Real Estate in and around Stuart Florida
Lexington Lakes, Stuart – Announcing a price reduction on 1590 SE Sheffield Ter. Unit 201, a 1,417 sq. ft., 2 bath, 3 bdrm 2’nd floor condo with a garage. Now MLS® $99,000 USD – Affordable New Construction.
For more info, visit our website GabeSanders.com or call us at (772) 888-2885.
In areas where home prices have significantly declined, some owners find themselves strapped with mortgages that total more than their home’s value. When options such as extending the term of the loan or negotiating a lower interest rate have been exhausted, then a short sale may provide the solution.
However, short sales are complicated, requiring approval from a number of parties, so you need the representation of a professional to make sure the transaction moves quickly. You can have more than half of the paperwork done before that first offer even comes in.
Most lenders require an application package to be completed by the sellers, including a financial worksheet, as well as a letter of hardship explaining why the owners cannot continue to pay the mortgage. The real estate agent can also help with other aspects of the required paperwork, which should be assembled before the property is listed.
While the bank may be willing in such cases to accept less than the mortgage balance, the buyer’s offer must still reflect a fair price under current market conditions, so be sure to consult with an agent in order to arrive at a reasonable price that will be accepted by all parties, including the lender.
Short sales may not be easy, but they do provide an “exit strategy” for homeowners most in need of a solution.
If you’re interested in pursuing a short sale as either a seller or a buyer, your odds are greatly improved with agents that have an intimate knowledge of the process and a successful track record with short sales. Give us a call at (772) 323-6996 or visit us on the web at www.GabeSanders.com or www.TreasureCoastFLHomes.com. Our office is located at 2391 SE Ocean Blvd. in Stuart, Florida; please ask for Gabe Sanders.
What is a ‘Short Sale’
A short sale occurs when a seller wishes to sell a property that is now worth less than the mortgage and any other indebtedness that is owed on the property and is asking the lender to forgive all or part of the difference. If the seller is in a position and willing to pay this difference, it is not a short sale.
Who Should Buy a Short Sale:
It can be anyone who finds a property that they feel will suit their needs. It can be an investor, a first-time home buyer, or a second home buyer. The governing factor is that you must have patience and not need to take possession of the home in a short period of time. If you need to close in less than 3 months or possibly even longer, select a different type of sale.
What Should a Buyer Look for in a Short Sale:
Short sales come in different flavors with differing odds of a successful conclusion.
The best odds are with an owner in a pre-foreclosure situation where the current seller no longer has the assets to continue making payments on the home and it will be foreclosed upon in the future. Even better odds if there is no second mortgage on the home. The lender can’t ask for additional money from a seller without assets and they will prefer to take some loss now, rather than go through the expense of foreclosure at a later time. But, keep in mind; that the bank/lender will not sell it for a ridiculously low price if they feel that they can get more after a foreclosure. Can it be bought for less than the current market value? Yes, depending on the location from 10% to 25% under market value.
For the seller with a second mortgage, the negotiations will be a bit more involved, but given enough time, with a proper offer, the sale should lead to a successful conclusion.
After the above, come the investor properties. First, those investors that have gone bust or almost bust and have one mortgage are good short sale candidates, followed by those with second mortgages. However, if they have any assets, the short sale can be delayed and very often not completed due to the lender attaching large deficiency notices against the seller which they may not agree to thus causing the short sale to fail.
If you have an indication that the short sale belongs to an investor with considerable assets, be very leery as there is a good chance that the short sale will never happen.
The Short Sale Contract:
Your odds of a successful short sale are much better if you select an agent that knows the short sale process with a good track record. Unfortunately, you can’t always select the listing agent of a short sale and if they do not have much experience and/or short sale knowledge, it can be a very difficult transaction.
Once underway, the short sale is almost the same as any transaction. It is an agreement by a buyer to purchase a certain property from the seller. Both parties sign this agreement (the Purchase and Sale Contract) and now the sale is contingent on the specifics of the contract. In the case of the short sale, probably the important contingency is a lender or bank approval. Most short-sale contracts will specify that after the initial approval, all timelines will commence after lender approval. There is also a given time for the lender approval that may or may not require adjustment at some later time during the waiting process.
There are many ways to structure a short sale offer and this is where selecting an experienced agent will help your chances of a successful conclusion as well as protect your interests along with a reasonable escape or withdrawal clause.
The Short Sale Process:
Unfortunately, more often than not, this involves a lot of waiting. A good short-sale agent should try to get you updates or status reports every week or so. If they don’t, ask them, but be prepared for no news. When the lender orders an appraisal or BPO (Broker Price Opinion – a simplified appraisal normally performed by a real estate agent), it means that the end is getting closer. Probably (but, not always) within 30 days of an answer.
The Bank/Lender Approval:
This is not a sure thing, and the Bank/Lender could simply say no, and the buyer is back to square one, or they could come back with a counter offer that the buyer can either accept or reject or, they can simply approve the offer.
After making you wait all of this time, the bank will invariably demand a quick closing. Sometimes trying for as little as a week. Don’t be bullied at this point. You will need to complete inspections and satisfy yourself that the property is in an acceptable condition. If financing is involved, adequate time must be given to complete the financing contingencies.
The Closing:
The hard part is over and you will soon take ownership of your property at a great price. But one more thing to consider, often the lender will use their own attorney or title company to convey the title. They will only be interested in ensuring that they are free of any obligations on the property. They may or may not ensure all other liens or obligations on the property are satisfied. It may be very prudent to have your own attorney review the title and the title policy.
Congratulations if you have enough patience and diligence to complete this process!
