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We're going down to my favorite city in the whole wide world right now Miami.
And yeah Adam Shapiro gets sent down there you know how many times a day I say out loud that Miami is my favorite place in the world.
And you know isn't right -- sitting knew what the I grew up here I'm -- for parents who care.
Okay hey you know I just can't seem and I can't yet but I southern earlier on Barney that we had another -- had come out today and said.
Look -- -- or not decrease -- he's looking at lake 2.2 five million foreclosures this year alone another two million next year's.
And Miami is the word from the -- is -- it.
First let me this idea are talking received gram bomb is actually showing US house that we're -- it's just outside Coral Gables which is kind of the Beverly Hills of South Florida.
Where in Miami actually across the street from the gables this household peak.
For one point two million dollars it was foreclosed upon.
It's now on the market listed at 399000.
-- -- a total -- renovation by the way so get ready to put 200 -- into it but let me tell you something -- this house.
On the -- -- 399.
Is in contract I know how much the deal is to sell this house to the person who's buying it out of foreclosure.
I'm not allowed this today -- let's just say there are deals to be had if you're willing to take on.
Something like this right now the list price is 399 should.
The deal they have not close and as you said Miami is the capital people think it's Nevada the foreclosure rate -- much higher.
But for sheer numbers of foreclosures.
Miami Fort Lauderdale in the third quarter according to realty track 58000.
And the value according to zillow of homes in South Florida essentially.
From peak to where we are today has fallen 53.
I want to introduce you to somebody's taken advantage.
Of the opportunities Kevin Jones come on in over here.
Kevin Jones he's a new dad his baby was born three weeks ago and work to JC Penney here in South Florida Tracy -- our -- as -- -- use a congratulations as a family to support and he's in contract to purchase a home that was in foreclosure.
For seventy grant down in homestead.
It's a four bedroom two and a half bath.
At the -- was guided about 240 grand.
Was set to close October 1 and then the foreclosure freeze came in to affect.
And what's going on with their home now.
Well basically it's day by day process we don't know when we're actually going to close we -- plays today tomorrow.
Three months from now so it's the uncertainty of the whole event that is kind of -- -- life a little bit and you kind of living in between houses -- things packed up.
Got a new baby obviously -- sit out a little more complex.
Well the only problem is that for instance they cut America.
Is the bank that owns the property that he's -- a great deal out of a 70000 bucks.
But it was a countrywide mortgage that really.
From lack of better term Tracy screwed things up.
And that's why there's now a freeze on your deal like so many others.
Is there a potential -- do you worry that the deal may actually die because countrywide may not have any documentation.
Yeah of course there that uncertainty I mean there's uncertainty of the whole -- aspect of the entire deal they could tell me tomorrow that they no longer consult a house for unknown reasons and and really return none of mind.
Doing or have anything you know in the first place to do it so it makes it very difficult to kind of live day -- -- like that.
And we should point out Bank of America bought countrywide and although I use the language screwed it up they may not have screwed it up.
It's -- -- they are now reviewing all of these foreclosures that went through.
The process in the last two to three years to make sure they didn't screw it up and if they did to correct it meanwhile guys like you.
Are left holding the bag wouldn't know where to go.
I I basically.
Don't know of -- close today or tomorrow and then that uncertainty you know and kind of and it gives you an anxious feeling.
It's not something you wanna have to deal especially with a with a -- I am not a way -- so it's a little different.
So I just it just makes a really difficult.
And -- today are over six months from now exactly.
There's no date sentence down you know we went from -- are gonna close to all of a sudden.
We're not gonna close -- Tracy why doesn't quite.
Is remarkably calm me losing my mind right now -- this was going on -- and I tell you what he's not the only person I've heard a story like this from.
This again is the unintended consequence of the government getting -- that there were people.
Young families like him taking in -- -- this foreclosure market allowing capitalism work and unsure about your words not mine.
They're there is something you should know about the market down here too and I'm gonna ask Kevin if this is good -- -- -- -- you have to go back -- -- -- from.
I believe it is of condominiums.
The deals that have closed in 2010.
Our short sales or distressed properties foreclosed properties.
59% of the single family homes that have sold in 2010 here in South Florida.
Are distressed sales or short sales or foreclosed properties that's incredible if you had to go back into the market you think he gets -- -- -- you got on this house announced that.
I think with them freezing so many of them -- may be difficult to find them but of course they're going to be released at some point so there is the opportunity to again find something in us they Rangers something -- -- -- that the LDP.
Well did you know ever -- -- talk he'll say no matter what part of the country Aron what to people -- friends at work what does everyone saying about what's going on here now.
Well it really depends on.
Their individual situation if they're looking for our own it's it's great for them but it there in an existing home that they can afford that obviously their outlook has a little bit different more bleak.
My name were setting in a home -- -- I pointed out to you.
One point two million dollars it was a mortgage broker by the way who did that deal lived in this house and he's now out of the business.
He's left the house is now on the market for 399.
And that mortgage broker he's got into the restaurant business -- from finance to food.
He's got two of three -- perhaps.
And Shapiro you're the greatest and again your guest is dumb founding me because when you're in the process and it's supposedly a normal market.
You want to pull your hair out.
Maybe may be may be that he is a result of what happened to me he had -- two weeks ago I don't know but wish him well I wish him luck.
Because it absolutely awful awful and -- they are your great great story great report and Shapiro down in Miami.
In a gorgeous home.
He said was once on the market for one point two million now it is listed for 390s some -- -- down there and get a before this deal goes through.
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