Real Green Trends

Archive for the 'Bank Owned Properties - Foreclosures' Category

Great News from Fannie Mae – Condo Projects granted special approval

FNMA gives special approval designation for some Florida condo projects

The Special Approval designation applies to certain established projects located in Florida. Lenders must use Special Feature Code 156 for delivery of loans secured by units in condo projects with a Special Approval designation.

 In addition, lenders must deliver project review code Type T – Fannie Mae Review. For details, refer to Lender Letter LL-2010-01 and the FAQs.

Great news, click here and the letter from FNMA will open where you will  see the condos that have been temporarily approved in your area.

Are you ready to buy? Contact me for a private tour of the properties and I will guide through the process.

Everything You’ve Ever Wanted To Know About Short Sales and Foreclosures…Its all Happening Here in Miami

                                               

 Today’s South Florida  real estate market presents opportunities for both the investor and homebuyer. 

 

As many of  us are aware, it is difficult to avoid the subject of short sales and foreclosures when discussing real estate in South Florida these days.  While those methods can present incredible opportunity for the purchase/investor, it is necessary to understand the legal aspects of such purchases.

           Short sales  are a pre-foreclosure arrangement with a lender, whereby they will allow an owner to sell a property for less than the amount of the current mortgage balance.  Up until recently, the short sale process has been a frustrating one.  Understaffed banks moved very slowly to approve these type of sales.  A new trend appears to be emerging however.  As the courts of Miami have been flooded with foreclosure actions, the time in which to adjudicate foreclosure matters has lengthened.  As such, the holding costs incurred by the banks with respect to the delinquent properties has increased.  In light of the increasing expenses incurred by lenders in the foreclosure process, banks have been building up their staff for the particular purpose of expediting the short-sale approval process.  The U.S. Treasury has also jumped on board to encourage the short sale by offering incentive payments of $1500 to the home-owner and $1000 to both loan servers and second-lien holders.  As with any investment, the investor must take special care to research his potential short sale purchase.  While a property may be approved as a short sale, do not jump to the conclusion that you are getting the deal of the century.  You must still do your homework to see what is happening with real estate values in that particular area.

               Foreclosures  occur when the mortgagee is unable to make its mortgage payments, and the mortgagor, through its security interest in the subject property, goes through a legal process which will give the mortgagee title to the property.  Once the mortgagee has title, the property will be auctioned and the mortgagee keeps the proceeds in order to recover its investment.  At a foreclosure auction, investors must arrive with certified funds(the equivalent of cash) for the total purchase price amount.  Investors have limited amounts of time to evaluate the property,  and usually can only see its exterior prior to the auction.  In addition, other liens and taxes may be attached to the property.  When considering this type of investment, the investor must understand these risks and consider an adjustment to the purchase price to account for these potential increases in the cost of the investment property.

                    The investment possibilities are endless right now in Miami.  With the right research regarding a property, you can buy for use or investment a property greatly under previous market values.  When making these kind of investments, take great care in choosing your realtor.  Make sure that the realtor understands the market, the rental values and the potential sales value of your property.  Also, as much as time allows, have research conducted to ascertain what potential liens may have attached to the subject property.  The more knowledge you have regarding a property, the more risk you take out of your investment.

Any questions???   email me at   Debbie@the-beach.net or leave a comment and I will contact you back.

 

              

 

 

 

 

Departamento en The Point!

SOUTH TOWER AT THE POINT, 21055 YACHT CLUB DR, AVENTURA, 33180

Hermosa vista desde el piso 26 de dos dormitorios y dos banos en The Point. El departamento es muy grande, mas de 147 metro cuadrados  distribuidos a todo lujo. El edificio ofrece spa, piscina, cancha de tennis, gimnasio y muchas actividades sociales. Para mas informacion sobre esta gran oportunidad escribanos al adrianafaermangroup@realgreentrends.com

CASAS Y CONDOS EN FORECLOSURE EN MIAMI

ACTUALIZACION DE OFERTAS EN SUNNY ISLES Y AVENTURA

THE TIDES 3901 COLLINS AVE, HOLLYWOOD FL 33019

Aproveche esta oportunidad de comprar un condo en foreclosure. Con vista parcial del oceano en la mejor ubicacion de Hollywood.

