Joshua Hanoud

Hi Again, Marily.

Because this is a question that comes up fairly often, I decided to write an article on it. Please take a look over at my Spring Hill Real Estate Q&A Forum (link is below) for more information...

Again, if I can be of any further help, please don't hesitate to contact me at your convenience.

Thanks,

-Josh - Sat Aug 30 2008, 20:33

Elaine - you left out a critical part of that statement...

80% or less of WHAT...the list price? or market value? There's a huge difference there that you didn't specify...the OP seems to be talking about list price, and if you're talking about 80% of market value, your answer is very misleading...(list price may already be set at 50% of market value, which would mean your offer must be 30% higher than list to get accepted...)

Just something to consider... - Sat Aug 30 2008, 08:23

Hi Marily,

The short answer is "yes, you are always allowed to offer whatever you'd like for a property"

The long answer is that there are a lot of angles that come in to play when it comes to purchasing pre-foreclosures and if you're not truly prepared for the road ahead, it might not be the best scenario for you to pursue. In Spring Hill, pre-foreclosures can take anywhere from 3 days (if the bank has already done their appraisal & BPO, which 99% haven't) to as long as 6 months or longer before the bank even acknowledges that you have sent them anything (in other words, you're sitting in limbo not able to get any information at all from anybody because the banks are overflowing with pre-foreclosure and REO properties). I had a customer who had one offer out on a pre-foreclosure for 5.5 months before the bank ended up coming back and saying "we're no longer considering a short sale, we're going to foreclose on this property". Luckily for my buyer he wasn't waiting on that one particular property and we'd already found him something else that he purchased.

Definitely get an agent who is familiar with short sales who can educate you about the whole process, because whether you can bargain down on the price is only about 5% of what you need to know when working with a short sale.

If there's anything else I can do to help, feel free to contact me at http://www.HernandoLuxuryHomes.com - I'm a REALTOR in the Spring Hill market and have experience with both buying and selling pre-foreclosure properties.

Thanks,

Josh - Sat Aug 30 2008, 08:18

Mike & Carrie,

I know the neighborhood, I've sold several homes there. If you in fact owe $260,000 on the home, your property is (roughly, and without having seen it in person) worth $80,000 - $100,000 less than what you owe. Talk with your bank, try and work something out. There are other options available as well, but I suggest you start there.

Best of luck, and if I can help I'm a phone call or email away.

Thanks,

-Josh - Wed Aug 20 2008, 20:07

Hi Carrie, I answered your other post on this subject as well...a foreclosure will affect your credit score regardless of financial hardships. I would recommend you speak with your bank and ask to speak with their loss mitigation department. Explain your situation and see if they can work something out with you. If they recommend you short-sell the property, please feel free to contact me at http://www.HernandoLuxuryHomes.com - I'd be happy to help however I can.

Thanks,

-Josh - Wed Aug 20 2008, 17:56

Hi Carrie,

I just sold a home down the street from you last month (on Yellow Lemon Tree Lane). Unfortunately, if you owe $260,000 on this home and it's got 1950 SF of Living Area, you are in some trouble. Do you have cash to bring to the table? If not, you should absolutely consider a short-sale. Given the dramatic change that is happening in your family, the chances are reasonable that you can make this happen.

There are some important questions you need to answer before being able to move forward. Please feel free to contact me at your convenience at http://www.HernandoLuxuryHomes.com - I'm happy to help however I can.

Thanks

-Josh - Wed Aug 20 2008, 17:53

I agree with the previous answer, Zillow is probably a good bet...but if you're doing it for a Re-Fi your bank wil require an appraisal regardless of what zillow or anybody else says. Call your mortgage lender and they'll be able to help you right away. If you'd like, email me at Josh@HernandoLuxuryHomes.com and I can get you set up with a lender who can handle your refi with no closing costs (including no appraisal fee).

Thanks,

Josh - Thu Aug 7 2008, 10:10

Hi Michael,

Your best bet for crime stats is the Hernando County Sherrif's Office. You can find them at http://www.hernandosheriff.org/. If you have any oither questions, please don't hesitate to contact me at http://www.HernandoLuxuryHomes.com - I'm happy to help!

Thanks,

-Josh - Tue Jul 15 2008, 08:54