Gulf Front Short Sale in Water’s Edge 158 Geoff Wilder as Craig’s Top Distressed Property Pick for May 17 2010

Water's Edge is a fabulous gulf front community that borders Rosemary Beach. This small community in Seacrest Beach is close to the areas best restaurants, shops and community activities. This amazing Gulf Front Short Sale offers amazing Gulf views from all three floors of the home. What I like best about the home is the abundance of usable space available with the home. This home in Water's Edge has a two car garage, an elevator, two kitchens, a separate lock out guest quarters, two fireplaces and a spacious living area.  If you are looking for an amazing gulf front home with room for a family and guests under $2 million, this is the home for you!

Water's Edge Homes for Sale

158 Geoff Wilder in Water's Edge

Gulf Front Distressed Property

This beautiful 4BR/4.5BA Gulf Front home sits within the exclusive Waters Edge subdivision located in popular Seacrest Beach. Enjoy exquisite beach front views from every angle at anytime of day! This property is truly a wonderful setting. The house features a spacious floor plan including separate lockout guest quarters. two kitchens, hardwood & tile flooring, elevator, two fireplaces, two car garage, and more! This property will be great for personal residence, or can sleep over 10 people as a vacation rental! Don't miss out on this extraordinary gulf front opportunity.

 

Gulf Front Short Sale 158 Geoff Wilder
Offered at $1,850,000
3,007sf
4 Bedrooms, 5 Full Baths, 1 Half Bath
Built in 2002

If you are interested in buying a distressed property on Scenic 30-A or if you are interested in Team Baranowski listing your home. Please give Tracy Baranowski a call at 850.259.4270 or Craig Baranowski at 850.259.1788 or email  us info@teambaranowski.com.

Seanest Village Short Sale 215 Sand Oaks Circle as Craig’s Top Distressed Property Pick March 8 2010

Short Sale: Reduced to $525,000 call 850.259.1788!

Seanest Village is a small coastal community located in the heart of Seagrove Beach on Scenic Highway 30-A. The subdivision borders the State Park and has one of the most gorgeous community pools on 30-A. 

215 Sand Oaks Circle is a short sale in Seanest Village with gulf views and is nestled on Scenic 30-A.  At it's current offer price of $559,000 you are getting 30-A frontage land for free!

30-A Short Sales

30-A REO and Bank Owned Property

215 Sand Oaks Circle

If you are interested in buying a distressed property on Scenic 30-A or if you are interested in Team Baranowski listing your home. Please give Tracy Baranowski a call at 850.259.4270 or Craig Baranowski at 850.259.1788 or email  us info@teambaranowski.com.

Most Expensive Distressed Homes Sold in South Walton Beach for 2009

In 2009 we had an increase of 309% for short sales and foreclosures sold according to the Emerald Coast MLS and our year end market analysis. With moratoriums on foreclosures ending in 2010, we expect to see dramatic increases in distressed property including short sales and foreclosures. All market segments have been affected by the real estate market crash and along Scenic 30-A there were some very expensive homes sold as distressed properties in 2009.
Most Expensive Short Sales and Foreclosures in South Walton

Most Expensive Short Sales and Foreclosures in Panama City Beach East

#1 Most Expensive Distressed Home Sold in South Walton Beach – 52 S Founders Lane in WaterSound Beach

One of the most exquisite homes in WaterSound Beach. This 5,000sf home was designed by Dungan-Nequette Architects and centers around an exceptionally beautiful heated salt water pool, surrounded by an antique French stone courtyard with dining area. True, rough-hewn cedar shakes clad its exterior walls and roof. Custom cabinetry, eight-inch whitewashed Pine on all of the walls along with four-inch whitewashed pine on the ceilings throughout the house are just a few of the amazing details inside this home. Originally offered for $6.7million in 2007 this WaterSound Beach home was sold for a steal at $2.4 million in September 2009 as a short sale.

#2 Most Expensive Distressed Home Sold in South Walton Beach – 274 Cove Hollow in WaterColor

This amazing 4,601sf home with a Carriage house in WaterColor has breathtaking views of Western Lake and views of the gulf from the over-sized porches.This rare lakefront home resides in the highly sought after Cerulean Landing district in WaterColor.  WaterColor homes have been hot properties for 2009 and this waterfront property with gulf views was one of the best deals to be had in WaterColor for 2009. This home in WaterColor sold for $1,810,000 in April of 2009 as a short sale. $393/sf for waterfront in WaterColor!  

 

#3 Most Expensive Distressed Home Sold in South Walton Beach – 286 Blue Mountain Beach in Santa Rosa Beach

This magnificent gulf front estate in Blue Mountain Beach was an extreme distressed short sale. At 4,711sf this gulf front home was sold for $1,800,000 in February 2009 for $382/sf! A price that we will never see again for a gulf front home and a home of this quality. With gross rental income of $120K in 2008 this home is truly one of the BEST distressed deals for 2009!

 

 

 

Team Baranowski is the leader in negotiating Short Sales along the emerald coast. We had a 100% success rate with Short Sales in 2009!

If you are a troubled homeowner, or have a family member or friend facing foreclosure, please give us a call for a confidential consultation about the possibility of a short sale. Call Craig Baranowski at 850.259.1788 or email us @ info@teambaranowski.com.

New Short Sale Guidelines Encourage Sweeping Changes to Short Sale Process

It has been a very long year fighting everyday to save homeowners from foreclosure. It is a daily challenge to push short sales efficiently and effectively through the short sale process. I have been actively involved in national short sale advocacy groups and we have been demanding changes to a broken short sale process. Two years ago when we started our first short sales, it was a difficult path of paving a road never traveled. As short sales become more prominent we saw changes and guidelines help streamline and encourage lenders to participate in foreclosure prevention programs under the Making Home Affordable Program or Home Affordable Alternatives Program (HAFA). These programs encouraged mortgage modifications and offered some incentives for shorts sales and deed in lieu of foreclosures. However, the program struggled to offer real solutions to an epic problem plaguing our country’s real estate market.

