43 Urban Village Live + Work New Construction written by: Frank Vigliotti, Realtor®, Global Sales…
SHORT SALE STATISTICS IN SOUTH FLORIDA
Broward County, Palm Beach County, Miami-Dade County
Henri Frank Group at Re/Max Preferred FL Realtors
Short Sale Your Property
ACTIVE LISTINGS IN SOUTH FLORIDA
Short sales in Broward County Single Family Homes = 649
Short sales in Dade County Single Family Homes = 805
Short sales in Palm Beach County Single Family Homes = 474
Short sales in Broward County Condominiums/Townhomes = 575
Short Sales in Dade County Condominiums = 645
Short Sales in Palm Beach County Condominiums = 347
CLOSED SALES IN SOUTH FLORIDA
January 2013 Closed Short Sales in South FLorida Single Family Homes = 578 January 2012 = 726
January 2013 Closed Short Sales in South FLorida Condominiums = 474 January 2012 = 866
January 2013 Closed Sales Non-Short Sales in South Florida Single Family Homes = 2055 January 2012 = 1927
January 2013 Closed Sales Non-Short Sales in South Florida Condominiums = 2497 January 2012 = 2544
The real estate agents of the Henri Frank Group at REMAX Preferred, Frank Vigliotti, Henri Vezie and Jimmy Cunningham are CDPE, Certified Distressed Property Experts. This designation, recognized by NAR, the National Association of Realtors prepare Realtors for providing the expertise required to assist homeowners through the short sale process.
Easing of the Short Sale Process by Freddie Mac
Reports from Freddie Mac have indicated that the short sales process has been abridged which is good news for both prospective buyers and sellers. The Freddie Mac Standard Short Sale Program was introduced in November 2012 to make it easier to understand and quicker to process short sales.
Tracy Mooney, Executive Vice President of Freddie Mac shared in her online blog that she estimates that the amount of time required to process a short sale will be lowered roughly 50%-70% due to recent changes. Mooney also shared that Freddie Mac has restructured things with their regulator , The Federal Housing Finance Agency in order eliminate common problems and simplify the process.
Freddie Mac Standard Short Sale Program Modifications
- Mortgage providers are allowed 30 days to come to a decision on a short sale applications once they’ve been received.
- An additional 30 days are given if negotiations are required from a third party and the final ruling must be made in 60 days.
- Mortgage providers are required to address receipt of an application for a short sale s within three days of delivery. Loan providers must offer status updates on a weekly basis if the approval process for the application takes more than 30 days.
- Mortgage servicers have the capability to process short sales when proving whether or not a homeowner has undergone financial issues which have caused them to fall behind on their current mortgage.
- Mortgage servicers also have the ability to approve short sales applications without requiring an additional review from the mortgage insurance company.
- After a short sale, a homeowner may have the ability to qualify for relocation aid of up to $3,000.
Go to the website of the Henri Frank Group at REMAX Preferred to get more information on the Short Sale process. https://henrifrank.com/short-sales.php
The Henri Frank Group recommends that each homeowner who owes more to the lender for their property, has not been able to get a mortgage modification or have been served a foreclosure lawsuit by their lender contact the law offices of Nugent and Ground. Patricia Nugent and Tad Ground are Real Estate Attorney’s who have the legal expertise to consult you to the short sale process and the steps to take if your lender is foreclosing upon your property.
The Office of Patricia Nugent and Tad Ground located at 2455 East Sunrise Boulevard, Suite 807, Galleria Business Centre, Fort Lauderdale, FL 33304. 954-537-1717.