No Sale | Foreclosure Homes in Florida Starting to Lose their Appeal

 

Foreclosure homes starting to lose their appeal, data show

Sales of homes in some stage of foreclosure declined across South Florida during the first quarter, a result of the recent “robo signer” controversy and perhaps a changing sentiment among buyers, observers say.

Palm Beach, Broward and Miami-Dade counties posted 8,878 foreclosure sales in January, February and March — down 11 percent from the fourth quarter and 20 percent from a year ago, according to RealtyTrac Inc., an Irvine, Calif.-based foreclosure listing firm.

The robo signer furor led to foreclosure freezes last fall, and processing has only started to resume.

Another theory is that buyers aren’t as enamored of houses and condominiums that have been repossessed, are in default or scheduled for auction.

Buying those bargain-priced properties can take months. Also, once-stubborn sellers of homes not in foreclosure are dropping their asking prices to better compete with distressed properties, real estate agents say.

“I’ve had three or four recent buyers who specifically didn’t want to look at foreclosed properties,” said Michael Citron, an agent in Parkland and Coconut Creek. “I do feel that buyers are starting to get the idea that a foreclosure or short sale might not always be the best deal.”

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4closureFraud.org

Comments
12 Responses to “No Sale | Foreclosure Homes in Florida Starting to Lose their Appeal”
  1. Do these people realize the home may still have a clouded title even if it is not in foreclosure? Every home needs a forenzic audit before being purchased. Three forenzic audits. title, deed of trust and securitization. Clouded titles are not caused by foreclosure, they are discovered in foreclosures. They were there all along. No one can trust any mortgage being a clear title. The banks and title companies are accepting partial title insurance on the ones that are clouded. The purchasers does not even undersand this. This is another huge reason the banks want the houses for free, to cover the asses and file quiet title themselves and hide the evidence to avoid litigation. However they have been caught!.

  2. Sui the Gator says:

    I recently underwrote a loan where the borrower purchased a short sale, at about $140,000, and three months later tried to refi with a normal loan (he got emergency financing- which was over 80% Loan to Value- and probably had a balloon payment) and when the appraisal came in at $185,000 he expected our analysis to be on the $185,000… NOT!!!!!… As far as the lender is concerned, the value is the $140,000, 12 months have to elapse before we consider the new appraised value vs the purchase price. This guy should have known better, he was an investor, and was now “occupying” this house and claimed he made all these improvements, but could not provide documentation. As long as this type of mentally exists, the industry won’t get better. And that short sale affected the neighbors. He should have put 20% down on the $140,000, then when he was ready to refinance to normal Fannie/Freddie, it would have worked. The loan officer of this company should have advised this customer right away, so the BS and deception goes on.

  3. incognito123 says:

    If I had MILLIONS to invest, I would not buy one of these properties. But most don’t know the severity because they are brain washed by the media stating they are minor clerical errors, and people believe that, why I don’t know. With all that has been publicized lately, anyone with half a pulse and brain would have serious doubts.

  4. Pamela says:

    They also in some states have to sign a adisclosure about the house being a foreclosure so that new home buyers can make a more informed decision.This also applies to short sale as you can only get a title exception instead of title ins.

  5. GOOD! Let all the illegally stolen properties DECAY. Just keep spreading the WORD about the Broken Chain of Title.

    • Tim Bryant says:

      No remember, they should be bulldozed….LOL

      I haven’t seen Erin Burnett since she made that comment.

      • l vent says:

        She quit right after that and her co anchor Mark suddenly died the other day. I read E.B. is a member of the trilateral commiss and used to work for CITI before she came to CNBC. I like Mark, He was honest. He pulled no punches with the CEO’s and the politicians. If they were lying he told them they were liars. He called them out and never hid his disgust for the fraudsters. I often wondered why they did not can him. He also spoke out about the bailouts and said the banksters cheated the taxpayers on the bailouts when they paid themselves big bonuses. That is probably why he is dead, too honest.. Remember Tim Russert died suddenly of a heart attack not long after he asked Bush and Kerry about their skull and bones days. They people hiding behind this are evil incarnate.

  6. l vent says:

    Bloomberg reporting Foreclosure Deal May Give Banks Options:
    http://www.bloomberg.com/news/2011-05-27/states-may-let-banks-pick-borrower-relief-in-foreclosure-accord.
    They are criminals, they should be allowed NO OPTIONS.

    Make them pay the significant monetary damages and send their corporate heads to prison.

    If any of us would have done one of the crimes they committed,starting at the gate, with FANNIE and FREDDIE, we would have been imprisoned years ago.

    The banks and servicers are only fronts for the real criminals FANNIE and FREDDIE.

    THEY ARE COVERING FOR THEIR ASSES.

    SO IS THE FEDERAL RESERVE BANK WITH THE SECRET BAILOUTS AND THE QE1&2. THESE BASTARDS WHO ROBBED US KEEP GETTING BAILOUTS OVER AND OVER AGAIN TO COVER THEIR ASSES FOR THEIR PONZI SCHEME SWINDLE AND HEIST.

