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Any advise on how to minimize loss of a property in Cape Coral ?

Asked by , 94043 Sun May 4, 2008

Just wait and weather the storm ? setup a lease to own with hte current tentants ? We bought at the high times, a brand new home and now is underwater

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6
Good Afternoon....

The facts are that you are not alone. Many who people bought and built homes are now hold assests that are valued less that their original purchase price.

The way our brokerage has been assisting customers in this situation who have a financial strain or hardship placed on them is through listing the home For Sale and negotiating with their lender to perform a Short Sale on the property.

Take a look at some of the articles I've written provide a good explanation about how our brokerage has assisted people like yourself, what a short sale is and how they work.

What is a Short Sale and How does it work?
http://activerain.com/blogsview/193759/What-is-a-Short

Short Sale Pre Foreclosure Advice for REALTORS ®
http://activerain.com/blogsview/259506/Short-Sale-Pre-Foreclosure

Short Sale Pre Forecloure Buyer Preparation - Are You Ready to Purchase a Short Sale?
http://activerain.com/blogsview/248163/Short-Sale-Pre-Forecloure

Short Sale Scams - Seller Beware - USE CAUTION WHEN PERFORMING A SHORT SALE ON YOUR PROPERTY
http://activerain.com/blogsview/246072/Short-Sale-Scams-Seller

This information should provide you a good start. If you have additional questions please contact me.
2 votes Thank Flag Link Mon May 5, 2008
For the last three months Cape Coral has lost 3% in average sale price per month! Although, the number of buyers actually buying is picking up, the average sale price is still dropping. Last year, we lost almost 25% from the first of the year to the end of the year in average sale price.

In a stable Real Estate Market, average home appreciates between 3-5% a year. Therefore, if you wait for the market to "turn around" you will have several more years of losses. If you can afford to sell now--DO SO! Also, put your property is tip top shape since there are so many for buyers to chose from they are picky and do not want to make repairs or repaint.

If you have ANY equity left in your property, you will be better off selling today and putting your money in a CD than trying to manage a negative cash flow until "things get better"

Judy Ramage, ReMax Realty Team, Cape Coral, FLorida
1 vote Thank Flag Link Mon May 5, 2008
So many people that I talk to are in the same situation as you. Try to contact your mortgage holder and negotiate with them. Sometimes they will let you buy it back at current short sale pricing. You can also try to negotiate a short sale with them, where the bank will accept less than the mortgage payoff. But key is not to be scared to talk with your bank.
1 vote Thank Flag Link Sun May 4, 2008
trulia,
Desperate times require desperate measures......Thinking outside of the box, one might consider as a seller offering to hold a second note on the sale price might benefit the buyer and at the same time hold your sale price a little higher.
The "Eckler Team"
0 votes Thank Flag Link Sun May 11, 2008
Hi,
All of the posts are great anwsers. The Cape has picked up, we recently had an article in the News Press about it. Lets hope it continues, and the long haul is not so long. If you have problems with yearly tenants or lease options, keep in mind the great vacation rental options.
Good Luck,
Nancy
0 votes Thank Flag Link Sun May 4, 2008
If your current tenants are willing to purchase at a later date then I would seriously consider that option. How much can they put down as option money and how long before they can purchase? Make sure to have a lawyer draw up the papers. Unfortunately you don't know how long the "storm" will be. So weathering the storm could be a long haul.

Good luck
0 votes Thank Flag Link Sun May 4, 2008
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