Joy & Shane Goushaw

When I sold my first Fort Myers Short Sale (a condo in the community of Bellamar at Beachwalk) in 2007 the Short Sale process was uncharted territory. Suddenly, the road map to closing had changed, and it seemed to happen almost overnight! Some of the new obstacles to overcome were extended waiting periods of weeks and months to hear back on offers from banks. BPO's were being paid for by the banks to provide an "idea" of value for the home and what that particular home "should" sell for. And, I was being asked the same question over and over again from Home Buyers and Sellers alike, "Just what is a Short Sale?" - Answer: When a Seller asks permission from the bank to sell their home for less than what they owe the bank.

Now folks have become more familiar, sometimes almost "de-sensitized" to the notion of a Short-Sale. The Short-Sale is not going away anytime soon and there is a story behind every home bought and sold as a Short-Sale. One of the reasons we will continue to have more homes in the Fort Myers MLS is that there will be another wave of ARMs into 2010. However you feel about them, either as the Seller trying to sell "Short" or the Buyer hoping to purchase your new home, Short Sales are here to stay in the immediate future.

A couple of tips to keep in mind through the Short Sale process:

1. Hire a Professional Licensed Realtor who has the big "E" in Short Sales "EXPERIENCE"

2. Be prepared to wait, and wait and wait - whether you are buying or selling. The banks have an influx of homes that they are processing short right now. To illustrate: my husband recently spoke with a Listing Agent of a Short Sale for one of his Buyers. The Realtor shared that this particular home was recently reassigned to a brand new negotiator because the last negotiator was "overwhelmed" with work from other short sales pile on their desk.

3. Buyers and Sellers - Know the basic Short Sale process:

A.) Buyer -You find the home you want to place an offer on and you look over the comparable solds with your Realtor to come up with a market value for the offer price.

B.) Buyer's Agent obtains your signatures on the offer and submits the contract to Short Sale Listing Agent.

C.) The Listing Agent reviews the contract with Sellers, who have to agree to the price and if/when they do agree, then the offer is submitted to the bank.

D.) Sellers - It is in your best interest to already have submitted a Short Sale package. Your Listing Agent can obtain the requirements for you from your particular bank. This will need to be submitted either when you first list your home, or no later than the time of the offer. The bank is asking for very personal information from you. Some of the information they are looking for is: A "Hardship Letter", proof of income, Tax filings, Debts, Assets - bank account information.

E.) Understand that if there is a second mortgage on the home, it can take even longer to close on a Short Sale. The reason for this is that the first mortgage gets the payout first. However, the second mortgage (bank) has to agree to the "leftover" money they will receive or not receive. One of Shane's Short Sale listings took almost a year to close because of this. However, he did sell the home as the buyer and the seller were patient and stuck with it. It took double the negotiation efforts to work out a conclusion both banks felt good about.

F.) Your feelings of frustration, anxiety and excitement are all very normal. If I had a support group for buyers or sellers of Short Sales, I just know it would be full!

Shane and I are available as a resource to you should you have any additional questions about selling your home in a short sale or buying a short sale. You can contact us either by phone or email.

Happily serving Fort Myers, Fort Myers Beach, Estero, Lehigh Acres, Bonita, Bonita Beach, Sanibel Island, Captiva Island, Naples, Marco Island.

Providing Excellence and Service in Your Real Estate Experience.

Shane & Joy Goushaw

Licensed Professional Florida Realtors

Sandals Realty

Cell: 239-823-5280

Fax: 239-245-8042

Website: www.FortMyersRealEstateFloridaHomes.com

Blog: www.WeLuvFortMyers.com

If you are a conventional Seller in this real estate market you know just how frustrating it can be to sell your home. In today's real estate market you are facing hurdles around every corner that can sabotage the sale of your home including:

• Competition against low foreclosure prices
• Buyers who place multiple offers on more than one property
• Home Buyers who have not saved up enough for a down payment + closing costs and need help from Sellers for the closing costs or a reduced offer price.
• Home Sellers often have very little room to come down in asking price or help with closing costs because of the drop in home values and what they personally owe to the bank on their mortgage.
• More and more Buyers have poor credit scores
• Fewer loan / financing products to place Buyers in

Now that you know what your up against you can develop a strategy to sell your home and move forward to the next phase in your life - Follow these steps you can control and you can almost be guaranteed to sell:

1. Listing Price and Home Condition - You need to have the BEST / LOWEST priced home in your neighborhood the DAY your home goes on the MLS.

