Barbara Klare

After reading about a local story about a soldier's family, victims of a (another) short sale gone bad. I wish they were better informed.

Did you know that properties listed as a short sale are over 30% of the Cape Coral, Fort Myers, and Lehigh Acres MLS area?

Buyers are attracted to short sales because they THINK they're getting a good deal. A potential buyer finds home online or by making sign calls listed for a price that is TOO LOW for a home in that neighborhood. They are really excited and want to jump all over it. They're getting a DEAL! But before jumping, ask yourself, if this is too good to be true, maybe it's not for real after all. You may be about to make an offer a pre-foreclosure, short sale home. At best short sales are unpredictable. They are never short.

You'll spare yourself a lot of grief by educating yourself about short sales.

Of the approximately 4500 properties listed as a short sale in the Cape Coral, Fort Myers, and Lehigh Acres MLS how many of these sellers qualify to short sell their property? Is their bank accepting short sales? How many lenders are involved? Does the listing agent know how to transact a short sale? Only 158 short sale transactions have completed since January 1^st. Not a very good tract record.

What's wrong with Short Sales?
A short sale SHOULD mean the seller's lender will accept less than the mortgage payoff and release the existing mortgage. Properties listed as a short sale does not mean the lender will accept your offer, even if you offer the listing price and if the seller signs the sales agreement. In other words it's NOT necessarily FOR SALE.

What to do?
Get representation! I can't stress this enough! Hire an EXPERIENCED REALTOR to work for you. Your Realtor can research the property. Find out who is on title, if a LIS PENDEN has been filed and how much is owed on the property. They will also know the tract record of the listing agent.

A buyer should considerer the following when deciding to pursue the deal. Is the SELLER actually qualified to short sell the home? Has the listing agent submitted the entire short sale package? Is the seller available and cooperating? This is crucial to the deal. If the seller can afford to make payment, the lender won't let him off the hook. The seller may end up having a judgment against him for the difference between the selling price and the mortgage amount.

Have your REALTOR create a CMA to determine the actual value of the property. Don't be surprised if the value is higher than the listing price. Expect the bank to counter at a hire price.

If there are two loans involved, from different lenders, you will have a problem.

Even if you complete all the steps, be prepared to wait up to 3 months to close.

After reading about a local story about a soldier's family, victims of a (another) short sale gone bad. I wish they were better informed.

Did you know that properties listed as a short sale are over 30% of the Cape Coral, Fort Myers, and Lehigh Acres MLS area?

Buyers are attracted to short sales because they THINK they're getting a good deal. A potential buyer finds home online or by making sign calls listed for a price that is TOO LOW for a home in that neighborhood. They are really excited and want to jump all over it. They're getting a DEAL! But before jumping, ask yourself, if this is too good to be true, maybe it's not for real after all. You may be about to make an offer a pre-foreclosure, short sale home. At best short sales are unpredictable. They are never short.

You'll spare yourself a lot of grief by educating yourself about short sales.

Of the approximately 4500 properties listed as a short sale in the Cape Coral, Fort Myers, and Lehigh Acres MLS how many of these sellers qualify to short sell their property? Is their bank accepting short sales? How many lenders are involved? Does the listing agent know how to transact a short sale? Only 158 short sale transactions have completed since January 1^st. Not a very good tract record.

What's wrong with Short Sales?
A short sale SHOULD mean the seller's lender will accept less than the mortgage payoff and release the existing mortgage. Properties listed as a short sale does not mean the lender will accept your offer, even if you offer the listing price and if the seller signs the sales agreement. In other words it's NOT necessarily FOR SALE.

What to do?
Get representation! I can't stress this enough! Hire an EXPERIENCED REALTOR to work for you. Your Realtor can research the property. Find out who is on title, if a LIS PENDEN has been filed and how much is owed on the property. They will also know the tract record of the listing agent.

A buyer should considerer the following when deciding to pursue the deal. Is the SELLER actually qualified to short sell the home? Has the listing agent submitted the entire short sale package? Is the seller available and cooperating? This is crucial to the deal. If the seller can afford to make payment, the lender won't let him off the hook. The seller may end up having a judgment against him for the difference between the selling price and the mortgage amount.

Have your REALTOR create a CMA to determine the actual value of the property. Don't be surprised if the value is higher than the listing price. Expect the bank to counter at a hire price.

If there are two loans involved, from different lenders, you will have a problem.

Even if you complete all the steps, be prepared to wait up to 3 months to close.

After reading about a local story about a soldier's family, victims of a (another) short sale gone bad. I wish they were better informed.

Did you know that properties listed as a short sale are over 30% of the Cape Coral, Fort Myers, and Lehigh Acres MLS area?

Buyers are attracted to short sales because they THINK they're getting a good deal. A potential buyer finds home online or by making sign calls listed for a price that is TOO LOW for a home in that neighborhood. They are really excited and want to jump all over it. They're getting a DEAL! But before jumping, ask yourself, if this is too good to be true, maybe it's not for real after all. You may be about to make an offer a pre-foreclosure, short sale home. At best short sales are unpredictable. They are never short.

You'll spare yourself a lot of grief by educating yourself about short sales.

