It is a pleasure to announce that the Parkland Parrot Real Estate Team just successfully help negotiate a short sale for a client of ours in the Cypress Head community.  Bank Of America agreed to accept almost $500,000 less than was was owed and gave my client a full release for the deficiency.

Our client was ecstatic to be able to successfully short sale his Cypress Head home in Parkland, Florida and now be able to move on with his life. The government implemented the Home Affordable Foreclosure Alternatives (HAFA) program which is in place to help homeowners settle their mortgage debt without going through a foreclosure.  The goal of this program is to help homeowners sell their properties through the short sale process and settle their mortgage debt if they owe more on the mortgage than what the home is actually worth.  With the help of this program, the short sale process is streamlined and also offers financial assistance to help with relocation.  In particular, our client in Cypress Head was even given $3,000 from this program in moving costs.

On Bank Of America’s website, here is the qualification to be eligible for the HAFA program:

1.  The property is your current principal residence, OR the property has been vacant or rented out for less than 12 months, and you have not bought another principal residence during that time.

It is a great pleasure for our team to be able to help someone in need and get them on to the next step in their lives.  In particular, this stressful situation was handled with the utmost professionalism and care.  Our short sale clients truly understand that we have their best interests in mind and are here to help throughout the entire process.  We were able to close this transaction in only 4 months, where most short sales take approximately 6-8 months to get done.

If you know anyone in Parkland or South Florida who is “underwater” on their home, tell them to give me a call directly at: 954-609-0591, so I can help answer all of their questions and concerns and provide them with pertinent short sale information.

Know the neighborhood. Know the value. Know your hometown agents: The Parkland Parrot Real Estate Team. If you are interested in buying or selling real estate in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 954-609-0591 or send us a message here.

There were 39 total single family sales for the month of June, 2011 ranging in price from $255,000 to $1,100,000. Last month, there were 36 total single family home sales. There was 3 more Parkland single family homes sold in the month of June, 2011 than in May, 2011. Among the June sales, 15 were distressed sales (bank foreclosures, short sales, or corporate owned properties). 38% of all sales were distresses ones. Home sales have increased steadily in the past few months, as Summer is the busiest time for real estate in Parkland.

Despite past Summers, Parkland real estate active home inventory is at record lows.  As a result, there is a larger pool of buyers looking to purchase new homes in Parkland, Florida. It is ironic, but now is the best time to sell or buy Parkland real estate this Summer,  It’s time to get off the real estate fence and come see why Parkland Florida is such a popular place in South Florida to raise a family and live the Parkland Lifestyle.

Every month on our website, you can be assured that we will keep the public abreast of all of the monthly sales and market activity, especially with Parkland short sales and bank foreclosure properties. We also publish all of the Parkland residential single family home sales, as we know how important it is to know each and every sale that takes place in the City of Parkland. If you would like to see home sales in the past months, please click here.

Know the neighborhood. Know the value. Know your hometown agents: The Parkland Parrot Real Estate Team. If you are interested in buying or selling in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 954-609-0591 or send us a message here.

To stay updated with all Parkland real estate information, receive our blog posts via email by subscribing here. After registering, you must activate the subscription in a follow-up email.

This past Friday, Florida Realtors demanded to Congress that lenders and banking institutions must get serious about negotiating and accepting short sales in an expeditious manner in order to help stabilize the Florida and nationwide housing market.

The government tried to implement a federal program that called for lenders to respond to offers on short sale real estate properties in no greater than 10 days.  Unfortunately, lenders have not been able to keep their end of the bargain, as many South Florida and Parkland real estate short sales remain unsold and sitting on the market.  Many Realtors, buyers, and sellers are patiently awaiting answers from bank short sale representatives.

Difference Between Approved & Unapproved Parkland Short Sale Listing For Sale

We get many requests to see short sale listings as well as questions regarding the process.  It is important to understand the difference between an approved and unapproved short sale real estate listing.  An unapproved short sale listing means that the bank has not responded back with a price and terms that the bank or lending institution will take for the home.  There could be missing paperwork not provided by the distressed homeowner, multiple lenders involved, or many other reasons holding up the sales.  Be careful!  Unapproved short sales could take 4-8 months to close.  If you are relocating to Parkland or South Florida and need to move into a new home in just a few months, beware!  You may not have enough time to close and move into your dream home.

