Jacksonville FL Real Estate Update

One more reason I'm impressed with Apple and my new iMac

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Wed, 08 Sep 2010 09:59:54 -0400

Okay, so I can't believe I am actually writing a blog in praise of a computer or a particular company knowing full well that what seems great today may crash tomorrow (although all my friends who have used Macs for years assure me that I'll not be sorry).

Here's the thing. I've been a PC guy since who can remember when... I think I got my first sometime in the 80's but don't recall for sure. From time to time I've wondered if all the hype about Macs was anything more than just that, hype, but never took the time to investigate. Afterall, I didn't think I could afford one even if I did like it so why bother checking it out.

Well, a little over a month ago my wife's PC crashed (again) and mine began to give me problem after problem after problem (I guess I shouldn't complain about the old girl - the PC, not my wife - since I am using it right now to type this blog... hmmm, kind of ironic? I had problems with my laptop about a year after purchase and had to replace the hard drive in it... so far, it's doing fine and I hope it continues to.

As per usual when I have PC problems I called a good friend who knows computers better than anyone else I know and he gave me the same advice he'd been giving since he switched to a Mac a couple of years ago... He said, "Just buy a Mac and get on with your life. Quit messing around. You won't regret it, I promise."

So off I went to the Apple store and long story, short I purchased an iMac for me and an iMac for my beautiful bride. Could we afford it? Probably not... but we also couldn't afford to keep having problems with the tool we use most in our business.

Okay, so far... so good. Learning the differences between the PC and the Mac hasn't been all that difficult. Everything works together seamlessly including networking between the two systems (I won't even tell you about all the trouble we've had with our PC networking over the years!)

But all that is not the reason for this blog...

What impressed me so much that I decided to actually take time out of my day and write this blog?

The REBATE... yep, Apple offered a couple of different rebates and, of course, after procrastinating for several weeks I finally filled out the forms and sent them in about a week ago. And what do you know? We received the checks in the mail YESTERDAY!

Only a week to process a rebate? Are you kidding me!? Typically, when I send in rebate forms for any product I have completely forgotten about it by the time the check actually arrives. There have been times when we've had to call and/or write letters to get companies to honor their rebate offers. But not so with Apple. In fact, they sent an email letting us know they received the forms and then promptly cut the checks and mailed them.

Apple folks... I'm impressed! I hope you keep on impressing me for many years to come.

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com

Jacksonville Short Sales - Help for the Seller!

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Tue, 07 Sep 2010 12:57:46 -0400

Jacksonville, Florida is not unlike many areas when it comes to short sales. Short sales in the Jacksonville area have seemingly become the norm. I say "seemingly" because the fact is that only a little less than 1 in 4 currently active listings in the Jacksonville area is listed as a short sale... one in four is still a lot, though, and if you are one of those who is faced with trying to sell your house for less than you owe on it then you probably have more questions than answers.

Our goal is to help you find the answers and to make the short sale

process a little less uncomfortable for you.

As of this morning, we found 3,419 homes listed as short sales and/or pre-foreclosure sales in the greater Jacksonville real estate market (this includes single family homes and condominiums). With a total of 14, 560 listings, that means that about 23.5% of all homes listed for sale in Jacksonville are short sales.

An additional 1,184 properties are listed as Jacksonville foreclosures... and predictions are that the number of foreclosures in Jacksonville is going to continue to increase over the coming year. As we all know, foreclosures tend to bring market prices down across the board which means more and more sellers in Jacksonville will be looking at a short sale in order to get their homes sold.

In other words, short sales aren't going away in Jacksonville anytime soon.

Unfortunately, even with all the press given to the current real estate market and to short sales in Jacksonville we are finding that sellers in the area are still very confused as to just what it all means and more importantly

...most sellers simply aren't aware of the options available to them

when faced with the prospect of a short sale.

Because they are not aware of their options, far too many home owners wait too long to get started with the short sale process or to get aggressive with the process. And we are finding that many are putting themselves through a lot of mental anguish over their situation that can be avoided by simply learning their options and taking action.

Fortunately, however, there are caring professionals who have helped hundreds of folks in your exact same situation and who have, in some cases, been exactly where you are themselves. These caring professionals include real estate agents (like us), real estate attorneys, tax accountants and mortgage professionals. We believe it is important to consult each of these professions

...and we make it easy for you by putting you in

contact with them when you call us first.

You see, we don't think that the automatic answer to every sellers problem is to slap a for sale sign in the yard. We believe you need to go into this with a clear understanding of what it means to you personally and what options you have at your disposal.

If you are facing the prospect of needing to sell your home in the Jacksonville area and think (or know) that you are looking at a short sale, you can call us and we'll give you the straight scoop. The first thing we will do is to give you and honest and realistic picture of your homes value in today's current market and what to expect in the future.

We promise not to inflate the value range

just to get you to list your home with us.

To do so does no one any good at all. To overprice your property means only that the eventual sales price will likely be much lower than if priced aggressively in the beginning and it only prolongs your time worrying about the sale and prevent you from getting on with your life.

The second thing we will do is to arrange for a free consultation with an experienced real estate attorney. You see, we are highly qualified to assist you with determining the market value of your property and we are also highly qualified and experienced in marketing your home effectively so as to expose your listing to the highest number of potential buyers possible and to take care of all the details of the sale from beginning to end. But we are not qualified to provide you with legal advice and we wouldn't dream of doing so.

