For these investors and buyers in general making an offer in Lee County, Cape Coral, Fort Myers and The Beach on a short sale can be complex. Your Realtor, when pre-viewing and gathering information for these listings may be well advised to ask a few questions to the listing agent:
When willthe lender respond to the offer? Granted they are much faster to respond these days, but will it be 3 weeks or 6 weeks?
Cape Coral Pool home with gulf access canal frontage
How many offers if any has the property in question? These days for example its not at all unusual in Cape Coral, Fort Myers and Lee County in general to have short sales and foreclosures with multiple offers. Ask if your client wants to start a bidding war or not. At least with a foreclosure the answer to an offer is fast.
If the short sale has a few important repairs and if the buyers are still interested: is the lender/negotiator
willing to put for ex.$5,000 in escrow for these repairs? I have seen it done, but your client will want to know.
Some Bank owned properties may have for example 2 or 3 offers at the same time and decide to put everything back on the table after 72 hours or a week. Which means that your potential buyer can either stay put with his or offer, withdraw their offer or raise it. The highest strongest offer will win. Does your client want to do that?
Fort Myers Beach FL
I'll take an example: an attractive SW Cape Coral pool home is a short sale listed at $169,000 and it is getting a lot of showings. During the first week it is getting 4 offers. The winning offer may be around $185,000. My point? Short sales are great opportunities, some have already approved asking prices by the lender but if its going to be a bidding war are you sure that a home just with the same qualities, listed as a regular sale ( non-short sale and non-foreclosure) for $185,000 could be actually a better deal? Specially if we do know that the average home for example in Cape Coral sale for around 92-95% of the asking price?
My point is that your clients need to know what they get into.
LLoyd Nichols
Right Choice Realty LLC
6360 Presidential Court, Suite 4
Fort Myers, FL 33919
cell: 239-810-2980
Fax: 239-463-4826
home office: 239-463-5217
Active Rain Blog: http://activerain.com/lloydn
Website: http://www.mlsouthwestfloridahomes.com
Website Blog: http://ftmyershomesandgardens.blogspot.com/
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