Davidson Realty, Inc.

Putting Things Into Perspective

October 21, 2009

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Posted by in Distressed Properties, Foreclosures, Short Sales

DSCN0205Karen Palmer and I just returned from Atlanta, GA (my hometown) where we attended the Buffini & Company Turning Point Retreat. Brian Buffini is always a dynamic and entertaining speaker but he was very passionate about his message in this presentation.

Brian began the morning by discussing perspective. The economy and the real estate market are cyclical but when we are in a downturn like we have been for quite some time, it feels like it will last forever. We went through the history of the United States to reinforce that this too shall pass. The real estate market will rebound like it has every time before.

We looked at the National Association of Realtors statistics to understand how many Realtors have left our profession. Many of the Realtors with less experience and knowledge are no longer selling real estate, which only supports the fact that it is in your best interest to work with seasoned real estate professionals. Read more

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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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What is a Short Sale?

September 23, 2009

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Posted by in Distressed Properties, News, Short Sales

Short Sales Defined“Short sale” is a term I have heard a lot lately. I knew it referred to when a home owner sold their house for less than what they owed on it – with the lender’s approval. But I wasn’t exactly sure how it worked. So, when I was having coffee with Mirtha Barzaga – a Realtor at Davidson Realty, who is a Certified Distressed Property Expert (CDPE) and sells real estate and foreclosures in Jacksonville – I asked her about it.

She told me a story about a recent transaction she had done with her teammates, Juana Hausted and Pauline Cake, to show me how it works with the help of a professional. A Navy officer couple came to her when they were transferred from Florida to Virginia. They had bought a house they loved in World Golf Village three years ago, but the housing allowance wasn’t enough to keep it after their move. Mirtha explained they tried to modify their loan 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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Short Sales Made Easy with Laurette Martin

September 11, 2009

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Posted by in Distressed Properties, News, Short Sales

Laurette MartinI wanted to share a happy short sale story from a customer of Davidson Realty agent Laurette Martin.

“I would like to pause a moment and give a big THANK YOU to Laurette Martin for the work she did on the short sale of an investment property I owned in Turnberry in the World Golf Village. After the death of my husband, I just couldn’t keep up with the bills and upkeep. Renting it seemed impossible and the bills kept mounting. I was seeking a deed in lieu of foreclosure with my lender. Fortunately, Laurette knew just how to handle all the details of a short sale and was able to present a realistic offer to the lender (with back-up offers)! She was able to provide the best possible scenario, given my circumstances. Thank you, thank you, thank you, Laurette for how professionally and confidentially you handled this transaction. I am so relieved and the new owners are so happy with their find.” Anita

If you or someone you know is having trouble making your mortgage payment, there are options available to avoid foreclosure. Davidson Realty Read more

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