If you need to short sale or 'think' you might need to short sale your Jacksonville area home, give us a call. We will give you the information you need without any pressure to 'list' with us whatsoever. We'll simply give you our honest assessment and opinion and point you toward your options so that you can make an informed decision and take control of your own situation. Who knows, there may be options available that don't include selling if that is what you prefer... whatever is in your best interest is what we want for you.

And, of course, if you need or want to sell your home and are not in a short sale situation, we will help you too. Aggressive marketing is just as important for your listing as for a listing that is a short sale.

We look forward to meeting you soon!

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com

COLLECTION OF DELINQUENT ASSESSMENTS THRU RENT - POWERFUL TOOL FOR FLORIDA ASSOCIATIONS

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Mon, 06 Sep 2010 09:34:17 -0400

This new law is one that has puzzled me since I first read it. While it seems to be well-intentioned, it also seems to have been hastily crafted and could cause more problems than it attempts to solve.

We appreciate the author, Richard Zaretsky, for allowing us to re-blog this for our readers. Richard does a nice job of clarifying some of the 'language' in the law but, of course, we are still left wondering just how the law is going to play out in real life.

I would encourage anyone who finds this post on our blog to follow on over to Richard's blog and read the comments and questions that accompany it there.

Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. - Bd Certified Real Estate Attorney):

Will collecting rents from tenants of delinquent owners help cash strapped associations? Florida enacted Florida Statutes 718.116(11) for condominium associations and 720.3085(8) for homeowner and property associations (and property associations) and 719.108(10) for cooperative associations effective July 1, 2010. These laws are essentially identical and allow an Association to directly collect rents from Tenants occupying the home and if the Tenant fails to pay the Association, to evict the Tenant as if the Association were the landlord.

But I have been fielding many questions regarding this law, so it is time to address the most popular. (A copy of the 720.3085(8) is at the end of this article and the condominium /co-op statute is nearly identical).

1. The Association assessment(s) must be delinquent. The statute does not define delinquent, but the declaration or rules and regulations most likely does. It does not apply to special assessments, but only regular budgeted assessments.

2. The obligation of the Tenant is to future monetary obligations. The statute addresses future monetary obligations. The key here is what is a "future monetary obligation"? We can see from the application of the term that it is not the rent or monies due to the landlord, but only monies due to the Association. Thus we are going to safely assume that future monetary obligation means monies due to the Association in the future, and not the past due assessments. "In the future" means AFTER the mandatory written notice to the Tenant that the assessment or rent (see below) is to be paid to the Association.

3. If the Tenant is paying the Association according to a demand made by the Association, the Owner cannot evict the Tenant. This appears a bit too broad as the statute says that the Tenant is immune from "any claim" from the Owner. If the Tenant has put the property in disrepair does this mean the Owner has no recourse to evict? This is probably not the intent of the statute but it is an area that will need clarification. Also, as you will read below, if the differential between the monetary obligation and the full amount of the rent is not paid by the Tenant to the Owner, the Tenant can be in breach of the lease. The statute says that if the Tenant is paying the monetary obligation, the Owner cannot evict since the Tenant is "immune from any claim" of the Owner. This is problematic for the Owner and subject to interpretation and application by the courts. It would make sense that if the balance of the rent not paid to the Association under the Association demand is not paid to the Owner, the Tenant should be subject to eviction by the Owner. The statute is not meant to be a shield for the wrongful conduct of the Tenant.

4. The Tenant is to pay "the rent" to the Association upon its written demand. This would seem to throw some cloud of doubt as to what the Association is supposed to collect - whether just the "monetary obligations" or is it "the rent"? In this part (sub-paragraph (a) of the section of the statute it says the Tenant pays "the rent" to the Association. There is a distinguishing qualifier though - This seems to apply only in the case where the Tenant has paid "prepaid rent" to the Owner. In such case the statute says that the future rents (rents still to be paid) are to be paid to the Association which seems to mean the entire rental payment and not just the monetary obligation.

5. If the Association is collecting "the rent" and the sums collected exceed the "monetary obligation", what happens to the surplus? The statute is silent on this question. However, the Association will likely have to account to the Owner for the monies (surplus funds) that it holds that are not for "monetary obligations" (ie: assessments) that accrued after the written notice. Since the statute only applies to assessments after delinquency, theoretically the Association could sue the Owner in the appropriate jurisdictional court (County or Circuit, depending on amount) for a money judgment on the delinquency withoutresorting to the long and expensive lien and foreclosure procedure. It could then attach through a Writ of Attachment the surplus funds. The question is actually then, are there really surplus funds? The answer may be that the rents received after the "pre-paid" rents must be applied to all assessments that accrued subsequent to the written notice to the Tenant that it must pay the rents to the Association. (Remember, those assessments did not get paid because the rent has been "pre-paid" to the Owner and the Owner did not submit them to the Association). After those post-notice assessments are paid, any remaining rents would belong to the Owner and must be paid to the Owner, just as if there had been no pre-paid rent.

