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7 comments • Jeanne M. Gavish, CIPS,GRI,SRES,SFR Keller Williams Realty Elite Partners • October 24 2011 02:38PM
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5 comments • Jeanne M. Gavish, CIPS,GRI,SRES,SFR Keller Williams Realty Elite Partners • September 16 2011 01:43PM
Why Are Banks Demolishing Foreclosed Homes? I have had this topic brought to my attention by a couple people who know that I am a blogger, wondering what I thought of this phenomena. I can only relate to it from a personal perspective.
In Florida, even with an "As Is" short sale transaction, the seller is bound by Florida Law to disclose any known facts that are not readily observable that materially affect the value of a property.
Lenders do not have this obligation. They claim they have no knowledge. This makes no sense to me, since any insurance claim results in a check made out to the owner and the lender. So how can they not know?
Nevertheless, the lenders make a disclaimer that they have "no knowledge" of any defects and make no warranties to the condition of the home. In Florida, a short sale owner is still bound to the duty to disclose any defects. For all of the bad press that short sales receive, this is one advantage over foreclosed homes. This information helps buyers who may otherwise end up buying unrepaired sinkhole homes. Beware of buying For Sale By Owners who do not think they have to disclose this information.
Taking my primary residence of 24 years as an example, I had a flood in 2008 in the upstairs bathroom of my 3 story home. Because of the Insurance Company refusing to give me enough money to fix my home, my home was overtaken by deadly black molds (Stachybotrys, Penicillium, Aspergillus (farmers lung), and Cladosporium. 
I received so many calls from prospective buyers, and I could not in good conscience put this home on the market, or allow anyone inside, due to the health hazards that almost killed me and my family.
When my home was finally foreclosed, the listing agent assigned to it called me. When I told him of the hazards, he was so disturbed he said he did not want to enter the home. Hopefully as a result, my home will be one of the ones demolished. The Health Department for the State has indicated it will be. It will be a sad day but I do not wish the health issues we endured on anyone.
Things are not always as they appear, and many of these homes ase so toxic they need to be destroyed, at least in Florida.
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23 comments • Jeanne M. Gavish, CIPS,GRI,SRES,SFR Keller Williams Realty Elite Partners • August 07 2011 06:47AM
I have a beautiful cottage in the country, minutes from I-75 less that 30 minutes to Tampa (click the photo for the virtual tour or the link above for the details). It has an inground pool, fenced, two pastures,2.65 acres, outbuildings, affordably priced...sounds perfect, right? it happens to be located on a dirt road that is not county maintained, and the folks who live on the road do not have a written maintenance agreement.
So what does that mean? It means that the home does not qualifty for FHA or VA financing. I was inspired to write this after reading Richard Weisser's blog post What constitutes a ready, willing, and able buyer? this morning.
Many metropolitan agents don't know the ins and outs of financing rural properties, and when they call to make an appointment, I ask them the type of financing their buyers are using. "UHHH...." Really? Did I mention this is a short sale? It is our job to navigate our buyers through the process, and it is important to talk to the buyers' lender if you are not familiar with the ins and outs of financing, and the devil is always in the details. When I explain that the dirt road with no maintenance agreement disqualifies the house for federal financing, sometimes they thank me, sometimes they say "But my people specifically requested seeing this home!"
As I commented on Richard's blog, I qualify every buyer when they call on one of my listings. I ask them if they have spoken to a lender, and often get the reply,
"But I really want to see the house first to see if I like it."
"Well, if you are in the market to purchase a home, the first and most important step is to determine your buying power." I reply.
"We won't have any problems getting financing."
"That's great, but the loan program is an important factor on the type of home you buy. The home you are calling about does not qualify for FHA or VA financing. If you don't have a lender, I can give you the name of a great one, no strings attached, you don't have to use her but you need to speak to someone who can get you started on the path to buying your new home." I plug away.
"So we can't see this house?"
And sometimes the conversation ends there. Sometimes I give them the name of the lender and they never call her or me. That was not a buyer, at least not for this house. If I offended them by straight talk, I don't think they were a buyer at all.
To newer agents, not only does the buyer have to qualify, but the property does too.
38 comments • Jeanne M. Gavish, CIPS,GRI,SRES,SFR Keller Williams Realty Elite Partners • June 06 2011 08:29PM
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1 comment • Jeanne M. Gavish, CIPS,GRI,SRES,SFR Keller Williams Realty Elite Partners • June 03 2011 12:07PM
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8 comments • Jeanne M. Gavish, CIPS,GRI,SRES,SFR Keller Williams Realty Elite Partners • May 27 2011 11:32AMI really like the website www.realbird.com
It makes a great listing presentation and is fairly easy to use. Another bonus is that if you click the links on the side to view more photos or a description and scroll down, you have an option to change the language of the page...to 10 different languages! Very cool!
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Jeanne M. Gavish
(352) 650-1029 jmgavish@aol.com http://www.findahomeinspringhill.com       Listed by: Keller Williams Realty Elite Partners |
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9 comments • Jeanne M. Gavish, CIPS,GRI,SRES,SFR Keller Williams Realty Elite Partners • May 27 2011 10:12AMContent © 2009 'Frequent Contributors'. Design © 2009 ActiveRain Corp.
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