SoliVita. The place for active adults to enjoy all that Florida has to offer. Amenities include 2 par 72 golf courses at Stonegate Golf Club. The Riviera Spa and Fitness Center with full gym, indoor track, indoor aquatic center, 2 out door spas, heated pool, dance studio and much more.

Also enjoy the Village Center with its restaurants, 17,000 sq ft Starlight Ballroom, pool hall, ceramic and art studios and waterways for canoeing, boating and fishing. And as if that’s not enough there are 11 heated pools through out the community.

And the new Palms Amenity Complex with it’s state of the art fitness studio and 4,000 sg ft pool. Professional staff on site. Oops! I forgot to mention the tennis courts, pickle ball courts, horse shoe pits, dog park, softball fields and nature preserves. You really just need to come have a look. Houses from the low 100s to mid $500s.

Hi folks. Let’s talk a little bit about Real Estate market conditions in SoliVita. Recently I have spoken to several SoliVita homeowners and the first thing they mention is that NOTHING is selling in SoliVita. Well lets look at some facts. The figures below are based on the first half of each year.

In 2006, at the peak of the market, there were 72 closing in the first half of the year. This year there were 91 sales! That’s an increase of 20%. In fact that’s the most resales in SoliVita for that time period EVER! So…properties are selling at a rapid pace.

Now let’s explore why they are selling. This one is easy. PRICE! It’s all about the price. At the peak of the market, 1st half of 2006, the average sale was at $276,600. This year, 2010, the average selling price in SoliVita is $165,301. That’s a decrease in value of 40%. Considering homes in Poinciana have had a decrease in value of 70%….the values in SoliVita have held up pretty good.

So…..will your SoliVita home sell in this market? ABSOLUTELY!!! As long as the price is right. If you want to know what that price is just give me a call….I’ll figure it out for you. OK?

If so……why not check out Solivita? Solivita is a World class 55 and over active adult community. Solivita features single family homes from the low $100s to the high $500s. Two Championship golf courses including StoneGate. Beautiful Riviera Spa and Fitness center and so much more.

Each Solivita community has a 24 hours manned guard gate. Solivita is located in Poinciana Florida. 25 minutes from Disney World Orlando. By the end of 2012 we should have one of the most modern hospitals in Florida directly across the street from the entrance to Solivita. Buy now while the prices are good. We’d love to have you.

Now you are probably wondering what active adults do. Well check it out……

Hi folks. I’ve been having a discussion over at www.ShortSaleSuperStars.com on whether or not having the Buyer of a Short Sale pay off part of a junior lien “outside of closing” without disclosing to the 1st lien holder and without placing the payment as a P.O.C. (paid out of closing) item on the HUD is Mortgage Fraud and/or a violation of RESPA.

The article is presenting a scenario where the 1st lender does not agree to pay the 2nd $7,000 from the sale. They only agree to pay $3,000. So to skirt around this the agent suggest having the buyer pay the additional $4,000 needed to remove the 2nd lien outside of closing. It’s my opinion, that this $4,000 is compensation to the seller for the purchase of the property. This fact, that is pertinent to the sale, is being withheld from the 1st lender. Therefore, in my opinion, it is both Mortgage Fraud and a violation of RESPA.

The definition of Mortgage Fraud as per the FBI is: “material misstatement, misrepresentation, or omission of information relied upon by an underwriter or lender to fund, purchase or insure a loan. “.

Also, a Title company that does this without placing these funds on the HUD could very well be breaking the law. Title Companies exist to protect lenders and borrowers. The lien is a title issue and therefore the monies needed to “clear title” need to be shown on the HUD.

THE HUD-1 MUST STATE, WITH COMPLETE ACCURACY, THE FULL FINANCIAL ACCOUNTING OF THE TRANSACTION. Read the rest of the article here.

Not disclosing this $4,000 payment to the first lien holder is fraud. If it weren’t ….then disclosing it would not be an issue. Would it?

Now having said all of that I know these types of transactions happen every day. The chance of being caught and prosecuted are probably slim to none. BUT…..it’s still fraudulent and it’s still wrong. Of course I am NOT an Attorney and this is just my opinion.