Today’s announcement by the Treasury Department is the next critical and potentially monumental step to making a difference in offering homeowners a real foreclosure alternative. With over 88% of our distressed inventory in Okaloosa, Walton and Bay County being short sales…this is a very significant and much needed change…or as I would call it the necessary lifeline to get through this current real estate crisis. The plan is designed to accelerate the necessary agreements between lenders, real estate agents, buyers and sellers.

Here is a quick break down of the new guidelines…will it change short sales overnight? No. But we have yet to see the bulk of short sales and 2010 will be an epic year for short sales and foreclosures!

The program’s official name is the Home Affordable Foreclosure Alternatives Program (HAFA), and it’s part of an existing initiative, the Home Affordable Modification Program (HAMP). HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which cover over half of all U.S. mortgages; however, Fannie and Freddie will issue their own versions of HAFA in coming weeks.

While HAFA’s goal is simple – increase the number of short sales and “deeds in lieu of foreclosure” by simplifying the process – the rules are complex, and it comes with 43 pages of guidelines and forms. Among other things, HAFA:

• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

• Prohibits servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).

• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed.)

• Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors.

The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on Dec. 31, 2012.

To qualify under the new guidelines:

• The property must be the homeowner’s principal residence.
• The homeowner is delinquent on the mortgage or default looks likely. Homeowner is insolvent.
• The loan was made before Jan. 1 this year and is less than $729,750
• The borrowers’ total monthly mortgage payment exceeds 31 percent of their before-tax income.

Read the HAMP NEWS RELEASE

Read the complete 43 page SHORT SALE GUIDELINES

If you are a troubled homeowner, or have a family member or friend facing foreclosure, please give us a call for a confidential consultation about the possibility of a short sale.  Call Craig Baranowski at 850.259.1788 or email  us @ info@teambaranowski.com. Team Baranowski has a 100% success rate for all of our short sales for 2009!

This site, Craig Baranowski or Keller Williams Realty is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax adviser for more information.

Home in The Preserve at Grayton Beach 386 Morgan’s Trail as Craig’s Top Investment and Distressed Property Pick for July 17, 2009

Every week I pick a top investment and distressed property pick. This week I chose a wonderful home in the Preserve At Grayton Beach subdivision. I picked 386 Morgan’s Trail in The Preserve at Grayton Beach. This property is located on the north side of 30A in the wonderful Preserve At Grayton Beach development.  The Preserve has two pools and deeded beach access. This development has excellent potential once it is fully built out.  Right now it nice quiet neighborhood with some beautiful homes already built. 386 Morgan’s Trail is a bank owned property.

Home in The Preserve at Grayton 386 MORGAN’S TRAIL

Homes in The Preserve at Grayton

What I like best about this property is it’s size and value for the property. This is a 4 bedroom 4 bath 2,675sf gem for $544,000. It has great porches and a gulf view from the 3^rd floor porch.  The house is tricked out with all of the essentials hardwood floors, granite counter tops, tile and top  grade fixtures. The home has a great floor plan. At $544,000 this is $203/sf for a NEW home. It is Bank Owned so it is ready to go.

If you are interested in this distressed home in The Preserve at Grayton Beach or would like to preview other homes in Grayton Beach. Please give Tracy Baranowski 850.259.4270 or Craig Baranowski  a call at 850.259.1788 or email  us info@teambaranowski.com.

Podcast 30A Radio – Real Estate Round Up: Rosemary Beach Luxury Home and South Walton Survey Results, July 10 2009

Podcast #7 of Real Estate Round Up, South Walton’s Real Estate News hosted by Craig and Tracy Baranowski on 30A Radio. Weekly broadcast is at 9am CST on 107.1FM in beautiful Seaside Florida, visit www.30aradio.org for a complete program guide. This show covers: South Walton Market Survery from Seaside 4th of July Parade, a beautiful Rosemary Beach  Home as Tracy’s Top Luxury Pick of the week, a  Grayton Beach Home as Craig’s Top Investment and Distressed Property Pick of the week,  recent events in South Walton 30A Area, National Real Estate News, and Celebrity Real Estate News.

Home in Grayton Beach 8 Gulf Mark Lane as Craig’s Top Investment and Distressed Property Pick for July 10, 2009

Craig’s Top Investment Pick 8 Gulf Mark Lane in beautiful Grayton Beach Florida

Every week I pick a top investment or distressed property pick. This week I picked a wonderful home in the Grayton Cove subdivision.

Home in Grayton Beach 8 GULF MARK LANE

Homes and Condos in Grayton Beach Area

This property is located on the north side of 30A and is within walking distance to the Grayton Shops. Grayton Cove is a quiet subdivision just north of Grayton. This is a bank owned property.

What I like best about this property is it’s value compared to other homes in the area. This is a 5 bedroom 4. bath 2,261sf gem for $309,900. It was recently reduced on July 1^st from $324,000. I really like the light pine hardwood floors and the stone fireplace, the dark oil rubbed bronze hardware and light fixtures and granite counter tops. The natural earth tones of this home make this house look amazing. The kitchen has hit all the marks with its layout, appliance package and ample cabinetry. The kitchen has a gas range which is not common in many areas on 30A. The bathrooms are highlighted with slate tiles that really make the house pop. At $309,900 this is $137/sf for a BRAND NEW home. It is Bank Owned so it is ready to go. This is an amazing deal and will not last long.

If you are interested in this distressed home in Grayton Beach or would like to preview other homes in Grayton Beach. Please give Tracy Baranowski 850.259.4270 or Craig Baranowski  a call at 850.259.1788 or email  us info@teambaranowski.com.

