Peter Rumplm…, Home Buyer in newmarket ont

just returned from charlotte county & am amazed at the mess of the real estate situation. i really think it

Asked by Peter Rumplmayr, newmarket ont Mon Jan 14, 2008

may be timely for canadians to buy because of strong dollar & also because of the good market in canada especially in toronto area & calgary lots of equity & cash due to our good growth. if the lenders get there act together there may be a good opportunity to sell to canucks, but with the confusion of short sale, forclosure, all the empty houses & lack of straight answers it is tough to get a good handle as to how & when to buy.
any & all words of wisdom on this wil be greatly appreciated
peter

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7
It's been nice working with you Pete. When are you making another trip down? There are some great deals right now.
0 votes Thank Flag Link Thu Aug 28, 2008
If you buy now, you will soon be underwater. The market is in free fall for at least another year. If you want to ask these used car salesmen if you should buy a used car, of course they will say yes. READ THE NEWS. USE YOUR BRAIN.
0 votes Thank Flag Link Sun Aug 24, 2008
Peter, This is an excellent time to purchase a home in Port Charlotte, Punta Gorda, North Port, Englewood and Cape Coral. I've been steering away from "short sales" as they are very difficult to close. I've had success with foreclosures because the banks do not want to own houses and are more willing to negotiate. They would rather take a loss then continue to pile up expenses waiting for the highest price. It's true they have more than likley have already taken a great loss to this point, but the longer they hold out, the less they'll probably land up getting anyway.
0 votes Thank Flag Link Sun Aug 24, 2008
Peter,

You are exactly right......It is still a great time to purchase but a word of caution.

Don't be drawn into the hype of "short sales" and "foreclosures." the reality is tha vast majority of people in this fix paid the top prices and banks need to minimize thier losses.

Some of the best opportunities are "normal" sales involving the purchase of a home that was purchased prior to 2003 buy the owner. The purchase would have occured at a time when prices were realistic. Obviously these owners can afford to sell their property at a price below what the banks can offer.

The message here is not to eiminate short sales and foreclosures from your list of possibilities but to not overlook other possibilities.......

Best of luck,
The "Eckler Team"
Century 21 Almar and Assocaites
Venice, Fl 34285
ecklerteam@comcast.net
0 votes Thank Flag Link Sat May 10, 2008
The main, and most important, difference between a short sale and a foreclosure is that with a short sale the property is still owned by the individual and a foreclosure is owned by the bank. Short sales are a last ditch effort for a seller to get out from under a home they may no longer be able to afford, but because it is being offered for less than the amount owed (thus the term "short sale"), it is subject to bank approval. With foreclosures, the bank has already taken the loss and is ready to move on. The good news about foreclosures is that it provides great opportunity for those looking to buy.
The process to purchase a foreclosure is the same as purchasing any other home on the market. Most banks are using local real estate brokers to sell the homes. Some banks require a special disclosure with the offer to purchase, but your realtor will get that for you. Couple other quick notes - a prequalification letter from a lender, or verification of funds if paying cash, is needed to send in with the offer. Also, foreclosures are often (if not always) sold "As Is". That does not mean anything is wrong, just that the banks do not want to be bothered with any repairs. Just have a home inspection done within the time alotted in your contract. If anything too concerning is reported from the home inspector, you are allowed to cancel the contract as long as it is within the specified time within your contract. Your realtor will be able to walk you through the entire process and the good news is that the bank pays his or her fee. It costs you no more money to have someone who knows what they are doing to do it for you. The bank has already negotiated a fee with the listing broker. If you choose not to use your own realtor, the bank's broker gets the whole fee instead of splitting it with a realtor that helps you. Either way it's the same purchase price to you, so finding a great realtor is key to making the buying process successful and as easy as possible. Plus, a good realtor that knows his or her area and inventory should be able to get you the best deals quickly, before they have the opportunity to hit all advertising sources. I know in my office I speak with my broker (who happens to list many of the foreclosures in the area for one of the major banks) every morning and as soon as he has a foreclosure released to him I am on the phone and e-mailing clients that are interested in that homes particular criteria. You know what they say - the early bird gets the worm, or in this case the best home at the best price. Hope this helps.
Capt. Bob Davies
0 votes Thank Flag Link Wed Jan 16, 2008
Your assessment of the market here in Florida is very accurate. It is a mess and that is your advantage...just work with a REALTOR in the area and we can sort out all the short sales and foreclosures that are available.

The advice by others in this column are accurate...short sales can be time consuming and you might never be able to close the deal. It is my experience with a short sale is allot of calls and never did get the deal nailed down. It was simpler to find a good deal and get that closed. It was a 3 bedroom 2 bath at 130,000.

I am in the Englewood area and if you would like to look at properties in the area I would be glad to show you what is available. john.alberts@coldwellbankerflorida.com
0 votes Thank Flag Link Mon Jan 14, 2008
I think it is a great time to buy! In fact, I have had several Canadian buyers contact me this month. I think they are realizing that they can get some good deals right now.

I'm sure you've heard before...buy when everyone is selling and sell when everyone is buying.

I personally would shy away from many of the short sales in Port Charlotte. Here is the reason. The short sale properties have to be listed by a Realtor to be sold. Often times the Realtor lists the home at a very low price because they don't know what the bank is going to take until they get an offer in. I have seen many of the short sales go for well over what the listing price is. Usually you have to wait several months before you even hear back from the bank and then often times it's not what you expected.

Now foreclosures are a whole different deal. What the listing price is is what the bank is willing to take. Generally there is little if any waiting for a response from the bank. I have seen some pretty good deals on foreclosures in the past few months.

I just sold a foreclosure for $130,000 in a great neighborhood, only three years old, high ceiliings, fenced yard, garden tub, walk-in shower, large lanai, etc. It was a Canadian that bought this home from me, without even seeing it. There are deals you just have to find them.

Please contact me and I can assist you further.

Roxanne Moore, Realtor
Re/Max Anchor Realty
Port Charlotte, FL
twomoores19@comcast.net
941-626-3926
Web Reference: http://www.twomoores.com
0 votes Thank Flag Link Mon Jan 14, 2008
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