportunity are encouraged to begin the process now while the majority of the year is still left in front of us. It’s unclear as to whether the Mortgage Forgiveness Debt Relief Act will be extended again, and experts say don’t expect it. Many short sale sellers found themselves scrambling at the end of the year to close their deals for fear of missing out, and while the extension is going to help a lot of people who were frenzied by the looming deadline, short sales do take a tremendous amount of time.

The 2007 law has been a huge asset to home owners pursuing short sales, foreclosures or loan modifications, and had it not been extended, home owners would once again have to claim the forgiven amount on their federal income taxes. Many experts speculate that short sales would have come to a screeching halt had the act not been extended, and the alternative could have been catastrophic to the economic and real estate recovery.

John Seebree, senior vice president of public policy at Florida Realtors, notes, “It’s a major victory, especially for those who are in the process of buying right now. If you had a contract on a property and it didn’t close by December 31, and suddenly everything changed, that would be a difficult position to be in.”

Close to 12,000 Florida real estate agents responded to a “call to action” from their trade group to contact congressional representatives and urge them to extend the tax deduction. It seems to have worked. Many agents say that while forgiven debt will always vary, they have seen it as high as $1 million. Owing that much on your federal income taxes could completely ruin a person’s financial situation, not to mention make it nearly impossible for them to ever purchase a home again.

The National Association of Realtors estimated the tax savings from the Mortgage Forgiveness Debt Relief Act topped $1 billion in 2011.

Working with an expert real estate agent is one way to take the stress out of the South Florida home buying experience. If you’d like to learn more about available properties for sale, please contact our local team of agents.

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Five Amazing Tech Systems for Boca Raton Luxury Homes

Five Amazing Tech Systems for Boca Raton Luxury Homes

Advances in technology continue to get more and more amazing, and Boca Raton luxury home owners are stocking their houses with devices that offer convenience, form and function. Whereas luxury homes used to be judged by square footage and the number of fancy sports cars you could park in the garage, today’s Boca Raton luxury homes are packing with amazing technology systems that make life easier. Here’s a look at five of them!

RadioRA 2  Wireless Home Control System: Do you have an Apple iPad? If so, would you like to use it to control the lighting, curtains, or blinds remotely at your Boca Raton luxury home? You can with the RadioRA 2  wireless home control system. This state-of-the-art electronic system allows you control these home automation systems from anywhere in the world. There is also an integrated app that can be purchased from Apple App Store for just $19.99, as well as for Android devices from the Android Market.

Automatic Kitchen Drawer Openers: Hettich America is the brains behind the Automatic Kitchen Drawer Opener. It’s the perfect addition to your gourmet-inspired kitchen. It’s an ingenious creation that automatically opens kitchen drawers and provides you with ample storage space to store utensils and other kitchen accessories. You just touch anywhere on the front of the drawer, and with the help of an electric drive unit that is placed discreetly inside the cabinet, your kitchen drawers can shed their knobs and handles forever.

Waterproof TV: If you have stayed in a luxury hotel, you probably had a TV in the bathroom. There’s nothing like taking a hot soak in the tub while watching your favorite TV show, and now, Waterproof TV has created water resistant televisions that are designed specifically for the bathroom. One such product is the Aquavision 17″ Frameless Widescreen TV that comes with a HD ready LCD Panel as well as a full water-resistant remote control. The resolution is incredible at 1366 x 768, so if you’re looking for the latest in tech luxury, this is it.

Coolceil Radiant Chilled Ceilings: It gets warm in Boca Raton, so chances are, your air conditioning system gets a workout in the hot summer months. One way you can cut down your air conditioning usage is by using the Coolceil Radiant Chilled Ceilings from SAS International. These state-of-the-art ceiling panels are essentially made of water and eliminate heat transfer across a room. With no moving parts, it’s low maintenance and extremely energy-efficient too.

Control4 InfinityEdge 5” In-Wall Touch Screen: The Control4 InfinityEdge 5” In-Wall Touch Screen will turn the walls of your Boca Raton luxury home into the display of an iPad. With a 5-inch capacitive glass display, you can once again control your home automation systems wirelessly with an impressive resolution of 800×600.

