As you all know, Congress finally passed a recovery plan to help boost our economy and help get us all out of the financial mess we are finding ourselves in.  This time, it has been big enough as to be very closely compared to what we experienced back in 1929 during the Great Depression.

The years that followed, between 1930 and 1933 marked the worst time in American economic history.  This is exactly what the concerted effort around the world has been trying to address - to help avoid making the same wrong mistakes of 1929 that could bring us to the next (or 2nd) Great Depression.

      How cute are these two?  Please adopt a shelter pet today.  We dedicate a portion of our website to animal welfare.   

We dedicate a portion of our website to animal welfare.  Please visit us weekly for the Miami Dade Animal Services Pet of the Week.

Please remember to spay and neuter your pets.  Adopt a shelter pet today!

          THEODORABLE’S Info…

Breed:   Terrier Mix

Size:      Medium

I was recently asked by a buyer how safe is it to purchase a Florida short-sale or Florida foreclosure. 

With any real estate investment I always recommend the use of a Real Estate Attorney.

When purchasing a Florida foreclosure or short sale the bank requires use of thier closing attornies and the bank clears the title. 

The use of your real estate attorney will cost extra and the attorney is basically doing the same work - but it gives many clients peace of mind and worth the extra cost.

I for one favor some sort of recovery plan, with the idea that the corporate AND government ying-yangs that got us here don't see a dime of it and even face reprimands, prosecution or absolution as the case may be.

After all, this $700Billion Recovery Plan, which could very well end up costing a lot more than $1Trillion after the effects of our mismanagement creates ripples around the world which come back to us for a 1-2 punch to our economy, could still be a waking giant.

Unfortunately, it seems that Golden Parachutes were substituted by Camuflaged-chutes in the 110 page proposed plan, according to some comments I heard in the news today, prompting so many to vote against it (among other things).

It seems everyone is looking for a "great deal" when it comes to purchasing a condo or home in South Florida.  South Florida Foreclosures and Short-Sales are abundant.  So, what's the difference?

The South Florida Foreclsoure:

This is a bank-owned property or REO (real estate owned) that is already owned by a bank or REO Company.  This type of property tends to be the easiest type of property to deal with when submitting a contract.

It's simple, the listed price should be the bottom line pricing.  When submitting an offer the bank will require the following:

Letter of intent: who's buying, use of the unit, price offered (which should be the listed price) and most importantly - proof of funds.

If you are a realtor in South Florida, and haven't been living under a rock, you've heard the term BPO a lot!  So what' exactly is a BPO?  The Broker Price Opinion or BPO is a thorough analysis of a unit in order to determine its proper pricing; not only proper pricing, but specifically what price the unit should be listed at to sell in 30 days. 

When it comes to Florida foreclsoures the listed price can vary depending on the listing agent.

The BPO process basically compares three active listings and three sold comps (must be within 6 months) in order to determine pricing.  Other factors involved in South Florida foreclosure BPO's are more indepth.  Neighborhhood price ranges, analysis of square footage, number of bedrooms and bathrooms, and other foreclosure units to name a few.

If you are a realtor in South Florida than you should be very familiar with the foreclosure and short sale market that is slowly becoming a feeding frenzy for many investors, second home buyers and finally first time home buyers that can now afford a place in areas like South Beach that were once for the wealthy client or investor.

REO (Real estate owned) companies are inundated with realtors trying to join, but have missed the call.  If you were lucky enough to get involved with an REO company a year ago than you are one of the lucky ones.

It is no longer a secret that we are in a new market.  This 'Shift' is the essence of a new book titled Shift: How Top Real Estate Agents Tackle Tough Times, written by Gary Keller of Keller Williams Realty and co-authored by Dave Jenks and Jay Papasan.

These are the same individuals who wrote the best selling books The Millionaire Real Estate Agent and The Millionaire Real Estate Investor.  Two must read books for any real estate professional or investor.

The new book now in print, "is drawn from the experiences of hundreds of top performing agents and outlines the 12 tactics to surviving and thriving during a market shift." (Find out more by visiting http://www.millionairesystems.com/msys/index.html).

The 12 proven tactics you will learn about in this book are:

This sentiment is quite unfortunate.  I often hear people who are feeling the financial squeeze and emotional toll when faced with foreclosures, that they tell me they're ready to throw the towell and let the lender take the property. 

Their argument becomes one of desperation, stating that they no longer care if their credit gets worse - "after all...how worse can it get?" they say.

So, when you say you've decided to let it go in foreclosure, do you mean you intend to do nothing and just let it go?  Well, consider the following:

If you're defaulting on your mortgage, even if you have two or more loans, I believe (take it with a grain of salt - I don't know how the FICO algorithm will ultimately score this), stopping payments on both will not worsen the effects to your credit score more than the foreclosure will.