• Listing Price: Do not make the mistake, though often times well-intended, of listening to your Realtor's suggestion on price, and when it is lower than you had hoped say to them, "If it does not sell in 30 days we will reduce the price." There is a term in Real Estate called, "Chasing the Market." This means in layman's terms that eventually with all of your price reductions over the course of the several months your home is on the market, that you will actually end up selling your home FOR LESS then you could have sold it at your Realtor's original recommended list price.

2. Home Condition - Be the home in the BEST condition in your neighborhood.

• Condition: Stage, Fix, Stage, and Repair - Fix the drywall that has water stains, paint your home in neutral colors to attract more buyers, work on the curb appeal, make your house sparkle, now is the time to get your AC serviced if you have not done so in 5 years (though I recommend regular AC maintenance), update your light fixtures, de-clutter, de-personalize, clean out your closets so that buyers can see how much storage space there is. Ask for the help of a professional stager, or the input of your Realtor. My husband and I have helped many of our clients with simple things such as sharing what the Seller can do to play up their homes best features. Sometimes it really is as simple as re-arranging some furniture.

Another strategy Shane and I employ when discussing list price and property condition is the same as Mike Aubrey from HGTV's Real Estate Intervention and we will take our Sellers on a tour of their competition and the homes that are for sale in their neighborhood and community. We will also show the comparable sold, pendings and active reports to the Seller. This helps tremendously when understanding where the Listing Agent is coming from in their pricing strategy.

When Selling your home, here are a couple of other helpful tips to keep in mind:

• In Real Estate, it really is about Location, Location, Location! If your home is on the best lot in your community you are extremely fortunate. That will help tremendously and will attract a very large pool of buyers. However, keep in mind that simply because you have the lake view, does not mean in this market that you will get what you are hoping for in an offer price, or that you make money on the sale of your home. It does mean that your home will more than likely sell much quicker and at a better price in this market. If your home backs up to another house or a major road, understand that a buyer will not be willing to pay more for your home. The very things that are taking away value from your home, a buyer will also know will take away value from the house when they go to sell.
• Seller concessions or Realtor bonuses have not been proven to sell a home. As Listing Agents, my husband and I would recommend coming lower on your asking price instead of providing a Realtor bonus. It is in your best interest to do so. Seller concessions such as carpet allowances or paint allowances can work against you. Buyers want homes they can move right into. Do the work first, don't give them a reason to have your house be placed in the # 5 slot on their list, or even come in at # 2. You want the Numero Uno spot and to be # 1 in their mind.
• If you cannot do the work before you sell to fix up your home, then your price will need to reflect that. Be aware that you will need to price lower than fixed up comparables in order to help your home stand out and receive an offer. Buyers are pretty savvy these days. As easy as it is for them to find their dream home on-line, it is also just as easy to check out the pricing for new floors at Home Depot or Lowes.
• Hire a Licensed Professional Realtor in your state to assist you. Clean and stage your home so that they can take photos and make a virtual tour that will wow the Buying audience.
• Treat it like a business and set aside your emotions. That is so difficult to do as Sellers watch what little value they had in their homes disappear. If you can set aside your emotions, you will be better able to move forward to the next stage and opportunity in your life. If you have difficulty setting aside your emotions, you will have a challenging time with the negotiations and pricing. You don't want to be a stumbling block in the sale of your home. Dear Seller, you have enough challenges to overcome.
• DO keep your sense of humor! Laughter is after-all the best medicine!

