Ruben Triana

I find myself telling my customers over and over again that foreclosures are not the only homes available to buy. Here in Lake County FL where Leesburg, Mount Dora, and Eustis are notes for their antiquing buyers are looking for great deals and are focusing solely on foreclosures. True, there are many bank owned homes that are selling. Most are in poor condition. GOOD NEWS! Some banks are starting to replace carpets and cleaning up the yard. Finally someone ate the bank realized that by spending a little money to clean up a home will earn them more money when selling. Yet, there are still other homes available.

In Mount Dora, Eustis, and Leesburg Florida there are 3 types of homes that are selling.

1. Regular: Normal selling wanting to sell (Usually overpriced)

2. Short Shale: Possible good deal, home usually maintained well, may take awhile to close

3. REO/Bank Owned: Great deal, most need fixing

I tell my buyers that we should look at all types. I sold a house in Eustis that was a short sale. It took 3 months to close, but what a deal. 4 Beds 3 Baths, 2300 sq ft, lake view, separate dining and living rooms, with 2 car garage asking price $275,000 sold for $217,000.

Currently I have a buyer who wants to buy a regular sale. The seller is asking $120,000. The appraisal came in lower and the seller reduced the price. We have a contract for $110,000.

Bottom line is that there are deals to be had everywhere. Do not limit yourself to one type. AND, do not be affraid of short sales.

I speak to several agents who all agree that the banks have no clue as to what to do with short sales. They all ask why do they take so long to make a decision on a "no brain-er"? For example, we are asking for a short sale on a home with a 1st and a 2nd. The first will be paid 94% of what is owed and 2nd agrees to accept $3,000. Yet the 1st is dragging their feet for the approval, 5 months. We as agent think, what is the hold up, why can't they see this is more profitable to short sale than to foreclosure. My thought is that the people in charge of the bank are not making the decisions. It is a person making $13 an hour with hundreds of file who could care less which is more profitable. So be friendly to everyone you speak to you just may get somewhere.