THE NEXT STEP - Where this is going is already being seen. Associations should consider creating a "pre-notice lease addendum" for all new leases. This addendum (some Associations are already using this concept) becomes part of the lease with the Tenant and advises the Tenant in advance that it is the Tenant's obligation to pay the regular maintenance assessment to the Association, notwithstanding the terms of the lease.

A copy of the general language of the statute follows. There are small technical changes to differentiate between a unit and a parcel.

Section 720.3085(8) - If the parcel is occupied by a Tenant and the parcel Owner is delinquent in paying any monetary obligation due to the association, the association may demand that the Tenant pay to the association the future monetary obligations related to the parcel. The demand is continuing in nature, and upon demand, the Tenant must continue to pay the monetary obligations until the association releases the Tenant or the Tenant discontinues tenancy in the parcel. A Tenant who acts in good faith in response to a written demand from an association is immune from any claim from the parcel Owner.

(a) If the Tenant prepaid rent to the parcel Owner before receiving the demand from the association and provides written evidence of paying the rent to the association within 14 days after receiving the demand, the Tenant shall receive credit for the prepaid rent for the applicable period and must make any subsequent rental payments to the association to be credited against the monetary obligations of the parcel Owner to the association. The association shall, upon request, provide the Tenant with written receipts for payments made. The association shall mail written notice to the parcel Owner of the association's demand that the Tenant pay monetary obligations to the association.

(b) The Tenant is not liable for increases in the amount of the monetary obligations due unless the Tenant was notified in writing of the increase at least 10 days before the date on which the rent is due. The Tenant shall be given a credit against rents due to the parcel Owner in the amount of assessments paid to the association.

(c) The association may issue notices under s. 83.56and may sue for eviction under ss. 83.59-83.625 as if the association were a landlord under part II of chapter 83 if the Tenant fails to pay a monetary obligation. However, the association is not otherwise considered a landlord under chapter 83 and specifically has no duties under s. 83.51.

(d) The Tenant does not, by virtue of payment of monetary obligations, have any of the rights of a parcel Owner to vote in any election or to examine the books and records of the association.

(e) A court may supersede the effect of this subsection by appointing a receiver.

Copyright 2010 Richard P. Zaretsky, Esq.

------------------------------------

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 email: RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com.

See our easy to understand articles at:

TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com

Selling Jacksonville Real Estate... A New and Better Way!

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Sat, 04 Sep 2010 11:59:15 -0400

Jacksonville Florida Real Estate Sales Information:

Hey home sellers... you know what? People don’t shop for real estate today the way they did 10 years

ago. Heck... they don’t even shop the way they did 2 years ago.

So here’s the question?

Why do real estate agents keep on doing things the same way they did 25 years ago?

Let’s get real people! It's time to put those dusty old marketing methods in moth balls where they belong and join the rest of the hi-tech world.

Keep up or get left behind... the choice is yours! If you've had your home listed for a long time and aren't getting any offers, there are reasons... and the reasons have nothing to do with luck or a lack of luck

...they have everything to do with MARKETING and being REALISTIC and in tune with where the market is at any given time.

So if you are ready to do something different in order to get your home sold give us a call.

What do you have to lose? Absolutely nothing... you have everything to gain.

Jumpstart your real estate sale today!

It’s time to PUT THINGS INTO HIGH GEAR! visit www.JaxPowerListings.com for more info

Call Tim and Susan Fennell today at 904-568-4528 to learn more.

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com

Jacksonville Florida Home for Rent - Video Walkthru Tour

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Fri, 03 Sep 2010 16:37:02 -0400

BE SURE TO CHECK OUT THE FULL VIDEO VIRTUAL TOUR!

Spacious 2394sf, 4Bed/3Bath home in beautiful THE CAPE subdivision. You'll appreciate the large 3 car garage with tons of storage space and the very convenient bonus room off the master suite (which has huge walk in closet) - perfect for home office, baby's room, reading room or whatever!

Master suite and 2 bedrooms upstairs and 4th BR and 3rdBath downstairs. The kitchen is large and overlooks the breakfast nook and great room. Separate formal living and dining rooms on front of home. Large screened lanai overlooks beautiful backyard and nature preserve... very private feeling!

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com

Red Elephant in Mandarin? ...Nice!

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Sun, 29 Aug 2010 15:13:11 -0400

Mandarin Jacksonville, Florida - The Red Elephant Pizza and Grill: a restaurant review.

A few years ago we began hearing about purple cows thanks to famed author, Seth Godin. I must admit, I grew to really like purple cows so when I heard that we had a Red Elephant in Mandarin my curiosity was piqued.

The Red Elephant Pizza and Grill in Mandarin has become one of our favorite spots to chill out and enjoy good food and beverage... in fact, we find ourselves eating there once or twice a week. The fact that it is right across the street from our office on San Jose Boulevard in Mandarin about 1 mile north of I-295 is certainly a plus but even if it were located miles away from us we would surely visit at least once a week for the following reasons:

The food is consistently good and the beer is always cold at the Red Elephant.
The atmosphere at the Red Elephant is relaxed and friendly - great for families or anyone.
The staff at the Red Elephant Pizza and Grill are by far the most attentive, friendly and fun-loving we've met anywhere!

Now, although I love to eat (which is evidenced by my ever-increasing waistline), I don't claim to be a food critic... but I do know what I like so far I've enjoyed almost everything I've had from the menu at the Red Elephant Pizza and Grill.