If you have any questions at all about selling your home, please do not hesitate to call and ask us. That is what we are here for. Providing Excellence and Service in Real Estate.

Proudly serving Fort Myers, North Fort Myers, Estero, Lehigh Acres, Sanibel Island, Captiva Island, Bonita Springs, Fort Myers Beach, Naples and Marco Island.

Shane and Joy Goushaw

Licensed Professional Florida Realtors

Sandals Realty

Cell: 239-823-5280

Fax: 239-245-8042

sgoushaw@hotmail.com

Visit our website at: www.FortMyersRealEstateFloridaHomes.com

Visit our blogsite at: www.WeLuvFortMyers.com

Cape Coral drew much attention from being named "The Foreclosure Capital of the World" several months ago. This title brought much attention to this tropical city on Florida's SW Gulf Coast. Buyers from around the world once again rushed to pay cash for the over-abundance of foreclosures in this boater's paradise.

Part of the challenge of being the "Foreclosure Capital of the World" is waiting for new Cape Coral Buyers to make their purchases and having homes once lovingly tended to and cared for sit vacant. Much attention has been placed on coming up with a solution and the community has shown just how "neighborly" they are by joining together to mow overgrown lawns in their neighborhoods. I have even heard of churches getting groups together on a Saturday to cut grass! Now that is true community!

Another solution has been to use tax payer dollars to cut the overgrown lawns. In fact, the City of Cape Coral spent $230,000 in tax payer dollars between June 2007 - July 2009 to pay lawn companies to maintain these unsightly yards.

Both are viable solutions which place the burden on the community. However, Cape Coral has shown itself resilient in these very difficult times and solution focused instead of problem focused.

Providing Excellence and Service in Your Real Estate Experience. Proudly Serving Both Buyers and Sellers in Cape Coral, Fort Myers, North Fort Myers, Fort Myers Beach, Sanibel Island, Captiva Island, Estero, Lehigh Acres, Bonita Beach, Naples and Marco Island.

Contact Shane and Joy

Licensed Professional Realtors

Sandals Realty

Cell: 239-823-5280

Fax: 239-823-5280

Check Out Our Website! www.FortMyersRealEstateFloridaHomes.com

Check Out Our Blog! www.WeLuvFortMyers.com

We all know exactly how exciting it is to envision your new life in a brand new home. It is so much fun to picture what color to paint the walls, how to arrange furniture and what you will use the living space for. It is nice to drive around taking flyers out of boxes and calling the listing agent with a list of questions on the asking price, etc. However, if you have not sold your house yet, we may need to step on the brakes before getting too many steps ahead of where you need to be - I can hear those tires screeeching the car to a halt right now!

There are many good and valid reasons why someone would buy a home before they sell, and every situation is different. As a Realtor, it is our job to find you the house you can see yourself living in - afterall, that is why you picked up the phone to call us. I would like to build on the role of a Realtor for Buyers and share with you that we are also there to provide information and educate about the buying and selling process and give you some food for thought to reflect on when you are thinking about buying before you sell.

• What would you do if you fell in love with a home before you sold yours and you want to place an offer? Emotions can get the best of all of us, and it is important to keep things in perspective when buying a home. If you are obtaining financing, will you be able to qualify holding another mortgage? If you are not able to and you write an offer "contingent on the sale of" your property, it will not look like it is as "strong" of an offer. The Listing Agent may advise their Sellers to write an addendum stating that if another Buyer places an offer on their home, and you have not sold yours then they can go with Buyer #2.

• Let's say you get an offer on your home (YAY!) and you decide to go out looking for a home and you find one. What happens if the Sellers of the home you have an offer on, accept yours and you are under contract then YOUR Buyers back out of YOUR offer. Can you financially afford to carry two mortgages?

