Everyone is going to have a different opinion on short sales but I will tell you that the vast majority of agents avoid them like the plague - both on the buyer & seller side. Filing bankruptcy is only one of many reasons that the fall apart. Of course, some close but usually it is a long & laborious process regardless of how dilligent the agents or their negotiators are. Many listing agents on short sales don't really have any idea if a lender will accept your offer & when they price these properties, it's not unusual to for the seller with imput from their Realtor to put an unrealistic price on the property. So, even if you & the seller come to an agreement on the price, the lender (or lenders) won't accept the contract - & it's taken you 3-4 months to find that out.
My advise is if you're serious about trying to get a bargain on the beach, consider a bank-owned property. The lender/seller has already gone through the time & expense of the foreclosure process & they have a good idea of what they'll accept. As their inventory of properties continue to increase they have become very motivated to move them. Another option is to buy from a normal seller (whatever that is) who has either a lot of equity in their condo or has paid off any mortgage they'd had. Sometimes you can find estate sales where the kids have inherited their parents or grandparent's condo & they just want to sell it & distribute the proceeds.
If I can help you look for anything feel free to contact me.
Quality Service Certified (QSC)
James D. Moran, P.A.
Prudential Tropical Realty
2539 Countryside Blvd Ste 3
Clearwater, FL 33761
Work: 727-799-2227 x 223
Work Fax: 727-799-0388
A GIANT componet in determining success in short sale transactions is the resources the listing agent can bring into the process. If the process starts poorly it will end the same way. There is an unimagineable chasm between the resources brought into the process by real estate agents. When you make your next offer on a short sale property, ask the agent why their last few short sale deals fell apart. If the answer sounds something like, "It was beyond my control" you may just be starting out poorly.
Please, if you are a agent seeking solutions or a citizen experiencing a challenge, and would like more information give me a call.
ReMax ACR Elite Group, Inc
727. 420. 4041
1. If you choose to make an offer on a short sale property, be sure that the listing agent as well as the buyer's agent are experienced in short sales, preferably with some sort of certification. If either agent does not know what thy're doing, the transaction will be a mess and you will most likely end up frustrated and homeless. It's not worth your time and energy to go through this!
2. Bankruptcy should not necessarily kill a short sale--I'm curious how that could have happened three times(and I'm assuming on different properties). It does not sound as if the seller's situation is being checked thoroughly.
Here are some facts about short sales:
1. The seller must be able to show insolvency in order for the bank to accept the short sale. If the listing agent has merely taken the listing without proper fact-finding, you could be wasting your time with offers.
2. If the short sale is approved (in other words, if the bank deems the owner to be insolvent), they will be looking for MARKET value on the property, with adjustments for condition. If there have been many foreclosures and short sale in the area, the market value will be lower, if not, it may not be such a great deal.
The fact is, you can get some great deals on short sales, but there are also great deals on foreclosures and motivated sellers who are not 'upside-down'. Moral: work with an agent who knows what they are doing!
Darla Schroeder, Realtor, GRI, e-PRO
Century 21 Real Estate Champions
4350 Duhme Rd
Madeira Beach, FL 33708
We are in a different market and strange things happen with these short sales, foreclosures & REO's. They require a lot of patience and then at the last minute when you think you are going to be the new owner, another offer can come in better than yours and you have lost the deal.
My advice is to be sure you are working with a knowledgeable Realtor trained in short sales, etc. The listing agent must stay in touch with the lender 2-3 times per week so the process stays on track.
I am in your area. If i can help you in any way, please contact me.
Brenda Wooldridge, G.R.I.
RE/MAX ACR ELITE GROUP, INC.
2501 W. Bay Dr.
Belleair Bluffs, FL 33770