Here’s some more great info:

HUD promulgates regulations to enforce RESPA, known as Regulation X (24 C.F.R. section 3500, et seq.). Regulation X includes the requirement that settlement statements be prepared in the form of the HUD-1. The regs include line-by-line instructions and rules as to how the HUD-1 is to be completed. The following is from the “General Instructions” (24 C.F.R section 3500, Appendix A):

“The settlement agent shall complete the HUD-1 to itemize all charges imposed upon the Borrower and the Seller by the Lender and all sales commissions, whether to be paid at settlement or outside of settlement, and any other charges which either the Borrower or the Seller will pay for at settlement. Charges to be paid outside of settlement, including cases where a non-settlement agent (i.e., attorneys, title companies, escrow agents, real estate agents or brokers) holds the Borrower’s deposit against the sales price (earnest money) and applies the entire deposit towards the charge for the settlement service it is rendering, shall be included on the HUD-1 but marked `P.O.C.’ for “Paid Outside of Closing” (settlement) and shall not be included in computing totals. P.O.C. items should not be placed in the Borrower or Seller columns, but rather on the appropriate line next to the columns.”

The “P.O.C.” requirement is also set forth in the upper part of the first page of the HUD-1 form.

Above info was taken from this article

So what do you think? Fraud? RESPA Violation? Or neither?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV.

Hi folks. I was browsing through some of my older posts today and found this little ditty about FSBOs (For Sell By Owners). To fully appreciate this post you really have to pop over and read the comment stream on Jeff’s post. YOWSER!!! 

Jeff Turner posted “For Sale By Owner: Raise the price then call a REALTOR®” a couple of years ago. Jeff’s post was basically reposting a question that a FSBO had placed on Twitter. The question was: “Got a buyer for my condo. They want me to hold the mortgage. Any advice?”

Jeff’s post was not only a Public post but it was also a Featured post. It received over 70 comments. The comments, from REALTORS® included statements such as:

• * ……this guy is seeking free advice? After he doesn’t want to compensate a professional?

• Never ceases to amaze me how people with little to no experience buying or selling houses seem to “wing it.

• My advice to the seller’s, don’t reinvent the wheel, always deal with professionals.

• …..just another example of an ignorant homeowner who thought they were doing themselves a favor and “saving” money.

• This guy is a certified idiot.

Now, in all fairness, there were some pretty decent responses, as well, but in my opinion, the majority of the comments were just reprimanding this guy for not wanting to use a “professional”. Folks, if you think those PUBLIC comments make you look like professionals then you are sadly mistaken. Whether this FSBO made a good choice, or not, he was really just asking for some advice. If you don’t want to give him any….then don’t.

But make no mistake about it….him choosing to “go it alone” does not make him an idiot! One commenter summed it up nicely with this comment: “All sellers have four choices, don’t sell it, sell it yourself, list with any old Realtor, or hire an experienced one.” The key word of course being CHOICES. It’s the Seller’s choice…not ours.

If you want to try and win their business then have it…but demeaning their decision to “go it alone” will only accomplish making yourself look foolish. Not to mention the damage it does to our profession’s reputation. What say you?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

Hardship: Financial and medical. The Seller is in his 80s and had never made a late payment on anything his entire life until he missed 3 payments on this property. He had lived here for almost 20 years. The property was refinanced to help pay the medical expenses of his terminally ill wife who recently passed away. 

1st Lien with Bank of America for $179,000

No other liens

Property was listed on 12/05/2009 at $95,000. It was slowly reduced and on 1/18/2010 went pending for $75,000 all cash.

The challenge: I wanted to avoid going through the Equator system due to the sellers age and the fact that he was confined to an assisted living facility. I felt that the Equator system would be confusing to him since he did not have access to email or a computer.

After a couple of days of begging negotiating I was able to get the file directly into the hands of a supervisor. The complete file was submitted on 1/22/2010 and we had written approval on 3/11/2010. That was 48 days after submission. Closing was today 4/22/2010. Or 138 days from listing to closing.

