Expensive rents in Lee County

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I read an article in the newspaper regarding the number about renting Vs Buying in Lee County. And it makes totally sense. These days, lots of people just can’t get a loan and have to rent. The high demand for rentals make prices going up, while, for the same reason, buying a home in Lee County, including Cape Coral, is affordable. Of course, if you still need to find a place to rent in Cape Coral, Fort Myers or Lehigh acres, feel free to visit my Cape Coral rental site and contact me from there

Fort Myers-Cape Coral is amongst the most affordable locations within the place to purchase a residence, but rents are far above regular.

A report unveiled with the Washington-based Center for Housing Coverage stated the median house cost right here is now $95,000 (the same as 2010), generating the area tied with Scranton, Pa., for 186th outside of 211 metro regions.

The median monthly lease for a two-bedroom apartment, nonetheless, was $996 – 56th greatest about the list – even though down from $1,029 previous year.

Solidly atop equally lists was super-expensive San Francisco, No. 1 with a median rent of $1,833 plus a median property price tag of $550,000.

Most inexpensive lease was Springfield, Mo., at $594 and Lima, Ohio, had the most cost effective houses at $63,000.

Driving the high rents in Lee County is a ongoing influx of foreclosure refugees staying kicked from their properties, said Susan Lutter, broker for Fort Myers-based Gulf Waters Rentals and Management.

“We still have renters declaring, ‘Hey, I have to become out by Wednesday’,” she said.
Houses are low-cost and there’s a strong industry from traders, but when it comes to potential buyers of the residence to reside in, it could be difficult to close the deal regardless of the lower rates, Lutter said.

It is especially difficult to borrow cash for any condominium, she explained.

“Trying to get into nearly anything with a condominium association you fairly significantly should shell out hard cash because the financial institution will not lend the cash and numerous models must be operator occupied,” Lutter stated.

Nationwide, the center’s report, unveiled Friday, located that although employment is picking up, a lot of workers even now can not manage to buy a residence.

The report said “while some task is evidently much better than no career, a lot of the newly produced employment just don’t shell out adequate to permit employees to make ends meet.”

That is specially accurate in the pricier metropolitan areas, the report states: “In far more expensive metro regions, even accountants make too minor to find the money for fair market,” even which has a standard wage array of $44,000 to $63,000.

Lutter stated she does not see a lot of first-time homebuyers right here recently.

“I’ve handled a single (couple) and they are in their 50s,” she explained. “They’ve lived here for many years and they’ve often rented and so they ultimately made the decision it is time.”

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Comments (0) Jul 28 2011

It’s a NORMAL buyer’s market

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And the keyword “normal” is for the word buyer, not for the word market.

We all know that, except in few areas, this country is facing a buyer’s market. OK. We all got that. But what a potential buyer needs to know is a seller is not going to give it away for nothing. And I’m talking about his or her property.

I have a high percentage of my calls coming from buyers looking for owner financing. Fair enough. There are about 6,000-7,000 homes for sale in Lee county. Only 63 owners are considering helping potential buyers with some kind of financing. So when you call me saying that it’s a buyer’s market, you gonna give $3,000 down on this $600,000 mansion and you will accept no balloon and only an interest rate of 4% and the seller is better to accept your offer because it is a buyer’s market…well…it’s not going to happen.

If you are looking for some kind of owner financing, it’s more likely because you are not qualified for a bank loan. While an owner willing to provide some kind of terms is most likely to have a free and clear property.

So, in the owner financing fields, it’s always a strong seller’s market.

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Comments (0) Jun 24 2011

5 tips you didn’t know when selling your home

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I thought I’ll share 5 tips with you about facing some issues while selling your home.

1) The right sights, smells and sounds.

It is no news flash  that the view of a utilized car lot; stinky foods or animal smells; along with the siren song of a fire station next door might be deal-killers. What may possibly surprise is a few of the right sights, smells and sounds that will support seal the sale of your property. My experience has been – agents, chime in here! – that the more natural stunning sights, smells and sounds are, the more favorably they’ll be received by the largest population of prospective buyers.

