So, you are expecting? Expecting to buy a short sale? Short sales are handled much differently from traditional sales. Here we will go over the differences to help you through the process.
Do you have enough time to wait for an answer? Short sales can take 30-60 days to receive an answer. We've heard horror stories of it taking 5-6 months in some cases as well. This could have been due to a number of factors that we cannot thoroughly cover here.
Have you found a real estate agent who has the knowledge to guide you through the short sale process? Ask them questions like "have you helped a buyer purchase a short sale before?" if so, ‘how did the process go?" Then ask, "Have you ever negotiated a short sale for a seller before?" and if so, "how did that process go?"
Watch for the agents' opinion of short sales. If an agent has had a bad experience with a short sale you'll be able to pick up on that. If they feel like they are a waste of time you'll notice that too. Then you need to find someone who understands the process and can help you through it.
Next your agent will schedule appointments to show you the short sales you are interested in. While you are viewing these properties, take note of the condition of the property. How long ago did the seller stop maintaining the property or is it still being maintained? If there are tenants living there - when does their lease expire? Are they willing to stay or do they plan to leave? Are they keeping the house or property neat? Or are they destroying it?
Your agent should of course called the listing agent to determine the status of the short sale. Does the seller plan to accept 1 offer or many? Have any offers already been submitted? If so, what was the outcome? Was there a previous bank approval? What were those terms? Does the seller plan to sign an offer and then take the property off of the market or do they intend to keep it available for sale?
Far/Bar As-Is Contract: This is an approved as-is contract. It does not require for the seller to be responsible for any repairs. It does give the buyer the right to inspect.
Short Sale Addendum: This form spells out the timeframes. You can give any number of days for the seller to obtain bank approval. You can make the offer's effective date good from the time of acceptance by the seller or from the time of receipt of written approval from the bank. We advise the latter as to not lose money with inspections without knowing the outcome of your offer.
Approval letter if financing: This is a letter from your lender approving your financing.
Or
Proof of Funds if paying with cash: This can be a letter from your bank stating "Mrs. Buyer has adequate funds available to close on said property for $this much money" or it can be a copy of a bank statement.
Earnest Deposit: Typically at least $1,000. The seller's lender will want proof of this so go ahead and have it ready. It shouldn't matter who is holding the escrow but if the seller is already working with a specific local title company it is best to have it placed there.
Seller acceptance shouldn't take more than a day or two in most cases. Remember though, the seller is only agreeing to sell the property if their lender agrees to a short sale. It is critical that you have a contract signed with the seller. Otherwise there is no deal.
Determine how often you'll get updates. Do you want to know what is going on every week? Only when there is progress? Do you want to be called? Emailed? Communication is key. You and your agent should have a plan.
Now your effective date starts. This means that your inspection period starts, your loan approval period starts. Make sure you work diligently on your financing because asking for an extension can be a real headache.
Most banks are now requiring the buyer to sign an affidavit of arms length transaction. This ensures that nothing funny is going on. (like you are buying mom's house). Some banks are even doing background checks on buyers to verify this as well. Otherwise your closing will be handled like any other real estate closing.
Keep in mind that this is not a full list of what could happen but it is a generalization to help you with the process. If you are considering a short sale purchase in Lee County please contact our team for help. We have the experience to advise you when a short sale can work and how to handle the transaction - start to finish.
We look forward to your successful purchase.
Cape Coral short sales
Fort Myers short sales
Lehigh Acres short sales
E Ft. Myers short sales
N. Ft. Myers short sales
Estero short sales
You can search for all of the properties available in Lee County right online from the comfort of wherever you have internet access. Our website contains a user friendly real estate search engine and is 100% free to use. Go ahead, check it out: Lee County Real Estate Compare properties, see photos, get notified of new listings that match your criteria, save your favorites, schedule showings and more!
We look forward to hearing from you!
Yours in Success,
Susan Milner
Florida Future Realty, Inc.
239-542-8521
Copyright 2008
I have received so many phone calls in the past 2 weeks from cash buyers.
People who want to invest their money in real estate. They do not feel that their money is safe in their banks. Safe, maybe? But what about the value?
Just like when those from foreign countries buy because of the exchange rate; the exchange rate from liquid cash to real, tangible real estate is excellent.
Maybe your money is 'safe' at the bank. I mean it is insured up to $250,000 at each bank. But what happens when your bank closes its door or when there is a rush from everyone wanting their money? There may be a wait or there may not be any left.
This blog is not intended to instill fear or panic. It is just an observation.