If you would like to learn more about Boca Raton luxury homes, please contact our local team of real estate agents. We would love to assist you with your search for Boca Raton luxury homes, and we’d be more than happy to show you any of the real estate listed for sale on our website

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13511 SW 14th Place, Davie, FL 33325

Located in the highly desirable Davie Oaks sub-division, located at 13511 SW 14th Place, Davie, FL 33325 – this wonderful home is situated on a large 1.47 acre parcel at the end of a cul-de-sac on a pie shaped lot. This single story home was built in 1990 and includes a 4 bedroom 2 bathroom main house as well as a 1 bedroom 1 bathroom apartment. The main house has beautifully manicured landscaping and mature fruit trees inlcuding mangos, avocados, bananas, pineapple, oranges and grapefruit, lemons and many more. The main house is 2,893 square feet under air (based on tax roll information), with a side-load attached 2-car garage, screened patio and in-ground swimming pool. The roof is relatively new (replaced in 2003) and the home has newer air conditioners – with one located in the main house and the other in the apartment. The kitchen has corian countertops. The home includes a formal dining room, family room and new front load washer/dryer and hurricane shutters.

13511 SW 14th Pl, Davie, FL 33325 Pool Home in Davie Oaks

Property Details

images courtesy of Palm Beach Premier Real Estate

Tips to Obtain a Fast Boca Raton Short Sale Approval in 2013

Tips to Obtain a Fast Boca Raton Short Sale Approval in 2013

Following on from 2012, many believe that 2013 could also be the year of the short sale. There are an abundance of short sale programs designed to help Boca Raton home owners who are underwater in their current residence. These programs are set-up to streamline the process, and previous short sales that took nearly eight months to complete are closing in record time. Here are some tips to keep in mind if you’re considering a short sale for your Boca Raton home in 2013:

●     Understand Available Short Sale Incentive Programs: There are a variety of short sale incentive programs out there, and understanding them can take you far in this process. Here’s a snaphot:

○     HAFA: Households that qualify for HAFA (which has both short sale and deed-in-lieu of foreclosure options) receive $3000 at closing. (Fannie Mae and Freddie Mac also participate in HAFA.)

○     Bank of America Cooperative Program: In this program, qualified households that participate in this short sale program will receive $2500 at closing as well as relocation monies up to $35,000 if the borrower qualifies.

○     Chase Bank (and Citi and SPS): Chase Bank is now sending certain borrowers letters offering them the option of participating in a short sale for a significant incentive (often between $20,000 and $48,000 dollars). Read the fine print on the offer and follow all of the rules in order to receive this incentive at closing.

○     Wachovia: Wachovia Bank frequently sends borrowers letters asking them to participate in a short sale and offering an incentive in the letter. Sellers should read their mail and save the letter so that they can redeem the incentive at closing (usually between three and five thousand dollars).

●     Gather Your Short Sale Documents for the Listing Appointment: Prepared home owners will be taken more seriously in this process, and having all of your short sale documents together for your listing appointment will help streamline the process.

●     Prepare Your House: Order repair and pest control bids prior to submitting your short sale package to the lender.

●     Dot Your “I’s” and Cross Your “T’s”: Make sure the settlement statement that you submit to the bank has the correct figures for your closing date. Looking over all of this documentation carefully is crucial.

●     Protect Yourself: In this day and age, too many people are had by fraudulent lenders and practices. Do not use or accept electronic signatures when it comes to short selling a home. In this case, a good old fashioned signature should be a required item.

●     Communicate: One thing that can stall this process is a lack of communication, so stay in touch with all parties during the short sale process. Regular weekly communication is all you need. This includes following up with the lender(s) regularly.

The short sale process can be a stressful one, but if you’re prepared, it can make the entire process more streamlined.

Working with an expert real estate agent who specializes in Boca Raton short sales will give you a leg-up in the process. We are a team of local real estate agents who are not only familiar with the local market, but also specialize in Boca Raton short sales. Please reach out to us for assistance with any of your Boca Raton home buying questions. We’d love to help!

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South Florida Could See 200,000 Foreclosures in First Quarter of 2013

South Florida Could See 200,000 Foreclosures in First Quarter 2013

While the real estate market as a whole has improved tremendously in South Florida, foreclosures are still a real issue and will continue to be during the first quarter of 2013. Should the region keep up with the current pace, South Florida could exceed 200,000 foreclosure-related repossessions in the first quarter.

In 2012, lenders repossessed or used the state court system to force the foreclosure of approximately 1% more properties than the previous year. To reverse that pace and return to pre-recession levels, the number of repossessions would need to drop by 350% to below 10,000 – about how many properties were seized in 2007.

