Short Sales, Dare You Risk It?

No story or discussion about real estate today is complete without the mention of short sales. So, are they worth the effort, should you consider a short sale? Basically, a short sale is the sale of a property where the Sellers owes more than current value and the lender is prepared to forgive the difference between what can be realised in a sale and what is owed on the mortgage/s.

Short sales can be had at excellent prices but there are important factors to consider. If I am assisting a client purchase a short sale property, I always take certain steps first to ensure the deal is viable:

• First, I find out which lenders are involved. There are certain lenders who are notoriously bad at getting the short sale done effeciently. In addition, if more than one lender is involved, the deal will take longer and negotiations with each will have to take place.
• Next, it's important to know how much is owed and what the current market value is. The condition of the home will also afect the lender's willingness to get a deal done.
• Besides the mortgage, are there any other costs that the Seller may be delinquent in paying, the Homeowners Association, the property taxes, insurance, etc. All these factors will affect the purchase price and the lenders willingness to deal.
• Who is going to be negotiating the short sale. If the Seller has hired someone who understands the process and has experience in closing short sales than the transaction may be worth pursuing. But there are too many so called "experts" around who can really mes up a short sale - stay away from those deals.
• Lastly and most important, how patient is my Buyer. Short sales are usually great deals but they could take anywhere from 4 to 12 months. Don't expect to close a short sale in 45 days, there is seldom any chance of that happening.

If you take a look at the city of Boca Raton for example and search single family homes for sale, there are presently 869 short sales available. These are in all types of communities, from country clubs such as Boca Grove and St. Andrews to great family comunities like Mission Bay and Boca Falls.

From January 1, 2010 to May 25, 2010, there have been 109 sales of single family home short sales. I can comfortable say that the sales price of the short sales were, on average, at least 15% lower than current market value.

In conclusion, if you are looking to buy in South Florida, don't shy away from short sales, just make sure you are dealing with a professional who understands the process and has your best interests as her primary concern.
Call me to find your South Florida home:
Tali Wolder
561-866-9372
tali@floridianinternational.com

Boca Raton is renowed as a city of very exclusive country clubs and gated communities. In fact, this perception is so strong that many people wanting to buy into a country club lifestyle just bypass Boca Raton completely, looking in more affordable areas. This is a mistake as the country club lifestyle is more than possible at very affordable prices in exceptional Boca Raton communities. Some of the best deals at the moment can be found in Boca Woods Country Club . This is a beautiful country club located close to great shopping and amenities. Golf memberships are limited to just 530 preventing overcrowding on the 2  exceptional 18-hole golf courses. There are only 645 single family homes in Boca Woods Country Club all have either a golf or lake view. Residents can also enjoy the 8 Har-Tru tennis courts and world-class fitness center.

The clubhouse is great with dining and banqueting facilities available for a quick lunch or a dinner with family and friends.

You can find 2,000 sq ft homes in Boca Woods Country Club in Boca Raton for under $150,000. If you are considering a winter home in Florida, take a look at Boca Woods, you will be pleasantly surprized by the value and quality of the homes for sale.

If you'd like to see properties in Boca Woods Country Club, call me:
Tali Wolder
Tali@FloridianInternational.com
561-866-9372

A Bargain in Boca

I have just heard of a great incentive to buy in Broken Sound Country Club in Boca Raton. A beautiful, large condo unit with sweeping views of the golf course and lakes is on the market at a price of $399,000. That is fair market value for the unit but the Seller is offering a little extra bonus to Buyers at this price. The Seller will pay 50% of the social or sports equity membership at closing. That's a saving of over $25,000. The home is in the lovely enclave of Nassau Bay, a great lock up and go lifestyle with warm, friendly neighbors. If you want to be situated right in the heart of Boca Raton with access to one of the best country clubs in the country then this home is worth looking at.

I'll continue to let you know about interesting deals that are available.
If you'd like to see properties in South Florida, call me:
Tali Wolder
Tali@FloridianInternational.com
561-866-9372