Barbara Klare

Cape Coral Short Sale - Are you qualified to sell your home as a short sale?

Are you upside down on your primary residence or 2^nd home and need to sell? Have you stopped making mortgage payments because you really can not afford to do so? Selling the home as a short sale may be the answer.

A Short Sale is when your mortgage holder agrees to accept less money than the amount actually owed on the mortgage. A short sale can be successfully negotiated. Lately, the mortgage lenders have been accepting more short sale contracts and statistically more short sale purchases have been closing. Some lenders are easier to deal with than others. The seller must proper and convincing documentation to the mortgage lenders that they can no longer afford to make payments. The property value must have fallen below the amount of the loan.

If the mortgage lender approves the short sale, the home can be sold without the seller having to come up with cash to cover the shortfall. The mortgage is satisfied.

How do you get started if you think you may be able to sell your home as a short sale? First of all, contact me so we can discuss your homes selling potential. If you decide to move forward with the sale I will list and market your home to the highest profession standard. At the same time, get your financial information organized and write a hardship letter. You will also have to sign a release to RL Towns Consulting. This is a professional negotiating firm that I prefer to use. The actual negotiations start with the offer.

You can expect the negotiation to take 3 to 6 months. Success depends on the seller's cooperation with the negotiator and the buyer's willingness to wait through the process.

Don't hesitate to contact me if you would like to sell. How will i work for you? See my client testimonials
www.incredibleagents.com
Barbara Klare
Gulf Coast Realty
cell: 239-292-1358
e-mail: bklare@comcast.net
www.cape-coral-foreclosure.com

Looking For a Real Estate Deal in Cape Coral? Call 239-292-1358. I Specialize in Cape Coral foreclosure property – Bank Owned - REO Homes – Short Sales … Free list e-mailed daily. Visit www.cape-coral-foreclosure.com

Cape Coral Market Report for August 1st – October 31st 2009

Total 1,637 single family Cape Coral homes sold
710 foreclosures
509 non-distress sale
418 short sales
November 1st 2060 single family Cape Coral homes active on market

Although this season is usually sluggish in the real estate market, Cape Coral home sales were still strong. The market remained hectic. Short sale closings have greatly increased over the past year. Might be banks are have finally realized they better take the money and run!

The average sale price of foreclosed homes is $82,219.  Most of these distressed homes were snapped up within a few days with the average “days on market” being just 12. Average sale price was 100.6% of asking price. Multi offers situations are the norm.

Gulf Access homes were great deals. The average price is $249,900 with 64 days on the market and selling at 96% of asking price.
The coming season is expected to be busy. Many more foreclosure will be coming on the market. Higher end homes and coming through the foreclosure process and will soon be on the market. This may be the chance to buy the SW Florida home you’ve always dreamed of.

Yes, we all know it’s a buyer’s market in Cape Coral and this SW Florida city is the number 2 foreclosure capital of the country. Sales have been strong since November with April being exceptional.

Most of these sales were foreclosures or short sales. Since the media has been working overtime getting news of these exceptional home prices to the public, these distressed homes are being snapped up within a few days, selling above asking price. Multi offers, going for best and highest are the norm. It seems everyone wants great deal on a wonderful home in a tropical paradise.

Although it’s a buyers market, it may be difficult to get your bid accepted. You may need to help of a Realtor with a lot of experience selling foreclosed homes to get the home you want to buy.

If you’re thinking about taking advantage of today’s home buying opportunity, hire me, a professional Realtor who’s an expert in the foreclosure market. I’ll find you the best deal out there.

To receive free online listing visit: www.cape-coral-foreclosure.com and sign up on the information form

Barbara Klare
Gulf Coast Realty
239 292 1358
e-mail: bklare@comcast.net

March 1391 homes sold
905 foreclosures $100 to $725,000
297 non-distress sale $27,000 to $3,000,000
189 short sales $12,000 to $1,350,000

April 1464 homes sold
974 foreclosures $2,000 to $569,990
312 non-distress sale $11,400 to $1,875,000
178 short sales $24,500 to $1,150,000

May 1213 homes sold
710 foreclosures $8,900 to $540,000
327 non $9,650 to $4,912,000
176 short sales $33,000 to $999,000

June 1st 786 active foreclosure listings

The busy home hunting market of March made April ’09 a real estate record breaker with a whopping 1,464 single family homes sold in South West Florida that month. Bank owned homes that had been through the foreclosure process accounted for 974 (66%) of these sales.

The high sales price of a bank owned home was $569,990 for an awesome 2005 built, 3100 sq ft gulf access pool home located in a prime SW Cape Coral neighborhood. The lowest sales price was $2,000 for an auctioned off 1947 built 3300 sq ft dilapidated, relic of a pool home in North Fort Myers. Both homes were absolute steals!

About 2/3 of these foreclosed homes were in the $60,000 to $80,000 range and needing some repairs. Most of these distressed homes were snapped up within a few days, selling above asking price. Multi offers, going for best and highest were the norm.

The home buying frenzy has driven prices up just a bit. The $70,000 pool homes are gone, probably not coming back any time too soon. The home buying frenzy has also put a dent in the inventory of bank owned properties on the market. On June1st, only 786 active foreclosed homes were on the market.

It appears the inventory actually (finally) dwindling? One last wave of foreclosures is expected late summer, the height of our tropical storm season. As the H word keeps the competition away. August and September are traditionally the best time to get a good deal on a SW Florida home.

Barbara Klare
Gulf Coast Realty
239-292-1358
Please visit my website www.cape-coral-foreclosure.com
Email me: bklare@comcast.net