Home Buying in Wilton Manors>Question Details

Mike Gallagh…, Home Buyer in Wilton Manors, FL

Looking into buying a 2 bdr condo in cash, with a $130,000 budget in Wilton Manors FL. I dont live in the area, are the best deals short sales?

Asked by Mike Gallagher, Wilton Manors, FL Sun Jan 16, 2011

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13
Hello Mike,

As you can see there are many agents ready to help you on here.... I live and sell in Wilton Manors. We are just opening our new office on Wilton Drive. Stop by or give me a call.... I will be happy to help you find a condo. Please visit my website at http://www.marshallminottonetwork.com It is a great place to start...

Thanks

JOE MINOTTO, Realtor
Atlantic Properties International
2039 Wilton Drive
954 881 1753
0 votes Thank Flag Link Sun Oct 2, 2011
No , there are to many great deals out there especially for cash buyers. To big of a hassle with short sales and most times you dont get the property. I would be happy to email you you all condos in the manor for your review.

sincerely
mark jewett
0 votes Thank Flag Link Sun Oct 2, 2011
No , there are to many great deals out there especially for cash buyers. To big of a hassle with short sales and most times you dont get the property. I would be happy to email you you all condos in the manor for your review.

sincerely
mark jewett
0 votes Thank Flag Link Sun Oct 2, 2011
The best are the properties where the bank is the owner.
0 votes Thank Flag Link Mon Jan 17, 2011
Hello Mike,

I am a local Realtor in Wilton Manors. I also live right off the drive. Please contact me and let me help you find a property for you.

Joe Minotto
954 881 1753
http://www.marshallminottogroup.com
0 votes Thank Flag Link Mon Jan 17, 2011
A short sale is often not the best deal. It can take months for a short sale to be approved and close, even with a cash deal. Some banks are quicker than others on approving the deals and it helps if the owner has done everything he can on his end to speed the short sale process; provided his hardship letter, requested documentation for income and expenses, payed the monthly association fees if there are any, etc.

A regular sale may be priced lower than a short sale because the owner wants a fast sale or because they understand the sooner they sale, the less they lose in monthly maintenance and a market that may still decline.

Foreclosures, especially Fannie Mae and Freddie Mac owned properties can be good deals. Many include a home warranty and prefer an owner occupant over an investor. It is a good idea to check public records and code and zoning looking for fines, work done without permits, etc.
Our office is in the heart of Wilton Manors at Wilton Drive and NE 6th Ave. We live, work, and play in the area.
0 votes Thank Flag Link Sun Jan 16, 2011
Dear Mike, The best deal depends on what is happening with Wilton Manors market for the moment. If there is a regular sale that offers the same benefits as a short sale without the wait or without going through the multiple offers on a foreclosure, you go with the regular sale.

Sincerely,
Susan Penn, PA,SFR
EWM Realtor
2000 Main Street
Weston , Fl 33326
95-557-5993
0 votes Thank Flag Link Sun Jan 16, 2011
Hi


Shorts salea are not always the best deal it would depend are they an approved short sale or not. Approved means the bank is willing to accept the price they are listed at. Unapproved is jut a proice the agent and home owner have put on the home . Some of the unapporved short sales can take months before you even get an answer from the bank. I would look at everything in my price range. Some of the seller may have to sell for other reasons then needing a hort sale and then there are foreclosed properties. You have to compare each property on the market as to condition, pricing, location etc and your own reaction to the property after looking at it to determine which is the best deal.

If you are not already working with a Realtor I would be more then happy to do so.

Give me a call so we can discuss what you are actually looking for in a property.

Ann Forman
ReMax allstars
954-612-2296
954=862-5940 Fax
ann@annforman.com
annforman.com
0 votes Thank Flag Link Sun Jan 16, 2011
Mike,

To directly answer your question. I would say, sometimes. But then again, sometimes foreclosures offer the best deal and there are times where the best deal may be a typical owner sold transaction.

The problem with short sales is that the deal is not guaranteed based upon the listing price and the agreement of the current owner. The bank has to ultimately approve the deal and there are times even when you get approval the deal can still fall apart prior to closing because the terms that the bank gives for sale (particularly the terms on net proceeds to the bank or terms given to the seller by bank may not be feasible to the seller). The national average currently shows that only 1 out of every 3 short sale contract ends up actually closing. Making those odds even more unsettling to buyers is that you will most likely wait a minimum of 90 days possibly as long as 6 months before you even hear whether you have bank approval.

Being a Realtor who specializes in the Fort Lauderdale market I can tell you that there are really good deals on 2 bedroom condos that are not short sales in Wilton Manor. Currently there are 20 places that fit the broad parameters of what you have specified. 12 of which are non-short sales and 8 are short sales. I see no better value difference between the two.

Please feel free to email me at markdoringpa@gmail.com or 561-929-0428 and I can provide you with more information.

Mark Doring
West Real Estate, Inc.
561-929-0428
0 votes Thank Flag Link Sun Jan 16, 2011
Hi Mike:

Short sales can be very frustrating - you can wait for months, only to find out that the bank doesn't approve the sale and you're back to the drawing board. However, having said that, there are some good deals to be had with short sales. Actually, in this price range, you're finding that many sellers are now competing with the distressed properties (short sales and foreclosures). My recommendation is to look at EVERYTHING - there are some really motivated sellers out there.

I take each short sale on a case by case basis - asking lots of questions of the listing agent to see how it's being negotiated, how far in the process they are. If it's already approved, this is the best type of short sale. Unapproved short sales are a crap shoot sometimes.

I'd be happy to send you listings that match your criteria and you can then pick the ones that appeal to you the most. Let me know if I can help.

In the meantime, best of luck with your search (I strongly recommend you work with a Realtor - it costs you nothing) and Happy New Year!!

Angela
Villa G Realty, Inc.
Tel: 954-816-7996
Web Reference: http://www.villagrealty.com
0 votes Thank Flag Link Sun Jan 16, 2011
I would be happy to send you a list of properties currently available for you. In addition, I can set you up to receive email alerts when something new comes on the market that meets your criteria. If you would like to receive the email alerts, please email me your price range, town preference, number of bedrooms desired and any other information that is important to you.

Please call with any questions. I look forward to hearing from you.

Amy Givoni, Broker
Givoni Realty Corp.
561-361-8555
amygivoni@realtor.com
http://www.amygivoni.com
0 votes Thank Flag Link Sun Jan 16, 2011
There are many deals in Wilton Manors. Please choose a real estate agent to show you the good deals. My contact info as follows. Feel free to call me.

Sedat Celik
Sedat@celiks.com
954-661-2565
0 votes Thank Flag Link Sun Jan 16, 2011
Short sales are a different type of transaction unless the listing agent and the buyers agent know what they are doing it could be a lot of time wasted on your part as they need 3rd party approval for m the bank or banks being shorted ,which can take 1-3-6 month's to get. The property price may be low but does it fall between the guidlines each loan type demands in order to be accepted? Do your homework and make sure you are willing to endure the lengthy process.
0 votes Thank Flag Link Sun Jan 16, 2011
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