Favorites include the boiled peanuts or fried onion rings for an appetizer - I gotta tell you the onion rings are sensational... never greasy! For the main meal, I tend to rotate between any of a number of their great pizzas, a nice juicy hamburger cooked the way I WANT IT and the Pasta Ya Ya ...oh yeah, it is sensational!

For dessert, I've heard from others that everything is good but I've always been too full to try anything except the Elephant Ear and I loved it! The Red Elephant has a good variety of appetizers, main courses and deserts from which to choose but not so many that they can't do a great job on each. Everything we've had tastes fresh and homemade.

The atmosphere is suited for anyone and everyone. They have a small bar area if you just want to hang out with friends, enough televisions spread out that you can catch the game from any seat in the restaurant and even a game room for the kids to enjoy while mom and dad kick back, relax and have some "us" time. The booths are large and comfortable too (this is important for a big guy like me).

And I've gotta tell you... even if the food and atmosphere were only 'okay' (which it is far better than 'okay'), the incredible staff led by Casey and Mark are more than enough to keep us coming back again and again. Everyone is always so upbeat and friendly. They take time to get to know their customers by name and seem to really care about each and every one of them.

All in all, I have no hesitancy in recommending the Red Elephant Pizza and Grill in Mandarin to any and everyone! When you visit, be sure to tell them that Tim and Susan sent you!

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com

Mandarin - Jacksonville, Florida - A Family Oriented Community

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Sat, 28 Aug 2010 16:35:05 -0400

Mandarin - Jacksonville, Florida - A Family Oriented Community

Mandarin's roots are said to date back to the Civil War. The building that is home to the Mandarin Community Club was rebuilt in 1872 after a fire destroyed an earlier building on the site. Harriet Beecher Stowe, famed author of Uncle Tom's Cabin and longtime winter resiendent of Mandarin, led the project.

Since before the Civil War until nearly 1975, Mandarin remained a primarily rural communtiy, with much of the business in agriculture. Today, Mandarin is a thriving area with more than 10,000 residences and plenty of upscale retail centers and businesses.

Bordered by the Beauclerc area on the north, beautiful/navigable Julington Creek on the south and the mighty St. John's River on the west, Mandarin offers her residents a fabulous suburban, family-focused lifestyle in one of the most quaint, charming and history-rich areas in Northeast Florida.

There are numerous choices for home buyers throughout the area ranging from less than $100,000 to several million dollars for waterfront estates. Many of the properties boast canopies of huge oak trees tha put on an incredible natural display for local residents.

Quality education is a priority for many of these families and the area schools reflect that commitment providing among the best scores in the area. In addition to the excellent public schools, Mandarin is home to several private and parochial schools for every grade.

The community is central to Southpoint and Phillips Highway businesses including Jacksonville's largest mall, the Avenues Mall, making it a convenient commute for those who work in the area and providing easy access to all main roads to navigate to any location in the Greater Jacksonville Area. Downtown, performing arts centers and the sports arenas are all within 20 minutes of Mandarin.

Retail stores, restaraunts, medical facilities and entertainment are abundantly located in and around Mandarin making it an ideal area for families of all sizes and types. The area is also home to several synagogues and various churches totally about 40 houses of worship within minutes.

Another drawing card to the area are the many beautiful neighborhood parks, natural waterways, marinas and nature trails throughout. Area residents have everything they desire for their active lifestyles.

Below you can search homes for sale at under $250,000 currently listed in Mandarin Jacksonville, Florida:

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com

Knowing When You're Ready to Buy a Home in Jacksonville, Florida

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Tue, 29 Jun 2010 16:55:48 -0400

Knowing When You're Ready to Buy a Home in Jacksonville, Florida

All across the Jacksonville and Northeast Florida there are thousands of people looking to a buy home - either now or in the future. Over the last few years, lower selling prices and lower interest rates have come along, making it more affordable than ever to buy a home. When most people stop and give it some thought - buying a home in Jacksonville makes a lot more sense than renting a home or an apartment.

In order to buy a house, you'll need to start saving your money and have enough for the closing costs and a down payment. Your down payment will normally need to be around 15% of the price or the value of the property - whichever is lower. To be on the safe side, you should always try to have 20% to put down. If you aren't able to put 20% down, you'll need to buy some private mortgage insurance, which will cost you more in terms of your monthly payment.

In most cases, the closing costs will run you roughly 5% of the property price. Before you purchase the home, you should always get an estimate. An estimate won't be the exact price, although it will be really close. You should always plan to save up a bit more money than you need, just to be on the safe side. It's always best to have more than enough than not enough.

You'll know you're ready to buy a home when you know exactly how much you can afford, and you're willing to stick with your plan. When you buy a home and get your monthly mortgage payment, it shouldn't be any more than 25% of your total monthly income. Although there are lenders out there who will say that you can afford to pay more, you should never let them talk you into doing so - but stick to your budget instead. We would be happy to assist you in locating a lender that you would be comfortable working with and who will look out for your best interests.

Keep in mind that there is always more money involved with a home other than the mortgage payment. You also have to pay for utilities, homeowners insurance, property taxes, and maintenance. Owning and caring for a home requires a lot of responsibility. If you've never owned a home before, it can take a bit of time to get used to. And while home ownership comes with added responsibilities, it also comes with added value as well. Regardless of the local Jacksonville real estate market conditions, it is still the "American Dream" to own your own home and there is good reason that is so!

