Mary Klein

Dear Silverfox,

Yours is a very complex question. As a local REALTOR, I have had several experiences with distressed properties. First, selling your home IS your personal contingency. Second, distressed properties are not always a good value based on both time and money. You will need patience, diligence, and persistance, PLUS, your financing in place to move forward.

Suggestions: (1) have a REALTOR create a Comparative Market Analysis (CMA) for your current home. Is the market value of your home acceptable? If so, put it on the market, either For Sale by Owner (FSBO) or by hiring a REALTOR. (2) consider a home with motivated sellers. These homes will be priced competitively and are often in very good condition. (3) Also, bank-owned properties (REOs) are in our MLS database, ready for Buyers, and priced aggressively.

In this market, you need to do your homework. Asking the right questions is a great place to start. Feel free to call me with any further questions. Mary-386-383-5980.

Good Luck! - Tue May 13 2008, 09:05

Dear Laurie,
Congratulations on your offers and condolences on the fall-throughs. It sounds as if your original price was right on and that your house was desirable, with no inspection surprises or red flags. One of those offers should have progressed to a successful close. Over the past few months, both lenders and Buyers have had to readjust their reality. Prices have continued to show a downward trend and Buyers are expected to actually qualify for a mortgage.
To help your position: (1) read the offer carefully, especially the financing details. Do the Buyers have a down payment? Can they close quickly? Do they have to sell a house first? Screen your offers, so you don't tie up your home with someone who can't follow through. It will save you both time and money in the long run.
Good luck on the sale of your home!
Mary Klein - Sat May 3 2008, 17:23

Interesting question! Do you believe what the media says about anything? The media reports stories that are at the extremes of reality or that will sell newspapers or airtime. As far as the real estate market is concerned, it continues to experience a market correction and with our current inventory, it remains a Buyers market. There are many CASH buyers looking for properties that are a good value. And when the market rebounds, you can rest assured our coastal properties will be the first to recover.
Coastal property is a limited resource, and in Daytona Beach and the surrounding areas, we have much to offer: beautiful coastal vistas, easy beach access, and plenty of recreational opportunites. Where do you think people will want to spend their twilight years? I moved from Chicago (Brrrrr) for a reason!
Mary Klein, REALTOR, Adams, Cameron & Co. - Sat May 3 2008, 17:11

Dear Jeremy,
We live in a world where people often miss opportunities due to poor communication skills. In my experience, I present all offers to my sellers. We discuss their goal (i.e. getting the house SOLD) and the offer. Every seller has their bottom line price. And in your situation, I think you had a decent offer for beginning the negotiation process, provided you have the financing to "Close the deal." I agree with the answer suggesting you wait out the sellers. Likewise, you can submit several offers and find a very motivated seller. In this market, you do not have to pay top dollar. Your agent will lead you through the process and help you find a good deal. Happy house hunting. - Wed Apr 23 2008, 18:37