While investors are calling Florida's new foreclosure legislation "Anti-investor" it was actually meant to be an anti-fraud statute. Previous legislation in Florida referred to as "Victimization" statutes also tried to slow or stop the pace of investor fraud against unsophisticated homeowners and homeowners in financial trouble. Both legislative efforts were well intended, but as with many other states passing similar legislation, the result will have negative effects on the housing market.
Historically when a homeowner goes into foreclosure and the only resolution is the lender getting back a deed, this likely results in a deficiency between the amounts owed from the final judgment when the property is eventually sold. This "deficient" amount can be handled by the lender in two different ways.
I am often asked why a lender wouldn't take back a deed in lieu of foreclosure when the homeowner offered his deed to the lender before he went into foreclosure. The lender will not consider a short sale or a deed in lieu of foreclosure until the homeowner is at least 90 days late on his mortgage or deed of trust payments in most states. In some states like Georgia, the foreclosure period is only 30 days so check what your state's foreclosure laws are before assuming anything or listening to anyone who is not an attorney.
The process of buying properties that have been through the foreclosure process can occur in a couple of ways. First, the home can be sold at the foreclosure auction with the buyer being someone other than the original lender. Secondly, if there are no bidders at the auction, the lender will get the home back as the high bidder for $100 over the amount of the final judgment in the court action.
Real estate is a field where there is always demand for new property. There is always tough competition as other sellers will also be searching for buyers and get a great deal, especially in your locality itself. Before you begin the process of selling, get a clear-cut idea about the procedure involved in selling to enable you to sell your property very quickly.
You want to have your home inspected so that you know what may or may not need to be fixed immediately after you buy it. You want to know if you are going to need to install new plumbing, new wiring or new appliances. You want to know if the chimney is swaying precariously or if that’s simply your over active imagination. You want to have an inspection because you want to know what’s wrong, but that’s not the only reason.
There are many benefits to building green and it seems the real estate industry is catching on. Not only does building green provide a healthy place to live along with protecting the planet, but it also saves you money. One program that offers green building certification is the LEED for Homes rating system. LEED stands for Leadership in Energy and Environmental Design and is a certification that you can receive when building a green home.
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