For example, playing a soundtrack of classical musical is fine, but will trigger some skeptical buyers to wonder what noises you may be attempting to cover up – particularly if you are in a condo or other potentially thin-walled property where neighbor noise might be an issue. On the other hand, birdsong could be attractive to some buyers. Artificial air fresheners? Not so significantly. The scent of the jasmine or lavender that grows inside your yard? Even allergy victims can appreciate that.

You might be desensitized to the wonderful views of trees, mountains or even water outside your window, but pulling back the curtains so prospective buyers can see for themselves is an absolute should.

House getting is often a multi-sensory encounter – visual staging of the property itself is no longer a plus, it is a ought to. But homes which develop pleasant impressions that fire on all of a buyer’s sensory cylinders surely have the edge on their competition.

2) Your happiness.

Video and even written love letters that extoll all the virtues for which you love your neighbors, your neighborhood and your property are contagious to buyers. I’ve observed sellers aid buyers see their houses through their own loving eyes by posting videos on YouTube and including the link on the listing flyer or even by putting a binder containing a letter plus menus and flyers from their favorite neighborhood restaurants, dry cleaners and other nearby merchants out on the counter during showings.

Wide-open curtains that let light stream in, light and bright paint and decor colors along with other home features that science has proven make residents more happy and functional also produce this thought process in a buyer’s mind: “Hmm, these people appear pleased here. I could be, too.”

Similarly, indicators that you invested a good deal of adore in your home, by keeping it in immaculate order and pristine condition, by tending a well-cared for kitchen garden, lovingly furnishing and creating comfortable (if not overly customizing) your kids’ rooms, all produce the feel that a residence was happily lived in – it’s like staging your property having a life well-lived, not just paint and tile.

3) The freeway or subway you thought was too close.

There’s such a thing as a freeway or elevated train tracks becoming too close to your house; if your location rattles or roars, for instance, every time the train passes, chances any buyer will view that as a selling point are pretty slim. Nevertheless, homebuyer attitudes toward being located near freeways and subways or bus lines are a-changing. Every single upward click of gas costs renders buyers a tiny bit far more interested in a location that is much more commutable.

Where yesteryear’s buyers had been all about the posh exclusivity of far-out suburbia, today’s buyers are more interested in monetary and ecological efficiency and convenience. I’ve never heard so many homebuyers looking to own homes that will enable them to ditch their cars entirely as I’ve in recent years!

What may well once have been seen as too close to the freeway has gotten a brand new spin, lately, as a extremely convenient, commuter-friendly location.

4) Your neighbors.

Most homeowners contemplating selling their homes recognize the significance of well-kept neighboring houses. A lot of a buyer has pulled up to an incredible house, viewed it, and left shaking their head with woe due to the fact they just can’t cotton to getting the place on account of the shoulder-high weeds, car inside the yard or crumbling ruins of the home next door.

On the flip side, your neighbors themselves – not just the houses, but the folks – can in fact aid sell your home. Numerous homeowners know people who need to live in their neck of the woods; this is 1 reason several seasoned real estate experts hold their listings open to neighbors and send out postcards to neighbors announcing the listing – the neighbors might know people who are thinking about your house! Also, neighbors who are out and about chatting with each other, laughing and playing with their children, mowing their lawns or painting their fences, or even who just offer a smile and useful location information to the buyer-to-be they pass on the street can make a extremely favorable impression on prospective buyers.

It is a fantastic notion, if and once you determine to list your residence for sale, to touch base with neighbors you know and let them know; it is in their very best interests to get excellent new neighbors, so they may be able to go the extra mile in showing the neighborhood’s greatest asset – themselves – off to its very best benefit.

5) Your pets.

The New York Times ran a piece a couple of months ago about sweet, well-behaved dogs (and cats!) who reportedly helped sell their owners’ Manhattan apartments. In a departure from the conventional wisdom that dogs need to be removed and every single trace of their presence erased from the residence throughout showings, the post featured numerous buyers and brokers attesting to their belief that the presence of a specific cat or dog “help[ed] sell a property by producing the location appear warmer or more appealing.” And I’m sure you’ve all heard me tell the story of the San Diego buyer who fell in love having a tract house listed at a price higher than all of the nearly identical comparables he’d noticed and wanted to make a full-price provide instantly – so lengthy as the deal included the dog!

