Understanding Foreclosures, Short Sales and REO Properties

Fort Lauderdale Foreclosures | Short Sale Listings | REO Information Leave a Comment

Most buyers, sellers and real estate agents in the Fort Lauderdale area are very familiar with the challenges that are inherent when dealing with foreclosure properties; short sales and real estate owned by bank (REO). As most people now realize, short sales are difficult and time-consuming. There are many reasons that have caused foreclosure properties to become such a challenge to both Sellers and Buyers, the process is complicated. The best advice is to seek an individual or company that has been negotiating foreclosure properties for many years. Be sure to question the successful closing percentage that your mitigator has established.

It is important for the seller of a foreclosed or pre-foreclosure property to understand both the tax impact and the banks position in issuing the payoff approval. It is highly recommended that a seller consult with their tax advisors before agreeing to complete a short sale or bank foreclosure (REO). Currently many sellers of primary residences will likely not be responsible for any debt forgiveness which will generate a 1099. There are exceptions and qualifications that should be reviewed carefully. An additional concern that should be addressed: is the bank agreeing to give a full release or a partial release of the lien on the property, maintaining their legal rights to collect on the original mortgage note. Effective April 5, 2010 a new government sponsored initiative overseen by the US Treasury Department and administered by Fannie Mae was enacted to help eligible homeowners in avoiding foreclosure, specifically through short sales or deed-in-lieu of foreclosure. This initiative is called the Home Affordability Foreclosure Alternatives  (HAFA).

 Fort Lauderdale real estate agent, William Kedersha has earned his Certified Distressed Property Expert designation also known as CDPE. He has been successfully negotiating distressed and foreclosed properties for well over 25 years. As one of the first Short Sale Mitigators in Fort Lauderdale, William will discuss with you the many pitfalls that you must watch for; a good beginning will be to view his Distressed Property Information Website which is filled with helpful information directly relating to the foreclosure process. Here you will find a foreclosure timeline, discussion of some of the challenges facing a buyer or seller and all the Current  Single-Family or Condo Short Sales and REO Listings in Broward County . There are also several important links that will give an overview and details of the foreclosure process, How To Avoid Foreclosure, HUD in Florida. Be sure to read the link labeled: Foreclosure Rescue and Loan Modification Scams published by the FDIC.

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