Property Q&A in Odessa>Question Details

Lorie Cura, Home Buyer in Odessa, FL

Is this house still available? Have you already received offers? If we offered asking price how long would it take to get an answer?

Asked by Lorie Cura, Odessa, FL Sun Dec 2, 2012

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Hi Lorie,

This property is a short sale and there are some issues with mold and electrical problems. The swimming pool also has not had the final permit approval.

If you're already working with a Realtor and have been preapproved by a Lender (or paying Cash) I would get out and see it asap. It's a little worrisome because the Seller has not signed an offer although it has been on the market over 2 months. This may indicate the seller is not motivated to get it sold. Some Short Sellers may intentionally drag out the process to be able to live for "free" for years. I'm not saying that is what is going on here but it is a possibility. Also the price appears to be over market value based on the condition. An automated value suggests about $580k. CoreLogic's values are sometimes off but at first glance it looks to be overpriced.

If you're not yet working with a Realtor, I'm sure you will have Realtors lining up because of your price range! Add me to your list!

Also your agent can email you the Seller's Property Disclosure so you can see the known defects upfront while viewing the property.

Lastly I searched the public records and the lender has not filed a foreclosure action against the Sellers so that may also indicate this could be a long drawn out process.

Stop by my Open House today from 1 to 4 at 19110 CENTRE ROSE BLVD, LUTZ 33558 $478k…

All the best,
Alma Rose Kee, PA
Future Home Realty
0 votes Thank Flag Link Sun Dec 2, 2012

In reviewing the listing it was originally listed in September but recently the price was increased to $635,000.00. The listing agent may be already negotiating with the two banks which could be the reason for the price change. The primary bank is a local credit union but it does have a 2nd mortgage by Citi. I did not see any legal action on the owners yet so it may be easier to deal with Citi bank which tends to be a little difficult as a 2nd mortgage. I would be happy to speak to the listing agent to see where his negotiators are with the banks and time frame. I would think that it would take about 30 days if they are already negotiating and 90-120 if they haven't started because of the 2nd mortgage. Please contact me if you would like to schedule a showing or if I may get more information for you.
0 votes Thank Flag Link Sun Dec 2, 2012
Good morning Lorie. The house is still available and there are no offers at this time. I could definitely try to schedule an appointment for us to go take a look and see if it is something you are interested in. It does ask for 24 hour notice, so you may not be able to see it today, but we can try. As for how long it would take, each short sale works a bit differently. If you did like the home, I would find out more about which bank is involved and how far they have gotten with the process, and have a better estimate as to the time frame. Please give me a call if you have any more questions about this or any other home. Thanks so much.

Marie Barakat
Coldwell Banker Residential
(813) 992-1217
0 votes Thank Flag Link Sun Dec 2, 2012
The home is available. If you would like to see the home let me know. If you would like to make an offer I can get an answer for you right away. Jose Martinez, 813-300-3555
0 votes Thank Flag Link Sun Dec 2, 2012
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