Of the approximately 4500 properties listed as a short sale in the Cape Coral, Fort Myers, and Lehigh Acres MLS how many of these sellers qualify to short sell their property? Is their bank accepting short sales? How many lenders are involved? Does the listing agent know how to transact a short sale? Only 158 short sale transactions have completed since January 1^st. Not a very good tract record.

What's wrong with Short Sales?
A short sale SHOULD mean the seller's lender will accept less than the mortgage payoff and release the existing mortgage. Properties listed as a short sale does not mean the lender will accept your offer, even if you offer the listing price and if the seller signs the sales agreement. In other words it's NOT necessarily FOR SALE.

What to do?
Get representation! I can't stress this enough! Hire an EXPERIENCED REALTOR to work for you. Your Realtor can research the property. Find out who is on title, if a LIS PENDEN has been filed and how much is owed on the property. They will also know the tract record of the listing agent.

A buyer should considerer the following when deciding to pursue the deal. Is the SELLER actually qualified to short sell the home? Has the listing agent submitted the entire short sale package? Is the seller available and cooperating? This is crucial to the deal. If the seller can afford to make payment, the lender won't let him off the hook. The seller may end up having a judgment against him for the difference between the selling price and the mortgage amount.

Have your REALTOR create a CMA to determine the actual value of the property. Don't be surprised if the value is higher than the listing price. Expect the bank to counter at a hire price.

If there are two loans involved, from different lenders, you will have a problem.

Even if you complete all the steps, be prepared to wait up to 3 months to close.

Coral Lakes Sell Off, Cape Coral Florida

Where are the buyers? There here and there is no shortage of them. At the Gated community of Coral Lakes (Cape Coral, Florida) more than 100 people lined up seeking rock-bottom prices advertised in the local Lee County paper. Time to buy? I guess the message is clear.

116 homes in Coral Lake where available starting Wednesday, March 19th. Prices are for single-family homes at $133,000 and townhouses at $86,000. This is a wonderful a investment. By Friday after noon many were under contract.

How is this buying opportunity possible? Real-estate investor O.J. Buigas bought the 116 homes - 82 houses and 34 townhouses - from Miami-based Tousa homes Florida LP, parent company of Engle Homes. Engle filed for bankruptcy in January.

Who is really buying? According to one of my clients, the situation is totally chaotic. She was there for three hours. No one was there to give here actual information about the units or about Cape Coral. My client was told she has to own the property 2 years before filing for homestead. She knows better than that and decided not to buy under this kind of stress.

Another client of mine told me that investors were buying multi units. This leads to the "buy and hold" strategies that result in a community of renters. At least there is a 1 year minimum rental period. An area with a high percentage of renters is a bad investment for the end user or home buyer.

So why the buying frenzy? These single-family homes at $133,000 and townhouses at $86,000 do sound like a great price. But this is far from the only good deals in the Cape Coral, Fort Myers, Lehigh Acres area. If you're looking to buy, now is the time. I you'd like to purchase home at a good price, you can call a licensed Realtor (like me). We are knowledgeable about all available homes. There are many a homes now on the market at a similar price range.

There's an amazing selection of Cape Coral Waterfront, Gulf Access, Direct access, Sailboat Access Cape Coral Land & Lots, Foreclosure, Foreclosure Listings, Home Foreclosures, Property Foreclosures, pre-foreclosures, bankruptcy homes, real estate foreclosure, bank foreclosures, bank owned, REO, HUD, VA, FHA at fantastic prices available.

Sign up at my website to receive listing per email. http://www.cape-coral-foreclosure.com/

Bank Foreclosures - Increase Your Chances of Buying that Bargain

Most of what you read today about bank foreclosures claims that the abundance of inventory is so over loaded that the buyer is destined to get a bargain. A seasoned investor makes his fortune on the buy, then renovating, holding and selling at market price. Seeking a good deal on a basic family home is another story. You need to be educated about area values and renovation costs. The banks do their homework and you have to do yours.

Hire a Realtor that knows the foreclosure market and make an intelligent bid. Most opportunities are missed because the potential buyer either underbids or waits too long to submit an offer and another buyer comes along makes a better offer. Although the regular real estate may be slow, the foreclosure market is busier. Expect to have competition. In the Lee County Florida market of Cape Coral, Fort Myers, Lehigh Acres, many buyers from all over the country and all over the world have been waiting for this opportunity to buy a property here.

Today's real estate market has no precedent. Listen to the experts and form your own opinion. Your Realtor may recommend a particular type of property, this type of property is expected to increase in value ahead of other types. Learn why lenders won't lend on certain properties, they may be cheap but if you're not a cash buyer, don't waste time on them. Getting a loan? A strong pre-approval is absolutely necessary. Today's mortgages differ from 2 years ago. Get the pre-approval before shopping for a house. Understand which factors to consider when making a bid; the more foreclosed homes on the market, the more pre determined the price will be. Be patient and ready to counter offer before you succeed in getting the property at your desired price, at a discount that is determined both the by the condition of the property and today's market.

Barbara Klare
239 292 1358
bklare@comcast.net

visit me online:
http://www.cape-coral-foreclosure.com/