    THE MASSIVE LIES AND DECEPTION CONTINUE!!!!!!!!!!!!!!!!!!!!

    The AG’s should not be negotiating with the criminal financial terrorists who robbed us who is really FANNIE MAE AND FREDDIE MAC. .

    The AG’s_ DO NOT_ REPRESENT THE VIEWS OF HOMEOWNERS WHO ARE THE VICTIMS OF FORECLOSUREGATE..

    THE AG’s are PROTECTING THE ONGOING CRIMINAL ENTERPRISE THAT SET US ALL UP TO FAIL WITH THEIR RAMPANT, PERNICIOUS AND MASSIVE PREDATORY LENDING PRACTICES AND ROBBED US IN THE BIGGEST PONZI SCHEME SWINDLE AND HEIST IN HISTORY.

    THEY DO NOT OWN OUR HOMES, THEY MADE HUNDREDS OF TRILLIONS OFF OF THIER PONZI SCHEME.

    OUR HOMES ARE PAID FOR FREE AND CLEAR BECA– USE OF THEIR PONZI SCHEME.

    THE FOREIGNERS AND THE ELITE HIDING BEHIND THE SCENES OF THIS ARE NAZI’S AND ARE WAY TOO ARROGANT AND WAY TOO GREEDY.

    FANNIE AND FREDDIE AND THE BANKS AND SERVICERS ARE FOREIGN OWNED AND OPERATED INSTITUTIONS.

    THEY AMERICAN SIDE OF THIS SCANDAL, DOES NOT WANT TO ADMIT, OUR HOMES ARE PAID FOR AND HAVE BEEN SINCE THE ORIGINATION FRAUD. THEY NEVER SECURED THE COLLATERAL LIEN FOR THE HIDDEN FOREIGN INTEREST.

    I THINK THEY COULD NOT, BECA– USE THAT WOULD HAVE BEEN EQUALLY UNCONSTITUTIONAL. . THEY COULD NOT LEGALLY AND CONSTITUTIONALLY DO THAT.

    THE FRAUDCLOSURES AND THE DEED IN LIEU AND THE SHORT SALES ARE JUST A WAY MORE SNEAKIER WAY FOR THEM TO TRY AND HIDE THE FACT OUR HOMES ARE PAID FOR.

    TELL THE FOREIGNERS AND THE ELITE AMERICAN TREASONISTS WHO DEVISED THIS PLAN TO DESTROY AMERICA TO GET THE HELL OUT OF AMERICA, THEY DO NOT OWN AMERICA OR OUR HOMES..

  7. Jason Werner says:

    Well, this makes sense. When you have a stolen product on the market (stolen by the crook bank of course and in complicity are the sheriffs, judges, prosecutors, lame detectives, actual lenders, and regulators), the stolen property will eventually have to be returned to the original owner when it is learned the property was indeed stolen property and real action is being taken to correct the matter.

    Why would anybody with a reasonable mind want to touch that stolen property in the first place? People are catching on.

    • l vent says:

      Yes, people are catching on, everyone but Sarah Palin. She should have known better.

      • Geoffrey K. Willson says:

        The incompetence of the banks and their foreclosing agents are also blighting these titles after the foreclosure. Since the banks will only give a special warranty deed many of the same banks do not want to secure a mortgage against the diminished warranty in such title. Further, many of the properties owned by the banks after foreclosure are attracting various municipal liens and fines. At least under Florida law such a lien will attach to all the banks property (personal and real) and no property they have for sale should be sold without full disclosure and discharge of the lien. However the banks appear to be reluctant to manage the discharge of the liens and do not appear to be disclosing these liens. There may well be a serious fraud going on here on lien holders (municipalities), innocent buyers and title insurance companies. I cannot understand why the AGs, Insurance Commissioners, OCC, Feds and Financial services commissioners do not insist on total transparency from the national banks so that this multilevel debacle can be resolved without sending ripples through the market which will take years and put the cost back on the tax payers at state and federal level. The cost of doing business properly and legally should not be subsidized by the taxpayer.

      • l vent says:

        They will never admit their wrong doings. There are so many players in this. Even the title companies turned a blind eye to the fraud. They were all committing fraud or aiding and abetting it. They politicians are filthy too.. All fingers point to the head of the snake, it started with some treasonists in Congress who devised this scheme in the backrooms and then Fannie Mae instituted the plan from start to finish, their fingerprints are indullible all over this in this. .They bought everyone including the ratings agencies, federal regulators. title companies, the underwriters of the shit loans. Fannie Mae wore many disguises in this PONZI SCHEME. There could be no other possible explanation for how they pulled this off. Gretchen Morgensen was on Elliot Spitzer the other night, she wrote a new book about Fannie Mae’s financial crimes of the century and named names. One finger points and accuses and the accused points right back. That is why no big fish have gone to jail for these crimes. When everyone is guilty no one is guilty. That is what is so diabolical about this. They used Madoff as a distraction, he is small in the big scheme of things.

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