Real Estate Information Archive


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Bank Owned Real Estate - The Real Deals

by Doug & Gwen Campbell at Sun Bay Associates

Today, everybody is looking for a "real deal" in real estate.  They want real estate bargains in Florida and especially the Tampa Bay area.  Sellers keep waiting for the "market to come back".  Almost all experts are saying the market should bottom out by the end of the year and then we can expect a very long, protracted recovery.  We will probably never see a red hot market like a couple years ago.

The banking industry is holding about 700,000 foreclosed properties that will have to come back on the market sooner or later.  It will not be productive if they dump them into the marketplace all at once, so they will trickle out so the market can absorb the low priced inventory better.  Bank of America has almost 1,000 bank owned properties in Florida alone.  You can contact us at Sun Bay Associates if you would like an opportunity, perhaps the opportunity of a lifetime, to invest in bank owned properties and get a tremendous bargain.

If you are a consumer in the market for a "real deal", contact your local realtor.  They have access to lists of bank owned properties.  Some properties are going for less than half of what they were purchased for just a year ago.  Now is the time for the real deals to be made.  House sales are on the rise, although prices are still falling.  When this massive wave of bank owned and foreclosed properties is gone, the price to buy a home will never be this low again. 

Bank of America revises short sale policy

by Doug & Gwen Campbell at Sun Bay Associates

One of the nation's biggest mortgage lenders, Bank of America, has said it is loosening its policies on short sales.  This announcement came as a response to the U.S. Treasury Department'sannouncement last week that is would increase incentives for lenders to work out short sale deals.  With the number of short sales in Florida and especially the Tampa Bay real estate market, this is a very good step in the right direction to reduce the number of houses on the market that are subject to foreclosure.

David Sunline, a Bank of America real estate management executive, says this action is a boon to banks because it provides guidance when there are multiple liens, which is a potentially litigious issue for lenders.

In the past, the bank followed Fannie Mae's policy of giving second lien holders about 10 percent of the second mortgage in a short sale.  Now, when it holds the second lien, BofA will accept 5 percent of the net proceeds of the short sale, Sunline says.  When BofA is the first lien holder, it will offer 5 percent to the holder of the second lien.

Mr. Sunline says homeowners considering short sales should contact the bank within five days of getting an offer on the home and expect its cooperation as long as the offer is within the range of other sales in the area and the borrower can demonstrate financial hardship.

Article Source: The New York Times.  Bob Tedeschi.  5/15/2009

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Contact Information

Photo of Gwen and  Doug Campbell - Sun Bay Realty Group Real Estate
Gwen and Doug Campbell - Sun Bay Realty Group
at Keller Williams Realty
30522 US Hwy 19N, Suite 107 S
Palm Harbor FL 34684
Doug's Cell 727-741-4189
Gwen's Cell 727-741-7260
Fax: 888-447-7908