An approved short sale is where the bank has performed its broker professional opinion (BPO) and/or appraisal and has agreed in principle to a price and terms that the bank will take for the successful sale of the short sale listing.  If you are interested in purchasing a Parkland or South Florida short sale, it is important to ask your local Realtor to tell you if the short sale listing is approved or unapproved.

Know the neighborhood.  Know the numbers.  Know your hometown agents.  The Parkland Parrot Real Estate Team.  If you are interested in buying in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 954-609-0591 or send us a message here.

To stay updated with all Parkland real estate information, receive our blog posts via email by subscribing here. After registering, you must activate the subscription in a follow-up email.

Related Articles:
Parkland Parrot Negotiates Short Sale And Gets Sun Sentinel Notice
Consequences Of Walking Away From Your Parkland Home Mortgage
Florida Courts Require Mediation Before Foreclosing

In general, if you are considering walking away from your mortgage, the major consequences of your actions are as follows:

• Impaired credit Deficiency risks
• Deficiency Risk
• Tax consequences
• Moving costs
• Professional implications

Impaired Credit: Most people are unaware how their credit will be affected if they default on their mortgage payments.  If you instead work with your bank and do a short sale, you may be able to qualify for a new home purchase in as little as 3 years.  If you instead choose to walk away and have your home foreclosed on by the bank, your credit score will be significantly impacted for 7 to 10 years, or more.  Also, by defaulting on your mortgage, you will cause your credit card companies to possibly cancel or lower your credit limits.  As a result, you will have difficulty obtaining financing for large items such as automobiles, furniture, and of course, houses.

Deficiency Risks: If you default on your mortgage, your lender may come after you for the difference between what you owe on your mortgage and and what your short sale or foreclosure proceeds were along with legal fees and interest incurred during the process.  In the State of Florida, there is no anti-deficiency protection laws from banks or lending institutions pursuing the difference between what borrowers owe and what the home sells for in foreclosure. If you are concerned about a deficiency judgment, then it is imperative to consult with a real estate lawyer, who can provide you with the necessary legal advice for your unique situation.  Please do not consult with your neighbor or friend that just sold their home through the short sale process.  Each bank and situation is different, so please hire a real estate attorney, or ask us to refer you to one.

Tax Consequences: Again, each situation is different depending on if the home you are defaulting on is your primary or secondary residence.  There is a chance that you will have tax consequences by defaulting on your mortgage.  It is also important to consult with your tax accountant in order to know all of your options before you consider defaulting on your mortgage payments.

Moving: People sometimes do not realize the consequences of walking away from their mortgage and then having to move into a new property.  Individuals may be living in their current home for many years and now will have to move into a rental community   and then have to possibly explain credit report issues to future landlords.  You will also have moving expenses including deposits, moving trucks, utilities, and more which can quickly add up. Another issue is moving your children to new schools, commuting to work, and moving away from friends and family.  As a result, it is imperative to speak with a real estate professional and your financial adviser before making any decision to default on your mortgage payments.

Professional Implications: By defaulting, you may have professional consequences where your credit report and profile matters.  Remember, you do not want to not only loose your house and your job.

Bottom Line: If you are not fully informed of the consequences of your actions of walking away from your mortgage, you are making a HUGE mistake!  Get educated and call a real estate professional that specializes in short sales and foreclosures as well as your tax accountant and real estate attorney.  After getting all of the facts, you can then make an informed decision.

The Parkland Parrot Real Estate Team specializes in short sales and has helped many Parkland and South Florida homeowners that are possibly facing foreclosure.  We know the numbers, we analyze the market, our clients make better decisions. If you are interested in speaking with a Parkland real estate team member, please do not hesitate to contact us at 954-609-0591 or send us a message here.

To stay updated with all Parkland real estate information, receive our blog posts via email by subscribing here. After registering, you must activate the subscription in a follow-up email.

The Parkland Parrot Real Estate Team just took a brand new listing in North Pine Tree Estates.  We already have a bank approval from Bank of America for $510,000.  If you have been following this home, it has been on the market for over 2 years.  But, now the bank is on board and is ready to accept offers.

