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Tuesday, April 29, 2008

May Already!

Unbelievably it's almost May. Our weather has been unseasonably cool at night and it has been WONDERFUL! I think we've only turned our AC on once or twice so far this year in the middle of the day. My house is up on stilts and I have an attic fan, so at night, we just open our bedroom window, turn on the attic fan and ACTUALLY HAVE TO COVER UP!! I love it! I love having my windows and doors open able to enjoy the great breeze!

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Let me tell you about the hottest real estate deal! A foreclosure, beach side, three bed/3 bath, listed at only $180,000 (yes there is a catch, will tell you about that in a minute). Within HOURS it had MULTIPLE offers! It is under contract for ABOVE the asking price!!!

It was so exciting----calling clients---writing up offers--sending them in.......just like in the HOT days!

Here's the catch-----it was stripped of everything.....Kitchen cabinets, toilets, sinks, interior doors, light switches, carpet.......I'M TALKING EVERYTHING!!! So the buyer has to realistically spend another $30-60K to get it liveable, not including furnishings.

Even so, let's take $180K + 60K = $240k. For a 3/3 new townhouse, beach side.......THAT IS A GOOD DEAL!

And the exciting part is that EVERYBODY knew it was a steal and reacted accordingly.
It is good to know that the buyers are still out there!
I don't think they are going to be many more, if any, as good as that, but there are still good buys out there. GOTTA MAKE THOSE OFFERS TO FIND OUT!

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There has been a lot of discussion about short sales within the real estate world lately. It is definitely one of the hot terms now. A short sale is when the mortgage owed is more than what the seller is willing to take, hoping that the bank will forgive the balance of the debt. So all offers are contingent upon their lender accepting the "short sale".

The discussion is, some properties are advertised as a short sale without having any clue as to if the bank is willing to approve any short offer. All banks work these short sale negotiations differently and it can sometimes be a long, drawn out, frustrating experience.

I think that what will happen as a result of bad experiences, talk of Realtor liability..........there will be less and less properties advertised as short sales. So what will happen, is the listing price will be too high to get any action, buyers won't know to make low offers, and the properties will then go into foreclosure.

Also, we have already had a couple of buyers tell us, don't even send me any properties that are short sales, because they refuse to go through that process.

I believe the banks who are unwilling to work with Realtors on these pre-foreclosure properties are just eliminating the potential for these properties to be sold at market value.

Just my opininon!

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There are 12 residential properties under contract in our little area, Mexico Beach to Port St. Joe. Six of these are either short sales, pre-foreclosures or foreclosures, 5 of those are gulf front properties starting at $229K.

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I do have a list of short sales and foreclosures. I have sent it out before, and there really aren't any new listings but if you haven't received it, please let me know and I'll send it to you.
I will send it out with my May newsletter as well. Perhaps it will have a few more to add by that time.

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I pray everyone will have a wonderful week. Please don't hesitate to call or email me if you are looking to either buy or sell in our area.

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Some people are kind, polite, and sweet-spirited, until you try to sit in their pew!!

God Bless,
Mary
850-896-5222
maryblackburn@mchsi.com

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