El banco contribuye con un 3 por ciento para los gastos de cierre. Solo se aceptan ofertas en efectivo con un 10 % de deposito.

Llamenos y le enviaremos mas informacion.

NEOVERTIKA – Bank Owned Condo For Sale in Brickell, Miami

 JUST REDUCED! Unique opportunity to buy a corporate owned loft in Brickell Av. Lowest priced condo in NeoVertika.

690 SW 1 CT, MIAMI, FL 33130

PROPERTY IS ONE STUDIO/ONE BATHROOM. Built in 2005

AMAZING VIEWS OF DOWNTOWN MIAMI, BEAUTIFUL VIEWS AT NIGHT

 Are you looking to live or own a condo in Brickell?  This NEO VERTIKA is it. Look no further.

 

Appointments include:

• Marble floors,
• High Ceilings
• Contemporary Kitchen,
• Appliances / Washer and Dryer
• Balcony with open view

Building features: state-of-the-art  gym, spa, common areas for entertaining, pet friendly building

Location: centrally located in the heart of Brickell . Walking distance to best restaurants, bars and Mary Brickell Village 

 Ready to move in or rent out.

Just Reduced to : $129,500

Adriana 305-773-0253.

NEO VERTIKA – BRICKELL CONDOS FOR SALE

Are you interested in investing in Brickell?

This is a great opportunity to buy an REO, corporate owned condo in Brickell.

This is a 1/1 at NEO VERTIKA .

One bedroom, One bath condominium loft built in 2006

• High Floor
• Great City views
• Rentals are ok
• Pets allowed

Amenities include: infinity pool, sauna, fitness center, racquet ball,  dry steam, 4,000 SF entertainment area w/ gourmet kitchen.

For more information please call me 305-773-0253 or email me at adrianafaerman@gmail. com

Aventura Market Report – November 2009

Are you concerned about the value of your condominium in Aventura?

Aventura Market Report for the Last Week of October 2009

Please, take a look at the recent market report for Aventura.

• Median Price in Aventura for this week is $360,000.
• We continue to demonstrate a nice up-trend in general over the past weeks.

Top quartile / Most expensive 25% of properties  (above $749,000) has registered 8 sales.

Second quartile / Upper Middle/25% of properties  ($425,000) has registered 6 sales

 Third quartile / Lower Middle/25% of properties  ($290,000) has registered 9 sales

Fourth quartile / Least Expensive/25% of properties  ($159,000) has registered 13 sales

In terms of demand and supply the Aventura market is getting cooler, more supply is coming to market relative to the sales demand.

However in recent weeks sales have been moving higher.

With several months of  inventory available at the current sales rate, and since this is technically a Buyers’ Market,  buyers should find improved quality of  properties (newer and larger  condos and homes)  for sale in Aventura.

Are you interested in current information regarding sales of Condos and Homes in Aventura? You are a click away, just leave a comment and I will answer your questions.

FRESH OPPORTUNITIES – CONDOS AND HOMES FOR SALE UNDER FORECLOSURE PRICES

View Larger Map

500 BRICKELL, MIAMI, FLORIDA 33133

Special features and Special Pricing for these brand new buildings. You can take advantage of this market and buy a condo at great prices.            

New price.

• Studios for sale in Brickell starting at $165,000
• OneBedrooms starting at $218,000

 

HARBOUR HOUSE

1 Bedroom Starting at $186,000   Two Bedrooms Starting at $440,000

Image by Jeffrey Guterman via Flickr

 

 

 

 

 

 

THE REGENT IN BAL HARBOUR 

  Studios starting at $390,000 Suites starting at $700,ooo         These and other opportunities are available for cash buyers.