If you’re considering purchasing a home, but feel ‘out of touch’ with what’s happening in real estate give us a call today at (772) 323-6996 or visit us on the web at www.GabeSanders.com or www.TreasureCoastFLHomes.com. Our office is located at 2391 SE Ocean Blvd. in Stuart, Florida; please ask for Gabe Sanders.
When selling a home, two situations may occur which are red flag indicators of a lengthy sale time. Each requires the property owners’ attention in cooperation with their sales agent, and involves either the price or condition of the home.
The first involves a home that has been on the market for 60-90 days, but has been shown only once or twice. More buyers are beginning to enter today’s real estate market, and homes for sale should be attracting a number of prospects.
When buyers choose not to tour a home, the reason is often the price. Homes that are attractive, but not being shown, are often priced “above” the market. The key to increased showings, then, is to learn the market price of the home, then reset the price.
The second “red flag” occurs when a home is being shown often, but neither sells nor attracts offers. The home’s condition is often the culprit in this situation. Buyers learn the price, then drive by, making a judgment that it is an attractive home. Once they see the home, however, their interest evaporates.
The solution can be a critical “walk-through” by the sellers’ agent to identify needed repairs and cosmetic improvements. Until corrected, traffic is likely to remain high, while the chances of selling remain low. Remove these red flags and prepare for a sale!
If you’re planning to sell your home soon and would like accurate and up to date information on its current value, give us a call at (772) 323-6996 or visit us on the web at www.GabeSanders.com or www.TreasureCoastFLHomes.com. Our office is located at 2391 SE Ocean Blvd. in Stuart, Florida; please ask for Gabe Sanders.
A recent profile of buyers and sellers compiled by the National Association of REALTORS® has revealed promising, if not surprising statistics about the changing face of the marketplace. The percentage of first-time buyers is on the rise, and they are making their purchases for the long term.
Frankly, this makes sense, because first-time buyers aren’t struggling with the sale of an existing home. Combine that advantage with low home prices, large inventories, and low interest rates, and the result is a positive trend for both buyers and sellers.
Recently enacted tax credits and modifications in the Federal Housing Administration are also helping buyers, along with predicted increased credit flow from a federal funds injection into the banking system. More buyers entering the marketplace means more sales, reduced inventories and increasing home values.
The profile of sellers shows that over 90% used a real estate brokerage to market and sell their property. Buyers profiled listed the most important agent services as helping to find the right home and negotiate satisfactory terms and prices.
If you’re planning a purchase, and need funds for a down payment, learn from buyers in the study who mostly used savings or a gift from family, and who also chose a fixed-rate mortgage over 90% of the time. Consult with a trusted agent today, and get on board the homeownership train.
We know and understand all the financing methods available on the Treasure Coast of Florida. Why not give us a call at (772) 323-6996 or visit us on the web at www.GabeSanders.com or www.TreasureCoastFLHomes.com. Our office is located at 2391 SE Ocean Blvd. in Stuart, Florida; please ask for Gabe Sanders.
What has taken decades of planning and discussion is finally about to begin. The Florida Department of transportation started releasing bidding for the new bridge to join Stuart and Palm City by 36’th Street in Palm City and Indian Street in Stuart. This long awaited project has been approved using $128 million of Federal stimulus monies and $72 million that has been raised previously through federal, state and county collections.
This bridge will alleviate congestion on the one existing Palm City Bridge that is the main route between Stuart and Palm City. In addition to making access easier between Stuart and Palm City, this project is estimated to employ 3500 workers and have a tremendous trickle down benefit for the local economy and employment levels.
While it took a very long time to be approved, many residents feel it couldn’t have come at a better time.
Want more information? Visit us on the web at www.GabeSanders.com or www.TreasureCoastFLHomes.com . Our office is located at 2391 SE Ocean Blvd. in Stuart, Florida; please ask for Gabe Sanders.
Martin County Florida’s single family home inventory in June declined for the fifth consecutive month, which is an indication of market improvement.
There are 2409 homes available through the Multiple Listing Service, a decrease of 71 homes from the previous month and 495 since January 2008. The month-to-month inventory declined 20.5 percent since January.
The current inventory reflects a 16-month supply at the current sales pace.
Martin County had 152 single family home sales in June, a 5 percent improvement from the 144 home sales in the month prior, and 12 percent above the 134 homes sold in June 2007.
To date, 754 homes have been sold by Realtors so far this year, a 4.3 percent increase from the 722 sales posted in the same period a year ago.
The median sales price of a home in Martin County in June fell to $234,950, a 3.1 percent increase over May’s $227,500, but 32.5 percent below the June 2007’s $337,000.
Condos sales in Martin County increased 22.2 percent in June, from 35 in June 2007 to 45 last month. Condo median prices fell 30.7 percent from $260,000 in June 2007 to $180,000 for June of 2008.
There are currently 1168 condos available for sale in the MLS as compared to 1281 in June of 2007.
These numbers show signs of positive activity in home and condo sales while showing that we’re not at the end of price declines yet. If inventory levels continue their decline, we should see a leveling of prices when absorption rates reach less than 9 months.
Understanding real estate dilemmas and their solutions is our business, and we’ll happily share our knowledge with you. Why not give us a call at (772) 323-6996 or visit us on the web at http://www.gabesanders.com/ and http://www.treasurecoastflhomes.com/. Our office is located at 1121 SE Ocean Blvd. in Stuart, Florida (Sewall’s Point); please ask for Gabe Sanders or .
Stuart Florida Real Estate
Real Estate in and around Stuart Florida
Phone: 772-763-8506
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Stuart, FL 34996
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