Kengrantrs, Home Buyer in Orlando, FL

Can you still get a good deal on a distressed,single family home in Palm Beach County? I've heard big investors are outbidding everyone.

Asked by Kengrantrs, Orlando, FL Sat Aug 10, 2013

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12
ken....

The mesage you should be getting here is that there are still great opportunities out there, however, the competition is tough requiring the every day buyer to be at the "top of their game." This simply means the following:

1. successful buyers need to have a working appreciation for their target market(s).

2. buyers need to have a clear understanding of their search criteria.

3. successful buyers need to a pre-approval letter" or "proof of funds letter" at their immediate disposal.

4. In this market sector, buyers need to be prepared to make quick decisions. To hesitate, often mean you lose the opportunity.

5. successfu buyers need to identify and work with representation that has a clear appreciation of your personal criteria and is willing to work with you to that end.

6. successful buyers know when and when to not offer less than the "asking price." Too many buyers are eliminated from this initiative because they feel they know they can can get a better price.

7. successful buyers work with agents they can trust.....

Hope this is helpful.

Bill
1 vote Thank Flag Link Sat Aug 10, 2013
Good outline Bill ! Bob
Flag Sat Aug 10, 2013
Well said Sam. I could not have put it any better that's why we are sitting on the side line waiting.
0 votes Thank Flag Link Thu Aug 29, 2013
In July, the PB county clerk recorded 8% less deeds compared to June. Mortgages dropped by a whopping 18% month over month.
0 votes Thank Flag Link Wed Aug 14, 2013
There are almost 40,000 foreclosures backlogged in the county clerks office. That inventory will make it to the market once the banks realize their collusion is no longer making prices rise. Interest rates have spiked. The tax collector will be rising appraisal values which means higher taxes, and recent landlords will be surprised how much more they are going to have to pay. Insurance keeps going up as well. The investors have bought so many properties with intent to rent them out that we now have a flood of rentals out there. Rents are dropping and will go much lower. Home prices may be down from 2006 but everybody knows that was a bubble. Prices have yet to really fall to levels which signal a logical bottom. It appears this was just a dead cat bounce and the bottom is ready to finally fall out. People who just blew their cash on a depreciating asset will feel like fools. I mean, why would you pay $250k for a home when just 18 months ago it would take months to sell at $70k? That is more absurd than the bubble of 2006. Hold on to your cash and realize the people replying to your messages are realtors with a story to spin.
0 votes Thank Flag Link Wed Aug 14, 2013
You may be able to get a good deal on a higher priced distressed property valued over $250,000. However my experience within the past 6 months on properties priced under $250,000 in northern Palm Beach has been an "ebay" sort of bidding frenzy. Most recently my clients have offered $16,100 over and above the bank's minimum asking price and I have my doubts if our offer will be highest and best. Keep in mind that distressed properties may have underlying issues as well.

Your best deals in my opinion are not bank owned or short sales. Ask your realtor to send you instant notification any time a resale within your search criteria pops up on the market and make your best effort to see it ASAP. Submit the offer within a timely manner.

Please feel free to contact me if you are not currently working with an agent.

Denise Samouilidis
Keller Williams Realty
4455 Military Trail #100, Jupiter, FL 33458
DIRECT: 561-308-0007

Start your home search here: http://www.iselljupiterhomes.com
0 votes Thank Flag Link Tue Aug 13, 2013
Sign up and log on to MLS free from my web page http://maryngati.listingbook.com
0 votes Thank Flag Link Mon Aug 12, 2013
There are no real deals to speak of on single family homes in Palm Beach County. That's because sellers are current in command of the market.

That doesn't mean you can't find a home that you'll like and consider a good deal. It simply means that there are no bargains around.

Investors, in some cases, are outbidding other buyers. However, most investors don't want to overpay. Otherwise, it's not a good investment.

What we're seeing in the area is an abundance of cash buyers in the $400,000 and under price category. We're also seeing an abundance buyers with pre-approved mortgages.

Basically, both sets of buyers are well prepared for this market. They know they will have to act quickly because there are far fewer properties available than there are buyers looking for them.

So, if you're a cash buyer, or you're planning to purchase using a mortgage, be prepared to make a rapid decision if you see a property you like.

