Home Buying in Rotonda West>Question Details

John Edwards, Home Buyer in Rotonda West, FL

I have seen 15 Sportsman Terrace at Rotonda on the market for $120k. Is this a fair price and are there likely to be any rental restrictions?

Asked by John Edwards, Rotonda West, FL Wed Jan 6, 2010

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Bill Eckler-Florida,’s answer
John,

15 Sportsman Terrace priced under $120,000 with a pool is a real value. As a "short sale" however, there is no guarantee that the property will be able to be obtained for the asking price. The fact that the listing agent has disclosed that it will require 3-6 months for bank approval is an indication that this price IS NOT a bank approved price.

Things you should be concerned about when considering a short sale.

-have the sellers submitted "short sale " paperwork?

-have the sellers submitted their "hardship" letter?

-has the bank done a property appraisal?

-has the bank appointed a loss mitigator?

-is the bank willing to entertain a short sale?

-Has the bank approved a sale price for the property?
0 votes Thank Flag Link Thu Jan 7, 2010
Hi John - 15 Sportsman Terrace is listed ffor $119,500 and being a fair price all depends on who you ask. My professional opinion is that this is a very fair price if you can get the house for the $119,500. Of course having a professional home inspection would help with that assesment. You would need to know what if any problems there might be with the house and what is would cost to get the house into shape. Then we could form an educated opinion of a fair price. But again based on the listing it appears to be a very fair price for Rotonda. I ived in Rotonda for 4 years before building a home in South Gulf Cove. Keep in mind that the house is being sold as a short sale and after reviewing the listing I see no indication that the price has been approved by the lender. It's been on the market for 81 days and the price has been lowered TWICE since it was first listed back on 10/29/2009 for $159,900. So the seller and listing agent are being aggresive with the pricing which is a good sign for a buyer. We just hope the lender is as motivated. Should you want to take a look at the home and/or decide to take a shot at it contractually, let me know I'd be happy to assist you. I'm experienced with Short Sales and all in entails. As far as rental restrictions there are none but as you may know there are Deed Restrictions in Rotonda that all homeowners have to abide by, and that goes for tenants as well. Please fel free to contact me with any questions.

Jason Stevens, REALTOR®, GRI, ABR
Graduate Realtor Institute
Accredited Buyers Representative
Real Estate Broker Associate
REOTrans Platinum Certified
Kevin Flynn Realty, Inc.
Cell - 941-662-0379
Email: jasonstevens@embarqmail.com
Home Office - 941-698-0973
Home Fax - 941-698-0973
Website: http://www.jasonestevens.com
0 votes Thank Flag Link Wed Jan 6, 2010
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