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Lender Cover / Intro Letter This is basically an introduction and index of all items in a complete short sale package. A check list if you will… When we do our extensive follow up we ensure the lender has every item on this check list to ensure they have a full short sale package to make a timely decision. Executed Contract w/addendum(s) This is the agreement between buyer and seller. This is the executed contract with all necessary addenda. This is the only contract to be submitted to the lender for short sale (unless otherwise requested from the lender). All other offers / contracts after this will be held as backups. If multiple offers are presented at one, we consult with sellers and choose one (the strongest one) in which we expect to close on their Southwest Florida property. Buyers proof of funds /or qualification for financing This show us (Broker and Seller) as well as the seller’s lender we have a qualified purchaser for this short sale property. We also follow up with the buyer’s lender (if financing) to ensure they are qualified for this purchase. Authorization to Release information This is submitted right away once we have the paperwork to list and sell the property. This is also sent with the full package which allows us to speak and negotiate direct with the bank on behalf of the borrower. Borrower Financial Statement This is where the seller will list all their assets and liabilities. It will give an clear idea to the bank of their financial hardship, etc.Listing Contract This is the contract between Seller and Broker (ie – Maxim Realtors, LLC / Short Sale division – Fort Myers, Lehigh Acres, Cape Coral, Naples, Bonita, Estero) MLS report and property history This is the report off of the Multiple Listing System showing the short sale property for sale in Southwest Florida as well as how long it has been on the market, price reductions, etc.Borrower last two pay stub / or explanation This shows all the seller’s income. If there is no income, explain otherwise – ie – unemployed, social security, etc.Borrower 2 months bank statement /or explanation This will show all the debits and credits of all of their bank accounts which should coincide with what is stated on the financial statement. Prior 2 year tax returns / or explanation This is self explanatory -Hardship Letter There should be a reason for your short sale. This is where the seller wants to state everything that is working against them to keep this property. Keep in mind, this could be as simple as the rents are lower in the complex and the property is negative cash flow every month. It can be as severe as death, loss of job, etc. Get detailed. Support your story. We suggest this to be handwritten.Our own BPO / Updated Appraisal As a real estate professional located in Fort Myers, Fl, it is imperative that I know my market in order to sell short sales correctly. This is my own “Broker’s Price Opinion” that I provide to ensure that our contract price reflects market value. I suggest to all seller’s if they have the money to order a professional appraisal to show the lender an unbiased valuation. They will still order an appraisal or BPO regardless – However this will help the bank in making a decision quicker. Estimated HUD from title company This is the settlement statement which will help indicate to the bank all costs associated with the short sale including any liens. This is prepared at no cost to our seller’s by a professional title company.

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Im a senior in high school and plan on going to a community college for 2 yrs.and then 2yrs. at a university and major in bussiness administraion. I think while Im doing that I should intern for a big real estate place like Remax or something because I would like to learn the different areas of real estate like being an agent or flipping houses.I don’t know if I should go to Real Estate school after college or what.Any suggestions on what I should do?

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I am 16, and planning on going in real estate because it seems like hard work in that business pays off compared to other places and because I am very persuasive.
When I start my junior year at my high school.. I have about 2 free clases what do you think I should take that will help me with real estate?
I am going to go to “cal state san bernardino” after I graduate high school. So what clases do you guys suggest I should take there and what should I major in.. that will ultimately help me with my real estate journey.
Also someone suggested to me I should get insurance..220 license ,real estate, mortgage license? can someone explain to me what all that does?

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It’s a buyers’ market in Florida housing. That’s a fact that no one denies. Sales are slow. Prices are stagnant. The projections, if you believe people like Wayne Archer of the University of Florida’s Bergstrom Center for Real Estate Studies, are gloomy. The question, of course, is “Gloomy for whom?”

The fact is that when you step back from the housing sales figures and take a look at the big picture, what you see is far different. A healthy and growing job market, recent drops in mortgage interest rates and property tax reform combine to make Florida an excellent place to buy a home – note that word. HOME, not a house, not an investment property, not a speculative deal, but a HOME.

Florida’s real estate boom of the last five to ten years has been driven in large part by two things – land speculation and sub-prime lending. Anyone can tell you that those are a shaky foundation for long-term growth. The recent slowdown in the real estate market is, likewise, due to the breakdown of those two factors – and it should come as no big surprise. What Happened to the Bubble?

Real estate prices were driven higher and higher by investors who bought into the dream of flipping new construction and making a quick buck. They bought pre-construction and early construction properties with the intent of selling them at high profit when they were finished. According to some real estate analysts, close to 70% of real estate sales during the “boom years” were to investors.

At the same time, home buyers were seduced by the “creative financing” offered by many lenders. Promised fast gains in real estate value, many home buyers jumped at mortgage deals that were affordable in the short term. The first of those adjustable rate mortgages have hit the wall as they come up for interest adjustment, and those buyers who are unable to refinance are suddenly faced with mortgages that they can’t afford.

During the boom years, the real estate market favored investors. With prices rising as fast as you could record them, it made sense to buy with the intent to sell. Now that housing prices have stabilized and are even starting to drop slightly in some markets, the investment attraction has dropped. Those investors who bought with an eye to high profits from resales are ready to sell before prices drop. At the same time, many home buyers are faced with the prospect of a quick sale or foreclosure. The two market streams – investors unloading their properties to preserve as much profit as possible and homeowners who need to sell or lose their investment entirely – are creating a glut on the market.

