Here a couple of simple
ABC's of our current market in the Manatee/Sarasota area.
There are basically three types of sellers in our local market right now.
You have your equity sellers. Homeowners who have equity in their home and are not selling at a loss.
Short sales. Homeowners who owe more than they can sell their house for and are going to ask their lender to let them sell so they can move on.
Foreclosures. Where the lenders have taken over the property from the homeowner and are trying to sell it.
Equity and foreclosure sales are generally the easiest to deal with. You can hammer out a deal and in most cases pretty much close them within 30 to 45 days if not less if you want to.
Foreclosures, similar to Short sales a.k.a
pre-foreclosures, are usually as is with right inspect sales. No repairs by sellers, what you see or inspect is what you get.
Equity owners, you can usually work out a repair limit for some items outlined in the contract.
Short sales can be anything but short. The best way to think of them is short on money, long on time.
The odd one I have heard of closing in less than a month, more likely three or more months, and even then there is no guarantee the lender will accept the offer price.
On top of that the lender may try and get the seller to sign a promissory note for part or all of the money they are owed on the mortgage that is not covered by the sale.
You may go through months of waiting to have the lender accept the price and then have the seller refuse to sign the note and the lender refuse to forgive the debt. At that point the deal is likely dead and the home is headed for foreclosure.
All the best
Greg Owens PA
Keller Williams On The Water
941.932.6343
greg@teamworksfla.com
