Cape Coral Real Estate, Gulf Access Properties

Cape Coral Fourth of July

Cape Coral Fourth of July 2008 is on Friday!

Cape Coral Chamber of Commerce and many local Cape Coral businesses are sponsoring this event.

Beginning at 4:00PM at the base of the Cape Coral bridge, this is sure to be great fun for the entire family.

Please come by and say hello to us at Florida Future Realty, Inc.

We are a sponsor this year and would love to meet you. We will be raffling off some great prizes and also giving out fans to beat the summer heat.

Whereever you end up make it a fun and safe fourth of July.

Florida Future Realty, Inc.

239-542-8521

2816 Del Prado Blvd. S

Unit 2

Cape Coral, FL 33904

Cape Coral Real Estate - How Short Sales should work - our opinion

Short Sales and How I Think They Should Be Handled

First of all I do not believe that any real estate agent should list a home as a short sale without having done some research first.

Research

You should have a preliminary title search done to determine if there is a second mortgage or any other liens on the property. Determine who the owner(s) are.

Document Collection

Next, you should collect all of the necessary paperwork that the lender will require for their short sale package. (Some banks require less/more documentation but this is a very 'standard' list)

Obviously the following that you'd normally complete:

CMA - YES, you need to know the market value of the property!
Listing Agreement
Short Sale Addendum (if your board doesn't have one yet you should get an attorney to create one for you)
Seller's Real Property Disclosure (Yes, even AS IS deals)
HOA documents/ HOA/Condo disclosures as necessary
Lead Based Paint Disclosure as necessary (pre 1978)

Last 2 year's tax returns
Last 2 month's bank statements
Last 2 pay check stubs
Letter of Authorization
Financial Statement
Hardship Letter

(if customer is missing a tax return or pay check stub have them write an explanation as to WHY (i.e. No paycheck stubs because they are 1099 contractor)

*for your info: Copy of mortgage statements

If there are 2 lenders you will need these documents for each.

Listing Activities at property

Take multiple photos of the property - the good and the bad. Obviously use the prettiest photos for your marketing material but disclose any known defects. The bad photos are good to show the seller's lender.

Put an electronic lockbox on the front door or hidden if seller/tenant prefers. Agents that have to pick up a key or schedule to meet an owner/tenant/agent are WAY less likely to show that home. Especially in this current buyer's market. There are too many other choices available. Check out my previous blog about tenant occupied short sales.

Install your sign.

Back at office

Call bank(s). Ask them where to send the authorization to release and what their short sale process is. They'll either tell you over the phone or send you some additional package of information. Also make sure to verify where/to whom you will send the package once you do have an offer (ALWAYS goes to some different #/Dept)

Enter property into MLS. Use multiple photos. Use a full description. Make the showing instructions easy to find and follow.

Enter property onto the best internet sites. We typically start with point2agent and Realtor then add as necessary. Our listings are enhanced on Realtor so we can add more photos and a better description. Point2Agent is a great website to use to get your listings onto several other real estate websites.

Add the property on your blog. Make it interesting. Use lots of photos. Talk about the emotional benefits.

Yay, Showings and Offers!

You get showings, and now an offer comes in. GREAT! How do I think offers on short sales should be handled? Like any other sale.

Present all in a timely manner. Encourage your seller to make a decision asap. If they like the offer, have them sign the contract. We require all contracts to be on the Far/Bar As-Is contract along with the Short Sale Addendum. We also require a bank letter of funds available or a pre-approval letter and a copy of the buyer's escrow check.

What's next? First of all, stop taking other offers! After the buyer and seller have agreed the property is now for all intents and purposes PENDING. Yes, there is a third party approval required but that DOES NOT mean that you do not have a CONTRACT. You do. I'm sorry to go off a little here but this one of my pet peeves. We have buyers write up all of the time to hear weird things like the following:

1) Our seller isn't going to sign - it's up to the bank

2) The seller has already accepted 4 other offers, they're waiting on the bank to respond

3) They accepted another offer last week

ETC.

My response to each:

1) Then we don't have a deal. I will continue to look for homes for my buyer. This obviously makes no sense. The contract is between the buyer and the seller - the bank is a third party approver only. Most banks won't even look at a file unless all documents are correct and signed/dated and still within timeframes.

2) Why would you obligate your seller to sell his/her property 4 times? Again, I'm going to find my customer something else. This is a waste of time. I get what the agent is trying to do. For lack of better terms, 'have their cake and eat it too'. If one buyer gets tired of waiting, they'll have possibly 3 more in line. I get that but it is not done correctly. You can have one offer you are working on and 3 back up offers but not 4 contracts on the same house. That's utterly ridiculous.