Home in Seacrest Beach 222 Blue Crab Loop as Craig’s Top Investment and Distressed Property Pick for July 3, 2009

Craig’s Top Investment Pick 222 Blue Crab Loop in beautiful Seacrest Beach Florida

Every week I pick a top investment and distressed property pick. This week I picked a wonderful home in the Seacrest Beach subdivision.

Home in Seacrest Beach 222 Blue Crab Loop

Homes and Condos in Seacrest Beach

This property is located on the north side of 30A and is within walking distance to Rosemary Beach. Seacrest Beach has been a very strong performer for investments and delivers excellent rental income. The development consists mostly of short term rentals and vacation homes. However, there are a few full time residences. Seacrest Beach has a tram service to their deeded beach access and an amazing 12,000sf pool. Families absolutely love this pool.

What I like best about this property is it’s features compared to other homes in the area. This is a 4 bedroom 4.5 bath 2,950sf gem for $624,500. This is one of the largest homes in Seacrest Beach and it sits on one of the largest lots in the development. It has room for a pool or carriage house. This is a short sale. Where this home shines is it’s huge open kitchen and great room for entertaining. A massive pantry area, a huge 2 garage which is a premium in Seacrest Beach. Every room is large in size with big closets and function able bathrooms. The house is tricked out with a gas range, two dishwashers, an ice machine, a wine cooler, a central vacuum system, gas fireplace, hardwood floors, extensive trim work, 10’ ceilings. This home has it all.  Peak appraised value on this house was around $1.175mil. This is $550,500 off a peak value in a thriving community. At $206/sf. This is an amazing price. A true rare gem and a steal for Seacrest.

If you are interested in this distressed home in Seacrest Beach or would like to preview other homes in Seacrest Beach. Please give Tracy Baranowski 850.259.4270 or Craig Baranowski  a call at 850.259.1788 or email  us info@teambaranowski.com.

Craig’s Top Investment and Distressed Property Pick for June 26, 2009

Sandestin’s Top Investment Pick Tuscana 1838 Tuscana Way #4 in Sandestin

Every week I am going to pick a top investment and distressed property pick for the South Walton Area. This week I went to look at one the best deals in Sandestin.  This property is located in Tuscana at Sandestin and overlooks the 12^th green of the Raven Golf Course. This beautiful neighborhood in Sandestin reflects the very cool Tuscan villa theme. The Italian style design is carried throughout with elements such as tile roofs, turrets, stone work, washed stucco, exposed rafters and beams, and curved windows.  The interior is tricked out with natural stone floors and distressed wood floors, stone fireplaces, custom wood doors, and rustic iron work. This attached single unit comes with all the Sandestin amenities that owners love: gated neighborhood, tennis center, spa, full service marina, Choctawhahatchee bay, 4 championship golf courses, the shops of Grand Boulevard, Village of Baytowne Wharf and the amazing sugar white sand beaches of the gulf.

What I like best about this property is long term potential. This is a 3 bedroom 2.5 bath 2,638sf gem for $650,000 already approved short sale! Two other units went under contract in less than 2 days so this unit will not last long at this price. It was built in 2006 and is in excellent condition. Peak value on this house was around $1.7mil and was purchased for $1.5mil in 2006! This is $850,000 off original purchase price or a 67% price reduction. That is an insane value! A true rare gem and a steal for Sandestin. The HOA dues are $247 a month which is incredibly low for a community in Sandestin.

1838 TUSCANA WAY 4, MIRAMAR BEACH, FLORIDA 32550

Click here to view all Sandestin Distressed Property

Home Sales Stabilizing; Weak Recovery Seen across United States. What is South Walton’s Outlook?

Nationwide home sales may have finally hit bottom, new data shows, but a host of thorny problems are hindering any recovery.

Sales of previously occupied homes rose by 2.4 percent from April to May – the third monthly increase this year – but the results missed analysts’ expectations.

Home sellers are still competing against a growing number of bargain-priced foreclosures, buyers are paying higher mortgage rates and new rules for property appraisers are delaying or scuttling many deals. We have seen a number of deals in Walton County be pushed out due to lengthy short sale processes and other delays.

The National Association of Realtors said Tuesday that home sales rose to a seasonally adjusted annual pace of 4.77 million, up from a downwardly revised rate of 4.66 million in April.

About one in three homes sold last month was a foreclosure or distressed sale, dragging down the median price to $173,000 – 16.8 percent below a year ago. We are seeing a higher percentage in the South Walton Area of Distressed Property sales.

The size of the price drop, however, reflects a crush of first-time buyers and investors snapping up distressed priced homes. A government home price index also released Tuesday showed home prices were flat between March and April. That index, however, only measures the values of homes with government-backed loans, so it underestimates the weakness at the top end of the market and doesn’t include many foreclosures.

The bursting of the housing bubble helped push the U.S. economy into the worst financial crisis in seven decades. Now the economy is hobbling the recovery of the real estate market. Corporate layoffs are forcing more cash-strapped homeowners to miss their monthly mortgage payments. Unemployment, currently at 9.4 percent, isn’t expected to peak until mid-2010 and foreclosures should crest about six months after.

“We’re in the bottom of the seventh-inning” of the housing crisis, said Mark Zandi, chief economist at Moody’s Economy.com.

But there’s still a risk the housing bust could go into extra innings.

Interest rates, for example, have climbed back from their all-time lows this spring. The average rate on a 30-year, fixed-rate mortgage was 5.38 percent last week, according to Freddie Mac.

Mindful of the negative trends, Patrick Newport, an economist with IHS Global insight, says home sales could fall another 9 percent from last month’s levels. “Things are going to get a little bit worse,” he said.

