I am from Canada and have been looking at property in Lehigh Acres

Asked by Elden, Panama City Beach, FL Tue May 5, 2009

I have narrowed my selection down to 4 "Short Sale" properties and have concerns with the time it might take to get response back from banks. What would the best way for me to deal with this given my distance. Is it acceptable to put several offers in on different units and then take the first one available. Any help on this matter would greatly be appreciated, as well any recommendations for a realestate broker would be helpfull

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Sarah Garrett, Agent, Fort Myers, FL
Tue May 5, 2009
Hello Elden,
Your concerns regarding short sales are understandable. Because of banks being overwhelmed with the amount of paperwork and time this type of decision takes, the buyers and their agents play a merciless waiting game. I have an excellent idea for you that is working well for my other buyers. If you will contact me at 239-464-8620 or sarahgarrett@argfl.com I will be happy to share my expertise on foreclosures in the Lehigh Acres area. Another awesome resource would be logging onto a free search of the Florida Gulfcoast MLS with the direct log on below. Once you are on we will be able to communicate on each property of interest. This will save lots of time, energy and expense. Your search criteria of your particular wants and needs will assist me in finding the most suitable property for you at the best possible price.

Investors expecting to purchase multiple properties put in multiple offers. I do not recommend that for any other type of buyer. When you sign a contract making an offer on property included are clauses for giving an escrow deposit which is to be included with your offer and held in a special account by the sellers title company. Would you be prepared to write multiple checks for multiple offers? Will you be prepared to forfeit your deposit for non-satisfaction of one or more of those agreements?

With respect to the terms of a short sale, most of the seller's agents will have remarks on the listing that requires a qualifying letter for all cash purchases and/or pre-qualifying letter for a mortgage. By signing multiple agreements your are committing to your ability to be able to qualify to pay cash or achieve a mortgage for each property you make an offer on. There is a "statute of frauds" that applies to all purchase contracts and if tested by putting out multiple offers without having the ability to perform the terms could cause you severe consequences such as being liable for making specific performance (wronged party may sue for relief in equity; paying liquidated damages to the seller (earnest money deposit could be lost); compensatory damages (wronged party may sue for an amount of money to the extent of loss suffered in addition to receiving full price of the contract). These types of remedies for a breach of contract would NOT be handled by FREC (Florida Real Estate Commission) and would require you to have legal representation. Contracts for purchasing real property are legally binding and should not be entered into without knowing all the facts. Any licensed realtor knowingly assisting in the commission of fraud can be subject to civil and/or criminal penalties.

I will be happy to represent you as your buyers agent, informing you of all property disclosures that I am aware of and presenting your offers and counter offers in a timely manner. I would like the opportunity to discuss your types of selections ie: Short sale, active contingencies, foreclosures, etc.

Sarah Garrett, Realtor
"Chosen Best in Client Satisfaction 2006-2008"
By Gulfshore Life Magazine
0 votes
Danielle Sha…, Agent, Cape Coral, FL
Tue May 5, 2009

You can make several offers at once. I've done that with the majority of my clietns with great success. Your distance isn't necessarily an issue as long as you trust your broker and feel comfortable with them. I could say pick me, pick me! I hardly think that would work though :). The best advice I can give in regards to finding the broker for you is to communicate with several agents in the area and see who you mesh best with. There's the right fit for everyone out there. Find someone who will work hard for you, give good response time and makes you feel most comfortable.

I wish you luck.....happy hunting!

Danielle Sharp
Broker Assoc
Vadala Realty

Direct 239.471.2102
Cell 248.207.4445
Web Reference:  http://www.daniellesharp.com
0 votes
John Giddens, Agent, Fort Myers, FL
Tue May 5, 2009
Elden, Finding your dream home has never been easier!
Search on your own personal web site just like I do! Make an informed decision using the most efficient, effective, and satisfying home buyer search available.Easily access interactive maps, loan data, school info, photos, virtual tours, and property details for any property in the market. Rate properties, whether favorites or rejects, save valuable time instead of constantly sifting through properties. Make personal notes on properties to easily remember important details. Stay on top of important information matching your criteria. New listings, open houses, and price changes are always delivered to you in your Morning updates.
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My expertise is only a click away using easy messaging or interactive notes.
Click on my link below and look for listingbook.com

John Giddens
Century 21 Birchwood International,Inc
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