Definitely consult together with your agent just before you decide to implement leaving your dog at house for showings as part of your strategy. I’m a dog lover, and could be concerned that someone may inadvertently let 1 of “my girls” out, if I left them there whilst my home was becoming shown; also, would-be buyers or their agents may possibly have allergies your pet could set off. Lately, it appears like I’ve noticed many brokers attempting to capture the very best of both worlds by generating certain that the family pet or even the broker’s own pet is captured in a charming tableau in 1 or 2 of the listing pictures, even if they’re not present at the residence in the course of showings.

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Comments (0) Jun 09 2011

Ten Most Expensive Property For Sale in Cape Coral

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Four out of 10 of the most expensive luxury single family homes publicly listed in the MLS are located in Tarpon Point Marina and all of them in the South of Cape Coral.

The largest  is a 11,772 s/f mansion located on Bayshore Drive and is listed at $5,395,000 or $458.29 per s/f.

The most expensive is a 5,808 s/f property located in the Tarpon Point marina and priced at $5,750,000 or $990.01 per s/f.

Tarpon Point Marina also has the most expensive penthouse in Cape Coral. It’s a 5,296 s/f condo listed at $4,200,000 with a possible owner financing !

TOP TEN MOST EXPENSIVE PROPERTIES PUBLICLY LISTED FOR SALE IN CAPE CORAL

1 ) $5,750,000 – 6016 Tarpon Estates Blvd

1) $5,750,000 - 6016  Tarpon Estates Blvd

cape coral top ten most expensive mansion

2 ) $5,395,000 – 358 Bayshore Dr

Top Ten Most Expensive Properties in Cape Coral

Top Ten Most Expensive Properties in Cape Coral

3 ) $2,950,000 – 6000 Tarpon Estates Blvd

Top Ten Most Expensive Homes in Cape Coral

Top Ten Most Expensive Homes in Cape Coral

4 ) $2,499,000 – 101 SW 54th St

Cape Coral Top Ten Most Expensive Properties

Cape Coral Top Ten Most Expensive Properties

5 ) $2,495,000 – 5502 Harbour Preserve Cir

Top Ten Most Expensive Mansion in Cape Coral

Top Ten Most Expensive Mansion in Cape Coral

6 ) $2,400,000 – 4842 SW 29th Ave

Top Ten Most Expensive Real Estate in Cape Coral

Top Ten Most Expensive Real Estate in Cape Coral

7 ) $2,250,000 – 5229 Nautilus Dr

Top Ten Most Expensive Homes in Cape Coral

Top Ten Most Expensive Homes in Cape Coral

8 ) $2,250,000 – 6062 Tarpon Estates Blvd

Top Ten Most Expensive Waterfront in Cape Coral

Top Ten Most Expensive Waterfront in Cape Coral

9 ) $5,250,000 – 6038 Tarpon Estates Blvd

Top Ten Most Expensive Real Estate in Cape Coral

Top Ten Most Expensive Real Estate in Cape Coral

10 ) $1,999,900 – 1712 SE 44th Ter

Top Ten Most Expensive Properties in Cape Coral

Top Ten Most Expensive Properties in Cape Coral

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Comments (0) Jun 04 2011

Cape Coral Real Estate prices are rising fast

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I just got this article from Realtor.com regarding the areas with the highest price rising and the highest price decrease. It’s very interesting for us since the Cape Coral – Fort Myers area is number one as the highest rising price area. Have a look:

Southern metro areas dominated a list of the 10 markets with the biggest year-over-year increases in median list price in April, according to monthly data released this week by Realtor.com. The data considers 146 metro areas nationwide.

Two Florida markets saw the highest jumps: median list price in Fort Myers-Cape Coral rose 25.7 percent to $225,000, and the median in Miami rose 8.6 percent to $239,000.

Shreveport-Bossier City, La., followed with an 8.1 percent increase, to $173,000. Fort Myers-Cape Coral and Miami also saw the biggest year-over-year drops in inventory: -25.3 percent and -29.9 percent, respectively.