Before you fill out any applications, you should always look over your credit report and check for any errors. Although you may think you don't, you can easily get an error on your credit report and not even realize it. If you have an error on your credit report, it can cost you a lot of money in interest rates. An error will decrease your credit score, which will put you in a higher interest bracket and ultimately cost you a lot more money in the end. Therefore, you should always know your credit before you approach a lender.

If you check your credit report early enough, you may leave yourself enough time to fix any problems and get your credit back on track. Rebuilding credit can take time though, sometimes even years. You should always plan ahead - and give yourself plenty of time to fix your credit.

Buying a home in Jacksonville will require a bit of commitment on your behalf. You should always strive to get the best possible deals, which means knowing your credit and where you stand. This way, you can get the best interest rates. You don't want to buy a home with bad credit, simply because you'll pay a lot more money for the home. If you take the time to fix any credit problems and save up some money - you'll be able to get a much better home for your money.

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com

Affordable Home for Sale in Jacksonville Florida - Inground Pool!

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Thu, 01 Jul 2010 10:37:30 -0400

Affordable POOL HOME for Sale - Well Maintained!

Overview
Maps
Photos
Description
Video Tour

$125,000 Single Family Home
For Sale Main Features 3 Bedrooms
2 Bathrooms
Interior: 1425 sqft
Location

2526 W. Spring Lake Road
Jacksonville, FL 32210

To get updates on open home dates and other property events, please click the "Like" button below:

Tim and Susan Fennell

Hometown Realty of Duval, Inc.
(904) 568-5468
tim.bhij@gmail.com
http://www.BestHomesInJacksonville.com

Listed by: Hometown Realty of Duval, Inc. - Tim & Susan Fennell

Our recent listings

Magnificient Montreux
Relaxing Lake Mandarin Home for Rent
Settle Down in Sevilla
A Whole Lot for Very Little $$$
Peaceful Setting in the City

Subscribe to our listing feed See more Jacksonville, FL real estate for sale

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com

Oakleaf Plantation and Argyle Foreclosures - Video of 2 Homes for Sale in Orange Park

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Thu, 12 Aug 2010 14:39:30 -0400

Check out this video of 2 super nice Fannie Mae owned foreclosures in the Oakleaf Plantation and Argyle areas of Orange Park. Each qualifies for HOMEPATH Financing so whether you are an investor or someone looking to get into a great home with very little down, these homes offer a fantastic opportunity to save lots of money!

Tim and Susan Fennell
Hometown Realty of Duval
904-568-5468

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com

Jacksonville Florida Mandarin Homes for Sale - Real Estate Short Sales

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Thu, 01 Jul 2010 10:42:44 -0400

Bank Approved Short Sale

Overview
Maps
Photos
Description

$155,000 Single Family Home
For Sale Main Features 3 Bedrooms
2 Bathrooms
Interior: 1620 sqft
Location

4342 N. Rocky Garden Lane
Jacksonville, FL 32257

To get updates on open home dates and other property events, please click the "Like" button below:

Tim and Susan Fennell

Hometown Realty of Duval, Inc.
(904) 568-5468
tim.bhij@gmail.com
http://www.BestHomesInJacksonville.com

Listed by: Hometown Realty of Duval - Tim and Susan Fennell

Our recent listings

Magnificient Montreux
Relaxing Lake Mandarin Home for Rent
Settle Down in Sevilla
A Whole Lot for Very Little $$$
Peaceful Setting in the City

Subscribe to our listing feed See more Jacksonville, FL real estate for sale

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com

7756 Enderby Avenue E. for Rent or Sale - Beautiful 2/3 near NAS Jax

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Thu, 29 Jul 2010 06:40:29 -0400

Wonderful 3/2 for Rent In Argyle

Overview
Maps
Photos
Description

$1,050 rent or $123,000 sale Single Family Home
For Sale Main Features 3 Bedrooms
2 Bathrooms
Interior: 1376 sqft
Location

7756 Enderby AVE East
Jacksonville, FL 32244

To get updates on open home dates and other property events, please click the "Like" button below:

Tim and Susan Fennell

Hometown Realty of Duval, Inc.
(904) 568-5468
tim.bhij@gmail.com
http://www.BestHomesInJacksonville.com

Listed by: Hometown Realty of Duval, Inc.

Our recent listings

Affordable POOL HOME for Sale - Well Maintained!
So Much Charm!
Home is Here in Florentine
Magnificient Montreux
Relaxing Lake Mandarin Home for Rent

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Timothy H. Fennell, P.A.
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Fabulous Lakewood Home for Rent - Jacksonville Real Estate

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Sun, 11 Jul 2010 09:04:42 -0400

So Much Charm!