 

HOT DEAL:

SUNNY ISLES BEACH -OCEAN II – FORECLOSURE

3 BEDROOMS – 3 BATHS High Floor 2100 + Square Feet – Ocean front Luxury condominium. Will go under $750,000 Similar units are selling between $850,000 and $980,000  

For more information, just call me and let me know which building you are interested in and I will provide you with the next deals availalble. These are cash deals only and will go for less than foreclosure prices.

    Adriana Faerman | twitter @adrianafaerman |305-773-0253 |adrianafaerman@gmail.com |www.realgreentrends.com |

21219 NW 19 PL – MIAMI GARDENS – FLORIDA 33169 – BANK OWNED FORECLOSURE

MAJORCA ISLES, MIAMI GARDENS, FLORIDA – PRIVATE GATED COMMUNITY – ANOTHER WELLSFARGO FORECLOSURE

Spectacular Corner Lot – Home in Great Condition

 

Deal fell through. The Bank already reduced the price from $135,000 to $127,000

Majorca Isles a great gated community is waiting for the new owners. Call me now and I will assist you in buying this beautiful townhouse in Miami Gardens, Florida.

Adriana Faerman |Broker Associate | www.realgreentrends.com | 305-773-0253 | adrianafaerman@gmail.com

 

Are you a bona fide tenant of a property in Miami, Aventura, Sunny Isles and other areas of South Florida going to foreclosure sale?

New requirements have been put in place also for South Florida Real Estate concerning notice that must be given to bona fide tenants/lessees (not former borrowers or their immediate family members) of properties that go to foreclosure sale after May 20, 2009.  

This law is in effect immediately.  Section 702 of the new law Protecting Tenants at Foreclosure Act of 2009 is summarized below and it affects eviction/unlawful detainer law nationwide.  

1.   Tenant of a foreclosed property must now be given a 90 day notice to vacate.  The notice to vacate must set forth the rights of the tenant under the new act.  This portion of the new law applies to tenants on a month to month rental agreement, written or unwritten.    

2.  The lessee under a bona fide lease entered into before the notice of foreclosure was recorded is allowed to remain in the property until the end of the remaining term of the lease.  If you sell the property with the lessee in place, the new third party owner who intends to occupy the property as a primary residence may terminate the lease however the 90 day notice must be given by the third party owner.  An investor can also purchase these properties if they intend to honor the current lease.

3.  The bona fide lease or tenancy, for purposes of the new law, is considered bona fide only if:

        A. The borrower, child, spouse or parents of the borrower is not the tenant;
        B. The lease or tenancy was the result of an arms-length transaction; and
        C. Rent under the lease or tenancy is not “substantially” lower than fair market rent for the property unless the rent is reduced or subsidized due to a Federal, State or local subsidy.

This new law does not apply to property where the former owners remain in possession following the foreclosure sale.

If the occupant of a  condo or a home in  Aventura real estate, Miami Beach, Sunny Isles, Hollywood or other areas in South Florida has a lease, every effort should be made to obtain a copy of the lease to determine the length of the lease period, the monthly rental and whether or not the lease may be terminable at will under the applicable State law. 

 If the property is occupied by a tenant under a month to month tenancy, a 90 day notice must be given. If it is an oral rental, copies of cancelled rent checks must be submitted.

The new law states that without a lease, the 90 day notice rule applies. 

Should the tenant refuse to provide a copy of a lease, the listing agent will assume there is no written lease and he/she will immediately contact their Eviction Representative.

 

 

This new legislation applies to single family homes and condos – whether oceanfront or not – in South Florida including but not restricted to Aventura, Hollywood, Hallandale Beach, Sunny Isles Beach, and Miami Beach, etc.

 

Should you find this piece of information useful, please share it with your friends and contact me to assist you in selling and/or  buying your  home or condo in Miami-Dade and Broward counties.