Whether or not it's a good deal is often up to you. If you want a particular property and it suits your needs, without exceeding your ability to pay, it's a good deal in today's market.

There are any number of distressed properties available. However, even owners who have neglected their properties have a pretty good idea of their value, especially if they have hired real estate agents to represent them.

If you find one of these properties and it looks like you may be able to buy it, fix it, and rent it or sell it at a profit. then jump on it. However, don't expect much in the way of price concessions from the seller in today's market. There are too many buyers right behind you.

Marc Jablon, The Jablon Team
Re/Max Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Sat Aug 10, 2013
Hi,

Yes, investors are sometimes outbidding buyers wanting to live in the property.

Are you looking for an investment or a place to live?

Regarding a distressed single family home, how distressed a property are you hoping to buy? Needs a little paint and new flooring, or, needs floors, walls, ceiling, appliances, and A/C replacement?

If I can be of further service please contact me directly.

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
0 votes Thank Flag Link Sat Aug 10, 2013
Ken,

While "good deal" is a relative term prices throughout Palm Beach County still lag well behind the market highs we hit over 7 years ago. With that knowledge I would say today's pricing is a relative "good deal" but prices have been moving steadily higher and while I think over the past few weeks certain segments have been catching their breath the trend to much higher future prices is clear.

International buyers make up about 25% of the market and with hundreds of thousands of baby boomers with their eyes set on Florida the future demand is set. With little undeveloped land in the area and all signs pointing to an inflationary period ahead so is supply. Beyond the tax benefits of having a primary home in Florida I would argue that everything is a "good deal" right now and firmly believe that a look in the rear view mirror in the future will prove that point. Keep in mind I am one of the few I know who told anyone who would listen back in 2005 to sell their home and that is exactly what we did. After renting for over 6 years we re-entered the market about a year and a half ago.

Investors, especially large groups like Blackstone and their Innovation Homes arm are very active in the market. These groups see the value described above and account for another 20% of our current market.

Your perfect home in the Florida sun and a "good deal" are out there. A very clear description of your specific requirements is the best place to start and if I can be of service to you and your family I would appreciate the opportunity to be one of the buyers agents you may choose to interview. We cover the tri-county area and are experts in finding our clients that "needle in the haystack.

Best of luck and if I can offer anything additional please let me know.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes Thank Flag Link Sat Aug 10, 2013
Big companies like Blackstone are on top of everything with good agents working to find distressed single family homes, but an agent can find one for you. However, prices are rising now and you may find a distressed home priced near market value of one that is NOT distressed.

Your agent may find you a wonderful buy in Palm Beach County.

Happy to work with you.

Marilyn Jacobs
561-638-9818
Jeffrey Ray & Associates
marilynfjacobs@gmail.com
"The GO TO Realtor in Palm Beach County:
http://www.marilynjacobs.com
http://www.FloridaLuxuryCountryClubHomes.com
http://www.FLWaterfrontCondos.com
0 votes Thank Flag Link Sat Aug 10, 2013
While you are correct that many investors are part of the buying pool consider this. Property values have continued to go up and inventory is getting scarce. The result is while it is a bit more difficult to win bids on properties it still can be done. How you ask? Have an aggressive agent and listen to your agents advice on what to offer. You need to be aggressive with your offers these days and that does not always mean price.
If I can help you in anyway feel free to give me a call
Jacquie Yekmalian
Florida Real Assist
561-868-0591
isellflahomes@gmail.com
0 votes Thank Flag Link Sat Aug 10, 2013
"A Good Deal."
Of course you can.
No, you can't find them on Trulia.
No, not on Zillow either.
Not even in the MLS.
The 'GOOD DEALS' are sold to "SERIOUS" buyers who have demonstrated they are willing and able to COMPETE. Those who wish to avoid competition, will pay a premium.
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Know which one you are then contact a mulit-dimensional real estate professional...and do whatever you must do to get on the "A" list.
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"A" list buyers will get the first look. Everyone else see's the home the wanted to buy SOLD in less than one day.
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If you are serious, do what serious buyers do.
CALL a Orlando real estate professional.
No, don't use that 'contact' link.
CALL.
0 votes Thank Flag Link Sat Aug 10, 2013
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