Despite the spike in South Florida foreclosure actions, the 2012 total number of filings initiated in the region dropped compared to the same 12-month period in previous years. More than 57,600 actions were filed in 2010 and nearly 98,300 actions were filed in 2009. In previous years in South Florida, lenders repossessed nearly 30,500 properties in 2009, about 26,250 properties in 2008, and less than 10,100 properties in 2007, according to government records.

One unanswered question is whether or not lenders will continue to focus on alternative solutions to foreclosures such as loan modifications or short sales. Many lenders are operating under the recently negotiated National Mortgage Settlement Agreement tightening their latitude when it comes to enforcing the foreclosure process for borrowers who are in default.

In South Florida, distressed properties, which include bank-owned units and short sales, account for close to 14% of the nearly 19,400 condos and townhouses on the resale market. About 1,100 bank-owned South Florida condo and townhome units are currently on the resale market with a median asking price of approximately $85 per square foot in the Tri-County area.

“In the last six years, foreclosure filings in South Florida increased rapidly between 2007 and 2009 before decreasing dramatically in 2010 and 2011 in response to the ‘robo-signer’ controversy. The year 2012 proved to be another year of increased foreclosure filing activity.”

The “robo-signer’ controversy was administrative irregularities that first surfaced in late 2010. It created a foreclosure freeze with many lenders slowing the number of defaults being initiated against borrowers in South Florida between October and December 2010, according to the report.

Please let us know if you’d like more information on the Palm Beach real estate market or community events that are affecting the housing market. We’d love to share the latest Palm Beach housing news with you so that moving into your future Palm Beach home is a seamless transition.

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10730 Greenbriar Villa Drive, Wellington, FL 33449

Wycliffe Golf & Country Club is one of Wellington’s most beloved and sought after gated communities. Nestled just west of US-441 (SR-7) off Lake Worth Road near Panther Run Elementary School and the Marketplace At Wycliffe, this wonderful community is resort style living at its finest. Wycliffe has two premier championship 18-hole golf courses and 16 Har-Tru tennis courts. Dining options range from casual to elegant atmospheres in the Grille and grand Dining Rooms. A State-of-the-Art Fitness Center and Spa compliment the resort style amenities available for residents to enjoy.

The property was a model home and enjoys expansive golf course and lake views overlooking the 8th fairway, and is situated on a prime lot on a cul-de-sac, and is a short walk to the clubhouse. With 4 bedrooms and 3.5 bathrooms, living room, family room, dining room and eat-in kitchen, this 3003 square foot pool home is competitively priced. French doors lead to the large paved patios and pool area and the yard is fully fenced.

From the open and welcoming single story floorplan with solid double door entry, to the tasteful upgrades and accents, this beautifully decorated home is a gem! Beautiful neutral colored tile floors laid on a diagonal – the flooring has tumbled marble accent in the foyer, beautiful wood flooring in the den and neutral carpeting in all bedrooms. The home has coffered ceilings and high-hat lighting throughout, and with 12 foot ceilings and palladium windows, the property enjoys an abundance of natural light. Designer window treatments and blinds throughout, built-in wood cabinets, walk-in closets and vaulted ceilings – all bedrooms have full bathrooms.

Beautiful Wycliffe Golf and Country Club Pool Home in Wellington, FL

The kitchen is a chef’s delight with eat-in kitchen,  granite countertops and full granite backsplash, designer wood cabinets, lazy susan and under cabinet lighting, as well as a walk-in pantry closet. Additional features include intercom music throughout with surround sound in the home and also piped to the outside pool area; an upgraded alarm system with motion detectors, smoke and fire alarms connected to the police station; security floodlights; accordion hurricane shutters; two new split A/C systems; central vacuum system; laundry room with full cabinets and storage closet and upgraded  electrical. A separate golf cart garage as well as full two car garage with full cabinets, sinks, automatic door entry,  and pull-down ladder to storage area.

Property Details

images courtesy of Palm Beach Premier Real Estate

Gia Freer and Grant Freer

1801 N Flagler Drive Unit 409, West Palm Beach, FL

Wonderful location in the heart of West Palm Beach overlooking the Intracoastal waterways and the Island of Palm Beach. This fourth floor unit has water views and the Flagler Pointe Condo development is luxury resort style living with amenities including an olympic swimming pool, cabana, hot tub, sauna, grilling and picnic areas, state-of-the-art fitness center, club room, billiard room and 24-hour concierge.  All information is deemed reliable but not guaranteed, and all sizes are approximate. Estate Sale.

