If you missed last weeks real estate workshop, Roy Oppenheim discussed the current Florida real estate market and offered tips for homeowners to stay above water.
Roy offers a free foreclosure defense and real estate workshop on the first Thursday of every month, so make sure you check it out or send your friends next time around.
See below for the tips Roy shared at the workshop and a video of Roy discussing what to do when buying a foreclosure or short sale.
10 Tips to Survive Today’s Florida Real Estate Market
- Home prices will not increase until the foreclosure rate stabilizes. Watch out for median home prices, they can be very misleading.
- Sellers should accept multiple offers on their home when doing a short sale.
- To be approved for a short sale, the seller needs to provide a unique hardship (ie. Loss of income, family member becomes unemployed).
- Lenders can seek a deficiency judgement even after they issue a 1099
- Be patient and perform a scrupulous inspection. Roy’s special tip – Spec homes from a builder are your best bet. You know what you are getting and often times builders offer great deals.
- Lots of opportunities are available for investors.
- In the process of foreclosure, defend your home and make the bank prove that they own the note.
- A homeowner is more likely to get a loan modification approved during foreclosure because of the likelihood of mandatory mediation.
- Lender’s will most likely not accept a Deed in Lieu if you have a second mortgage.
- In a Chapter 13 you can possibly wipe out the second mortgage on your home if the property is underwater.
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The deed-in-lieu program allows Florida homeowners facing foreclosure to remain in their homes for 6 months, in exchange for signing over their deeds to CitiMortgage at the end of the period.