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$1,050 Residential Rental
For Sale Main Features 3 Bedrooms
2 Bathrooms
Interior: 1336 sqft
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5258 Emory Circle
Jacksonville, FL 32207

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Tim and Susan Fennell

Hometown Realty of Duval, Inc.
(904) 568-5468
tim.bhij@gmail.com
http://www.BestHomesInJacksonville.com

Listed by: Hometown Realty of Duval, Inc. - Tim & Susan Fennell

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Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
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Foreclosure Deficiency Judgment Compared to Deed In Lieu and Short Sale Scenarios

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Mon, 05 Jul 2010 06:16:52 -0400

We want to take this opportunity to thank Richard Zaretsky, Florida Real Estate Attorney for allowing us to share this very thorough and timely article with our readers:

Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. ):

We get so many questions about what is a DEFICIENCY JUDGMENT and how it differs from other possibilities including DEED IN LIEU OF FORECLOSURE or SHORT SALE. Recent blogs and Broker Bryant provided a request that I write a detailed article explaining and differentiating these three items.

This article is written based on Florida law, but most state laws are similar. Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

As a suggestion, for information on the basics of a deed in lieu of foreclosure and short sale, see SHORT SALE PRIMER - LAWYER DISCUSSION OF THE SHORT SALE EVOLUTION

Let me clarify an important issue that will have meaning later. A "Mortgage" is NOT the obligation to pay the bank. The obligation to pay the bank back the money it loaned along with interest is called the "Promissory Note". The bank makes two types of loans. Secured loans are when the bank wants the Promissory Note to be collateralized with something of value. In real estate that "something of value" is usually a "Mortgage" and it collateralizes or secures the Promissory Note with the house or other real estate. So when we say only the word "Mortgage", technically you are referring only to the security document and not the Promissory Note. Likewise when we say the words "Promissory Note", we are referring only to the obligation to repay the bank.

THE LAW OF MORTGAGE FORECLOSURE:

A mortgage foreclosure (some incorrectly call it a "Lis Pendens") is filed by the lender when the Promissory Note that is secured with a Mortgage on some real estate (usually the home) has not been paid on time (the "default").

If there was only an "unsecured" Promissory Note and there was no Mortgage, the suit would not be called a "mortgage foreclosure" because it would only demand payment of the Promissory Note and then the judge after hearing the evidence, would likely issue a Final Judgment against the borrower and in favor of the bank for the amount of the unpaid Promissory Note along with accrued interest, late fees and court costs and attorney fees. The Final Judgment would also be entitled to interest (in Florida that rate is now 6% a year) until the Final Judgment is paid in full.

A mortgage foreclosure is actually a four step process.

Step One: The first step is to file suit (called the "Complaint") on the non-payment of the Promissory Note. (Yes, there are other reasons for a foreclosure suit to be filed, like an unauthorized transfer of the real estate, or non-payment of the real estate taxes, but we are going to focus on not paying the Promissory Note). An action (the suit) is filed at the courthouse and it consists of 3 documents. The first document is a Summons, which directs you to answer the Complaint. The second document is the Complaint, which describes why the bank is entitled to the relief it is asking for - the payment on the Promissory Note. The third document is the Lis Pendens, which puts the public at large on notice (since the lis pendens is filed in the public records where the property is located) that anyone dealing with the property should know that a claim has been made against the property in the Mortgage. (Lis Pendens literally means "pending litigation" and is one of those fancy Latin words that we lawyers banter about).

The Complaint will describe that there was a Promissory Note signed by the borrower to evidence that it was to repay the bank the money, and that to induce the bank to make the loan the borrower also signed a Mortgage on some real estate that promised that if the Promissory Note was not paid, the real estate could be sold and the proceeds would be used to pay the Promissory Note. It will also say how much is unpaid and what additional money the bank may want for the non-payment of real estate taxes, for example. It will finally make a "demand", which will ask that if the borrower does not make payment on the Promissory Note to the bank, then the real estate should be sold under court supervision at a public auction, and if there is insufficient money bid for the real estate, the court should give to the bank a judgment for the shortfall (the "Deficiency Judgment"). A quick note to those that subscribe to the foreclosure defense analysis that they won't have to pay the bank - I suggest you read FORECLOSURE DEFENSE FALLACY.

Step Two: After statutory time periods have run (for example, 20 days to answer the Complaint, the bank can more for a final judgment. This is usually accomplished (in Florida) with a Motion for Summary Judgment, or similar name. Another 20 days must elapse before this hearing can take place, once the motion is filed. In reality (at least in Palm Beach County right now) that time period can be several months before a court date on the Motion for Summary Judgment can take place.

At the Motion for Summary Judgment hearing the bank must prove that there is a valid Mortgage securing a valid Promissory Note and that it is unpaid. The judge will then issue a Final Judgment of Foreclosure that says (1) if the borrower does not pay the bank the amount the bank proved is due to the bank within usually 30 days, the real estate is ordered to be sold by the clerk of the court to the highest bidder, and if the highest bidder bids less than the amount due to the bank then the bank can come back to court and request a Deficiency Judgment. It is important to note that the Final Judgment of Foreclosure is NOT a money judgment against the borrower! However, depending on step three below the bank can move to obtain a money judgment later on. IMPORTANT note to borrowers who think that THIS is the hearing when you can go and tell your story to the judge. WRONG!!!!!!! The Summary Judgment hearing takes no testimony in open court. It is based only on what is in the court file - nothing more. It is a hearing based on technicalities and strict rules. I can practically guaranty you that if you or your attorney have done nothing up to the hearing in the case to establish why the judgment can not summarily be granted, unless the lender's attorney is totally asleep, the Final Judgment for Foreclosure will be granted.

