Gay Middleton

Not So Fast! Are you are familiar with the Lake Nona area? That is where the new medical centers and VA hospital is being built, also very close to the Airport and just up the road from Hunters Creek area.

While I hear what you are saying, it really depends on who you have working for you (Realtor) and how quickly they can respond.

Real Case in point: I received a call from a Buyer on 11/08 for a Bank Owned home in the area mentioned above. Buyer saw it online first. I am NOT the listing agent. It was listed for $129,900. It is not a perfect home. It is missing a hot water heater, windows broken, some appliances missing and well pump not working. We placed a cash offer on the home, it was accepted immediately, I had contracts signed by the bank within days and it closes Monday 11/30. It will be a very nice home with repairs made.

That was a deal. Cash is king in this market. In my opinion this is what favors the investor but you can play too. This Buyer was a regular couple looking to buy a home and they got a great deal and it closed quickly.

You did not say if you were a cash buyer or not. The situation changes drastically when you have to go in and wait for a bank to approve a loan for that same home. Our biggest obstacles are not the Buyer qualifying but the home qualifying and appraising. The above mentioned home would not have qualified for FHA financing. Repairs would have to be done and no one will do that prior to closing.

Remember these situations are all new to Realtors, Buyers, banks, inspectors, appraisers. It is evolving and may have to change if there is to be a housing recovery. It seems like everyday there is some sort of directive or assistance coming out to address the many issues that keep regular home buyers from being frozen out of the market.

Remember this is NOT unique to Orlando Market. You will find this problem everywhere there is a deal to be had. My husband is fond of saying "there is nothing for free or even a bargain" You may locate that seemingly great bargain and pay for it in another way.

Do Not misunderstand. I do believe there are bargains in Orlando. A Buyer must adjust their game plan to take advantage of the times. Line up cash, or a hefty 20% down for conventional financing, find an agent that will be responsive to you and the market in a way that does not waste a minute of anyone's time. Be prepared to wait it out if you find something that you really like and appears to be good for you. It is only a bargain if you are in love with the home and can't live without it AND you can afford it.

If would like to discuss with me further some of my thoughts, ideas, and how I think a Buyer (or seller) can really take control of their own destiny in a home purchase in Orlando (which I believe is a terrific place to live) contact me via my Trulia info or click on my picture to email me. Take care and thanks for the question. That is why I participate here in this forum, to start dialogues and give opportunities for you to hear other opinions and get real world advice.

Regards
Gay Middleton
Realtor**Moving You in the Right Direction
gaymiddleton@orlandohomeresales.com
407.493.3699 - Wed Nov 25 2009, 09:33