The two Florida markets were the only metros in the top 10 to move properties at a slower rate than the national median: 95 days. Median age of inventory for each was 116 and 129 days, respectively.

In order to obtain the median age of inventory for each market, Realtor.com subtracted a property’s listed date from whichever was earlier: its end listing date or the end of the time period, and took the median of all the resulting individual days on the website.

The three other Southern metros to make the list were Charleston, W.V.; Tyler, Texas; and the Virginia segment of the Washington, D.C. metro area. (Realtor.com separates data for metro areas that encompass multiple states.) The Washington, D.C., metro was the fastest-moving among the 10 markets with a median inventory age of 57 days.

In the U.S. overall, the median list price fell 4 percent year-over-year in April, to $191,900.

Two Midwestern metros (Columbia, Mo.; and Peoria-Pekin, Ill.) and two Western metros (Fort Collins-Loveland, Colo.; and Anchorage, Alaska) made the list. No market in the Northeast was among the top 10.

Eight of the 10 metros saw their inventory decline year-over-year last month, six of them by double-digit percentages. Only Anchorage and Tyler saw their total listings rise: 15.7 percent and 3.6 percent, respectively.

Nationally, total listings fell 8.3 percent.

Among the 10 markets with the fastest-dropping median list prices, Western metro areas prevailed, accounting for six among the top 10; two are in the South and two are in Midwest. All 10 saw double-digit declines compared to April 2010. No Northeastern market made that top 10 list.

Santa Barbara-Santa Maria-Lompoc, Calif., saw the biggest price decline: down 26.2 percent to $498,250. The market was also one of two to see its inventory rise year-over-year, by 6 percent. The other was Reno, Nev., with a 9.5 percent increase.

Inventory declined by double digits in six of the remaining eight markets. Savannah, Ga., experienced the sharpest decline: -48.3 percent.

Savannah was also one of three markets with a median age of inventory above the national median. The market’s median inventory age was 198 days in April, though that represents an 11.2 percent decline from April 2010.

I hope you bought last year. If not, give me a call to begin right away. It’s still time to build some serious equity here, in the Cape.

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Comments (0) May 25 2011

Chinese drywall in Real Estate

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I have a certain number of phone calls from out of state potential buyers. They’re looking online for Cape Coral properties and usually, they can see low price homes that look very nice. When I check them, most of them have defective drywall. And most of those buyers have a vague idea of what is defective drywall, most commonly called chinese drywall.

Most of the time I can explain the issue, but recently, I was showing few properties and came across a home showing the effects of the chinese drywall. I took the opportunity to shoot a few photos. A picture worth a 1,000 words :-)

The next 3 pictures show the 2 copper water pipes underneath the kitchen sink. The corrosion of metal in general and copper in particular due to the defective drywall shows a black substance on the copper. The first pictures is the actual 2 pieces of copper. On the second one, you can see my finger is clean while on the 3rd picture, I touched the pipe and got that black substance on my finger.

chinese drywall copper pipes

chinese drywall black substance on copper

chinese drywall black substance on copper pipes

The next pictures is the lightning fixture in one bathroom. You can see how the metal coat is pealing badly due to the defective drywall.
chinese drywall effect on bathroom lightning fixture

You can also see the effects of the chinese drywall on the silver behind mirrors. I try to catch a few pictures of mirrors where the silver is pealing behind, showing a kind of black stain.

chinese drywall effects on mirrors

chinese drywall on mirrors
defective drywall effects on mirrors

Here is a picture of an electrical outlet where you can see the screws all blackened and any part of copper wiring out the plastic cover is balck as well.
chinese drywall effect on electrical outlet

Another picture where you can see the metal is pealing.

chinese drywall effects

Of course, I’m only a Real Estate agent. For confirmation of what can do chinese drywall, you should talk to a drywall specialist. He or she will be much more qualified to explain the effects of chinese drywall.

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Comments (0) Mar 17 2011

Cape Coral Realtor for a cause

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I use to prospect by knocking on doors or distributing fliers. That gives me some phone calls and leads.
One of them was from a young couple with 2 kids. She called me to pass by and discuss what I can do in order to list and sell her home.