Bank of America accepted $68,700 or 38% of what was owed.

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

Hi folks. Recently, I’ve read quite a few posts on ActiveRain from folks trying to decide whether or not to stay in the business. The posts don’t surprise me as I have been reading those types of posts on AR since I joined back in 2006. What surprises me are the comments from people who mention they are “hanging on waiting for things to get back to normal“. You know I hate to be the bearer of bad news but things will NEVER be “back to normal”.

Staying in the business may be the right decision. But if you are staying in to “hang on until the market changes” then you may be just hanging on for a very long time. People are going to be upside down on their mortgages for many, many years. Short Sales and REOs ARE the real estate market and will be for a long time. This current market IS normal.

So my advice is to NOT hang in there but to adapt. Learn new skills and learn how to make money in this current market. This is now the “normal” market. If you can do that then you will not “hang in there” you will not only survive but you will thrive and you will help a lot of people along the way.

So….the first thing you need to do is some market research. Log onto your MLS and start looking at data. You may actually be surprised at how many properties are closing in your area. Then once you find out how many properties are closing, and in what price range, find out who’s selling them and who’s buying them. Then all you have to do is figure how to get these Buyers and Sellers to use your services. It’s simple. It’s just not easy. It requires actual work. But it sure beats “hanging in there”!!! What say you?

***If you need some help just click on that little link down there and join the TTRealtyNetwork. It’s a work in progress but there is already a lot of free info over there that will help you in your business.

Do you need a new Broker?

Want to find out more? www.TTRealtyNet.com

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

FIND A SHORT SALE AGENT BY CLICKING ON THE MAP

Hi Folks. Whether you’re an agent, buyer, seller or investor you really need to come check us out over at www.ShortSaleSuperStars.com.  Our members are the best Short Sale Professionals in the business and are sharing what they know for FREE!! You do NOT have to go it alone. Pop on over and tell us what we can do to assist you.

Here’s what a couple of our Short Sale Buyer members had to say this week:

• Thank you Bryant, it’s good to know this is going to (hopefully) be an easy transaction. By the way, great site. Very informative and it’s helped me understand what a Short Sale is, as a Buyer it’s nice to know some of the “terminology” and wording in the short sale process. God Bless. DC 
  

• First I have to say, I absolutely love this website! It is a great site to come to get immediate responses from people who clearly have done their research and are professionals. I am an anxious Buyer. Vicki

We also have many other great conversations taking place. Our Short Sale Professionals are discussing…..

Home Affordable Foreclosure Alternative H.A.F.A

• We submitted a “traditional” short sale package about a month ago.  My clients asked me on Wednesday (April 7th) about HAFA – would they qualify and be guaranteed no deficiency?  Well, I called up WF and asked them. READ THE FULL POST HERE  

Equator.com

• I am currently attempting to buy a listed short sale home.  The contract was initiated on 1/28/10 which I offered the listed price; however, I requested 3% to closing costs.  The listing agent informed my realtor….READ THE FULL POST HERE

Bank of America

• Has anyone been successful in getting BOFA to rescind/reverse a foreclosure while it was in short sale review? FIND THE ANSWER HERE

Got a deal we can help you with?

• I am negotiating a short sale with GREEN TREE (second loan) The negotiation is turning into a nightmare. First Green Tree ( second lender) asked for 5% of the amount the first lender in going to net to review the file now after file has been review the investor came back asking for $25,000. CLICK HERE TO SEE WHAT OUR SHORT SALE PROFESSIONALS CAME UP WITH

Maybe you’re new to Short Sales and need affordable Short Sale Agent Training?

• It’s time for you to get the expertise you need, because short sales are becoming extremely common. You don’t want to be caught feeling unsure when a client asks for one.That’s why we offer you three different training solutions.

Folks, 2010 is going to be the year of the Short Sale. It’s up to us to help as many folks as we can to avoid foreclosure. Please take advantage of all of the tools that we are making available to you at www.ShortSaleSuperStars.com. We now have almost 2,000 members and our site is THE place for all things Short Sales. Come join us. OK?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved