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St. Augustine. Of course our conversation turned to the real estate market,(you cant put agents togther and NOT talk about the market) and Short Sales dominated the discussion. Teresa Mercurio, the Broker/owner of RE/MAX 100 was one of the first Certified Distressed Property Experts,
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30 Comments on Why Buying a New Home Over a Short Sale Makes Sense
Hi Martha - yes, I'm with you hoping that new home sales will bounce back. We are seeing quite an increase in demand here in St. Augustine FL. A good sign for sure!
Bill - So many times Short Sales are in such rough shape, that buyers can be purchasing a pig in a poke. Then its not such a good deal after all.
Lenn, I have a few general real estate agents who told me that they, like you, are planning to specialize in new home sales. I think that is really smart! You know that they will close and the site agents usually take care of all the paperwork ;-)
Brian, setting expectations are key in every real estate transaction. No surprises that could have been avoided. It sounds like your team really has the Short Sale process down to a science, what a great service to your Sellers in the Ft. Lauderdale area.
Julie, keeping on your toes is right. Today's market is so unpredictable you never know what's going to came at you next. That is why I love selling new homes...they are pretty predictable.
I like the way you think Brian Rugg, leave the short sales to the thick skinned. Or teams like Brian Geraghty's who specialize in just that.
Price is key, you are right Jan. Why waste everyone's time in submitting ridiculous offers? Counsel the Buyer to the facts about current market conditions and market prices, so they wont throw away months on a loosing proposition.
Steven, you are right setting expectations are so important. In short sales, in the building process, heck even when babysitting my twin 6 yr. old grandchildren!
Jimmy - Thanks for the compliment my friend. When are you coming to see me at Kings Trace? Sure hope you can make it to the Grand Opening Luncheon on Tuesday.
That is so good to hear that Reno's new home market is picking up Terrie. A great indication that the market in whole is improving in your area. Fla still had some of the nations highest foreclosure rates... hoping that will turn around in 2013!
Short Sale is an Oxymoron, there is no confusion about a "new" home.
Thanks for posting.
We live in an area where there are very few New Construction options and almost 50% of the market are short sales, I wait and maybe take a trip to a restaurant
Or…
The sellers could have stayed in the home and maintained it in a reasonable manner. After all, they have to live somewhere and it is hard to believe that moving to a rental beats living in the old house for free (if they were making payments, it would not be a short sale, would it!).
And the buyers could offer a reasonable price instead of trying to get the steal of the century (at the cost of a bigger loss to the lender who subsequently asks for a higher price.)
In our area, short sales sell for list and higher after receiving multiple offers. New construction prices, always higher than the cost of existing houses, are moving up as the builders sell off their inventory about as fast as they can get it built.
We simply ask the buyers what is more important, saving money or time? Then we proceed as to what we are going to be focusing on.
You are right Michael, Short Sales are an oxymoron!
Ed- the new home market here, in St. Augustine, has really just started to pick up. I think 2013 will be a much improved sales year for new as well as resales.
I could not agree more, John, If a knowledgeable experienced agent is handling the listing on the short sale, it should be priced at market! It kills me to see extremely low listing prices on short sales... the agents are doing no one a favor by under pricing.
Steve, that is smart, asking the buyer what is important to them (should be done anyway right?) but especially with short sales. It sounds like you are educating you customers in what they can expect with a short sale. It goes back to setting expectations right at the beginning of the relationship.
Marjorie, ..."There are many Short Sales that never get to closing." I strongly believe the reason for this is because the listing agent does not know what they are doing. I promise you I can close a short sale in far less time than it takes to build a new home. Short sales are not for everyone.
It is true, short sale isn't for everyone. BuildIdaho.com