Davidson Realty, Inc.

What is Foreclosure?

October 14, 2009

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Posted by in Distressed Properties, Foreclosures

DSC_0326Are you are struggling to make your mortgage payment and afraid your home may be foreclosed? You are not alone. There are many foreclosures in St. Augustine, Jacksonville and the rest of the Country.

Many people don’t understand how foreclosures work. Foreclosure is a process with four phases.

1. Default – You must miss a payment or more likely several payments to be in default. You may also enter the foreclosure process if you miss payments to a local taxing authority, a condo association or a homeowners association.
2. Legal Notice – The lender or foreclosing party must notify the owner that they are entering into the foreclosure process. In Florida they file a Notice of Lis Pendens. The owner will be personally served with the document and/or the foreclosure will be published in accordance with the local statutes.
3. Bank Sale or Auction Date – In Florida a Judgment of Foreclosure is filed that sets a sale date. The full amount due including penalties will be listed in the Judgment. On the sale date the property will be sold at the County Courthouse. Read more

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How is the Real Estate Market?

September 18, 2009

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Posted by in Distressed Properties, Foreclosures, News, Short Sales

Sherry_DavidsonHow is the real estate market? I hear this question a lot. My answer lately has been that activity is up dramatically, but prices are not. Here are three trends that I like to watch.

1. Inventory levels
The number of active listings in the Northeast Florida Multiple Listing Service continues to decline. There are 14,945 properties for sale in August 2009 compared to 18,326 in August 2008. There are 18% less properties for sale. The months supply of inventory dropped from 17.1 months in August 2008 to 12.6 months in August 2009. Six months of inventory is when the market is most balanced.

2. Pending Sales
The pending sales in August 2009 are up 48% over August 2008. We have seen a large increase in the number of buyers looking for a home and the contracts that are being written.

3. Prices
The median sales price is down 17% from last year and 25% from two years Read more

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Avoid Foreclosure: Get Help with your Distressed Property

August 31, 2009

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Posted by in Distressed Properties, Foreclosures, News

help with distressed propertiesAre you having trouble making your mortgage payments? You are not alone. The statistics are staggering. The Mortgage Bankers Association numbers as of August 20, 2009 show nationally 4.3% of all mortgages are in foreclosure and 8.22% are in default (30+ days late). That means 13.16% of 45 million mortgages are in distress.

A scarier statistic to me is that more than 7 out of 10 homeowners go into foreclosure without visible intervention. There are options for people facing foreclosure and there are people trained to help, specifically Realtors with the Certified Distressed Property Expert (CDPE) designation. Northeast Florida’s Davidson Realty has 19 agents with this designation able to help you.

Five major reasons why you want to avoid foreclosure:

  1. You will always have to disclose a foreclosure on any mortgage application and many job applications. A foreclosure is the most devastating credit issue you can have in relation to future credit availability.
  2. You will be ineligible for a government insured loan for 5 to 7 years (only 2 years in a short sale).
  3. Many current or prospective employers run credit checks. Foreclosure can put a current or potential position in jeopardy. Read more
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