Step Three: Assuming that the borrower has not paid the bank to the bank's satisfaction during that 30 day period, the public sale (the "foreclosure sale") will occur. It is conducted by the Clerk of the Court and it usually occurs "on the courthouse steps", but more usually in a courtroom or meeting hall or even in a large hallway in some courthouses and more recently, on the Web. The property is announced and bidding starts at $100 and goes up from there. The bank is able to bid for the property and it will do so to "protect" the collateral up to the amount (and usually beyond) the bank has determined the property is worth. Usually the bank will bid up the amount of the judgment it received from the judge. More often than not the property gets sold to the bank for a mere $100 and there are no other bidders at the foreclosure sale.

Step Four: I am now again making as assumption. The assumption is that the bank ended up with the property at the foreclosure sale by bidding one hundred dollars. In that event the borrower still owes the bank money to satisfy the promissory note. The amount of the remaining balance is what is in question.

To figure get the balance of the monies the bank must go back to court to ask the court to award it a "Deficiency Judgment". The amount is what is in question and the amount is measured using various rules. In our example the bank bid $100. The court is not going to say that the house was worth $100 and $324,900 is still owed. For our assumption and as an example we will say that the property is worth $200,000 and the foreclosure judgment is for $325,000. That means the court will ask for an appraisal of the property as of the day of the foreclosure sale and the judge will likely give it that value. So it will be the appraisal value less the judgment amount which will equal the Deficiency Judgment. If the appraisal is $250,000, the Deficiency Judgment would be $75,000. Now if there was real bidding at the foreclosure sale the judge could consider that bidding and instead adopt the selling price under the competitive bidding process that occurred at the foreclosure sale. Then the Deficiency Judgment would be the difference from the foreclosure judgment and the winning bid amount. If the competitive bid was $240,000, then the Deficiency Judgment would be $85,000.

A little issue that comes up is how long the bank has to get the deficiency judgment. The Florida Statute of Limitations (time to enforce) the Promissory Note is 5 years from the time it went into default. There is also a rule on how long a plaintiff can keep open a lawsuit that has no activity. That rule says after 1 year of inactivity, the lawsuit can be dismissed by the court. The rule is referred to the "Failure to Prosecute Within One Year" rule. IF the court dismisses the lawsuit after one year and before the bank asks for a deficiency judgment, it could be argued that the bank cannot again seek to enforce the promissory note.

Florida courts have noted that a claim for deficiency in a foreclosure action does not accrue until the foreclosure sale has occurred. Thus the five year period starts at the time of the foreclosure sale (not the time of the default). The courts have not addressed the one year "failure to prosecute" issue, but it is likely that a decision on it would consider that a deficiency action is separate and could be filed as new action based on the accrual of the event at the time of the foreclosure sale that resulted in the deficiency. (See Chrestensen v. Erogest, Inc., 906 So. 2d 343 (Fla 4th DCA 2005). Recent cases now provide that notwithstanding that the court could dismiss the foreclosure case after one year, that dismissal would not bar the filing of the claim during the 5 years after it accrued.

DEED IN LIEU OF FORECLOSURE

Almost every client I meet with first starts out wondering if they should "just give the property back to the bank". This is also called "Buy and Bail" and "Strategic Default" and "Walking Away from the Property". I tell them first off that, "it ain't so easy."

A Deed In Lieu of foreclosure has many prerequisites. The first is that the property cannot reasonable expect to be able to be sold within a reasonable period of time. The second is that the bank to receive the Deed In Lieu must be the only lienor. This usually means there can be no second mortgage and the borrower and property must be clean of any claims or judgments from other creditors. In other words the title to the property must be "clean" except for the bank's mortgage. (Note that if the bank with the first mortgage also has the second mortgage or HELOC, the Deed In Lieu is still a possibility. Indeed, some first lenders will have their counsel seek to negotiate with the 2^nd lenders even if it is a different lender, to get the deed in lieu of foreclosure accomplished.)

The issue remains - what becomes of the disposition of the Promissory Note? There is documentation in a Deed In Lieu that is very important to the borrower. This documentation can be an agreement in conjunction with the deed to the bank, or it can be written right into the deed to the bank from the borrower for the subject property. In any event the document(s) must provide that as part of the consideration for the giving the property to the bank the Promissory Note is satisfied in full. If this language is included, then there is no further liability of the borrower to the bank and no lawsuit to enforce the Promissory Note can occur. Most of all, banks don't like to have to sell your property so they don't like taking property to have to manage and sell. It is expensive to take in your property and unless your property is worth more than the amount the bank loaned to you, the bank is likely to only loose more money than if you sold it for them. That is why they generally prefer to do short sales rather than deeds in lieu.

Short Sale Negotiation:

A short sale by its nature does not encompass a lawsuit to foreclose the Mortgage or a lawsuit to enforce the Promissory Note, and that is one of the primary advantages of this method of loan workout. On the other hand, there is often a Mortgage Foreclosure Suit already in progress when a short sale is attempted to be negotiated. [It is important to realize that a short sale "attempt" does NOT stop a Mortgage Foreclosure Suit! The bank may or may not instruct its attorneys to delay acting on certain aspects of the suit - usually getting the Foreclosure Judgment or if one is issued, then delaying the actual conducting of the Foreclosure Sale. Don't assume anything positive about the foreclosure suit unless you have it in writing from the lender]. See the article: FORECLOSURE EXPRESS VS. LITTLE ENGINE THAT COULD

The short sale does often times result in a "Release" of the lien of the Mortgage but not a "Cancellation" or "Satisfaction" of the Promissory Note. It is this remaining financial obligation that is the crux of so much discussion about "1099's" and forgiveness of debt. Sellers Always Have Income is a comprehensive article on the subject and also deals with recent legislation on how income does not have to be recognized.