Fewer investors and more houses on the market add up to a slow market. Buyers have been holding back, understandably. High property taxes and high interest rates had persuaded many buyers to wait for a better time to buy. For those home buyers who wanted to buy now, there is plenty of choice, and no urgency to close on a house before another buyer snaps up their dream home. In a soft market, a buyer who is in no hurry can afford to wait out a home seller in the hope that the price will drop, or try to negotiate better terms.Florida is More than the Sum of Its Real Estate Market

Before we start mourning the death of the Florida real estate market, though, let’s take a look at the bigger picture. Overall, Florida’s economy is flourishing. The Florida unemployment rate continues at more than 1.3% below the national unemployment rate. Major companies – both national and international – are moving their headquarters and opening new offices in Florida cities, and account for nearly 150,000 new jobs in Florida since January 2006. In fact, the February issue of Forbes named six Florida cities in their top 25 “Best Cities for Jobs”.

Florida’s A+ Plan for Education is being touted as a model program for school improvement. Every school in the state is given a letter grade, so that it’s easy for parents to decide on options for their children’s education. The school choice program allows parents to move their children out of schools with bad grades, or provides incentives for them to work with those schools to improve them. Schools with poor grades are eligible for financial and technical aid to help them improve. Schools with good grades are eligible for monetary incentives as reward for doing well. In short, Florida has made providing excellence in education a priority.

Property taxes, which have been a major negative for many prospective buyers, are in the process of undergoing reform. Florida Governor Crist has committed not only to immediate tax cuts and savings, but to long term overhaul of the state’s property tax structure to make it more fair and equitable. In the meantime, there are several initiatives and methods to cut property taxes on the table.

Finally, for the first time in years, interest rates on Florida mortgages dropped for three consecutive weeks early this summer, and all indicators are that this trend will continue. Lower interest rates and lower home prices, combined with good schools, lower taxes and a strong economy – you can add up the numbers yourself.Bad News for Speculators is Good News for Home Buyers

The doom and gloom sayers concentrate on falling home prices and the effect that those prices will have on investment value of housing. The fact is that most people are not buying real estate for speculation. Most people who buy houses are buying homes, not property. They are buying with the intent of settling in, raising a family, living in a community and creating a home.

Now is a perfect time for doing that in the Florida market. Today’s Florida home buyer will find a wealth of choices on the market, prices that reflect the value of their home, an excellent school system with a commitment to improving, a government that is committed to lowering property taxes while maintaining services and an economy that is attracting the biggest players in the world’s business market. Put all those together and shake it up with Florida’s stunning beauty, gorgeous beaches and balmy weather, and how can you lose?

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Commercial and residential mortgage plans in Florida are grouped in a particular form of finance policies and options, normally called Florida mortgage loan. These apply everywhere in the State of Florida. A effective number of mortgage lenders operating in Florida offer up mortgage loan calculators, frequently observed on their company internet sites. A lot of numeric and data-related information is easily handy and should help you better understand a Florida mortgage loan. Virtually all mortgage lenders in Florida operate through brokers to assure quality and good services to their clients. The mortgage companies have respective services specifically costumed for each specific customer. For instance, customers who desire to get their loan reduced are proposed refinance loans. The mortgage companies in addition offer a variety of loans which take on commercial mortgage loan for business people, construction loans, and loans for farmers, special loans, and consolidation loans among numerous different loans. Mortgage loans are available in different places in the State of Florida, and there are equally several companies that offer these services. The only prerequisite a possible client or customer needs really is to make a sound decision on the type of mortgage that best accommodates their needs. As brought up earlier in this article, a refinance mortgage is readily obtainable because these mortgage loans that are offered by various companies.

Such a loan becomes required when a client, having borrowed money from a financial institution, encounters difficulties in the repayment of the same type of loan. In addition, a customer who notices the mortgage rates that are oftentimes adjusted and difficult to handle can easily have such a loan converted to a fixed rate mortgage. The conversion is concluded as the period of the mortgage continues to extend. It is of paramount importance that a client is mindful of all the types of mortgages that a company has to offer, in order to attain a wise option. For Example, mortgage loans whose rates are adjustable ordinarily extend with them the concept of shared risk between the lender and the borrower. The risk associated with adjustable mortgage loans therefore is a high possibleness of the interest increasing with time. In the mortgage business, your debts are unquestionably considered which include credit cards, home equity and auto mobile loans when applying for these individual loans. In Florida, there are companies that help clients in the clearance of some debts. In mortgage business, interest rates are categorized into two categories. All The Same, the fixed rate is the most commonly used, with the interest remaining constant throughout the repayment period. Just In Case you are interested in receiving a mortgage loan, it is constantly advisable to consult a mortgage loan processor. In the past, it was quite difficult for a foreign citizen to obtain a loan from a financial institution in another country. This was due to the high value assets that the bank would call for before approval. This has however changed, and it is now easy to obtain a mortgage loan regardless of your nationality. You are given notice to refer to a real estate agent, as they would possess the correct information needed before applying for a mortgage loan. When in doubt a real estate agent of financial advisor that deals with Florida mortgage loans will be able to provide the needed information that will allow you to make an informed decision and potentially place you into a mortgage that best suites your requirements.

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Local Pensacola Bankruptcy & Fort Walton Beach Bankruptcy Lawyer – Attorney Erich M Niederlehner comments on WEAR Channel 3 News on the mortgage foreclosure problems facing Florida citizens and the Florida Bar Mortgage foreclosure hotline they have established to help try to get mortgages reinstated

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