3) Really, then WHY is it not marked pending or active contingent short sale (that's our MLS's new rules for short sales that have been agreed on (under contract) but are waiting on bank approval)?

Listing agents: If you want to play the multiple offer game that is fine. I realize you want your seller to go with the most likely offer to get accepted and be able to close. That's a no-brainer. But you have to disclosure what you are doing. Like many bank owned listings, they'll say "We will be accepting offers for 5 days before we'll get an answer from the bank. At that point the bank will most likely ask for everyone's 'highest and best offer'." My response: GREAT, here's my buyers offer. It expires in 6 days. At least they know what they are doing. That makes sense!

Submit That Offer

Ok, now back to the seller's bank. You should have already spoken to the bank(s) to know exactly what to send and to where. Create a nice coversheet detailing the borrowers (that's your seller) Property Address, Name and Loan #. Include page #s like a table of contents. Include the contact for the BPO/Appraisal. Include a preliminary Hud1 (get from your title company), updated financial if out-dated, comparables and property history of the property. Send this and call the following day to verify. (Some banks say it takes up to 72 hours to receive so you may have to call back again) DO NOT STOP CALLING UNTIL YOU HAVE VERIFIED THAT THEY HAVE RECEIVED THE PACKAGE AND THAT THEY HAVE EVERYTHING THEY NEED. Most of the time if you are NICE they will look through the package while you are on the phone and let you know. Also find out who the negotiator is and when the bpo/appraisal will be ordered. Get the negotiators Full Name, #, Extension and Email address if at all possible.

Follow up

From today on, call at LEAST once a week. Some banks may have an answer within a week; others may not for 2-3 months. All banks work differently. Always ask them what their timeline is. Do not leave multiple messages in the same day. You will irritate the negotiator. They are very busy people. Most have 100-300 files on their desk. Make sure you acknowledge that and make their job easier by having everything ready for them. If they prefer email, shoot them over a quick email for an update. They appreciate the non-intrusiveness of email.

Also each week, call your seller to let them know what the bank said. Call the buyer's agent to tell them what is going on. Tell them to call their buyers to advise. Call the title company to keep them in the loop. Communication is key. If you keep everyone in the loop your chances of a successful closing go WAY up!

Approval

Now you have an approval. Make sure the closing date will work for everyone. Send the approval over to the buyer's agent and the title company. The buyer may need to get financing so make sure they have enough time for that. They'll also want to have an inspection completed. Make sure to have the electricity and water turned on for that. If your seller cannot afford to have it turned on then turn it on for them! You took the listing knowing the financial situation of the seller. Don't stop helping them out now.

You know the rest of this, now it is just like any other transaction.

Close on the property

The sellers have now SOLD their house. The buyers have now BOUGHT the house they wanted at a good price. Everyone wins.

Conclusion

Good luck out there.

Buyers, don't be intimidated by short sales. Just make sure you have an agent working for you that understands the process. They'll be able to inform you right away if something doesn't add up or seem right.

Sellers, please do not make the mistake of listing your home as a short sale with just any agent. Make sure they fully understand the short sale process. This is a very important transaction in your life and not everyone is cut out to handle this for you.

We look forward to working with the other professional real estate agencies on short sales and the many buyers and sellers as well.

Yours in Success,

Susan Milner

Florida Future Realty, Inc.

www.Florida-Future-Realty.com

www.The-Extreme-Team.com

888-764-6665 toll free

239-542-8521 local

Susan@SusanMilner.com

Cape Coral Real Estate - Gulf Access Homes

Cape Coral gulf access properties are very reasonably priced in today's market.

Homes that were selling for $500,000-800,000 in 2005 are now selling for $300,000-500,000 today.

What can you get at these prices?

Under $300,000 you can find properties that may need some work, may take little longer to get out to open water but that have GREAT potential. We've seen a few just under $200,000!

From $300,000-$400,000 you can find homes that may not need ANY work. They may have quicker access as well.

And if you are ready to look in the $400,0000-600,000 range you can find it all! There are new/newer homes in this range with pools with great views!

If you are looking for a more luxurious, upscale home you can find exquisite properties on the river for under $1,000,000.

Curious about those wonderful riverfront homes under 1 million dollars? Go ahead and click to check out these Cape Coral Riverfront homes!

