I looked up the house you inquired about and it has been on the market since 07/02/09. The orginal asking price was $230K and then reduced to $98K and then on 10/16/09 it was increased to the current asking price of $119K (less than $75 s/f) which I suspect is the price the bank is seeking since the price was increased. I primarily sell and list short sales and have been succussful in stopping an auction or impending foreclosure all the way up until the actual, set foreclosure date, so considering the auction is scheduled in May, there is plenty of time to act on your behalf. The bank is usually receptive to paying the outstanding property taxes ( 2008 - $2594.23 / 2009 - $2008.12) , HOA dues, as well as Realtor commissions for listing & buyers agent. This listing reflects $600 a year for HOA dues and the banks from my experience will pay 1-2+ years of debt for these specific issues, but every lender is different. I process short sales all day long and also utilize the services of an attorney. I would love to personally speak to you about the right questions to ask if you want to move forward on "57 Lakeview Reserve" (or any other short sale or property) and represent you as a buyers agent if you would like an experienced & seasoned Realtor (that won't take a few days to get back to you) to assist you in your endeavor. It won't cost you anything and even you prefer to have your own representation, I always offer FREE advice, so contact me anytime morning till midnight! Have you seen the interior of the house yet? I actually live in Winter Garden and if you haven't and would like me to show it to you, just name the day & time. Keep in mind, you will NOT or should not be responsible for any judgements or liens against the property and a purchase contract should be written accordingly. Clear title has to be evident prior to closing and all liens satisfied prior to closure. By the way, a 4/2 (2088 s/f) with a pool sold in "Lakeview Reserve" on 12/29/09 for $153K. It was listed for $155K and the comparable reflected the house needed some evident work.
Hope the above answers your questions (along with all the other great advice you received). If I don't hear from you, good luck with your real estate goals! Kim :) CENTURY 21 Elite Home Finders
Yes, it is definitely possible to make an offer and if a reasonable offer is presented have the auction postponed while the short sale is in process. This is really no different than nearly 50% of all short sales that have some form of liens and/or judgments against them. I have had short sale listings in the past, and currently, that have liens, final judgments and posted auction dates that still go to closing as a short sale. The sellers' bank usually ends up paying for all of it.
This is the unfortunate world of real estate right now. But sometimes these homes are the best bargains if you can catch them before the bank foreclosures you stand a good chance of paying less than if it were listed as a bank-owned REO. Especially if it is a good home! Everyone wants the bank-owned REO, but neglects to realize that once the bank owns it everyone knows about it.
Others may not want to touch that short sale simply because of the stigma attached to that type of transaction. I say find yourself a good buyers' agent with short sale experience and take a chance! It may be well worth it.
All the Best,
Mighty Realty Inc.
Yes, absolutely make your offer. We are going to closing this week where the bank is paying liens by the city of Port St. Lucie. It seems that everything is possible in this market, just go for it! and Good Luck!
Coldwell Banker Residential