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Annett T. Block, an active Real Estate and Business Broker for over one-and-a-half decade and favorite Real Estate Marketing Mentor for over 2,000 agents is able to take a look at both the real estate and marketing industry, from a professional point of view, where she can combine what each industry needs and at the same time understand what it is like being a seller or buyer allowing her to build strategies that are right for clients real estate transaction success.
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Florida Short Sales: The Average Homeowner Can Live 492 Days Rent Free
Florida – According to the Wall Street Journal [1], the average homeowner with a home in foreclosure hasn't made a payment in 492 days. What's even crazier is that those homes are still in the foreclosure process.
That means that a homeowner can live rent free for even longer than 492 days. How long could they potentially live rent free?
In some states like Florida and New York, we estimate that they can live rent free for two years. We have even seen cases where homeowners were able to live rent free for three years.
If you are facing foreclosure, then I am sure that is good news. But, I'm sure you are wondering why it is so long. Let me explain.
The entire foreclosure system is backed up. There are several parts that make up the "foreclosure system." The first part is the bank's foreclosure departments
These departments coordinate everything in the foreclosure process. The second part that is backed up are the foreclosure lawyers. There are only so many lawyers trained in foreclosure work.
The big law firms that specialize in foreclosures are now handling 2-3 times as many foreclosures compared to a few years ago. The last part that is clogged is the courts.
The courts are not going to have judges start processing foreclosures unless that judge is properly trained in foreclosure legalities. So they are scrambling to find judges experienced with foreclosures.
This is turning into a spiraling problem. Two years ago many homeowners would have looked down on someone who took advantage of the system.
Today those same homeowners are emboldened by seeing other people do it with no consequences. That is why I think the problem is going to take a few more ways to work itself out. Thinking about a short sale?
Thinking about a loan modification? Our Florida loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Fort Lauderdale Loan Modification Help, Fort Lauderdale Short Sales. Fort Lauderdale Short Sale Realtor. Florida Short Sales. Florida Realtor.
This information on Florida Short Sales: The Average Homeowner Can Live 492 Days Rent Free is provided as a courtesy to our viewers to help them make informed decisions.
April 13, 2011
Build with 🧡 by Florida Connects
Florida Connects considers the South Florida real estate market as a potential "safe haven" for investors due to its historical market resilience and continued demand. However, it is important for all potential real estate buyer, seller and investors to understand that "safe haven" does not imply a guarantee of investment protection or immunity from losses. Real estate markets can be influenced by a variety of factors including economic shifts, changes in tax laws, and natural events which can affect property values and market dynamics. We advise all potential prospects, customer, clients to conduct thorough due diligence and consider obtaining professional advice tailored to your individual financial circumstances before making any real estate buying, selling or investment decision.
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