Banks Fast Tracking Short Sale Approvals
Just as we were getting ready to dump some tea from the Midpoint Bridge over our continued frustration with banks delaying short sale approvals……..the fairy princess of short sales has come to Southwest Florida and is approving these deals in droves!
We have a file draw full of short sale offers that we have made for clients, some stretching well back into 2009. In recent days, banks have started aggressively working many of these offers with the goal of a rapid closing. Just yesterday, we closed three short sale transactions, two of which had been in the pending drawer for over six months.
Much of my advice for buyers over the last couple of years has been focus your search efforts on foreclosure listings rather than short sales. With the thaw in the approval process, Fort Myers short sales and Cape Coral short sales now look to be a more viable option for buyers.
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Hi Mark,
I got caught up in the excitment and purchased several duplex lots back when prices were sky-rocketing. When the things turned, I was able to sell all of the lots except one which lost 90% of its value, which killed any profit I had made on the others.
Seeing the short sales on the MLS for built 3
duplexes in the Lehigh 33971 with prices under $50k, is now a good time to buy in that area, or is there such a big supply that makes renting the units improbable or rents are so low you still can’t cover the expenses.
I would appreciate your feedback.
Thanks,
Robert
There has been a steady stream of these 50K duplexes on the market over the last year. I think the math works well if you are occupying one side and renting out the other. Can keep a close eye on things.
Math also works for duplexes at these prices for renting out both units if you get good tenants and can keep them. The challenge comes if you get low quality tenants or have a lot of turnover.