Parkland Parrot

Archive for May, 2010

Should I Short Sale Or Let My Home Go Into Foreclosure?

Short Sale Easy Button – No To Foreclosure! Yes To Short Sale!

Almost every day, I receive this question from potential customers, friends, and even family members.  Many people are perplexed with what to exactly do when faced with not being able to pay their current mortgage and housing payments.  Have no fear!  Banks and the government are FINALLY starting to get their acts to together.

Short sales are on fire in the distressed property market.  In the not so distant past, short sales could take 6-12 months or longer to even come to fruition.  A short sale is when a homeowner owes more on the mortgage than the property is worth.  As a result, the bank agrees to sell the home short of what the borrower owes on the mortgage.

Unfortunately, these potential transactions turned into “long sales,” as the process took countless months of trying to get the bank to agree to the short sale but to no avail.  But, banks are starting to organize themselves better by hiring more mortgage professionals to help in their short sale negotiating departments.  As a result, short sales account for almost a quarter of all real estate sales in the first quarter of 2010 and will continue to grow.

Specifically, Bank of America, who holds the most residential mortgage loans in the country has recently started using an online program called Equator to process not only their bank foreclosure properties (REO’s), but now their short sale inventory.  Short sales now offer the banks an easier solution to getting properties quickly off their books.  Also, short sales are becoming a better financial options for banks.  When a bank forecloses on a property, it can cost them up to 50% of the home’s worth in fees and carrying costs.  Short selling can cost the banks 20%, which is a significant difference!

Under the new Home Affordable Foreclosure Alternatives program rolled out by the government earlier this year, distressed borrowers will now earn a $3,000 “relocation incentive”  to help with moving costs.  Servicers of loans will also receive $1,500 for handling each short sale.

The goverment program also helps investors that own the mortgage notes with $2,000 in exchange for working with the second-lien holders and sharing the proceeds of the short sales. Finally, the 2nd lien holder will now receive up to $6,000 for releasing their claims and allowing the short sale to take place.  This last incentive is truly helping expedite the process, as 2nd lien holders demanded a lot of money from the proceeds and would  “kill the deal.”

Many banks are also providing release of debts to distressed homeowners at the closing of the short sales.  In a recent Sun-Sentinel article, analysts expect a barrage of lawsuits to recoup the mortgage debt loss from borrowers that walked away from their homes.  “Under Florida law, banks have 5 years after they finally foreclose on a home or after the deficiency judgment and up to 20 years to collect.   Lenders and banks can make claims on borrower’s assets and even garnish wages.

It is very important to learn the facts from an experienced real estate professional and real estate attorney.  Know your rights!  Your bank has an attorney, and so should you!  Short selling your property also allows you to clean up your credit faster and actually enable you to purchase a new home in as little as a few years instead of 7 years or more if you had a foreclosure on your record.

Please give your South Florida short sale experts a call today at 954-609-0591.  Our team is here to help answer any and all of your questions and concerns and to discuss all of your options.

To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.

If you are interested in buying or selling a real estate property in Parkland or South Florida, please give us a call at 954-609-0591 or send a note to the squawk.

Parkland Pine Tree Estates Home Listing 5 Beds, Pool, Country Style

Parkland Parrot Real Estate Team Presents Pine Tree Estates Home Listing At: 6117 N.W. 74th Terrace, Parkland, FL 33067

We just listed a stunning Parkland Pine Tree Estates country-style home.  This spacious 5 bedroom/2.5 bath pool home with a 2-car garage is priced at $599,900.

This Home Features:

• Real Wood Flooring Downstairs
• Upgraded Kitchen With Granite Counters & Wood Cabinets
• Spacious Breakfast Nook
• Formal Dining Room
• Large Master Bedroom
• New Master Bathroom With Dual Sinks, Clawfoot Tub & Shower
• Upstairs Recreational & Sitting Areas
• Oversized Upstairs Bedroom Which Could Be Used As An Entertainment Room
• Lush Landscaping Throughout Exterior
• Screened Patio Houses Jacuzzi Tub
• Pool With Fenced In Deck Perfect For Entertaining
• Much More!

