I wonder why some foreign national buyers have this pre conception that they could purchase a lot more house with a budget of $100k

Asked by Erika Hinton, Pembroke Pines, FL Wed Apr 11, 2012

in premium location

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Erika Hinton’s answer
Erika Hinton, Agent, Pembroke Pines, FL
Thu Apr 12, 2012
Ann, very true, I have seen that as well, even buyer wanting to buy with ZERO down?? hmm 2005 is long gone.

Andrew, completely agree, not sure about you, but my team and I have encountered buyer with firm mind set on their view, makes it hard to convince otherwise. But yes, it is our job.

Alma, we have seen prices about $20k lower than real market value on shortsales. The last one was on a $335k house, which was mispriced at $300k shortsale, I advised my client not to be surprised if the bank comes back at a higher price later on.

Thank you for your comments :) Happy selling!
1 vote
Ann Ryan, Agent, Doral, FL
Thu Apr 12, 2012
I don't think delusions are limited to foreign buyers. In fact, I can think of a person who thinks they can buy a nice 3 bedroom townhouse with only $130K.
2 votes
$145 is a bargain for something nice in Broward ie. Weston or Pembroke Pines, Cooper city or Davie
Flag Fri Apr 13, 2012
alaskapanda, the townhouses in premium locations in south florida are going for $145k 3/2 average. I know it's crazy. Especially in Doral Area, where all the rich South Americans are flocking the area with Cash.
Flag Thu Apr 12, 2012
130k is to much for a 3 bedroom townhouse
Flag Thu Apr 12, 2012
Andrew Muller, Agent, Weston, FL
Thu Apr 12, 2012
It is a Realtors job to explain and support it with facts, that their idea of prices are not realistic.
2 votes
Lorie Felling, Agent, Yorba Linda, CA
Wed Apr 18, 2012
Foreign buyers have a preconception that property values are less expensive here in the states they are also not familiar with the mortgage companies and how things work. This is were it is our job in the Real Estate market to educate our buyers on the purchase of a property here in the states.
1 vote
Irina Karan, Agent, Aventura, FL
Wed Apr 18, 2012
Hello Erika,

With 100K, the foreign buyer can buy (with a mortgage) up to $300K.
Maybe a townhouse like you discussed below in comments, and a couple of more investment properties in other locations (with good cash flow) helping them to pay for the townhouse...
Just a thought....

Irina Karan
CDPE - Certified Distressed Property Expert
IrinaKaran@gmail.com
Beachfront Realty, Inc.
1 vote
Alma Kee, Agent, Tampa, FL
Thu Apr 12, 2012
Short Sales with "ficticious" asking prices are to blame for the misconception.

We need to ask NAR to prohibit any Short Sale listings on the MLS until/if at least the 1st mortgage lender has approved the Seller and the price!

It would alleviate a lot of needless waste of buyers and Reatlor's time and would also prevent prices from sliding down further.

Wouldn't it be nice to not have to explain all of the pitfalls and "ficticious" short sale listing prices?
1 vote
Yamile Mejia, Agent, Pembroke Pines, FL
Tue Feb 11, 2014
If you need assistance in Miramar, Pembroke Pines or around areas. I can help you step by step to buy or to sell your dream home.
Yamile Mejia
Real Living First Service Realty
305 528-4181.
yamilemejiarealtor@gmail.com
0 votes
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