My fiance and I are looking to buy a house in Coconut Creek. We would love to find a great deal, foreclosure/shortsale. Help!!!!

Asked by chloe123, Coconut Creek, FL Sat Aug 25, 2012

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11
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Sun Aug 26, 2012
BEST ANSWER
Good morning torres_barbara86,


I've been helping First Time Buyers for 22 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!

Trevor Curran
NMLS #40140
1 vote
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Sun Aug 26, 2012
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I agree with Trevor,

However, because re-sales (which are the best) may be limited in areas, Foreclosures are the next best thing. But don't try to go in offering something rediculious as they are already priced to sell!

BUT!!!!!!!!! STAY AWAY FROM SHORT SALES AT ALL COSTS! (i.e. Long Sales) as they are nothing but CLOWN CARS FULL OF HORRORS!!!!!!!!!!!
-
2 votes
Anna Torres, Agent, Boca Raton, FL
Thu Feb 14, 2013
Did you buy a house yet?
I see your question posted in August of last year.....gain any experience? Have been outbid a few times? Been runing around looking? Just curious because all my buyers are talking about great deals in foreclosures and short sales and after a while end up getting a house from the regular private seller they can talk to and negotiate with. Banks are not responsive and seems are not interested in selling their assets. It is always multiply offer situation......true or not....we don't know.
If you still out there, give me a call, I will try my best to help you.
Anna Torres
Realty Associates
954-325-8486
0 votes
leticiaescu…, Agent, Boca Raton, FL
Sat Feb 2, 2013
There are many great opportunities in Coconut Creek. It's a wonderful community. I'd be happy to help you and guide you every step of the way.
leticiaescudero@aol.com.
Leticia Escudero
Coldwell Banker
561-715-3303
0 votes
Meir Aloni, Agent, Plantation, FL
Tue Jan 15, 2013
Hi,
Coconut is a nice middle income kind of town...

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com

All Star Realty Inc.
0 votes
mr.dinkleberg, Home Owner, Coconut Creek, FL
Mon Jan 14, 2013
Coconut Creek is the greatest freakin place on the planet!!!! MOVE NOOOOOOW!!!
0 votes
You should eat some wings to help you decide. Try "Wings 'N' Things" in Coconut Creek...delicious!
Flag Mon Jan 14, 2013
Leahenry1, Home Buyer, Coconut Creek, FL
Sun Sep 9, 2012
Hi chloe123, this is Lea Henry a realtor, i can help you. Are you going to buy cash or finance? this is the first step to get you qualified.
Please write to my email leahenry1@cs.com or give me a call.

Thank you!

Lea Henry
United Realty Group
Cell: 954-556-0777
leahenry1@cs.com
0 votes
Mon Aug 27, 2012
There are many people offering foreclosure lists with varying levels of quality and reliabilty. The good lists change fast, as the good deals go fast. You can also listen to The Real Estate Show on AM 740 each weekday morning from 8am to 8:30am. Finally, research and find a realtor who deals regularly in that market.
0 votes
Susan J Penn,…, Agent, Weston, FL
Sun Aug 26, 2012
Dear Chloe,

Coconut Creek is a nice area and has some really nice homes. One of my favorite areas is Winston Park. I had been on a Wells Fargo foreclosue team for 3 years. Foreclosures are great if you win the bid because you can close in a reasonable amount of time. Short Sales average three to six months to close so you need to have patience.

Sincerely,


Susan Penn, PA, SFR, CDPE http://about.me/HomesForSale_SusanJPennPA
EWM Realtors® | A HomeServices of America Company | An Affiliate of Berkshire Hathaway
2000 Main Street, Suite 103 | Weston, FL 33326
T: 954.306.7337 | C: 954.557.5993 | F: 954.515.0200 | penn.s@ewm.com | http://www.ewm.com
0 votes
Cheryl Stein…, Agent, Coconut Creek, FL
Sun Aug 26, 2012
Will you be going for a mortgage or paying cash?
0 votes
MARCO HUAMAN, Mortgage Broker Or Lender, Coral Gables, FL
Sun Aug 26, 2012
I can help you. Please contacte me at propertiesxchange@gmail.com
0 votes
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