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If you bought your South Florida home between the years 2004-2007 you may unfortunately find yourself in the position of owing more on your house than you could currently sell it for. If you are in this situation and want your Short Sale options, please call me today!
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In this bipolar residential real estate market in Broward county, it is a very tough proposition for someone looking to jump into the real estate market for the first time. The very most important idea to take away from this post is the following: 1. CURRENTLY THERE ARE TOO MANY BUYERS BIDDING ON TOO FEW PROPERTIES! The statement above affects everything else for the buyer looking to obtain their first home (of course this applies to ANY current buyer as well). If a buyer can understand the ramifications of this statement then he/she can be successful in this market. What this means is that if a home is priced right for the area/condition, there is a very good chance that there will be multiple offers on the property. In this case, the listing price has to be used as a starting point rather than a firm asking price. Most of the current inventory is bank owned properties (aka REOs) and short sales. These owners/lenders have already lost a tremendous amount of money by the time a property has come to this point. The sellers main objective is to have the listing agent price the property to attract multiple offers from which they can choose the highest and best from. So the bottom line is this, if a property I show you has multiple offers, there is only going to be one "winner" and all other offers will be "losers". If my suggestions are taken, I will do everything possible to put your offer in the best light to the seller. This will increase your chances of winning that property! Bidding on a property receiving multiple offers is like the game of poker. Next time I will discuss some specifics on how I can assist you with submitting a winning offer.
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Another way to make your offer appealing to the seller is to let them pick the title company of their choice. Typically, buyers pay for title insurance and thus get to choose the title company. However, most banks are willing to pay for the buyer's title insurance if they (seller) get to pick the title company, aka closing agent. In a perfect world I like for the buyers to use a title agent that I am personally aware of, but in dealing w/ bank REOs, the seller is in charge of most everything excpet for the price. The price is set by the buyers in what amounts to a silent auction. Here are many other finer points that can improve your chances: - As a buyer have your financing pre approved, not merely prequalified. Pre approved means that the loan officer has a full application on file, has pulled credit and has verified all information. All that is left is a sales contract, good appraisal showing a minimum of contract price, and good title to the property.
- Use computer to generate all offer forms and addenda. Gone are the days of chicken scratch faxed offers. Today everything is printed in and sent via email in pdf format. It's also green!
If you would like more information about the preapproval process or offer structure options, please call today!
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The easiest way to win in a multiple offer scenario is to be able to pay cash, close in 7 days and offer a minimum of full price. If you do all 3, in my opinion you would win at least 85% of the time. But what if you can't pay cash? Can you still win? The answer is yes you can, but you have to put your offer in the best possible light. For example: - It's not ALL about offer price. Most buyers want to deposit the minimum amount for an escrow deposit. If you want to win, I suggest offering your full down payment as the escrow deposit amount. If you are planning on putting 10% down, offer 5% upon acceptance and 5% after your inspection period. Sellers, especially banks, want to know you really want the property as they have multiple offers. They do not want to waste time selling to someone who is unsure if they really want to close on the property.
- Typically, inspection periods in South Florida are anywhere from 7-10 days. To sweeten your offer how about making it 3-5 business days? A licensed inspector can usually be found the next business day to conduct an inspection. Then that gives you an out if you have reservations. All we have to do is submit the written inspection report to the seller, either as a negotiating strategy or to inform them that you do not want to move forward on the purchase.
There are many other parts of the offer that can also be addressed in order to get YOU the house! For more information, stay tuned to my next posting or call/email anytime!
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Upgrades Galore!
• 2,251 sq. ft., 3 bath, 4 bdrm single story
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$549,000
- Priced LIKE a foreclosure
Rolling Oaks, Southwest Ranches
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Very open home with many improvements, ample windows & large Den with French Doors. Tiled thru-out, Kitchen with breakfast counter. Separate guest house completely upgraded with 1 bedroom 1 bath, living room, large kitchen & separate A/C. Garage in rear converted to workshop. Rear of property faces preserve. Outdoor is well kept & landscaped with a deck & Gazebo. **Price reduced to below market value** Valued Better Than a Foreclosure!
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15th Floor
• 1,782 sq. ft., 2 bath, 2 bdrm single story
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$569,000
- No Short Sale!
Beach Club Towers I, II, & III, Hallandale Beach
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Have you seen the Beach Club? 3 towers of pure perfection! Check out all the other condos first then come see The Beach Club! Call for all the details!
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E line top o' the line!
• 1,850 sq. ft., 3 bath, 2 bdrm single story
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$590,000
- All reason. offers!
