Real Estate News
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How to Make a Successful Short Sale
In today’s market, a foreclosure can occasionally be a great opportunity for an investor to get a good property at a low price. However, sometimes the property owner owes more too the bank than the property is worth. This is where Short Sales come in. With a Short Sale the bank has a chance to settle on the property without going through the time, money, and trouble of dealing with a foreclosure situation. Since the borrower owes more than the property is worth, the bank knows that at best they will get what the property is worth from a sale, not what was owed. Once they factor in the money from court costs, house repairs, marketing, and the amount they are holding in reserve by law for the loan they gave to the lender, it becomes clear that they can benefit tremendously from unloading this property before the borrower files for bankruptcy. That said, the foreclosure departments in banks and lending companies all across the country are up past their necks in foreclosures and short sales that they really don’t have time to walk everyone through the short sale process.
If you want to buy or sell a short sale, assuming you have found a buyer or a seller, first you need to contact the bank and see what forms they require for the process. You should be able to find this out quickly from someone who works in the department that handles short sales for that particular bank. Once you have your forms fill them out, sign them, and have the buyer/seller sign everything they need to. Now call the bank back and begin the negotiations. The bank will probably send out an appraiser to assess the properties worth so that they can get as close to that price as possible. It’s your job to convince the representative from the bank that they will lose money by not taking your deal at the same time making sure you are getting the property for less than you can sell it for. If everything works the way it should the bank will save money by agreeing to the short sale, you will have a property for considerably less than it’s worth, and the borrower will be out of his loan.
This process is complex, and can be very frustrating if you do not know what you’re doing. If
you want an experienced distress property expert selling your short
sale or negotiating you short sale purchase for you, contact me at 850
492-6972 or email me here .
What $180,000 Gets You in “By the Beach” Perdido Neighborhoods
With real estate still as low as they’ve been in a long time, you may
be able to get that dream house near the beach you’ve always wanted.
Below is a list of the homes you can buy in some of the more prominent
neighborhoods in Southwest Pensacola and Perdido for under 180k.
Perdido Bay Country Club Estates:
35 ARAPAHO DR
Here is a three-bedroom, two-bath, 2,300 SF home in Perdido Bay Country
Club Estates for just $175,000. This property is within walking
distance of bay waterfront. Click here to contact us about getting more information on this property or other properties in this area.
Chandelle:
1119 NAPLES DR
This four-bedroom, two-bath, 2,100 SF house in the Chandelle
subdivision is currently going for a mere $175,000. This property is
right across Gulf Beach Hwy from Big Lagoon. Click here to contact us about getting more information on this property or other properties in this area.
Estates at Emerald Shores:
2524 JIBE DR
Here is a three-bedroom, two-bath, 2,000 SF home in Perdido Bay Country
Club Estates for just $179,995. This property is right across Gulf
Beach Hwy from Big Lagoon. Click here to contact us about getting more information on this property or other properties in this area.
Condo Pricing in Perdido Key:
As you look for a condo in Perdido and Southwest Pensacola
you may find that there are almost too many complexes to choose from with condo
prices ranging from about 100k – 1.2m.
You can see a graph below of some of the condominium complexes in
Perdido and the relative prices of their listed condos.
If you would like to view these and other condo’s visit our listings .
Extended first-time home-buyer tax credit:
The Senate reached a consensus last week
to extend the $8,000 first-time home-buyer tax credit and is offering
a new smaller credit of $6,500 to existing homeowners. They
are only extending it through April of 2010 so this won’t have
much of a stimulus effect on the housing market. With current
depressed pricing and still large inventories, this may be a buyer’s
best window of opportunity. Call the Pensacola’s best Realtors,
the 2 Paradise Team at 850 492-6972 to provide you with necessary
tools and complete list of best values available today. Call or email for your free copy of the a comprehensive lists of disclosures
on items to be knowledgeable about while shopping for your new home.
Be sure to ask for the Florida Property Disclosure. Click here to contact us.
