Ronald S. Webster

Each August Florida property owners receive a proposed tax bill. Florida law provides that a minimum of 25 days shall be given to object to the property assessment. You are not entitled to challenge the assessment at any other time of the year.

Much confusion exists as to how values are established. Collier County cannot send an appraiser out to each home so the county utilizes the “mass appraisal technique.” This is neither an art nor a science and often leads to inequitable results. Like the passenger sitting next to you on a plane, your neighbor’s property may be assessed completely different from yours and the two of you are paying completely different fares.

What is a Short Sale?

The National Association of Realtors defines a short sale as “a transaction in which the lender, or lenders agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.”

PART I PARADIGM SHIFT IN PROCESSING SHORT SALES

A. Lender Short Sale Response Time

MYTH: Banks must respond to short sale offers within ten (10) days after submission.

Florida Land Trusts are simple to create and are an excellent planning tool for residents and non residents alike. In fact, I submit they are the best solution for foreign buyers. One reason they are seldom used is that few people are familiar with Florida Land Trusts including Realtors, title companies and ironically many attorneys.

Prices may look attractive and the subliminal thought of benefiting from someone else’s misfortune may be psychologically appealing, however, that doesn’t mean a buyer should let their guard down when negotiating with a bank over a REO (Real Estate Owned) property recently acquired through foreclosure.

Although banks have a fundamental desire to unload a non-performing asset from their books, buyer beware, banks can be extremely difficult to work with.

Below is a list of ten common pitfalls buyers should be aware of when purchasing foreclosed properties from banks.

PART I: THE PROBLEM

The Home Affordable Modification Program (HAMP) proved to be a failure. In part, this has triggered an increase in the number of short sales. As a result, the short sales process has presented a great deal of frustration as well as challenges to the real estate community due to countless reasons including: