I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.
Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.
For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."
And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.
There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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With respect to Sanibel, I can't talk about Cape or Ft. Myers because I only know the island, 10% of all short sales and foreclosures close with in a year. You make your offer, the bank requires you to complete and return a bunch of their forms - As-Is, Bank Addendum - stating you are at the banks mercy and they can do whatever they want - when they want. This is because they are calculating how much TARP money they will get back - thanks to our current admin.
The "low price" you see on trulia - may or may not be accurate and should no way constitute what you may actually own the property for. Make an offer, fill out more paper work, don't hear anything for 4 weeks.
Have a great day,
I have sold millions in southwest Florida homes and I specialize in working with Buyers. I have lived here for 13 years and have been visiting the area since I was a child, so I can tell you with confidence that I'm very knowledgable about all of SW Florida, the Real Estate market and the art of buying a home. I am an expert at locating the perfect property that fits your needs, negotiating the best deal possible and protecting your interests every step of the way. Call me and lets talk about how I can help you find a house you will love.
Terence Trombetti â€¢ RealtorÂ®
Gulf Coast Realty Network
4002 Del Prado Blvd. S.
Cape Coral, FL 33904
If you would like to search for properties like a Realtor on the Florida Gulf Coast Multiple Listing Service, go to http://www.gulfcoastproperty.net. Click on the "MLS" icon to the right.