I stopped by and was in front of a nice and cozy wood frame house with a big basement that includes a 2 car garage.
At the dining room table, she explained that her husband and her were behind payment, that they needed to sell yesterday.
But the market was slow. I immediately understood that it will be a tricky listing. That couple was in trouble and needed to get the home sold as soon as possible. They knew that with the market, it will be difficult.
I took the listing. We signed the paper works and I said I’ll get in touch on a weekly basis.
They had their small electric company. Her husband was electrician and she took care of the paper work and customer care plus appointments and so on.
But the business was not good enough. And those financial distress made it even harder on their life as a couple.

After a couple of weeks, I had few showing, because we were agreed to list it at a below market value to make it faster.
But still, no offer on the table. So we were back on the dining room table again. I was bringing an idea for her.

It was what I sometimes offer to sellers as an investor: taking over the payments… and the house!
I explained how it works, what for her and what’s for me, how we can get this done smoothly and easily, how I could go around the bank, etc…

So, basically, the house worth $160K with an existing balance mortgage of about $140K.
I, of course, disclose everything I had too, the fact that I was an agent, that I could sell it with a profit later on, that she would walk away from the closing table with no money and no house. She agreed.
I paid the due payments and did a quit claim. I just had a house for the few thousands late payments.
She was relieved. She called me several times telling how glad she was, that now, she sleep much better even if she was going through her divorce, the situation had killed her marriage.
She was starting over. From her father’s garage converted in a room for her and her 2 young children, she was studying to become a nurse. It was a 2 years thing. 2 years that I enjoy the house for myself.
She didn’t call me after those 2 years, I did. She was working as a nurse, a high demand position. She was re-building her life, her credit and I was making her payment, keeping her credit score as intact as possible. She was very courageous.

I had an offer for her: to get her home back. For free. She got me the back payments I paid for her and we did a quit claim again.
She was back in her home with her 2 children. She had the little improvements I did in the house. Few walls in the basement, hardwood flooring and fresh painting.

It’s been a great feeling to be able to help someone in one of the most difficult time of her life. And very rewarding.
Of course I had a call from the bank, but we agree that a check from an unknown person is better than no check at all.
I passed by time to time, but without disturbing. A little kitten has been included to the family and the small cherry tree I planted in the yard has become stronger, battling hard weather. Life goes on. I think I was making her a favor but when I decided to quit claim it back to her, she really made my day thinking all she went through and all she became.

To be a Realtor is a true privilege. We got most of the times more than decent check for most of the times less hard work than some people. We need to realize that and never take it for granted. Look around and ask yourself: “how can I help someone today, for free?”
You may get the highest pay check ever: satisfaction of a job well done.

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Comments (0) Feb 06 2011

Buy a house today? Proof that it’s the best time in history!

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I got an article from my broker regarding purchasing a property these days see on the daily wealth website. It was kind of incredible to compare the time we are are living these days with the past.

Right now, is the most effective time in history to purchase a house in America.

These days, I’ll show you why… based on a few cold, challenging facts.

First, mortgage rates are lower than they’ve ever been in American history…

Most investors have only seen a couple decades of mortgages rates on a chart. But my buddies at Global Financial Data have databases – which includes real estate data – that literally go back centuries.

I had dinner with the Global Financial Data team over the weekend. And they told me about their “Winans International” real estate indexes, with housing costs back to the 1800s and mortgage rates going back over a century. I had to share it with you…

Take a look at this chart of mortgage interest rates since 1900:

historically low mortgage rates

In U.S. history, you can see that the current mortgage rates are the lowest.
The last time that the mortgage rates were so low was just after World War II.
And what happened, just after World War II, when mortgage rates were this low?
The greatest postwar boom in housing prices – by far.

Adjusted Home Prices

Take a look. Mortgage rates bottomed in the mid-1950s, and house prices bottomed about the same time. Then the greatest boom in home prices in our lifetimes started.

Today we have record-low mortgage rates. And we have another thing in our favor…

Homes are more affordable than ever.