Unless a release or satisfaction of the entire Promissory Note or in the case of a property with more than one loan, then each Promissory Note is obtained, there remains the ability of the bank or banks to sue the borrower for the balance of the unpaid promissory note. In the case of a 2^nd Mortgage, this might be the entire amount of that loan if the 2^nd Mortgage bank took nothing so the short sale could succeed.

The documentation regarding a short sale is very important. The borrower needs to know what further obligations could be in the future as a result of the short sale. Like the Deficiency Judgment statute of limitations, the balance of the Promissory Note must be enforced within 5 years of the default or the demand for payment by the bank.

If the unpaid balance of the Promissory Note is enforced by the bank, then it can file a lawsuit against the borrower (if done within that 5 year period which start time could be as early as the declared default if there is no foreclosure sale) and the result will almost always be a Judgment for the payment of money in the amount of the unpaid portion of the Promissory Note. Many persons that short sell and do not get a release of the Promissory Note utilize an offer to pay back all or a portion of the Promissory Note balance with a new unsecured promissory note. This new promissory note replaces the old Promissory Note. The new promissory note can also be enforced by the bank in the same way as the old Promissory Note, but the time to enforce it will be based on whatever new default might occur if the terms of the new promissory note are not followed by the borrower. For a specific article on Short Sales, see Back to Basics - a Review of Short Sales.

The Second Bite from the Apple

An interesting twist is being used by the banks. They take the now unsecured remaining balance of the promissory note, or the new negotiated promissory note, and sell it to investors for 5 to 10 cents on the dollar. Then the new investor tries to collect on the promissory note. This is mentioned in my article on Negotiated Paybacks. Obviously this represents an opportunity to negotiate the remaining balance a borrower may have on the old loan - sort of a second bite at the apple.

Opportunity abounds for finding solutions for those that need a short sale or find themselves in a foreclosure action. No solution is a panacea for the borrower's troubles, but the solutions present an ability for a borrower to make a bad situation a little less bad, and it gives some control to the borrower over what is otherwise a nightmarish situation.

Copyright 2010 Richard P. Zaretsky, Esq.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 begin_of_the_skype_highlighting email: RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com.

See our easy to understand articles at:

TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com

What To Do When Your Home Isn't Selling...

Tim and Susan Fennell (Hometown Realty of Duval, Inc.) — Fri, 02 Jul 2010 15:51:45 -0400

What To Do When Your Home Isn't Selling

When you sell your home, the process is almost like going to a job interview. Selling a home involves presentation, which is one of the key factors that determine the outcome. Although this may sound a bit weird, presentation is a way of life in the world of real estate. Buyers in today's Northeast Florida real estate market are looking for stunning presentation - many basing their final decisions on it. Often buyers are looking for reasons NOT to buy rather than reasons TO buy a particular house.

If the property you are selling has a garage, you'll need to go through your garage before you sell your home. Chances are that you store things in your garage, which can easily pile up over time before you realize it. If your garage is in a messy condition, you'll obviously want to clean it up. Buyers look for homes that are in perfect condition, and anything less than perfect will look bad in the eyes of the buyer. You'd be surprised at the number of buyers who reject a home simply because of the 'clutter' in the garage.

Most homes have some truly outstanding features inside of them. You should always do your best to highlight the best features of your home, instead of just hoping that the buyer understands what they are. Possibly the most effective and easiest way to bring out the best features of your home is to use the proper lighting. If your home is clean, you can use lighting to bring out the best features in your home, and ensure that they stand out to the buyer.

And never overlook the importance of 'curb appeal.' When a potential buyer first pulls up to your home; the first thing he will see is your lawn. If your lawn is trimmed and well taken care of, he will get a good impression right off the bat. If your lawn is in desperate need of attention, buyers often begin rating the home negatively before ever stepping foot inside. To give the best impression to the buyer, you should put some thought into how things look. You can always plant flowers around the walkway and throughout the yard, which will look great to a potential buyer.

You should also make sure that the entrance into your home is a positive as well. The front door should be in great shape - clean and freshly painted or stained. And pay attention to the appearance of the entry/foyer as well. You can add some plants, paintings, and rugs to ensure that your buyer gets a good impression. When the buyer walks through the entry way into your home, you should make sure that the view he or she takes in is a good one. Your biggest goal when showing your home is to ensure that the buyer is pleased from the very start.

Keep in mind that it may take some time to sell your home. These days, homes can sit on the market for months at a time before they actually sell. If you are having trouble selling your home, you can always reduce the price or simply go back to the basics. Eventually you will sell your home - although it may take more time than you think.

Timothy H. Fennell, P.A.
Susan A. Fennell, P.A.
Broker Associates / REALTORS
www.BestHomesInJacksonville.com