Nevertheless, there are other signs the market is turning around. The number of unsold homes fell 3.5 percent in May. That means there’s a 9.6 month supply at the current sales pace, compared with 6 months or fewer in a normal market. Activity in the South Walton real estate market has been progressively increasing and showing signs that the market is beginning to stabilize.

The inventory figures, however, don’t reflect the large number of houses being held off the market by owners who are reluctant to sell while prices are falling.

Meanwhile, another complication has emerged in recent months: New rules designed to tackle conflicts of interests in the property appraisal process have caused many transactions to fall apart or be delayed.

Responding to widespread complaints about inflated appraisals during the real estate boom, New York Attorney General Cuomo reached a pact last year with mortgage companies Fannie Mae and Freddie Mac on a new code of conduct for the industry.

Since the rules took effect May 1, real estate agents and mortgage brokers say a number of appraisals are coming in surprisingly low. And now the National Association of Realtors is pressing regulators to put an 18-month hold on the code, arguing in a letter Monday to regulators that it the code is “hampering the housing market’s recovery.”

Look for a complete South Walton Update next week on the Real Estate Round Up Radio show as we close out the second quarter of 2009.

Home Short Sale Flips Nixed in Florida

We have talked about the option contracts with short sales. It may be a bit tougher now for investors to flip short sales for big profits. Attorneys’ Title Insurance Fund notified its 6,000 member lawyers this week that it will not insure deals made with a popular – but controversial – method for closing flips of short sales.

In a letter to lawyers, the fund said it has become aware of short sale programs advertised on the Internet that promise to make investors lots of money with little or no work.

The letter says they involve investors entering option deals with homeowners for “the exclusive right to purchase their property for a period of time.” The investor negotiates a short sale with the mortgage holder by convincing it that the price it is offering is the market value of the property. The investor then finds a buyer for a much higher price. The sales happen simultaneously, and the investor pockets the difference. The problem is that “the original lender is not told that the buyer is flipping the property on the same day for thousands more than the lender has been told is the market value of the property.” The option contract method has been gaining steam as a way to work off inventory in a bad real estate market. Critics say mortgage holders are misled and don’t realize they could be selling for more.

If you or someone you know is looking at buying or selling distressed property…rely on the experts, The Distressed Property Experts of Team Baranowski! We will handle your short sale professionally and ethically.
Note: The information provided is for informational purposes. No legal advise is given or implied. Please check with a qualified attorney in your area

Clean The Ways of Messy Neighbors

The South Walton and Panama City Beach Area are experiencing a high number of foreclosures and abandoned property. A recent article by the Florida Association of Realtors reports that a “neighbor from hell” can reduce the value of your property by as much as 20 percent. Here are some suggestions to fixing the problem:

1.     Reason with the neighbor and engage in a positive discussion about fixing the issue.

2.     Suggest the neighbor to do the work themselves. This works for abandoned properties or because owners are unable to do the work or can not afford to do the work.

3.     Have your realtor help mediate and be a third party to the discussion.

4.     Communities have mediation services that can resolve the problem harmoniously.

Don’t let an abandoned property affect your homes property values. If you or someone you know is looking at buying or selling distressed property…rely on the experts, The Distressed Property Experts of Team Baranowski!
Note: The information provided is for informational purposes. No legal advise is given or implied. Please check with a qualified attorney in your area.

Bank of America formerly Countrywide short sale process streamlined?

Countrywide was one of the largest home loan providers in the United States, as a result they have been overwhelmed with a staggering number of foreclosures and short sales. During the last twelve months they have received a large amount of bad press and has earned a bad reputation for taking an excessively long time to process a short sale. In some cases Countrywide has taken as long as 8 to 9 months to approve a short sale. In the process the seller get discouraged, buyers walk from the transaction and Realtors lose faith in a system that seems fundamentally broken. Bank of America’s purchase of Countrywide appears to have only exacerbated the problem.

In recent months we have seen and heard of talks about a streamlined short sale process and incentives being put in place by the Obama Administration under the Making Home Affordable Program. This program is targeting to prevent homeowners from foreclosure with alternative options including mortgage modifications, short sales and deed of lieu of foreclosures. You can read more about the program here.

We have yet to experience any tangible changes to Bank of America’s short sale process however, this letter to one of our customers is a sign that they are acknowledging and trying to define a standardized short sale process. In this letter Bank of America is expecting the short sale process to take 30-40 days to complete. If the loan was sold to an investor it will take an additional 20 days to process. This would make the entire process from start to finish 60 days. Our experience with dozens of  Bank of America – Countrywide short sales has been anywhere from 3 months to 6 months.

If we could get close to a 30-40 day turn around on short sales with Bank of America it would be almost magical and welcome any changes to improve the process. Click here to view the letter from Bank of America.

Relief for military homeowners in financial distress

The economic downturn and the crashing of the real estate market have put millions of homeowners in financial distress. This financial crisis has spread far and wide and is impacting members or our military who are forced to sell their homes in a down market due to a relocation. Military homeowners who must sell their homes for a loss after receiving transfers orders are eligible for aid that could mean thousands of dollars in reimbursements from the federal government. Recently, the Departments of Defense has published guidelines for a $555 million program to help military families that have had to relocate.

Members of the Armed Forces permanently reassigned during the mortgage crisis can recieve aid if they meet these guidelines:

1. Permanent reassignment requires move of more than 50 miles.

2. Reassignment ordered between 1 February 2006 and 31 December 2009.

3. Property purchased (or contract to purchase signed) before 1 July 2006.

4. Property sold by owner between 1 July 2006 and 1 May 2010.

5. Property was the primary residence of the owner

6. Owner has not previously received these benefit payments.

To find out more information visit the DOD HAP website by clicking here.