Beach Club Towers I, II, & III, Hallandale Beach
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BEAUTIFULL 2 BEDROOM + DEN (COULD BE USED AS A THIRD BEDROOM) 3 FULL BATH UNIT. ITALIAN BAMBOO KITCHEN WITH TOP OF THE LINE STAINLESS STILL APPLIANCES. 3 MARBLE BATH, JACUZZI. LIVE IN THE LUXURY BUILDING WITH ALL THE AMENITIES OF FIVE STAR HOTEL.
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Over 2k sq. ft 3 story t/h
• 2,024 sq. ft., 2 bath, 3 bdrm single story
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$110,000
- 1/3rd of original price!
Lauderhill, Broward County
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BANK OWNED FORECLOSURE!! THIS IS AN EXCELLENT 3/2.5 3-STORY TOWNHOME!! LAKE VIEW!! MOVE IN CONDITION.WASHER AND DRYER IN UNIT!!FAX OR EMAIL YOUR OFFER! PROSPECT MORTGAGE APPLICATION MUST BE OBTAINED PRIOR TO OFFER!
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3 levels!
• 2,024 sq. ft., 2 bath, 3 bdrm single story
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$150,000
- Bank Approved!
Lauderhill, Broward County
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BANK APPROVED sHORT sALE!! FAST REPLY!!! BUYER BACKS OUT..garage, tile floors, stainless steel appL. The entire second floor is the master bed room..WOW! a must see! this home is like new-the complex was built in 2005. This complex is has many extras like: pool,play area and major (Browrd County) park next to community...this is one o/if only three level townhouse for sale in this complex. DON'T MISS THIS SHORT SALE!!!
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What views!
• 1,450 sq. ft., 2 bath, 2 bdrm single story
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$699,900
- Reduced!
Trump Royale, Sunny Isles Beach
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Beautiful Trump Royale high floor unit with magnificent views and only top shelf amenities. Not a distressed property. Call today to see this and similar units in Sunny Isles Beach.
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Large 3/3 high floor w/ upgrades!
• 1,841 sq. ft., 3 bath, 3 bdrm single story
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$658,999
- A steal!
Beach Club Towers I, II, & III, Hallandale Beach
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*** CORPORATE OWNED *** Close Tomorrow!!! Enjoy amazing direc ocean views from every room, A model, middle floor unit, 3 bedrooms, 3 full bathrooms, gorgeous marble floors throughout. Luxurious. Third bedroom finished with closet and door. Full service amenities. Enjoy the beach at its best, outstanding amenities including an impresive gym and spa, billiard room, beach club and more. CALL TODAY schedule your showing now.
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• 2,055 sq. ft., 2 bath, 3 bdrm single story
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$349,900
- Yes!
Silver Lakes, Pembroke Pines
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Truly one of the most unique Silver Lakes homes with upgrades such as a real fireplace, spiral staircase, oversized lot with pool, spa, large bar-b-cue, Tiki Hut, and mosquito misting system. The kitchen is all about upgrades with stainless steel appliances and granite counter tops. The entire ground floor has new tile and all upstairs rooms have new carpeting.
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Come and Get it!
• 3,395 sq. ft., 3 bath, 5 bdrm single story
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$399,900
- Short sale value!
Sunset Falls, Miramar
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BRAND NEW SINGLE FAMILY HOME IS BEAUTIFUL SUNSET FALLS COMMUNITY. PROPERTY FEATURES MANY UPGRADES INCLUDING GRANITE COUNTERTOPS, STAINLESS STEEL APPLIANCES, KITCHEN ISLAND. BEAUTIFUL HIGH CEILINGS. LARGE MASTER BEDROOM AND BATH. PRICED TO SELL. WILL NOT LAST. MAKE YOUR OFFER TODAY.
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Last sold for $330k!
• 1,306 sq. ft., 2 bath, 3 bdrm single story
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$74,250
- Yes, not a misprint!
Tuscany, Miramar
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BANK OWNED. ***DUE TO TROUBLE FINANCING IN THIS COMMUNITY CASH OFFERS ONLY***SPACIOUS THREE BEDROOM TWO AND ONE HALF BATHROOM TOWN HOME IN TUSCANY MIRAMAR. EAT IN KITCHEN, LAMINATED CABINETS, CARPET/TILE FLOORS, LARGE MASTER BEDROOM, UTILITY AREA AND OPEN BALCONY. SOLD "AS IS" CONDITION. PROOF OF FUNDS FOR ALL CASH OFFERS. 3% TO 5% REQUIRED AS EARNEST MONEY DEPOSIT (DUE UPON ACCEPTANCE). 5 TO 7 DAYS INSPECTION PERIOD.
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