Property Details

image courtesy of Regional MLS

Gia Freer and Grant Freer

Tips for Purchasing a Boca Raton Short Sale Home

Tips for Purchasing a Boca Raton Short Sale Home

Boca Raton short sales are becoming more and more common as lenders deal with their backlog of foreclosures. To be sure, after the National Mortgage Settlement with the country’s five largest banks, many began considering short sales again as a way to assist underwater home owners.

Short sales can be a complicated process to complete, so it’s extremely important to have an experienced short sale specialist on your team when working through a Boca Raton short sale purchase. Ensure that the agent you are working with not only has experience in short sales, but also understands the dynamic of the Boca Raton and  South Florida area in which you are looking to buy.

To assist you in understanding some of the basics, we’ve compiled a brief overview of how our team assists clients daily with their Boca Raton short sale needs

●     Defining our Experience: An experienced real estate agent who has assisted clients with a short sale before will be a great asset in giving advice and answering any questions you might have about the process. Although many real estate agents manage short sales on the side, your experience will be smoother if you select an agent who specializes in this niche market

●     Compiling Data on Lenders and How they Operate: Conducting research and creating files for lenders is a key part of the short sale process. File should house as much information as you can find concerning the timeline, how they process a short sale, and if you can uncover it, the percentage of that lender’s short sales that actually make it to closing.

●     Organization is Key: One of the issues with short sales is that lenders and banks have been experts at burying the process in paperwork. Obtaining the lender’s short sale forms right away, and from there, gathering the needed information is key. The most important form of all though is an authorization form that will allow you to communicate with the lender on your client’s behalf. Our team ensures each and every detail is covered from start to finish.

●     Managing Timelines: This is arguably the biggest reason a client should work with a South Florida short sale specialist during the short sale process.  We ensure that you are kept in the loop throughout the process and manage timelines diligently.

●     Understanding Loan Types: Our team possesses the expertise needed to identify various loan types –VA, FHA, Conventional, USDA, and more. This is a key step, as it’s important to know what kinds of loans are involved with the property. Whereas some loan types offer more flexibility, this can make a difference in the lender’s response to offers.

●     Submit Solid Offers: We take the time to review all offers and only submit solid ones to the bank. Lenders don’t work the same way as individuals, and a lowball offer will sometimes result in a flat-out rejection instead of a counter offer that will keep you in the running for the short sale property.

If you’d like more information on Boca Raton short sales, please contact us right away. We possess extensive expertise in working with Boca Raton short sales, so it would be our pleasure to assist you.

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Foreign Investors Purchasing Palm Beach Homes Sight-Unseen

Foreign Investors Purchasing Palm Beach Homes Sight-Unseen

Most Palm Beach home buyers would never dream of purchasing without seeing the house in person, but foreign investors are purchasing Palm Beach real estate at unprecedented numbers and some are doing it sight-unseen. Recently, there’s been an influx of foreign investors from Asian in particular who have no problem plunking down large sums of money and signing on the bottom line before they step foot in the Palm Beach home.

It’s all part of an eagerness on behalf of foreign investors who are realizing that now is the time to buy U.S. real estate. There’s a fear that the housing recovery could push prices up too high, so investors are getting into the market now before that happens, often looking for properties on the Internet and buying them before they have a chance to book a plane ticket to the States to see them.

And of all the U.S. real estate markets, Florida is a focus for both Canadian snowbirds and Asian investors who are eager to score a South Florida home. Wayne Levy of Toronto-based Florida Home Finders notes, “Some Chinese investors bought up 35 [townhouse-condo] units without even flying in first. They looked at a picture. They wrote checks. That’s what’s happening now.”

The urgency is part of the realization that the U.S. housing market is once again a safe place to invest their money. And the excitement is so profound that these buyers have no problem doing a deal over the phone or computer.

Of course, this kind of feeding frenzy shouldn’t entice buyers into making poor decisions. Purchasing a Palm Beach home is a big decision, and one that shouldn’t be entered into lightly. There are many moving parts when it comes to a real estate transaction, and patience and due diligence will ensure that you end up in the Palm Beach home that is the best fit for you.

Working with a local real estate agent who is familiar with the market is one way to ensure that you’re a competitive buyer. They can show you homes you might otherwise never see online or just driving around, and they can also assist you with more complicated parts of a real estate transaction like purchase contracts, contingencies, and more.

If you would like to learn more about the Palm Beach real estate market, or if you have your eye on a particular property, please contact our local team of real estate agents. Please let us know if you’d like any help with your search for Palm Beach homes, and we’d be more than happy to show you any of the Palm Beach real estate listed for sale on our website.

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