Once you’ve made the choice to own a home in Southwest Florida…This is the sixth tip in our series: “12 Tips for Buying Real Estate in Southwest Florida” which is also available as a free eBook
This is the fifth installment of Top 12 Reasons to Retire in Cape Coral, Florida which can also be downloaded from our free eBook library.Between its sandy beaches and natural preserves, Southwest
Reviews - AJ AckermanReview us on Google (click the pencil icon)Review us on Yelp (click "Write a review")Lee County Real Estate Agent - AJ listened to me and educated me Fort Myers Realtor® - AJ Was
You can go to www.leeclerk.org and do a public serach by the owners name. That can give you a basic overview of what is going on with the asset. A search by a title company reveals everything associated with the title. You can get these done for under $150.00... more
Here are a few questions to consider when buying a second home in Florida. Ask yourself why you want and need a second home. If you visit Florida once a year, and usually stay in a hotel, it might not
So, you’ve made an offer on a new home; it’s been accepted; and, you’ve been pre-approved for your mortgage. Congratulations! But, don’t necessarily start the celebration just yet. In that waiting
A short sale is when a home is being sold for less than what the current seller owes on the property & the seller does not have sufficient funds to bring to closing to cover the balance owed.
Pre-foreclosure is the time period beginning when the borrower stops paying his/her mortgage and ends when the property is foreclosed upon. This is the time period in which a short sale may occur. Once a borrower has missed at least 3 payments, the lender usually files a Lis Pendens with the clerk of court in which the property is located.
Homeowners often attempt to do a short sale in order to avoid foreclosure. Often the lender has filed a Lis Pendens and started the foreclosure process on the property. But not always.
To purchase a short sale requires patience. After you sign a purchase agreement with the owner of a short sale property, the seller's lender(s) and/or other lien holders have to approve of the sale before you can close. If there is just 1 lender, it may take up to 2 months to hear back from the seller's lender. If there's more than 1 lender, it can take 4 months or longer to hear from all lien holders. Sometimes a short sale has a tentative approval by the lender at a certain price, so the approval process may take less than 30 days.
You also need to have your financing in order before you submit an offer. Lenders like all cash offers. They will consider buyers obtaining mortgage if you are pre-approved with your lender (not just pre-qualified), the bigger your down payment the better, and your closing time should be flexible.
Contingencies are also important in getting a short sale offer approved. The less contingencies you include in the contract, the better. If you have to be closed and move out of another house/condo/apartment by a certain deadline, a short sale may not work for you.
It's also in your best interest to do a preliminary search of the clerk of court records on a short sale property you're interested in to see if there are multiple lien holders such as 2nd or 3rd mortgage, equity lines of credit, real estate tax liens, mechanic's liens, HOA liens, etc. The more liens there are, the less likely that contract will get to the closing table as ANY of the of the lien holders can stop the sale at any time by refusing to agree to a settlement.
If you find a short sale property that you like enough to write an offer on, you should have your agent ask the listing agent if the short-sale package is ready for submission to the leder and the status of negotiations with the lien holder(s). In other words, has the listing agent done his/her short sale homework.
You would make an offer in writing to the home owner, typically on an As Is (with right to inspect) contract form. The offer will include a Short Sale Addendum. Once the seller has accepted your offer, you are bound to that contract to purchase the home according to the terms written in the contract. Your short sale addendum will stipulate how long you the buyer are willing to wait for seller's lender(s) approval. It will also indicate whether the seller can keep the listing active in the MLS and continue to submit offers to his/her lender(s) under short sale approval is obtained. The contract is signed by you the buyer and the seller, not the lender(s). The lender(s) only approve of the contract.
The most common reasons why a short sale fails to close are:
incomplete short-sale package submitted to the lender(s)
short-sale package not submitted properly so sits in a pile on a desk
the offer is too low
the buyer's offer is not strong enough in terms of financing, terms or contingenties
the lender(s) took too long and the buyer backed out
the loan was sold to investors who won't approve the short sale
junior lien holders refuse to cooperate
It's very important if you are pursuing a short sale that your agent gather as much information as possible and disclosure as to the short-sale process by the listing agent up front so to help you determine the odds of that short sale transaction closing.
I know this is a lot of information to absorb, your agent should be able to sit down with you and go over the entire process until you are comfortable with it.
Below please find an example of the condo fees and pet description for a property listed for sale at Brandywine Circle
Pets: not allowed
Total Tax Bill: $634 Spec Assessment:
Tax Year: 2013
Condo Fee: $354 Monthly One Time Fees
Transfer Fee: $0 Spec Assessment:
Application Fee: $125 Land Lease:
Mandatory Club Fee:
Min. Days Of Lease: 365 Rec. Lease Fee: $0
Num of Leases/Yr: 1 Other Fee: $0
Approval: Application Fee
Terms: Buyer Pays Title, Buyer Finance/Cash
Maintenance: Insurance, Irrigation Water, Lawn/Land Maintenance, Legal/Accounting, Manager, Pest Control Exterior, Rec Facilities, Sewer, Water
If you would like more information on communities in this area and price range that do allow pets please email me directly at Amy@CozzaRealtyGroup.com... more
Because of a lot of short sales and foreclosures that happened in 2009, appraisal values were effected negatively. Now that for most part we are out of that mess, I am seeing appraisals coming very high.... more
It depends on the size and type of pool you are planning to install. You may also be required to pull permits. I would advice you to get a quote from 2-3 contractors to get a competitive estimate.... more
Lenders in Sarasota County originated 1,228 loans for a total of $445 million in October - a six percent increase in total loans from the 1,157 logged in September and a whopping 94 percent increase
FREE list of foreclosures, Bank Owned, REO,s and Short Sales, in Southwest Florida. There is no charge for receiving this list. Areas include, Naples, North Naples, Cape Coral, Bonita Springs, Naples,
Do you know why you need to work with a buyer representative?A buyers representative is a real estate professional that provides you, the buyer, with the knowledge you need to make buying a home pleasant
Cape Coral is one city to watch. Once again, the city has picked itself up from the doom and gloom of the housing market tanking as was true with all of Southwest Florida and our great county. Before the