Ready for the ultimate in Cape Coral luxury? These homes in Tarpon Point, truly have it all! Priced into the millions, they'll make you wanna stay here Year Round! Tarpon Point homes for sale

That is just a small sampling of what you can find here in Cape Coral, Florida.

Our experienced agents can help you find exactly what you want. Feel free to send us a message or call our office to speak with one of our agents today!

Yours in Success,

Florida Future Realty, Inc.

(239) 542-8521

(888) 764-6665 Toll Free

FloridaFuture@Gmail.com

Short Sale Help

Late on Payments -- Facing Foreclosure?

There are ways out. That's the #1 thing to know.

There are options available to homeowners who have missed mortgage payments & facing foreclosure.

Many homeowners do not realize that they could get out & save their credit too.

You have to know: The bank does NOT want your home. Especially not in the current buyer's market that most of the nation is in. (This is true for MOST banks. I have recently ran into a few local banks who are thinking differently for some reason)

According to Freddie Mac the average cost for a bank to take back a property is $59,000! Why would a bank choose to lose so much? Wouldn't they rather work with you? Of course...

Typically, you can contact your lender & work something out. Thats the first place to start. Call them as soon as you know there may be a problem, don't wait until after you've missed more payments. Often times they will work out something with you to save you some time & money while times are tough. This may include an adjustment to your current loan or a grace period/forebearance.

If that doesn't work & you think you may risk losing your home, contact a real estate professional. Make sure you interview a few & find out what their experience with pre-foreclosures or short sales are. Some may have never dealt with this type of circumstance before.

You need to make sure you are honest with the agent so they can devise a plan for the sale of your home. Even if you owe more than the current market value, an educated agent can assist you in selling your house & saving your credit. Banks often times take a loss (also called a short-sale) on a property to avoid having to go through the expensive foreclosure proceeding. Short sales are all too common right now in our area.

Another option, if your credit is still intact, is to refinance (if you still have some equity). Again, contact a real estate professional for a referral to a mortgage broker or bank - or contact them directly if you know of someone. There may be a better loan available for you that will ease the monthly cost. Your current lender may even be willing to refinance you depending upon circumstances. Again, ASK. You don't know until you do.

The last option is to find a real estate investor who buys pre-foreclosures. Often times they have access to cash to remedy the situation quickly. Be advised though that they will be making a profit. That's expected but its something to keep in mind. Be careful if they ask you to sign a deed or trust. Have your attorney preview any/all paperwork first.

In conclusion, its pretty scary to be facing foreclosure on your home that you've worked so hard to purchase & maintain but keep in mind that there are many options available so be proactive as soon as you know there is a problem.

Don't give up until you explore all of your options.

We have assisted many homeowners with short sales and of course, traditional sales. We always advise that each homeowner contact both a real estate attorney and a tax accountant to make sure a short sale is their best option. There are other options available including deed-in-lieu, foreclosure and bankruptcy. Each comes with its own set of problems but one may be right for you if a short sale isn't.

Feel free to review our website for more information on this, or any other, real estate transaction.

To have us contact you to learn more about how short sales work -http://www.findcapecoralrealestate.com/short-sale-help

Cape Coral Real Estate - Ceitus Boat Lift - Gulf Access

The boat lift in NW Cape Coral is currently being removed. This WILL give boaters a more direct access to the gulf of mexico. It was already gulf access. Now, for the time being, it is just easier and quicker to get out to open water.

They are conducting an environmental study for at least a year to see how this effects everything. Then they may or may not put up another lift or something else.

So question, do I think this can help home sales in the area? Of course. I think if buyers see how their access just became better it will make them like that area more.

Of course, this may or may not be forever. Things can change. Things can change anytime. For anything.

At the present time and without my crystal ball I cannot say if the lift will be rebuilt. They don't seem to know yet either.

There is a lot of bad information out there. Heck, I see agents with listings on FRESHwater with no access to the Gulf advertising them as Gulf Access. Maybe they didn't know. Maybe they did. They should. Either way - buyers be careful.

Make sure you work with a real estate agent who knows the area. I've lived in Cape Coral since 1994. I cannot say I know everything but I'll assist you in finding the answers to your questions.

"Wooing Buyers" I don't think so. Pointing out a PLUS - sure thing!

"Realtors using it as a sales pitch for Gulf Access" - It IS Gulf Access, now and BEFORE :)

Interviewed by ABC-7 Today ~

Enjoy my video

Or read the story about the Ceitus Lift.

Susan Milner

Florida Future Realty, Inc.

(239) 542-8521

Search Cape Coral & other area listings: www.Florida-Future-Realty.com

Susan@SusanMilner.com