This Home Is Located In The Heart Of Parkland And Is PERFECT Neighborhood To Raise A Family, Located In An Excellent School District & Located Close To 7 Parkland Parks & Recreational Activities For The Entire Family To Enjoy.

Please Click Here to view more pictures and complete details.  If you are looking to schedule a private showing of this property, please contact 954-609-0591.

To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.

If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.

Parkland Residents Enjoy Monthly Concert Series

The City of Parkland spoils its residents with many events and get-togethers.  One of the most popular events during the year is Parkland’s Monthly Concert Series

This past Saturday evening from 7:00 p.m. to 8:30 p.m., a Rod Stewart Tribute Band rocked the crowd of over 300 people at Pine Trails Park Amphitheater.  The band played many hits, which the audience enjoyed!

Residents can also be entertained by some the best local and regional performers in Florida at the Concerts in the Park each month during the year.  Past performers were Grammy award-winning artist Christopher Cross and many tribute bands of popular music groups.

The Parkland Concerts in the Park is a family event, where residents bring lawn chairs and blankets, as they are serenaded by rock, country, jazz, and Caribbean bands! Parkland children also enjoy the park facilities, while parents enjoy the concerts.  To learn more, please visit: Parkland Concert Series.  The City of Parkland is dedicated to providing many events throughout the entire year making Parkland one of best places to live and raise families.

To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.

If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.

New Listing Parkland Mews At Cypress Head 3/2 Asking Price: $204,900

Our New Parkland The Mews At Cypress Head At: 6620 Stratford Drive, Parkland, FL 33067

We just listed a spacious Parkland Mews home.  This spacious 3 bedroom/2 bath home with a 2-car garage is priced at $204,900.

Parkland’s Best Buy! Location! Location! 3 Full Bedrooms, 2 Full Bathrooms, Split Floor Plan, 2 Car Garage, Huge Master Bedroom & Walk-In Closet, Spacious Master Bath w/Dual Sinks & Very Large Shower.

This Home Also Features Brand New Carpeting, Freshly Painted Walls, Vaulted Ceilings, & Breakfast Area.  The Skylights Bring In Lots Of Light In This Open Floor Plan Model.

French Doors Leads To A Screened Patio Area With Plenty Of Space For Entertaining.  Backyard Area Is Fenced In Providing Lots Of Privacy & Perfect For Your Pets.

This Home Is Located Across From Parkland’s Town Center.  The Mews Community Amenities Also Include A Swimming Pool, Picnic Area, & Tennis & Basketball Courts. Please Click Here to view more pictures and complete details.  If you are looking to schedule a private showing of this property, please contact 954-609-0591.

To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk. If you are interested in buying or selling a real estate property in Parkland, please give us a call at 954-609-0591 or send a note to the squawk.

Summer Is Almost Here, Enroll Your Children In Parkland Summer Camp

Calling All Parkland Parents!  Summer Is Almost Here, So Book Your Child In Parkland Summer Camp Now!

Looking for a great way for your kids to have fun for the Summer?  Look no further than your backyard run by the City of Parkland.  Parkland Kids Camp is a summer recreational program for children ages 5-11 (Kindergarten through 6th Grade).  The Parkland City programs are located at Westglades Middle School and Heron Heights Elementary School.

Your child will be placed in a group of no more than 25 campers with three supervising counselors.  The ratio of camper to counselor is 8 to 1.  Campers must be at least five years old by June 21, 2010 to enroll in the program.  Camp hours run from 8:30 a.m. to 4:00 p.m. with extended hours available until 5:00 p.m.  To learn more about the program, please click: Parkland Kids Camp for complete details, fees, and for an informational packet.

The City of Parkland is a great place to raise a family with its plethora of pars and recreational activities for Parkland residents.  Parkland Kids Camp is another exciting opportunity forParkland residents to send their children to a convenient and fun Summer program right in their backyards.

To stay updated with all of the current Parkland real estate home information, receive our blog posts directly to your inbox by subscribing to the squawk.

If you are interested in buying or selling a real estate property in Parkland and need to speak with a Parkland Realtor or South Florida Realtor, please give us a call at 954-609-0591 or send a note to the squawk.