Lately I've had more buyers calling, emailing and stopping by looking for a place to invest their hard earned cash.
I love real estate. I still think it is one of the best investment vehicles. Especially for long term growth and stability. You know it is there, it is insurable, it is saleable, it is rentable, it is a tax write off - it appreciates and it is a necessity.
If you are considering real estate I can help you find some great investments. From vacant land, to single family homes to multi families, everything is on sale! Why not own in Paradise? SW Florida is truly like living in paradise every day!
Search properties for sale in Lee County, FL right from my website.
I look forward to hearing from you soon!
Yours in Success,
Susan Milner
239-218-2229
- Out of the country? You can skype me for free :)
FloridaFutureRealty on Skype
I just read this article about a woman who shot herself as the sheriff's department was attempting to kick her out of her foreclosed home - read full story here
Please, don't try this at home! If you are having problems with your mortgage try your other options first. Your LIFE is so much more important than a mortgage.
We work with home owners in SW Florida or owners of properties in SW Florida negotiate short sales. In most cases, it cost you nothing if the bank agrees to the short sale.
We handle all of the paperwork and negotiations.
If you are interested in learning more, feel free to call me at 239-218-2229.
Yours in Success,
Susan Milner
Florida Future Realty, Inc.
copyright 2008 Susan Milner of Florida Future Realty, Inc.
(by the way, they are forgiving her mortgage and letting her keep the house - I hope she makes a full recovery and can enjoy her home for her final years of life)
Cape Coral, FL Are you concerned about what to do with your cash in light of the current economy? Have you considered investing in real estate?
Are you looking for an investment property? Second home? Retirement property? SW Florida was hit hard with the decline as we experienced such a high in the boom.
You can now purchase great homes in Cape Coral under $75,000! You can purchase gulf access vacant land under $75,000!
You can buy a gulf access condo under $150,000 in Cape Coral. You can buy a Cape Coral gulf access single family house under $200,000.
Looking at a smaller investment? You can buy an off water vacant lot in Cape Coral under $15,000!
These are just some opportunities that are available.
Real estate is safe. So long as you pay your taxes your investment is very secure.
If you'd like to chat about the possibilities of investing in real estate in SW Florida: Cape Coral, Ft. Myers and Lehigh Acres feel free to call me.
I can be reached at 239-218-2229 or via email at Susan@SusanMilner.com
You can also search for real estate: Lee county real estate for sale
I look forward to working with you!
Yours in Success,
Susan Milner
Florida Future Realty, Inc.
Your Future In Florida Awaits!
Copyright 2008 Florida Future Realty, Inc. Susan Milner
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Toll Free 888-764-6665 Cape Coral, FL Ft. Myers, FL Lee County FL - Your Future in Florida Awaits - 239.542.8521 From vacant land, to condo to luxury home....we handle it all!
* Please note: The information found here is my opinion and is not to be construed in any other manner. All information here belongs to me & cannot be copied without written permission from myself, the author. *
Hi & thanks for stopping in. (Hola y bienvenido) Let me give you a little background on myself. I am a licensed real estate broker (REALTOR® too) in the state of Florida. I have been investing in real estate here locally for the past several years. My previous occupation was actually working at a firm that teaches people how to invest in real estate. After having success myself I decided it would be great to assist others as well. I work with mostly investors but also love working with those who are true sellers. I say this because in our current buyer's market if you want to sell you have to be ready to make adjustments to your property & price it correctly. Buyers, there are many opportunities here for you. The prices are now lower than they've been in over 3 years in many neighborhoods!
I am constantly continuing to educate myself on new trends, the market, investment options & of course those required hours as well. I have my GRI designation. About 20% of REALTORS do so this isn't huge but it did take over 3 full weeks with tests at the end of each week section to obtain. I learned some new things while I was there of course. I also have my e-PRO designation. I think about 8% of REALTORS currently hold this one. It shows that I am competent in technology. I know that our buyers & sellers are more tech-savvy & stay up to date on technology to better service my clients. With over 60% of our buyers coming from out of state or out of country you have to be online.
I hold a Florida real estate Broker license. I am the broker for Florida Future Realty, Inc located in Cape Coral, Florida. I have many agents at my office ready to assist you with your buying or selling needs. I have agents that specialize in ALL areas of SW Florida including Fort Myers, Lehigh Acres, Bonita Springs, Naples, Punta Gorda, Pine Island & Cape Coral.
In conclusion, if you are looking for Cape Coral Homes or Ft. Myers Homes search no longer.