If you do not directly qualify for this program, there are more options under the Servicemembers civil Relief Act (SCRA). It is important to remember that lenders and working hard to help homeowners prevent foreclosure especially for our military. Foreclosure alternatives include; forbearance, reinstatement, short sale, mortgage modification and deed in Lieu of foreclosure. You can read more about these terms here.  It is in the lender’s best interest to help you.

Keller Williams Emerald Coast forms a Distressed Property Division to help homeowners in danger of foreclosure

Keller Williams Emerald Coast is pleased to announce the creation of a Distressed Property Division specifically aimed at helping homeowners in danger of foreclosure. “This is a tremendous milestone for Keller Williams Emerald Coast. We have over 100 active distressed properties including pre-foreclosures and short sales. Being able to leverage our extensive experience in a single focused division is a win-win for our customers,” said Team leader Jeff Adamson.

“With the addition of Team Baranowski we are able to assemble a team of Realtors with deep experience handling short sales and distressed properties. We now have a vast network of expertise to draw from to help homeowners,” Jeff Adamson said.

“Our primary objective is to help the home owner or investor in this distressed market,” said Craig Baranowski of Team Baranowski.  Keller Williams as a company is always concerned with community betterment and the addition of a team specializing in distressed properties was a natural fit.  Team Baranowski has been focusing on short sales and pre-foreclosures for over the past two years with great success.  “We have heard a lot of hard luck stories but we have also helped a number of amazing families.  I like knowing that our individual efforts go directly into bettering our local community,” said Tracy Baranowski.

Team Baranowski has comprised a group of professionals that work diligently to increase the success rate and decrease the overall time frame of the typical short sale.  Short sales can offer a very positive alternative to foreclosure for both the home owner and the banks involved.  Recent governmental changes directed by the Obama administration have helped to stream-line the short sale process.  “This is wonderful for everyone involved,” said Joe Baranowski. With open communication and thoroughness Team Baranowski has found a way to successfully move distressed inventory, which in turn benefits everyone in the community.

“Selling and purchasing pre-foreclosure property is a detailed process.  We have assembled a team of negotiators, lawyers, closing agents, contractors, and Realtors that can make the buying and selling of distressed property extremely successful,” Joe Baranowski said.  With the real estate market ever changing it is important to have experienced professionals on your side.

Working with a real estate company that specializes in short sales and pre-foreclosures is extremely important to the end user.  For the seller, being able to finalize a short-sale with success will ultimately allow them to prevent a foreclosure.  For the buyer, being able to successfully purchase a distressed property can very well present them with an investment opportunity of a life time.  Whether you are in need of selling a distressed property or looking to purchase a distressed property, Keller Williams Emerald Coast is the company you can look to.

The Keller Williams Realty Emerald Coast Market Center opened in 2001, currently has 127 agents, and is located at 151 Regions Way Suite 4A, Destin, Florida. For more information, contact Jeff Adamson at 850.654.2900, teamleader@destinkw.com. Learn more about Keller Williams Realty Distressed Property Division, contact Craig Baranowski at 850.259.1788,  craig@teambaranowski or www.distressedpropertyexpert.net.

Podcast 30A Radio – Real Estate Round Up: REOs, May 29 2009

Podcast #2 of Real Estate Round Up, South Walton’s Real Estate News hosted by Craig and Tracy Baranowski on 30A Radio. Weekly broadcast is at 9am CST on 107.1FM in beautiful Seaside Florida, visit www.30aradio.org for a complete program guide. This show covers REOs, Home Path Mortgage program, South Walton real estate trends, Florida Home Buyer Opportunity Program, South Walton Luxury Home news, and WaterColor market data.

Podcast- 30A Radio Real Estate Round Up: Short Sales, May 22 2009

Podcast #1 of Real Estate Round Up South Walton’s Real Estate News hosted by Craig and Tracy Baranowski on 30A Radio. The weekly broadcast is at 9am CST on 107.1FM in beautiful Seaside Florida, visit www.30aradio.org for a complete program guide. This show covers short sales, foreclosure data, current real estate market in South Walton, Obama Administration Making Home Affordable program, South Walton Luxury Home news and much more.

Certified Distressed Property Expert Team Joins Keller Williams Emerald Coast To Help Homeowners in Danger of Foreclosure

FOR RELEASE: IMMEDIATE

DATE: May 19, 2009

For more information, please contact:

Phone:           850-259-1788

Email             info@teambaranowski.com

CERTIFIED DISTRESSED PROPERTY EXPERT TEAM JOINS KELLER WILLIAMS EMERALD COAST TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

The distressed property experts of Team Baranowski including Craig Baranowski, Joseph Baranowski and Tracy Baranowski have joined Keller Williams Realty Emerald Coast. Team Baranowski has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. Joseph Baranowski manages The Short Sale Gurus LLC and has been negotiating short sales for over two years helping dozens of homeowners avoid foreclosure.

“We assembled a team of experts to ensure we can deliver the highest level of professionalism, integrity and confidentiality to our customers,” said Joe Baranowski. “Our primary goal is to save their homes from foreclosure. This is one of the most stressful times for our customers and they deserve the best service possible.”

Team Baranowski offers invaluable expertise at a time when our area is being ravaged by “distressed” homes in the foreclosure process.

Short sales allow property owners to prevent foreclosure and sell the property at a fair market price that is lower than what is owed to the lender. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures, resulting in a win-win for both the property owner and lender.

In Bay, Walton and Okaloosa Counties, more than 7,884 homes and condos are in danger of foreclosing. Distressed properties are prevalent in all price ranges. “Even high-priced luxury homes and condos are not immune,” said Craig Baranowski.

On May 15, 2009 President Obama announced Uniform Short Sale Guidelines that provide incentives for borrowers and mortgage servicers to pursue short sales and other foreclosure alternatives. The incentives and process guidelines are part of a larger initiative called Making Home Affordable program which helps home owners avoid losing their homes.

