Cape Coral Waterfront - Luxury Homes

Late on Payments -- Facing Foreclosure?

There are ways out. That's the #1 thing to know.

There are options available to homeowners who have missed mortgage payments & facing foreclosure.

Many homeowners do not realize that they could get out & save their credit too.

You have to know: The bank does NOT want your home. Especially not in the current buyer's market that most of the nation is in.  (This is true for MOST banks. I have recently ran into a few local banks who are thinking differently for some reason)

According to Freddie Mac the average cost for a bank to take back a property is $59,000! Why would a bank choose to lose so much? Wouldn't they rather work with you? Of course...

Typically, you can contact your lender & work something out. Thats the first place to start. Call them as soon as you know there may be a problem, don't wait until after you've missed more payments. Often times they will work out something with you to save you some time & money while times are tough. This may include an adjustment to your current loan or a grace period/forebearance.

If that doesn't work & you think you may risk losing your home, contact a real estate professional. Make sure you interview a few & find out what their experience with pre-foreclosures or short sales are. Some may have never dealt with this type of circumstance before.

You need to make sure you are honest with the agent so they can devise a plan for the sale of your home. Even if you owe more than the current market value, an educated agent can assist you in selling your house & saving your credit. Banks often times take a loss (also called a short-sale) on a property to avoid having to go through the expensive foreclosure proceeding. Short sales are all too common right now in our area.

Another option, if your credit is still intact, is to refinance (if you still have some equity). Again, contact a real estate professional for a referral to a mortgage broker or bank - or contact them directly if you know of someone. There may be a better loan available for you that will ease the monthly cost. Your current lender may even be willing to refinance you depending upon circumstances. Again, ASK. You don't know until you do.

The last option is to find a real estate investor who buys pre-foreclosures. Often times they have access to cash to remedy the situation quickly. Be advised though that they will be making a profit. That's expected but its something to keep in mind. Be careful if they ask you to sign a deed or trust. Have your attorney preview any/all paperwork first.

In conclusion, its pretty scary to be facing foreclosure on your home that you've worked so hard to purchase & maintain but keep in mind that there are many options available so be proactive as soon as you know there is a problem.

Don't give up until you explore all of your options.

 

We have assisted many homeowners with short sales and of course, traditional sales. We always advise that each homeowner contact both a real estate attorney and a tax accountant to make sure a short sale is their best option. There are other options available including deed-in-lieu, foreclosure and bankruptcy. Each comes with its own set of problems but one may be right for you if a short sale isn't.

Feel free to review our website for more information on this, or any other, real estate transaction.

To have us contact you to learn more about how short sales work -http://www.findcapecoralrealestate.com/short-sale-help

http://www.findcapecoralrealestate.com/003AD1

SW Cape Coral Gulf Access New Home - $475,000

Located in the wonderful SW Cape Coral area, this brand new home sits on a large 100 Gulf Access Canal.

Enjoy peaceful days & nights looking out across your waterfront oasis.

This home also has a large swimming pool.

4 bedrooms & 3 full bathrooms

Plus a den and/or Study

Formal Dining Room

Living Room with large glass sliders that pocket in to the lanai

Outdoor Grill included

18 inch ceramic tiles throughout

Upgraded kitchen appliances, counters & cabinets!

3 car garage with garage door openers!

Brick paver driveway & sidewalk

Tile Roof

 

View our Virtual Tour

Listing information provided by

Susan Milner of Florida Future Realty, Inc.

Susan@SusanMilner.com

(239) 218-2229

www.CapeCoral-LuxuryHomes.com

 

Large master bedroom with 2 separate vanities, jaccuzi tub & walk around shower

¦ plus many more features - check this one out today!

All for only $475,000.

http://www.findcapecoralrealestate.com/001C65

 

I just finished reading an article put out by The Associated Press over at MSNBC about the amount of FORECLOSURES. Looks like our area - Cape Coral / Fort Myers - ranks #1 according to data supplied by RealtyTrac.  You can click to read that article here.

 

Why all the foreclosures? I was asked just that last week by a woman who found me on my Cape Coral Real Estate website. She wanted to know why there were so many SHORT SALES and FORECLOSURES in our area.

 

There are a few reasons for it.

 

One reason is that real estate is cyclical. That's right. Real Estate goes up & it goes down. Check the historical data, it is true.

 

Another reason in our area specifically I suppose, everyone got greedy. Investors & just average people all wanted to make A LOT of $$$$ in real estate. They heard that their friends bought some land or a house in Cape Coral & doubled their money in 2 years. Heck, many of these same people made a lot of money in the previous few years here as well. Yes, that is also TRUE - check the records. But what goes up must come down?

