Attention: Buyers wanted

By
Real Estate Agent with Sand Dollar Realty Group, Inc. BK627826

In the last few months we have been negotiating some incredible deals for our buyers.  I titled an earlier article that "The time for investors to buy is now."  I need to edit that title a little bit that the time for "buyers" to buy is now.  Sales are very slow right now, many sellers are desperate, some sellers are willing to walk away.  I am seeing many motivated sellers willing to sell at prices from 2003 and 2004 right now. 

 This fourth quarter of the year is where many sellers especially REOs (banks that have foreclosed on a property) are willing to dump their property before the tax year ends.  Here are some numbers from real deals that we have sold recently.

1. Altamonte Springs 3/2/2 block house.  Comparables show it was worth $210-220,000 in move-in condition.  The house needed about $20,000 worth of repairs - new roof, new AC, update kitchen and baths.   This was an out of state seller situation that I bought via a referral from another Realtor. I bought this one for myself and negotiated the price down to $133,000 and then assigned the contract prior to closing to another investor.

2. College Park 3/1/1 block house.  Comparables show it was worth $240-250,000 in move-in condition.  It was listed in MLS for $249,900 for several months.  This was a probate situation and the heirs were fighting amongst themselves.  The house needed a roof, had extensive termite damage, and the kitchen needed updating all to the tune of about $25,000.  We were able to get this one for $150,000 - THAT'S RIGHT, $100,000 UNDER LIST PRICE.  2 months later it is all fixed up and the owner just listed it with us for $224,900 (priced 10% under market for quick sale). 

3. Southwest Orlando 4/3/2 block house with pool.  Comparables show it was worth $220-$230,000 in move-in condition. It was listed in MLS for $219,900 for nearly 6 months.  The tenants were moving out and the landlords were professional people and just plain old tired of dealing with it.  The house had major roof leaks and the tenant's dogs had basically destroyed the inside.  It probably needed $25-30,000 in repairs. We negotiated the price down to $140,000 - NOTICE WE GOT IT FOR $80,000 UNDER LIST PRICE. 

4. Apopka 4/3/2 block house with pool.  Comps show it was worth around $400,000.  It was listed in MLS for $399,000.  House was in mostly move-in condition except for a few cosmetic items. We negotiated the price down to $330,000 for our buyers.  This was an end buyer who would owner occupy the house.

We have other deals like this in the works right now that have not closed.  If you want a skilled deal finder and negotiator to assist in your deals, please give me a call.  Now is the time to buy.  Make an offer, you might just get a great deal.

 

Copyright © 2007. Sand Dollar Realty Group, Inc. All rights reserved.

Rob Arnold, ABR, CPL, GRI, Full service and investor friendly Realtor, Managing real estate broker, Licensed mortgage broker, Notary Public

407-389-7318 www.SDRhouses.com/ www.WeBuyHousesFlorida.com/

 

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Rainmaker
575,553
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re
Now is the time for the smart investor to take advantage of the Market. When the market turns the sellers will be much More difficult to negotiate with . Good Points. Thanks
Nov 25, 2007 02:59 AM #1
Rainmaker
449,109
LLoyd Nichols
Premier Florida Realty of SWFL - Fort Myers, FL
SW Florida Homes
Rob: we need more posts like this. We need posts mentioning the great opportunities in FL and in your area of Altamonte Springs. 
Nov 25, 2007 03:04 AM #2
Rainer
103,259
Armando Rodriguez
QUEST REALTY SERVICES - Orlando, FL
Orlando Homes 4 Sale, Real Estate Broker-GRI
I've been telling some of my investors the same thing, but they're skeptical and think prices will go down further!??
Nov 25, 2007 05:18 AM #3
Rainmaker
1,016,521
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Terry - I have layed off buying much over the last 1 1/2 years until just recently.  Things were sinking too fast.  But now that the worst has hopefully passed, I am encouraging all my customers to start buying.

Lloyd - Thanks.  There are definitely some great opportunities.  There are plenty of properties "on sale" right now if you know where to look.  The old saying is "buy when there is blood in the streets." In my opinion, the blood is in the streets right now.

Nov 25, 2007 08:13 AM #4
Rainmaker
1,016,521
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F
Armando - Nobody can tell for sure how far they will drop. Just looking at the statistics that ORRA puts out every month though, inventory as remained relatively flat for quite a while and many home builders are getting toward the end of their inventory homes.  I am starting to buy some more myself now.
Nov 25, 2007 08:15 AM #5
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Rainmaker
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Rob Arnold

Metro Orlando Full Service - Investor Friendly & F
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