Our team consists of seller & buyer's agents to make sure you have the right fit for your needs.
Our buyer's agents are focused on bringing you the best buys in our current market place. They have the experience & knowledge to assist you from initial contract, through offer negotiations, inspections, financing options through to closing.
Our seller's agents are focused on listing & marketing your home or property to bring you the most exposure to net you the most possible amount within your preferred time frame. Selling a home in today's market is not like it was the past couple of years. We will assist you to make this as stressless as possible for you.
Our main office website is Cape Coral and Fort Myers Real Estate
If you like listing book go ahead and check out ours:http://cape-coral-homes.listingbook.com/
We also have a site set up for our pre-foreclosures & short sales. Here you can look through our inventory & join our mailing list to be the first to be notified of new listings: http://www.the-extreme-team.com/
Our team members speak fluent English & we have agents who also speak fluent Spanish.
All team members are licensed real estate sales associates in the state of Florida & members of the National Association of REALTORS®, Florida Associations of REALTORS® & members of our local (Greater Fort Myers & the Beach) Association of REALTORS®. REALTORS® hold the highest level of ethical duties to our customers.
Call us toll free at 1-888-764-6665 anytime to learn more about our team & real estate services.
Florida Future Realty, Inc is also a member of the Cape Coral Chamber of Commerce.
© Susan Milner, Florida Future Realty, Inc.
"I was worried to enter into a selling process, since I was living outside of the USA. You made it easy, quick & safe, even when we never met personally. Thanks a lot for being there representing me!"
- Roberto Gutierrez, Guatemala City, Guatemala
"Susan was an absolute God-send for me while trying to locate a home in Cape Coral. Her dedication to finding me JUST what I was looking for and not whatever was thrown out there made my job of house hunting from afar an absolute breeze. She really knows her job and clientele and will go the distance to make sure you are satisfied. I have enthusiastically referred her to many people already without hesitation."
- Staci Cottone, Lynn, MA
"Hard working, conscientious, the best we have met."
- Kevin & Cynthia String, Pepper Pike, OH / Ft. Myers, FL
"I won't bore you with details, but Susan's quick action enabled me to grab a piece of property and make a profit of $8,000 before I even paid for it! Amazing service. If you are looking for a Florida real estate agent who will look out for your best interest, your search is over. Call Susan!"
- Lee Simonson, Lewiston, NY
"Susan carefully evaluated and priced our properties to bring the highest selling price. We cleared MUCH more than we had initially anticipated."
- Julie Hockersmith, Cape Coral, FL
"This warm, genuine and charming young lady not only delivers everything she promises - she performed above and beyond my expectations. None of my questions were too trivial for her, and it amazed me how quickly she responded. Susan's expertise will put you at ease and make selling your property a pleasant experience."
- Cynthia Walker, Troy, IL
"She (Susan Milner, Realtor) was the most wonderful Realtor. She always went out of her way to help you out.I wish her all the luck in the world."
- Helen & Tom Gulcynski, now in Buffalo, NY (formerly Ft. Myers, FL)
"Susan was wonderful! I will work wtih her again and will refer others to her!!"
- Laura Guild, Depere, WI
"Susan was great, as always. She handled this deal, just as good or better than the first deal. I say that because this deal was harder than the first one, but, Susan made it happen start to finish. Thank you again."
- Pasquale Rayano & Carmen Martinez, W. Hempstead, NY
"...Susan possesses more professionalism than people in her field twice her age. I will use Susan for any of my future real estate investments in the Cape Coral area!"
- Brian Zarb, West Islip, NY
"Susan made the overall transaction very easy & very quick! I would definitely recommend Susan to a friend or to anyone who is looking for an agent."
- Pam Foust, Cape Coral, FL / Lady Lake, FL
"Susan is quick & prompt with her replies. I often ask her for information and receive it in hours, not days!! I have referred Susan to many colleagues. I have used many realtors & am very happy with Susan."
- Melissa Jones, Holly Springs, NC
"Susan is great, excellent follow-up & extra effort."
- Terry & Pam Rogers, West Lake, OH / Lehigh Acres, FL
"She (Susan) outperforms any realtor that I know. She is very professional and very easy to contact. I will recommend her to anyone who needs a realtor."
- Diego Gonzalez, Cape Coral, FL
"Very helpful & has a great response time"
- Thomas Senatore, Cape Coral, FL
"Susan was Great! A+. She was so very helpful to me, a keeper for sure."
- Harry & Joan Prentice, Louisville, KY
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