“We have waited a long time for changes to the short sale process and this plan by the Obama Administration is a welcomed change that will further help homeowners in distress,” said Craig Baranowski. “Everyone has been affected; our friends, family and neighbors. Educating everyone on foreclosure alternatives is critical and we do our best to spread the word on our websites, blog, and Twitter. We are even hosting a weekly real estate radio show on 30A Radio to get the word out.”

“We are truly lucky to have Team Baranowski join us here at Keller Williams Realty Emerald Coast,” said Team Leader, Jeff Adamson. “Our goal is to continue to build and strengthen our Keller Williams team so we can help as many homeowners as possible. Team Baranowski brings a wealth of knowledge and expertise for handling distressed properties.”

For more information on short sale and foreclosure alternatives visit our website www.distressedpropertyexpert.net, or contact Craig Baranowski at 850.259.1788, or email info@teambaranowski.com.

Bank of America Revises Short Sale Policy

More great news to help out homeowners in distress. Bank of America, one of the country’s largest mortgage lenders, says it is loosening its policies on short sales in response to the U.S. Treasury Department’s announcement last week that it would increase incentives for lenders to work out short sale deals.

The government’s plan is a boon to banks, says David Sunline, BofA’s real estate management executive, because it provides guidance when there are multiple liens, a potentially litigious issue for lenders.

In the past, the bank followed Fannie Mae’s policy of giving second lien holders about 10 percent of the second mortgage balance in a short sale. Now when it holds the second lien, BofA will accept 5 percent of the net proceeds of the short sale, Sunline says. When it is the first lien holder, it will offer 5 percent to the holder of the second lien.

Sunline says homeowners considering short sales should contact the bank within five days of getting an offer on the home and expect its cooperation as long as the offer is within the range of other sales in the area and the borrower can demonstrate financial hardship.

Source: The New York Times, Bob Tedeschi (05/15/2009)

 
If you or someone you know is looking at buying or selling distressed property…rely on the experts, The Distressed Property Experts of Team Baranowski!
Note: The information provided is for informational purposes. No legal advise is given or implied. Please check with a qualified attorney in your area

Obama Administration announces uniform Short-Sale Guidelines

Daily Real Estate News | May 15, 2009 |

Uniform Short-Sales Guidelines in the Works
Extensive delays in the short-sale process has caused many buyers to go elsewhere and have left would-be sellers with no option but foreclosure. But the picture is improving.

This week the U.S. Treasury announced that it would be providing incentives for borrowers and mortgage services to pursue short sales and other foreclosure alternatives. The program includes a standard short-sales process flow, minimum performance timeframes, and standard documentation, the U.S. Treasury says.

(More information is available on the Treasury Web site and in this PDF document.

The incentives and process guidelines are part of a larger initiative called Making Home Affordable, which helps home owners refinance to avoid losing their home.

“NAR is pleased that the government is stepping in to help prevent foreclosures by streamlining the short-sale and deeds-in-lieu process,” NATIONAL ASSOCIATION OF REALTORS® President Charles McMillan said in a statement. “NAR has been calling for uniform short sales procedures and other initiatives that will help today’s home owners in challenging economy.”

More Collaboration Needed

A panel of experts at the 2009 REALTORS® Midyear Legislative Meetings this week agreed with NAR’s position that more needs to be done to streamline short sales.

“It’s hard to find the right person to talk to, you send in multiple forms multiple times, you’re not sure if the forms were received or processed correctly,” said Marcel Bryar, deputy general counsel and vice president at Fannie Mae.

To reach a set of standards that suits everyone, the government should collaborate with lenders, the real estate industry, and advocacy groups, he said.

“The process is going to take a while,” said David Knight, head of the short sales division at Wells Fargo. “Getting them all to understand what we can all live and deal with is not going to be easy, but that is exactly what’s going to have to happen.”

Panel participants applauded the Obama administration’s efforts to streamline the short sales process, and encouraged the real estate industry to get more involved in formulating this standard.

“It’s going to take some thorough intervention,” said Boyd Campbell, a Washington, D.C.-area REALTOR®. “That’s why I think it’s so important for RPAC to get involved and make sure NAR has the resources to go in and help resolve this problem. This doesn’t just impact us as practitioners. It also impacts all of our homes and communities.”

-Brian Summerfield, REALTOR® Magazine
If you or someone you know is looking at buying or selling distressed property…rely on the experts, The Distressed Property Experts of Team Baranowski!
Note: The information provided is for informational purposes. No legal advise is given or implied. Please check with a qualified attorney in your area.

Distressed Property Alert! – Absolute Auction at Island Reserve in Panama City Beach

Excellent Distressed Property Opportunity in Panama City Beach! Roebuck Auctions, a national real estate auction marketing firm, was selected to auction 257 condos and town homes in the luxury resort community of Island Reserve in Panama City Beach. At least 100 units will be sold Absolute and will sell to the highest bidders regardless of price. The auction is scheduled to take place on Saturday May 16 at noon at Island Reserve located at 8700 Front Beach Road.
Island Reserve Resort Community consists of one to three bedroom condominiums as well as three and four bedroom town homes. All the units are serene and spacious with luxurious features like bamboo floors, gourmet kitchens, terra stone tiles, soaring ceilings, crown molding, and stylish lighting. The beautiful emerald coast inspired the exterior colors that seamlessly flow into the lush landscaped courtyards. Whether this is a vacation home or your new private residence, you can enjoy resort amenities in this upscale brand new resort community.
Each condo includes two reserved parking spaces in the attached parking garage with direct access to each floor and the townhomes each have a two-car attached garage. This gated community features a one acre resort style lagoon pool with rock waterfall, lap pool, children’s play area, restroom facility and plenty of lounge area. There is also a clubhouse equipped with a state-of-the-art fitness facility, a half-court indoor basketball, volleyball and aerobic court, a billiard/game room and a media center with 100” theater screen. Between the buildings you will find courtyards with fountains, lush landscaping, walking paths and benches. Island Reserve is located close to shopping, restaurants and the beach.
There will be a pre-auction preview party from 3 to 7 p.m. May 9 with live music, food and giveaways. There will also be an inspection period on May 9 starting at 10 a.m. and continuing through the preview party. Representatives from the auction company will be available to answer any questions regarding the property, available units and the auction process. There will also be an opportunity to pre-register for the auction at this time.

