Jamal Anderson: ‘Dirty Bird’ House In Atlanta Sold In Foreclosure Auction

Retired National Football League (NFL) running back, Jamal Anderson, recently lost his 10-bedroom, 12-bathroom luxury home in Atlanta, Ga., in a foreclosure auction, according to AccessAtlanta.com.

Anderson purchased that mansion for $1.25 million back in 1999, which was at the height of his success on the gridiron. In fact, it was around the same time he helped the Atlanta Falcons to its first Super Bowl in franchise history against the Denver Broncos. Anderson — who led the conference in rushing that year with more than 1,800 yards — picked up 96 yards on the ground in a losing effort (34-19).

After a seven-year career, the “Dirty Bird” hung up the pads in 2001 after suffering a serious knee injury.

Anderson has gone on to become a football analyst on television, often appearing on ESPN and other major networks. He has also had a public battle with the Internal Revenue Service (IRS) since his retirement, as well as brushes with the law that include suspicion of cocaine possession and Driving Under the Influence (DUI).

In 2007, Anderson and his now-foreclosed “crib,” which the bank unloaded for $225,000 less than what he paid for it more than a decade ago, were featured on MTV. Video of Anderson’s MTV “Cribs” episode is below.

Adverse Possession: Florida Man Squats In Style, Takes Over $2.5 Million Boca Raton Mansion

Go big or go home.

Or, in the case of Andre Barbosa, go big and go into a $2.5 million bank-owned home in Boca Raton, Fla., that isn’t his, but claim that it is. Then, complete “adverse possession” paperwork (we define the term here) and file it with the county clerk.

Voila!

Technically, Barbosa is now allowed to live in the home, rent-free, and the local authorities are for all intents and purposes are handcuffed until Bank of America, which reclaimed the property through foreclosure last year, takes notice/action.

And if he pays the bills and property taxes the luxury property would eventually become his by default in seven years.

However, Bank of America doesn’t seem like it is about to let that happen, releasing the following statement on the “serious” matter (via WPTV.com):

“We have been in communication with the Boca Raton Police Department regarding the concerns with the occupants of 580 Golden Harbour Drive. There is a certain legal process we are required by law to follow and we have filed the appropriate action. The bank is taking this situation seriously and we will work diligently to resolve this matter.”

Adverse possession is not new; on the contrary, its roots trace back to 16th-century England (we first talked about it two years ago here). It was introduced in Florida decades ago so that farmers could make the most out of abandoned land.

However, with the foreclosure flood in the “Sunshine State” and banks overwhelmed with paperwork, more and more cunning opportunists are playing the adverse possession card while it’s still possible. In fact, 13 such claims were made in Palm Beach County in 2011, 19 in 2012 and six already in 2013.

None clearly as big (or bold), though, as Andre Barbosa.

Fannie Mae Foreclosures Sold In Bulk

Pacifica Real Estate Group, a real estate investment and management firm based in San Diego, Calif., recently purchased 699 foreclosures in Florida from Fannie Mae in one very large bulk transaction.

According to PalmBeachPost.com, Pacifica paid $12.3 upfront and will have to provide Fannie Mae with 90 percent of the proceeds from the homes included in the portfolio until the collective sales reach $49.3 million. Once that threshold is satisfied, the companies will split any future profits down the middle.

Fannie Mae stands to collect a projected $78.1 million windfall as a result of the landmark sale.

However, this deal is less about money and more about getting properties in a struggling South Florida housing market, which was among the hardest hit in the mortgage meltdown several years ago, repaired, marketed and sold, as well as rented, as soon as possible.

“The transaction is designed to promote home price stability, improve quality of housing stock and enhance rental inventory of markets by utilizing a rent-and-hold strategy,” according to a summary included in the report.

Fannie Mae typically sells its assets one-by-one via HomePath.com, offering buyers nationwide with special offers and incentives to achieve the goal of homeownership. Competitive interest rates and the “First Look” program that ensures traditional buyers are not beat to the punch by cash-laden investors, are just a few of the many ways the the Government-Sponsored Enterprise (GSE) is doing its part to equitably return the United States housing market back to normal sooner rather than later.

It’s a delicate balance.

To search for Fannie Mae-owned foreclosed homes available for sale in your area today click here.

Foreclosure.com Partners With Vendor Select To Grow Property Preservation Network

Boca Raton, Fla. – Sept. 3, 2012 – Foreclosure.com today named Vendor Select its exclusive vendor management company that will help the nation’s leading authority on distressed real estate information grow its network of property preservation contractors and real estate agents.

Foreclosure.com forged this strategic alliance to meet the ever-growing demand from its subscribers, as well as clients, to identify qualified property preservation contractors to assist with the repairs and renovations of foreclosed properties, among others, in all corners of the United States.

“We have provided homebuyers and investors with direct access to local real estate agents throughout the nation for many years,” said Jim Houston, Foreclosure.com Vice President. “Our Community Expert Program has created countless opportunities for real estate agents and home sellers/investors to connect. This evolution was just a natural progression of the model in response to the huge demand for qualified, skilled contractors and vendors,” he said.

Vendor Select provides its clients with a robust mechanism to manage vendors across all disciplines in the property preservation and real estate arena. Contractors and agents have the ability to create a profile at no cost in the platform with the ability to improve their ranking based on several elements, including education, among others.

For example, through Vendor Select the vendors may participate in certification programs — Property Preservation and Field Services program and Certified Short Sale Agent certification — relevant to their chosen lines of work. Additionally, the Vendor Select network will be available to forward-thinking banks, servicers, asset managers and private equity firms that want to leverage a turnkey network of professionals for their needs.

“We see where the industry is going and we intend to have solutions for each phase of the distressed asset industry,” said Houston. “Providing the industry with a state-of-the-art platform to search for, vet and hire vendors of all classifications will help the industry at large and get us closer to healing a struggling housing market.”

Real estate agents, brokers, contractors and vendors who are interested in expanding their businesses with VendorSelect clients are encouraged to sign up for inclusion in the national network at www.VendorSelect.com.

Report: Short Sales Surpass Foreclosure Sales

More and more lenders are apparently looking to avoid the foreclosure process, opting instead to sell the distressed assets for less than their original loan amounts.

That’s the latest, at least, from Lender Processing Services Inc. (LPS), which revealed short sales accounted for nearly one-quarter (23.9 percent) of home purchases in Jan. 2012, which is more than the monthly foreclosure tally (19.7 percent). All told, based on these statistics, short sales and foreclosure sales accounted for more than 40 percent of all real estate purchases to start the New Year.

There are many reasons for the uptick, most notably the massive costs that lenders incur because of foreclosures, particularly at such a high volume. In fact, some lenders (Wells Fargo and JPMorgan Chase & Co.) are so eager to avoid the foreclosure process that they are offering distressed homeowners as much as $35,000 to accelerate their departures. In addition, streamlined short sale procedures have been introduced that compel loan servicers to respond to all short sale offers in 30 days or less.

So if a bank is willing to reduce the price on a desirable home, incentivize the homeowner who can no longer afford his or mortgage to relocate and get a “non-performing” asset of its books as soon as possible, it appears that everyone — all things considered — comes out a winner. Even neighborhoods, which have been scarred with the black marks of foreclosure and its deleterious effects, and in turn their collective property values, appear to benefit from short sales.

But you be the judge: Check out available short sale homes for sale in your neighborhood today at Foreclosure.com. Yes, we have short sales — along with many other distressed property listings — available on our site, many of which are 30 to 50 percent less than market value.