For more information and pictures, please visit the listing page at:
Pine Tree Estate Short Sale Listing

Features Include:

• Bank Approved Short Sale At $510,000 Which Is A Steal Of A Deal
• 5 Full Bedrooms, 4 Full Bathrooms
• Pool
• Courtyard Style Home
• 2-Story Home
• Marble Flooring Throughout
• Tri-Split Floor Plan
• Long Circular Driveway
• 3-Car Garage
• Granite Countertops
• Stainless Steel Appliances
• Exclusive Private 65th North Pine Tree Street

For more information and pictures, please visit:
Pine Tree Estate Short Sale Listing

As we enter the new year, homeowners that are upside down on their mortgages are growing at rapid pace.  But, have no fear!  The Parkland Parrot Real Estate Team is here!

We are helping dozens of distressed Parkland and South Florida homeowners successfully negotiate with banks through the short sale process.  In the beginning of 2011, our team helped Fernando Incarnacao, and his family in Parkland’s Mill Run community, negotiate a full release of debt of his mortgage with US Bank.  It only took our team 4 months from the time we met the Incarnacao family until the January 4th closing date to complete the short sale process.

The Sun-Sentinel quoted our story in Paul Owers’ article: Short sales spike across South Florida in 2010.  Mr. Incarnaco was in tears of joy after closing on his property.  Now, he and his family can move on to the next chapter in their lives with a peace of mind.  Many homeowners that have lost their jobs or that are in financial distress and cannot make their mortgage payments need to seek the assistance and advice of a real estate professional and attorney that both specialize in short sales.Let’s face it … We all know at least someone that is going through tough financial times.  It could be a neighbor, friend, family member, or even co-worker.  Our team is ready to help answer any and all of their questions and concerns at no charge.  Remember, the bank pays for all of our fees and commissions.

It is great to know that we are able to help many Parkland and South Florida residents during these difficult economic times.

We know the numbers, we analyze the market, our clients make better decisions.  If you, or someone that you know, is interested in learning about the short sale process and looking for experienced local Realtors, please do not hesitate to contact us at 954-609-0591 or send us a message here.

To stay updated with all Parkland real estate information, receive our blog posts via email by subscribing here. After registering, you must activate the subscription in a followup email.

Now, both the lenders and borrowers on homesteaded Florida properties will have to meet at the bargaining table.  This court order, carried out by Chief Judge Peggy Quince, guarantees an audience for distressed homeowners and the lending institutions to discuss all available options from loan modifications or short sales before foreclosure.

Banks will be responsible to pay the court costs for each potential foreclosure, which will cost them approximately $750 each. Judges are hoping that this new requirement will help reduce the thousands of foreclosure cases taking over the court systems.

Distressed homeowners must be referred to counseling before mediation.  The mediation must take place no earlier than 60 days and no later than 120 days after a foreclosure suit is filed.  Also, non-profit organizations, such as the Collins Center for Public Policy, must be provied with mediators specially trained in mortgage foreclosure.

According to the Mortgage Bankers Association in the third quarter of 2009, Florida’s 12.74 percent rate of home loans in foreclosure was the nation’s highest. As a result, 441,440 Florida home loans were in foreclosure at that time.

Hopefully, this new policy will help distressed homeowners remodify their loans or agree to do a short sale.  It is important that homeowners call their banks and speak with a real estate agent along with a real estate attorney.  Please give us a call at 954-609-0591 if you are in need of assistance.

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.

6213 N.W. 63rd Way, Parkland, FL 33067

Our 5/5 home that is approximately 5,200 square feet under air conditioning listed at $899,000 went under contract yesterday.  This home features a new kitchen and bathrooms and a separate guest suite and recreational room. Click Here For More Pictures & Details

5741 N.W. 66th Way, Parkland, FL 33067

After many months of negotiating with SunTrust Bank, we FINALLY received a written approval on our 3+ Acre Pine Tree Estates listing on 66th Way that was listed at $500,000.  This equestrian home features 8 bedrooms, pool, and over 3 acres of land that can be subdivided into 2 parcels.  Click Here For More Pictures & Details

To view more information on Pine Tree Estates as well as see all of the available inventory, please click here.  We will soon be listing a new Pine Tree Estates property, and The Squawk will certainly post on the Parkland Parrot website.  Have a great weekend!

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 Pine Tree Estates or in another Parkland community, please give us a call at 954-609-0591 or send a note to the squawk.