Based on the 40-year history of the Housing Affordability Index… houses are more affordable than they’ve ever been. Take a look…

housing affordability

“Affordability” takes three factors into account: home prices, your income, and mortgage rates.

Home prices have crashed. And mortgage rates are at record lows. But incomes (nationwide) haven’t fallen nearly as much… So homes are now more affordable than ever.

“Most people” out there will only tell you the bad news about housing… That’s the way it goes in a bear market. People drive looking in the rearview mirror.

Meanwhile, we have some darn compelling facts out there…

Home prices have fallen by a third… and mortgage rates are the lowest in history. Therefore, U.S. homes are more affordable than they’ve ever been.

You can listen to “most people.” Or you can choose to ignore them and stick to these facts.

Based on these facts alone, now may be one of the best times in American history – even the very best time – to buy a house.

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Comments (1) Jan 30 2011

Small home size is the new real estate trends

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It’s all over the news that the next generation of buyers would rather go with a smaller size home and use every inch of it instead of a big one with unused space.
The U.S. Census Bureau finds that the median size of a new single-family home nationwide continued to get smaller last year and that the downward trends is likely to last significantly beyond the end of the recession.
It was 2,268 square feet in 2006 and dropped to an even 2,100 last year.
And honestly, when I talk with buyers these day, I have a similar answer about this. It seems that the living room as we know it, meaning the room closed by the entrance and used to entertain people that we know less than family members without to get them in the core of our home has a tendance to be more and more useless. I guess it will disappear soon or later and we’ll entertain folks in the family room instead. The second point from buyers is the dining room. This one is still used but it seems that the use is only when an event occurs or when more people than the family is having a reunion. But most of the time now, the family eat more in the kitchen or in the breakfast area. I don’t see the dining room disappearing though.
However, those square feet have a better use in the younger buyers now. An office with all connection seems to be a better use than a living room. Overall, smaller square footage with a smaller price tag is what we are going to see in the future.
Looking at the specific amenities, there is a steady decline in the number of homes that were started since 2005 with three-car garages, fireplace, patios and deck. On the other hand, porches and heat pumps were on the rise. Home are getting more and more “green” as well.

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Comments (0) Jan 20 2011

Short sale or not short sale? That’s the question.

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Client after client, I have to explain the differences between a short sale, a foreclosure or just a plain regular sale. People want to know and be educated on the matter. And most of the time, they don’t want to touch a short sale at all after understanding the full short sale process.

I’ve read also that many real estate agents are in the same boat than I am and I wonder if they are not showing their clients short sales because they don’t want to deal with short sales or if their buyers have made the choice to eliminate them from their home search. Most of the time, for me, clients just say no to short sales because it’s time consuming.

I had a thought about that the other day and wondering if an agent choose to exclude short sales regardless what their client wants, does that violate the Exclusive Right-To-Buy Listing Contract?  What if the agent eliminates short sale properties that match a buyer’s criteria and the buyer never chose to exclude short sales from their search?  I’ll say yes, if you have such a contract in force. And I rarely go with it. On the other hand, I feel that I save time and money to my clients. I’ll add short sales only if my clients ask for it.

There are situations where short sales obviously do not work for buyers.  If the buyer has to buy a home fast due to a lease expiring or he has been transferred to another work branch and staying in a hotel room is not acceptable, especially with family members, pursuing short sales is probably not a good idea.  There are cases where a buyer really likes a short sale property but doesn’t have time to play the waiting game.  Most of the time, I write a time contingency for my client and keep looking for a better property.

Whether they are afraid of them, hate dealing with them, or do not have the knowledge to work them, agents who do not want to show buyers short sales need to make it clear to their buyer that they do not show short sale properties.  If the buyer still wants to view short sales, the real estate agent needs to refer the buyer to another qualified agent. Because let’s face it, if no one is showing short sales, they’re not going to be sold anytime soon. A good solution in my opinion is for the listing agent to get an acceptable price from the bank before putting the property for sale to the public. The sales price will be accepted by the bank and we can face a regular sale within acceptable time frame.

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Comments (0) Dec 11 2010

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