Refinance an option for sites in foreclosure

Refinance an option for sites in foreclosure

A Wichita developer is closing in on a plan to refinance 19 local properties named in a foreclosure lawsuit.

Joe Cassell, the attorney for developer Mark Nordyke, said he expects his client to refinance the properties named in a $2 million lawsuit filed in mid-November by Sunflower Bank.

Cassell and bank attorney Thomas Lasater said Tuesday that sale of the properties remains an option if the refinancing can’t be completed.

The foreclosure suit is scheduled for a Jan. 17 trial in Sedgwick County District Court.

Bealls buys office space [South Florida]

Bealls buys office space [South Florida]

It was not exactly a building with a broad audience: a Class A structure with all the tony accoutrements but tucked away behind an old East Bradenton neighborhood and surrounded by a steam-gouting juice manufacturing plant.

But to the great relief of Manatee County economic developers and the small downtown restaurateurs that relied on the hulking headquarters’ workers for business, Tropicana’s four-year-old corporate office building will languish no longer.

Homegrown Bealls Inc. has bought the 149,000-square-foot structure, which was built less than two years before Tropicana bigwigs abandoned Southwest Florida for Chicago.

Seller financing eases sale

Seller financing eases sale

You already know that the current home buyer’s market — with more homes listed for sale than there are active buyers searching for residences — in most cities is a great time to purchase a home.

But there’s another reason to buy a resale house now. Anxious sellers are offering sales incentives. A few offer vacation trips, higher sales commissions to buyer’s agents and even automobiles as inducements to realty agents and their buyers.

However, there is one sales incentive that most listing agents and home sellers forget to offer: seller financing.

Complex has trove of bargain condos [South Florida]

Complex has trove of bargain condos

Thought the days of finding a home in the $100,000 range were over?

One- and two-bedroom units at the Kanner Highway condo complex Hemingway at Stuart have hit the market for $109,000 to $129,900 – well below the median price of a condo in Martin County.

In November 2005, when the condo-conversion craze was still going strong, the Fort Lauderdale-based company Hemingway at Stuart LLC paid $3.7 million for the 20-unit complex, formerly the Stuart Gardens apartments.

The firm spruced up the property and recently put the units back on the market as condos.

Failed land deals link Husani and Kolbe circles [South Florida]

Failed land deals link Husani and Kolbe circles [South Florida]

It is a coincidence that Neil Mohamed Husani and Todd Kolbe, two of the most prolific real estate deal-makers in Southwest Florida, lived in the gated community of Laurel Oak Country Club in Sarasota.

But it is no coincidence that their business and investment circles collided several times during the past three years.

Kolbe is now serving a 30-month prison sentence in South Dakota after pleading guilty to conspiracy to commit mortgage fraud, while Husani left the country in March after learning that FBI was investigating him for presenting false documents in multimillion-dollar loan applications to at least two banks.

Mortgage broker reveals shocking insider facts

Mortgage broker reveals shocking insider facts

Behind the industry curtain: dirty tricks to increase profits

The only people who should read “Mortgage Confidential” by mortgage broker David Reed are home buyers who want to avoid unnecessary mortgage fees, homeowners who want to refinance and save money, and real estate agents looking out for the best interests of their buyers. All others should avoid reading this superb new book because you will be shocked by what goes on in the home-loan industry.

The author must need 24-hour security guards because he reveals the dirty tricks some mortgage lenders use to secretly increase their profits at the expense of borrowers.

For example, Reed doesn’t hesitate to expose the unnecessary “junk fees,” such as administrative fee, processing fee, origination fee, documentation fee, and other creative titles, which are pure lender profits. He explains a junk fee is a lender charge that is not for a legitimate specific service, such as an appraisal, credit report, title insurance or survey.