Teena Edge

Hi Sheila,
This is just a piece of it...most companies want 3 active listings and 3 sold listings. They prefer them to be MLS comparables and would like the solds to be within the last 3-6 months, if possible. They want them to be within a 5 yr built time of the subject, and within a half mile to a mile of subject. If unable to pull from these guidelines, then you will need to explain why you had to go out of the guidelines. If the house is brick, then the comparables should be brick...if it is a two story, then try to use the same. Lot size is also important, as well as location. You will also need to make sure you take photos of subject...front, left & right side views, numbers on the house/mailbox, and left & right views of the street. The street view is to let them know what the neighborhood looks like in comparison to the subject. Some of the companies have very detailed information they want on the form...so pay attention and take lots of pictures for referencing when filling out thier forms. You may also need to have a W-9 ready (some RE companies want the check made out to them and then pay you themselves-need to check with your broker for thier guidelines) and possibly your E&O insurance information, along with a copy of your license. Hope this will help you get started and good luck! - Wed Aug 13 2008, 18:26

This is not a grant, but is well worth looking into: the Rural Development Program.
http://www.rurdev.usda.gov/fl/proc_underguidecvr.htm
You may be surprised as to what they consider a rural area!
Good Luck! - Tue Aug 12 2008, 23:37

Have you called the listing agent? Sometimes a bank-owned property is not ready for a potential buyer to enter the premises. There may be something that could pose as a hazard to anyone entering the property. Or the agent may not have had an opportunity to have the property re-keyed, and may not have access themselves. Are repairs going on? Has an offer already been accepted? Some lenders want the property on MLS, but do not want anyone accessing them until the repairs are completed. I had a lender like this, and the reason for it was-they wanted the property to be shown in its best shape, so that they would possibly get several offers at one time. There-by, creating a bidding war and accepting the highest and best offer. This allows a shorter time on the market and a quick closing. Hope this helps! - Tue Aug 12 2008, 22:52

Lets clarify a little bit here:
Pre-foreclosure...the homeowner is most likely in lis pendens, resulting from being delinquent on payments. Lender has started the foreclosure process through the courts, and more than likely will have existing liens against the property. If sold on the court house steps, these liens will be the new owners responsibility. Do your homework when making this kind of purchase.
Short Sale...(best case scenario) homeowner has been talking with the lender, and the lender has agreed to negotiate an offer of acceptance. Most lenders require the property to be listed on the MLS prior to negotiations, for the best offer to be submitted. When an offer is accepted by the owner, it is then submitted to the lender. The lender will in turn request a BPO (Broker Price Opinion) from a brokerage in the same county as the property, which will show the current market value. This process is really slow, if all required paperwork was not submitted, prior to listing as a short sale. The owner has to prove a hardship with documentation to the lender-and has discussed requirements to accept an offer. Most owners will have a second or third mortgage on the property, and negotiations will also have to be worked out with them as well. If sold on the court house steps, these liens will be the new owners responsibility. Do your homework when making this kind of purchase.

FORECLOSED property: This property has already been through the court preceedings, sold on the court house steps and is now owned by the lender. The lender is responsible for all liens against the property, and most are removed by the time it is listed on MLS. In this scenario, the lender is quick to respond to an offer. If an offer is accepted, each lender has thier own criteria for back-up offers.

Hope this helps and Good Luck to you! - Tue Aug 12 2008, 21:16

Hi Marcia,
The property you are inquiring about at 8110 Banberry Rd, was sold on 7/18/2008. Let me know if I can help you find another property.

Teena Edge
Coldwell Banker United, REALTORS
850-624-1955 - Wed Aug 6 2008, 20:37