Archive for the ‘About Short Sales’ Category

Miami Short Sale

Tuesday, November 23rd, 2010

Miami and the South Florida market were amongst the hardest hit areas when the real estate market collapsed. From its high point back in 2006, home values have depreciated by close to 50%. That means if you were unlucky enough to purchase a $500,000 home in the last few years, chances are pretty good that you could only sell it for about $250,000. Besides directly affecting new homeowners, the general real estate malaise has driven down the value of homeowners who bought their homes a long time ago and faithfully made their mortgage payments every month.

Because their is such a glut of properties in Miami that are under water (owing more on the mortgage than what you could sell the property for), the laws of supply and demand kick in. If someone can buy your next door neighbor’s distressed property for a bargain price, your property loses value. That is the insidious part of the housing meltdown. Those who took out high mortgages and did not have the earning capacity to pay adjustable mortgages that suddenly rose through the roof, have a 2 pronged dilemma. First, they have insufficient income to pay the contractual obligation they agreed to when signing up for a mortgage to buy their dream house. Second, the mortgage they took out is now much higher than the value of their home.

In Miami, approximately 42% of single-family homeowners arer considered under water. That means if they were lucky enough to find a buyer, they would have to take a substantial loss on their investment. If you owe the bank $300,000 on a mortgage and the market will only command a sale of $175,000, than you will be $125,000 short when the bank asks for its money at settlement. Unless you can make certain arrangements, you are legally responsible for coming up with the $125,000 shortfall.

Back only 4 or 5 years ago, there was a tremendous spurt of building in Miami, particularly luxury condos along Miami and Miami Beach. Investors and homeowners snapped them up for very little down and then the market collapsed. A loss of equity that might reach 6 figures was enough for people to walk away and lose their $10,000 deposit, leaving the lender with another distressed property in its portfolio.

The crisis continues to this day as more than 60% of all new sales in Miami and the South Florida area are either foreclosures or short sales. While banks were very generous when they lent out money, they now are very hesitant to take big losses on short sales.

Buyers are in a great position as they can snap up luxury properties at a huge discount. Sellers on the other hand are bearing the brunt of the housing market’s collapse. In Miami, there is little hope of a quick recovery. There is still a big glut of foreclosures and potential short sales on the market. Until the inventory is cleared out, it will be a definite buyer’s market.

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Las Vegas Short Sales Continue to Increase

Monday, November 22nd, 2010

Las Vegas, Nevada’s reputation for pushing the limits held true in 2010. In contrast to boasting the biggest casino hotel or the most extravagant entertainment venue, the city’s current claim to fame is due to the most home foreclosures of any US city. Real estate sales might be robust in Las Vegas but the deals come from short sales or auctions.

Las Vegas Short Sale

In simple terms a short sale means that the lender is willing to accept less money for a property than the borrower owes. A Las Vegas short sale allows borrowers some relief by getting rid of an unaffordable home. The lender releases claims to sell the home but does not have to erase the deficient amount. A real estate agent will work with the lender on behalf of the seller.

Lenders like Fannie Mae will allow Las Vegas short sale owners to qualify for homeownership in 2 years while borrowers with a foreclosure can’t own for at least 5 years. Some of the red tape in Las Vegas short sales was erased early in 2010 when federal regulations made it easier for buyers and sellers to complete a transaction with a lender more efficiently. With updates syncing with Fannie Mae and mandates directed to private lenders, Las Vegas short sales jumped in numbers.

2009-2010 Statistics

•CNN Money.com named Las Vegas the #1 city for home foreclosures in 2009.
•CNN cited nearly 70% of all home real estate transactions in Las Vegas consisted of distressed property.
•RealtyTrac reported foreclosure notices were sent to 12% of Las Vegas households-5 times the national average.
•September 2010 numbers showed 8,935 out of 13,406 home sales were short sales in Las Vegas.
•August-October 2010 Trulia reported a 56.3% drop in Vegas home prices over the past 5 years; 38,337 homes were listed in foreclosure stages.

No other city can quite match the profile of Las Vegas. The unique conditions in the once thriving city created the worst odds for the housing market following the sub-prime lending fiasco of 2007. As the national economy slumped, fewer people spent money on gambling and entertainment in Las Vegas creating a ripple affect in related workforce industries like construction and transportation. Most experts point to the Las Vegas entertainment industry getting a big boost as the national economy regains strength.

The forecast remains mixed on housing market indicators. One undeniable fact is that Las Vegas short sales currently reign in most of the action in the housing market. Based on the numbers, that trend will likely continue. For perspective buyers intrigued by the city, real deals on real estate in Las Vegas look like a sure bet through the first half of 2011.

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