It is important to keep in mind that there are very specific times in life when you either have to buy before you sell or are able to buy before you sell. Maybe you have a job offer in another location and need to move or you can afford to carry two mortgages and you found the home of your DREAMS - Only you can determine if those shoes fit you. If the shoes fit someone else and are a bit two big or two small for you, you just might want to reign in the horses and wait the sale of your house out.

It is always a GREAT idea to do market research before buying your home. Use the time that your house is for sale to check out neighborhoods and make a list of "must haves" for your new home.

We are more than happy to assist you with any questions you might have about the buying or the selling process in Fort Myers, Fort Myers Beach, Cape Coral, Lehigh Acres, Estero, Sanibel Island, Captiva Island, Bonita Beach, Bonita Springs, Marco Island and Naples. Providing you with Excellence and Service in Your Real Estate Experience.

Contact Us Today

Shane and Joy Goushaw

Licensed Professional Realtors

Sandals Realty

Cell: 239-823-5280

Fax: 239-245-8042

Visit our website! www.FortMyersRealEstateFloridaHomes.com

Visit our blog! www.WeLuvFortMyers.com

This beautiful home is located in Colonial Shores approximately 15 minutes from Fort Myers Beach and 20 minutes from the bridge to Sanibel and Captiva Island. This home complete with lake view, brick paver drive and tiled roof was a foreclosure! Shane recently closed on it after several months of Shane's dilligent efforts and much patience on the part of his buyers.

The future of Real Estate looks as if it will continue to involve a market of Short Sales and Foreclosures into the 3rd quarter of 2010. We strive to provide education to buyers in the Fort Myers and Cape Coral Real Estate Market, so that Fort Myers home buyers can utilize a strategy to help you be succesful in your home purchase in these challenging times.

Strategies for a Succesful Offer on a Foreclosure Home:

1. Be prepared with either "Proof of Funds" if you are a Cash Buyer, or your "Pre-Qualification Letter" if you are obtaining financing.

2. Talk to your lender ahead of time to discuss any potential pitfalls that may come up when you go through the Loan Application process and come up with a game plan to overcome those challenges.

3. Be prepared to bring your "Highest & Best" offer. We are noticing many Fort Myers and Cape Coral foreclosures listed at "Below Market" prices to induce "Bidding Wars" from potential buyers. Also, Banks are asking the listing agent of their foreclosure or REO properties, to list the home for 5 days before they accept any offers. This means that when you put an offer on your "dream home" the first day it is on the market, hoping to be the first one in, your offer will not be countered or accepted for 5 days in order for the home to gain more exposure on the MLS.

4. Have representation from a Buyer's Agent who is knowledgable in the current Fort Myers and Cape Coral Real Estate Market. Utilize the services of a Licensed Professional with a proven track record. They will be your best resource and support as you attempt to purchase a foreclosure property.

5. Obtain a record of comparable solds to the home you are interested in from your Realtor. Looking at recent sold comparables is a good indicator of what the bank will accept in an offer.

6. Be mentally and financially prepared to make improvements in the homes and pay for your own repairs. Fort Myers Foreclosures are sold "As-Is." This means that the Seller, or the bank, will not make any repairs prior to closing.

7. When your Realtor finds a home that meets your criteria, don't wait to write an offer. That home is probably being watched by many other buyers who are ready to jump in.

We are looking forward to assisting you with your next home purchase, whether it is a Fort Myers or Cape Coral Short Sale or Foreclosure. We are available to answer any questions you might have and look forward to serving you today. Providing excellence and service in your real estate experience.

To view homes as the day they go on the market, please ask for a ListingBook Account.

Proudly serving Fort Myers, Cape Coral, North Fort Myers Real Estate Experts, Estero, Lehigh Acres, Bonita,

Sanibel Island, Captiva Island, Naples, Marco Island, Fort Myers Beach.

Contact Shane and Joy Goushaw

Licensed Professional Florida Realtors

Cell: 239-823-5280

Fax: 239-245-8042

sgoushaw@hotmail.com

www.FortMyersRealEstateFloridaHomes.com

www.WeLuvFortMyers.com