If you are interested in registering for the auction please call Craig Baranowski with Team Baranowski @ 850-259-1788. All registration forms must be in by Thursday May 13th, 2009. This is an excellent opportunity to purchase some distressed property in Panama City Beach.

Distressed Property: Windswept Estates – 125 Double Eagle, Freeport FL

Short Sale Property. This custom home is the only one of its kind in Windswept Estates. It features custom cabinets, hardwood floors, double ovens, granite throughout, two screened in porches, a circular driveway, and a three car garage. Windswept Estates is a beautiful golf course community on the longest golf course in the state of Florida. It was voted #5 in the Top Ten Courses you can play by Golf Magazine.

Unwinding the Data, A Look at Foreclosures Nationally for the First Quarter 2009

I get asked every day when we are going to see the bottom of the market and how foreclosures and short sales are affecting prices. Predicting the bottom of the market is a very difficult question to answer especially if you are trying to decode National and local real estate trends. It does not take a crystal ball to know that this is absolutely the best time to buy real estate. Mortgage rates are at an all time low and housing and land prices are at lows that still surprise me every day.

Trying to track foreclosure data and predict trends is very complex, especially when we add a volitile mix of negative job data, excessively negative media coverage, complex stimulus packages and foreclosure moratoriums. What we do know is that lenders opened the foreclosure floodgates by lifting the moratorium on foreclosures in March, resulting in a record number of foreclosures nationally. This has sent a flurry of negative media coverage regarding the real estate market.

The U.S. Foreclosure Index rose 44 percent in March as 175,199 homes were lost to foreclosure, up from 121,756 in February, Foreclosures.com reported.

Nevada ranks No. 8 in foreclosures nationwide with 26,760 real estate-owned — bank-owned — properties over the past six months. California is first with 130,855 REOs, followed by Florida, 77,542, and Arizona, 53,928.

“Hopefully, this is a short-term surge caused by months of delayed foreclosures,” said Alexis McGee, president of Foreclosures.com. “This is a very troubling turn after seeing some bright spots earlier this year.”

Several banks had agreed to suspend foreclosures while the Obama administration crafted a plan to modify home mortgages for troubled borrowers. They included Citigroup, JPMorgan Chase, Bank of America, Morgan Stanley and Wells Fargo & Co.

Fannie Mae and Freddie Mac, government-controlled mortgage finance companies, suspended all foreclosure sales involving occupied single-family homes and two- to four-unit properties through March 6 to give troubled borrowers more time to negotiate with their loan services.

McGee said that a backlog of properties in the system exists and that the backlog is going to take a couple of months to work its way through the process.

The Obama administration’s Making Home Affordable Plan is intended to help promote loan modifications by bringing debt-to-gross income ratios down to 31 percent. In short, that would allow homeowners to only spend 31 percent of their income on the mortgage, including taxes. With such low payment levels – compared to 50 percent payments as the recent norm of banks – people who get their loans modified under the new plan will be far more likely to remain in their home. With President Barack Obama’s loan modification plan now in effect, the hope is that pre-foreclosure filings will decline, which will help stabilize the housing market, she said.

“I really think at some point that will take hold,” she said. “In the beginning, lenders are having trouble keeping up with demand. If a homeowner was denied (modification) in the past, they need to go back and ask for it again.”

California led the nation in number of foreclosures last month – 38,318, up more than 59 percent from February, the report shows. “But the state also is a leader in the housing recovery,” says Ms. McGee, “and mixes the good with the troubling news. It’s indicative of what’s beginning to happen in states across the country.”  The report ranks Florida No. 2 nationally in March foreclosure numbers, with 18,946 foreclosures, up 33 percent from February.

Nationally, the number of properties in the pre-foreclosure process climbed slightly to 225,131 in March, up 5.8 percent from February’s 212,703, according to the report.

For the quarter, 604,590 pre-foreclosure filings occurred nationwide, up 14.5 percent from 528,241 in the fourth quarter of 2008 and up 17.3 percent from 515,411 in the first quarter of 2008. The quarterly pre-foreclosure filings are also the highest quarterly numbers since the foreclosure crisis began.

Annualizing that number, the U.S. is on track to top 2.4 million pre-foreclosure filings before year-end.

California had the most pre-foreclosure filings, followed closely by Florida, in March. Over the last six months, however, Florida has had the most pre-foreclosure filings, followed by California, Arizona, Illinois and Nevada.

Foreclosures account for roughly 80 percent of homes sales in Las Vegas as investors have returned to the market to snap up deals.

Something to watch closely at the National level which I found interesting…

“As an aside, if one were to look at the dark side, should housing decline and the foreclosure rate continue at current levels or increase, FHA could be the next major bailout and could be the mental straw that drives the taxpayer nuts,” said home financing expert Fred Claridge.

Las Vegas business advisory firm Applied Analysis reported that new foreclosures, or homes that transferred title back to banks, remained elevated at 2,381 in March, a 70.8 percent increase from a year ago. That is about 77 home take-backs every day.

