Meegan Ehrlich

Susan,
The term SHORT does not indicate that the property is cheaper than others on the market, only that it is listed for less than what will pay off all expenses and owed $$$ at closing. Usually short sales are tough to navigate unless you get very experienced agents on both sides of the transaction and a bank that has wised up and smelled the REAL market situation. Most banks are still trying to hold out for more than current market values and even if the house is your absolute "must buy, gotta have, wanna spend the rest of forever living in" you should NEVER spend as much over market value as the banks are unrealistically wanting for a home.
When or if the banks start biting the bullet and approve more "short" sales I expect those sales will be in line with the rest of the "normal" transactions going on and no more of a "good deal" than any other well priced listing.

Meegan Ehrlich
Coldwell Banker Boynton Beach Intracoastal - Fri Oct 24 2008, 08:17

Nancy,
Good grief! I have customers that are terrified of buying because of what MIGHT happen tomorrow or next week. If we all thought that way about everything, we should all just crawl under a rock and stay there. Now IS a good time, especially here in South Florida. Homes are affordable again and the buyers are coming out of the woodwork! We were one of the first places to start going bad and while we may not have hit rock bottom yet, I feel that we are darn close!! Time will tell. In the meantime, bring on those buyers! As long as we sell people homes they can actually pay for, not just buy, we can avoid a recurrance of our present market circumstances.

Meegan Ehrlich
Coldwell Banker Boynton Beach Intracoastal - Fri Oct 24 2008, 06:59

Neil,
Any property on the intracoastal COULD be subject to storm surge flooding or water damage as a secondary issue to roof damage. This area including the Yacht Club and Mariners is in eastern Lantana/Boynton Beach. It is very close to the main interstate making commuting a snap and has access to shopping, nightlife, and the beach. There are a few community parks nearby and a boat ramp launch. Your best bet for determining your comfort zone in the area is to take a trip yourself if you are local during different times of the day to assess the neighborhood and amenities. I have lived in this area for 15 years, although not on the water and love the smaller town feel of Lantana. I will be more than happy to let you know more about my area if you like. Please check out my website below. - Fri Oct 17 2008, 08:04

Dotty,
There are several homes in the Lantana/Lake Worth area with guest quarters available... Donnelly Dr. extends to either side of Congress and it would also help to know if you can remember if the property was a For Sale By Owner or an actual MLS listing. It would certainly help the Realtors online who are trying to help you find it again! We want to help, the more info we can get, the better :) - Mon Jul 21 2008, 11:45

Zeke,
If you are willing to spring for the inspection, you could have ANY home you are looking into inspected before making the offer. It would be a wise decision to make sure you don't waste your time waiting for approval on an offer only to find out the home won't pass inspection and you are back to square one with lots of wasted time behind you. However this also equals money spent that you will not get back. Our short sale paperwork ensures that contract time periods (ie for inspections and financing) do not start until AFTER there is approval from the lender on the offer.
On the other side of the equation, keep in mind that with longer waiting periods from the lenders, a lot can happen to your property in the interim, roof leaking, mold developing (especially if empty and utilities off), break-in and theft of appliances, piping etc. So now you could potentially have a property that will not appraise well and you will still be stuck with wasted time. At least a pre-offer inspection could tell you if these sorts of problems are more likely to occur in the home while you are waiting for lender approval and you have a little more peace of mind in your purchase choice.
It all depends on how much value YOU perceive in making the inspection up front! - Fri Jun 20 2008, 12:27