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JUST SOLD! – Opal Place

February 28, 2011

13261 Opal Court
Largo, Florida 33773

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Tampa Bay, FL Home Prices over the past 5 Years

February 28, 2011

Tampa Metro Zillow Home Value Index

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Tampa Bay, FL Home Prices over the past 10 Years

February 27, 2011

Tampa Metro Zillow Home Value Index

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Are backup offers worth the gamble on short sales?

February 27, 2011

There is no simple answer to the question of whether or not you should make a backup offer on a short sale. Many factors are involved and you really need to consider them all before you make a decision. Are you looking for an investment property or do you plan to live in the property yourself? How long are you willing to wait to close on the short sale property?

As a general rule you should avoid short sales entirely if you’re in a hurry to buy a home. There is nothing “short” about a short sale, with most taking between 3 to 6 months from contract to closing. And some can take even longer. If you’re not willing to wait a minimum of 120 days you should not waste your time, the seller’s time or the bank’s time. Yes, often short sales get done in less than 90 days, but more often than not you need to expect a more lengthy wait.

If you’re considering placing a BACKUP offer on a short sale all of the relevant factors get amplified. To start with most short sale listings never sell. Most end up going into foreclosure with the owner being forced out of the home. At this point the home will go back on the market as an REO or bank-owned listing. But truthfully it will usually take 4 or more months after the seller is forced out of the house before you will see the home back on the market as a foreclosure property. And then when it goes back on the market the bank will want the house to be exposed to the market for a month or more before they will accept offers. So if you’ve got your eye on a short sale and are hoping to snatch it up after the sellers are kicked out and it becomes a foreclosure listing you will have a long wait. Read more

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Secrets to Buying REO Listings

February 23, 2011

An REO listing is a real estate listing owned by a bank typically obtained by the bank via foreclosure on the previous owners. REO stands for “Real Estate Owned,” which if you ask me, is a really stupid name. Why not call these type of listings, “BORE” for Bank Owned Real Estate?” I suppose REO sounds more exciting than BORE now that I think of it.

There are a couple secrets to buying REO’s successfully. And they are worth understanding because foreclosures are the best deals on the market today. Anyone serious about buying for the lowest price should be focused on REO’s.

Secret 1: Don’t trust the MLS listing report
Just because MLS says the listing is Active and available doesn’t mean it really is. If you’re working with a Realtor and you are about to go view some REO listings do yourself and that Realtor a favor by insisting that they call each REO and verify that the REO is really active and available.

Quite often the REO listing agent received a contract already on the property, submitted it to the bank, received a verbal acceptance of the offer, and is simply waiting for the bank to sign the contract. The time between the contract being submitted and being signed by the bank is what we call “REO limbo.” Don’t get sucked into REO limbo! Request that your real estate agent takes the time to call each and every foreclosure that he or she plans to show you and verifies they are really available. You don’t want to waste your time and emotional energy going to see houses that are actually sold. And when a bank “verbally accepts” an offer it is as good as sold. Read more

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