Foreclosure levels reflect the latest market dynamics, Applied Analysis principal Jeremy Aguero said. Pricing in the residential sector has continued to erode, placing an increasing number of homeowners in a situation where they owe more on their mortgage than their home is worth.

“While a portion of foreclosures are the result of borrowers’ inability to make necessary payments due to job loss or other factors, many are facing the psychological dilemma of servicing an obligation with a cavernous disconnect between debt and equity,” Aguero said.

There is some good news. Heavily hit markets are seeing a flurry of sales. I recently read some statistics on my Twitter feed regarding their market statistics. The numbers are looking positive:

The current AZ MLS inventory is 43,976 which is a drop of about 20% or over 10,000 properties since January of this year.

Of the houses currently on the market 42% of those are lender owned or short sale properties.

Currently there are 15,707 homes in pending which is one of the highest numbers anyone remembers seeing for AZ MLS. Of those 15k homes, 78% of those are bank owned or short sales properties.

Closed homes YTD is 20,003 and half of those home sales in Phoenix have come since March 1st.

Of the Phoenix area homes that have closed in 2009 75%, or 15,019, were lender owned or short sales.  Of that 75%, 88%, or 13,234, were lender owned.

In 2009 will should see a stabilization of foreclosures and eventually the real estate market will settle back into equilibrium.

Governor and Realtors Agree – Now is the Time to Buy Florida Real Estate

Ten Realtors from across Florida met with Gov. Charlie Crist this morning to discuss increased home sales and other positive trends in their markets, as well as offer insight into some current issues facing the real estate industry. It’s part of this year’s Great American Realtor Days, April 14-15, when about 1,000 Realtors from throughout the state join forces at the state capital to meet with their legislators and discuss concerns affecting all Florida residents.

Representing markets from Miami to Jacksonville and all points in between, Realtors reported an upswing in existing home sales in the past three to six months, when comparing year-to-year activity and also month-to-month sales figures. John Sebree, vice president of public policy for the Florida Association of Realtors® (FAR), kicked off the Real Estate Roundtable meeting with Gov. Crist by noting that February’s statewide existing home sales rose 20 percent over the same period last year, according to FAR data. He also reported that February’s home sales were about 17 percent higher than January’s statewide sales activity.

Realtors also told the governor about other positive indicators such as: mortgage interest rates under 5 percent; reduced housing inventory levels as buyers take advantage of current, more affordable housing opportunities; and encouraging market reaction to the federal economic stimulus package, especially the new $8,000 first-time homebuyer tax credit.

Upon hearing these reports from around the state, Gov. Crist said, “It doesn’t get much better than this. [Housing] supply and demand is going to come into balance here. Two to three years from now, people will be saying, ‘Back in April 2009 I could have gotten that home for so many dollars’ – so you don’t want to wait.

“Prices have gotten as low as they can. Now is the time to buy, while the deals still exist,” the governor said.

Discussing some of the challenges in today’s market, many Realtors pointed to difficulties with so-called “short sales,” where the bank or lender agrees to accept less money on a home sale than the seller owes on the mortgage. They said that short sales are problematic not only because of how long it actually takes to finalize the sale, but also because of the inconsistencies in information and documents required by lenders. Streamlining the short-sale process and providing consistency in required documentation among the lenders would boost the recovery of Florida’s real estate market.

Solutions to ease lenders’ restrictions on the state’s condo market are also needed, said Edgewater Realtor Robert Clinton. “Not only is the prospective condo buyer having to be approved for a mortgage, but the condo owners association itself has to be approved and qualified, which is causing problems,” he said.

Largo Realtor Alan Riley told Gov. Crist that 50 percent of buyers involved in recent home sales in the Tampa Bay area paid cash for their purchases, a strong indicator that investors have returned to the housing market.

“Savvy investors have returned to our market as well,” added Eric Sain, a West Palm Beach Realtor. “But we’re also seeing a lot of young families buying a home to settle down and establish roots in the community. That’s a sign that people aren’t leaving the area, aren’t leaving Florida.”

Gov. Crist agreed, saying, “Of course they are [establishing roots] – it’s Florida. Why would they go anywhere else?”

Not only is it a great time to buy a home in Florida, it’s also a great time for businesses to move to the Sunshine State, noted Suzanne Sherer, a Fort Myers Realtor. Commercial and business properties are readily available in a range of price options, she said, providing prime opportunities for entrepreneurs. She asked the governor and state leaders to take steps to encourage the relocation of businesses and industries to Florida.

At noon today on the steps of the old Capitol, Gov. Crist addressed the crowd of nearly 1,000 Realtors participating in Great American Realtor Days, applauding their perseverance and dedication to their profession despite challenges posed by the economy and the marketplace. Amid reports of increased home sales and other positive signs, the governor said that the “changing landscape” for Florida’s real estate markets is “nothing short of remarkable.”

Other participants in Gov. Crist’s Real Estate Roundtable included: Jacksonville Realtor Millie Kanyar; Fort Lauderdale Realtor Jesse Acevedo; Miami Realtor Carlos Cruz; Port St. Lucie Realtor Scott Wingfield; Panama City Realtor Katie Patronis; and Orlando Realtor Les Simmonds.

 Source: http://www.floridarealtors.org/NewsAndEvents/n1-041509.cfm

Distressed Property: Forest Lakes – Lot 30 Okeechobee Way

 

Short Sale. This is your opportunity to own in beautiful Blue Mountain Beach and build your dream home. Nestled in Forest Lakes, this is a Craftsman Style inspired development in Blue Mountain Beach area with a small lake, walking paths that wonder into the State Forest. This craftsman style development boast a large pool and comfortable pool pavilion with an outdoor fireplace. It is located across from Draper Lake on the north side of 30A. This lot is close to the lake and grass common area and is within walking distance to the Gulf of Mexico.

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