Tuesday, August 12, 2008

Florida Short Sales - Don't lose them, USE THEM!!!

Ok, you're on the short sale kick... ya gotta have one, right? I get it!!

What a deal!!
Oh my god, they're so cheap!!
Why buy a "regular" home when I can buy a short sale?
I only want to look at short sales...

The problem?

YOU CAN'T CLOSE ON THEM!!!

Short sales are having an atrocious effect on our Real Estate market. Listing agents are pricing these homes at ridiculous levels with the hopes that the bank will accept..... and what happens?

THE BANK DENIES!!!

This is what I just can not wrap my head around. Why would an agent, trying to sell a home, trying to put money in their own pocket list a house/condo/townhouse at a level that will be unacceptable to third party approval? It does nothing but waste everyone's time, never mind the agents money to advertise the property.

WHAT CAN WE DO ABOUT IT?

Stop searching only short sale homes!!
Use their low list price to negotiate a "standard" home listing!!

Doesn't it make sense? The name of the game in Real Estate is and always will be negotiation. I don't care if you are buying a home as a first time homebuyer, a second vacation home, a condo for your college student child, or strictly for investment purposes. IT IS AN INVESTMENT!!

As an investment you want to pay the lowest price possible, right?
Right.
There are an awful lot of homes for sale, right?
Right.
Most of those homes are short sales, right?
Right.


Look at the market in a different light, instead of trying to scoop up all the great short sale deals (which will never close due to third party approval), go straight to the "standard" homeowner and use the short sale listings as comparable properties when making an offer. The "standard" home seller decides him or her self what they will accept, not the bank!!

Listen, short sales are "in vogue" they are "sheik" they are the new foreclosures like brown is the new black, I get it, but like most of the latest styles, you can't get your hands on them without the right contacts. So......


DON'T LOSE THEM......
USE THEM!!!

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