I can count the buyers that haven't asked me to show them short sales on one hand. Everyone is after them and there's plenty short sales and foreclosures available in Highlands County.
Dear Bargain Hunters, short sales are most likely not turnkey. They are most likely not ready to move in. Don't expect curb appeal. Don't ask for seller concessions. Short Sales are WYSIWYG's - What You See Is What You Get.
If there's a big ol' hole in the roof, you'll buy it that way. If the walls haven't been painted since Jay Leno took over the Tonight Show, then this is what you'll buy: Johnny Carson era wallpaint. You get the picture.
There are exceptions: I recently showed a new construction short sale. My buyer was excited. Asking price $100,000. Gorgeous kitchen! Nice open floorplan, not huge but perfect for a starter family. We noticed that washer/dryer and the refriderator were missing. All other appliances still had the tag on them. My buyer asked if the seller would furnish the missing appliances. No! The seller is in a financial hardship. If he wasn't, then the appliances would be there and the home wouldn't be offered at this bargain price. Then my buyer asked if the seller's lender would furnish the appliances? No! The seller's lender is already losing money. They lend money, they don't stage homes. Then the buyer asked if the seller would take less than asking price to make up for the missing appliances. No! The seller can accept less but the lender will have to approve what the seller accepts. Again, the lender is already taking a loss. Will the lender take even more of a loss because the buyer's offer is contingent on replacing missing appliances? Not very likely!
As we walked out on the covered and screened porch, there was big puddle of rain water sitting on the concrete floor. No doubt, it had rained through the screen. Happens all the time in Florida during our rainy season and it's no big deal. However, the concrete had a nice layer of mold where the puddle was. The concrete porch didn't have any drainage. Rain water had been accumulating and sitting there for quite some time. "Will the seller fix it?" Not sure. "Will the lender take less because the concrete floor is mold covered?" NO!
My buyer asked to see homes other than short sales.
I don't mean to discourage you from hunting down a short sale bargain. If you have the time and some elbow grease and maybe some extra cash - I can find you great bargains in Highlands County! No problem at all!
If you're looking for a nice single family home where the seller will give concessions and is open for negotiations, then short sales and foreclosures are probably not your cup of tea. Best of all, there's plenty of those around and many can be had for a reasonable price too!
Andrea Mills - "Short Sales - Hunting down that bargain" Copyright 2008 *All Rights Reserved
This article was originally posted on http://sebring.activerain.com/
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