 

It came down. Many investors speculators were just getting into the market here, building a new home hoping to make a fortune (because others did). Unfortunately, hundreds of other investors speculators were doing the exact same thing. The builders were delayed because of the influx, the city's permit department was behind too, - - you get the picture. Many investors speculators had to WAIT. While they waited many other homes finished & were sold to end users. But by the time their homes were near completion the supply was HUGE.  We still had a demand for Cape Coral homes but the supply was just too large.

 

Unfortunately, most of these investors speculators did not have a plan B. They assumed they would sell & make a fortune. Many, at this point, hoped that they could at least sell and break even or take a small loss just to move on. But we weren't able to tell the buyers to pay for the other's misfortune. They wanted a deal and were going to get a deal because of the excess inventory. Homes were, and still are, selling but they must be priced right.

 

The next reason is the lending. Yes, I said it. The lenders were giving loans to anyone with a pulse it seemed. How was it that an average person earning $50,000 a year was able to afford 2-5 brand new homes (around $250,000 each) with 0% down? HMMM. But they were given the loans. Did someone misstate the truth? Not sure but I do know that many were stated or even no doc loans so they weren't even checked on. The banks were making their money, so were the mortgage brokers. Heck, the real estate agents, appraisers, title companies, builders, etc were all making money as well. Home investor speculator was expecting to make theirs too.

 

The same banks that so generously handed out financing the previous few years were tightening up their guidelines. Many would be buyers could not qualify. Uh oh - that just shrunk our buyer pool.

 

Prices continued to decline, financing options changed, option arms reset, economy slowed as a whole....

 

So what can we do now? Read more about the

 

Cape Coral Foreclosure problem....

 

We can move the inventory. Yes, were have A LOT of abandoned homes in our area. Some were NEVER occupied. Some people just left their homes & moved elsewhere after they exhausted all of their options. They didn't have any equity to refinance, their credit was deteriorating, the banks that were so friendly before weren't as nice, they didn't know what else to do. Some have been lucky enough to short sale their homes, but that still isn't great. Better than a foreclosure but still not the ideal situation. It's all we can do if they can't afford the home.

 

 

So we continue to work with banks, selling their inventory (foreclosured properties). We continue to help owners sell their homes that are upside down in short sales. We continue to educate buyers to make sure they find the best home for their needs at the best price. We keep moving on.

 

 

Is the market turning around next year? NO. It's going to take some time. But we still get to call this place home.

 

 

Cape Coral is truly a paradise. Sure, the foreclosures (deals) are abundant, BUT the weather is still awesome, the beach is still close, boating, golf, friendly neighbors & so much more are still here, waiting for you.

 

 

Please feel free to leave comments or contact us directly with any questions or comments you may have concerning buying or selling in SW Florida.

 

 

Yours in Success, 

Susan Milner

Broker/Owner

www.Florida-Future-Realty.com

(239) 542-8521

Susan@SusanMilner.com

copyright 2008 Florida Future Realty, Inc.

http://www.findcapecoralrealestate.com/0020D1

I'm currently working with buyers who are looking for .... what else...A GOOD DEAL. They are looking for buying a bank owned or short sale property.

Unfortunately many agents in our market place think they know how to handle a short sale when in fact, they have no clue. Yes, sometimes it is just plain difficult to deal with the lenders & they tell you things & then change their minds, etc. But you still need to know the basic steps & requirements to handle a short sale.

Many agents think it is just as simple as making up a price, getting an offer & submitting it to the bank.

Thats NOT how it works.

You have to price the property at or just below true market value. While the bank may allow for a sale under market value they are not going to let the house go for half of the market value.

You have to get all of the seller's documents pulled together. A short sale is based upon a hardship. Why would the bank agree to take such a loss if there is not a reason?

You have to support your listing price & if the property needs work send estimates with the package.

The people working at the banks haven't seen the house, they probably have no clue about the condition or about the market locally. It is your job to educate them.

Then you have to make sure you are in contact with the right person & make sure they have everything they need.  Let them know that you are here to help them. Follow up is key & CRITICAL.

If you need a home in the next 60 days we highly recommend NOT looking for short sales. If you need 3-6% back for closing costs - a short sale may NOT be for you. If you are not pre-approved or have cash to close then a short sale is NOT for you (although you need to be pre-approved first to buy any house).

We obviously have many great short sale properties for sale & have negotiated some great deals for customers but it may not be the best option for many buyers.

Contact us to learn more about properties we have available for sale in & around Cape Coral, Florida.

This week, for example, we closed on a brand new 4/2/2 in NW Cape Coral. Yes, it needed appliances but for $120,000 how can you go wrong? We have a couple of other great deals pending right now we'd be happy to share with you.

http://www.findcapecoralrealestate.com/001A43