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Jim Shaw Realtor Naples Florida Luxury Properties

Naples Shrinking Property Values

Naples, FL. is known for its increasing property values. Its warm winters, warm gulf waters, beaches, etc. have traditionally been the drivers of these escalating values.

As far as I know, Naples has never been known for Foreclosure filings.

But, then again, the U.S. financial crisis has come along and helped change all that.

The late oil billionaire, J. Paul Getty, was quoted as saying, "I buy when everyone else is selling."

If that is the case, then it is definitely time to buy residential real estate in Naples.

Since the fourth quarter of 2005, property values have plundered down approximately 20%-70%, depending on location.

Mortgage interest rates are low, Florida property taxes have been reduced as has homeowner insurance premiums.

For those who want to own a piece of paradise you can do so at a bloody good price!

Those Pesky Short Sales

Got a client that is underwater on his condo.

I have been running as fast as I can away from short sales.

But in this case I can run but there is no where to hide.

I'm looking for some advice from all ActiveRain experienced Short Sales Realtors!

Have any of your client's been issued IRS Form 1099 for the shortfall?

How bad does a short sale trash a client's credit score?

I want to test my understanding here; the lenders cannot go after the seller's primary residence, IRA's, 401K's, Annuities, Cash Value Life Insurance Policies, etc.???

What has been your experience as to how long the process takes to get a lender to approve a short sale?

I am thanking you in advance for your experience and advice.