Tallahassee Real Estate BlogRecently posted or modified blog posts by tag - Short Salehttps://www.manausa.com/blog/Copyright Manausa.com2020-11-08T12:42:51-07:00tag:manausa.com,2012-09-20:1406032 Distressed Properties Listed For Sale In Tallahassee<a href="https://www.manausa.com/property/507-south-ride-tallahassee-fl-32303/pid-13323216/"><img src="https://assets.site-static.com/userfiles/663/image/35-distressed-properties-for-sale.jpg" width="800" height="533" alt="you might have wondered if you can still find a deal on a distressed property" title="Distressed Properties Listed For Sale In Tallahassee" class="img_box_center" /></a>With inventory low and buyers having to compete for homes these days, you might have wondered if you can still find a deal on a distressed property.
Let's take a look at all 32 listings of distressed homes for sale to see if there might be a diamond in the rough.
Distressed Homes For Sale In Tallahassee<br /><br />Why Do Some Distressed Homes Not Sell Right Away?
<a href="https://www.manausa.com/property/507-south-ride-tallahassee-fl-32303/pid-13323216/"><img src="https://assets.site-static.com/userfiles/663/image/short-sale-tallahassee.jpg" width="400" height="266" alt="Short sale offering in Midtown Tallahassee, FL" title="Short Sale Tallahassee, Florida" class="img_box_right" /></a>If you have been following distressed properties in Tallahassee for a while, you might have noticed <a href="https://www.manausa.com/property/507-south-ride-tallahassee-fl-32303/pid-13323216/" title="Short Sale In Tallahassee">this incredible home</a> and wondered why nobody has bought it.
Before I give you the back-story on this home, it stands as an example of why you should go see distressed properties and not worry why they haven't sold. Not that you don't want to find out, but don't let that stop you from seeing the home. You just might uncover the deal you've been looking for.
Now, why hasn't the home shown and mentioned above been sold? Well, it's a short sale, and it has been under contract several times, but the lender has rejected previous deals.
Even at its current price, the home is a steal. Located in Midtown on nearly 2 acres and priced below $1M! Priced Below $800K! Priced BELOW $600k!!! You get the point? The lender has been stubborn (and rightly so) because this is a huge home on a huge chunk of in-town land, so the lender felt there was more money there. But after many long months on the market, perhaps there is a good deal to be struck now? Are you ready?
Tips For Buying Distressed Property
2020-07-30T02:54:00-07:002020-11-08T12:42:51-07:00Joe Manausatag:manausa.com,2012-09-20:10176Can You Believe There Are Only 24 Foreclosure Homes For Sale?<a href="https://www.manausa.com/property/507-south-ride-tallahassee-fl-32303/pid-13323216/?tlid=20fcfa86c8ce4046aacacda0556150e8"><img src="https://assets.site-static.com/userfiles/663/image/24-foreclosure-homes-for-sale.jpg" width="880" height="587" alt="Take a look at the limited supply of foreclosures and short sales for sale in Tallahassee" title="Foreclosures And Short Sales Tallahassee FL" class="img_box_center" /></a>It wasn't so long ago that foreclosures were choking the inventory of homes for sale, making it very difficult for arms-length home sellers to get their homes sold at a reasonable price.
But times do change.
Take a look at the limited supply of foreclosures for sale in Tallahassee (and this <a href="https://www.manausa.com/property/507-south-ride-tallahassee-fl-32303/pid-13323216/?tlid=20fcfa86c8ce4046aacacda0556150e8">1 great short sale</a>) and you will realize how well the market has recovered.
Foreclosure Homes For Sale In Tallahassee<br /><br />Distressed Home Sales Report
In order to see how significantly the market for distressed homes has changed, I've assembled the following graph which segments distressed home sales from normal "arms-length" home sales.
<img src="https://assets.site-static.com/userfiles/663/image/distressed-home-sales-report.png" width="880" height="648" alt="Graph of distressed home sales over the past ten years" title="Distressed Home Sales Report" class="img_box_center" />
In the graph above, arms-length home sales are plotted in green while distressed home sales are in red, and both are measured against the left vertical axes.
The black line provides a great perspective on the change in the market. It measures the percentage of distressed home sales to all home sales each year (from January through March), and the decline is powerful.
In 2011, more than 2 out of every 5 homes sold were done under distress (short sale, foreclosure, etc.), while today roughly 2 out of every 100 homes sold is a distressed sale. I suspect we're back to a historic norm.<br /><br />Should You Buy A Distressed Home?
When we first start working with a buyer, it is not uncommon for the conversation to come around to this type of statement from a buyer:
"I want a good deal, like a foreclosure or short sale!"
This common thought is often perpetuated by advertisements in all industries, not just real estate, and many people think that distressed properties are potential home runs. And sometimes they are.
But more than likely, the typical buyer is not the best fit for distressed homes. For example, if you have a specific time frame for which you need to move, then many distressed home sellers are not going to necessarily be able to accommodate any inflexibility on your part.
It is common for short sales to drag out for months or even years, and sometimes closings of foreclosures have significant delays.
Another thing to think about is the condition of the property. I can't tell you how many times I've seen a buyer spend $250K for a home that needs $50K worth of work to be valued at $300K. They think they are buying at a discount but instead are just buying work.
Of course, there are times when the right buyer should consider distressed property. My best advice, focus on the dirt below the home. If the land is in an awesome location and is high and dry, there is great potential.
For example, <a href="https://www.manausa.com/property/507-south-ride-tallahassee-fl-32303/pid-13323216/?tlid=20fcfa86c8ce4046aacacda0556150e8" title="Tallahassee Short Sale">here is a home</a> that somebody is going to buy, spend some money to clean it up, and then end up with 6 figures of equity.
Of course, they will be jerked around by the sellers' lender, will not be able to close exactly when they want (and maybe not even where they want), but if they can stomach the inconveniences, they will look back on the process with a smile.
If you are highly flexible with your timeframes, come in and ask us to put together a great target list to help you discover some extra equity when you purchase your next home.2020-03-16T02:53:00-07:002020-03-16T02:52:06-07:00Joe Manausatag:manausa.com,2012-09-20:909133 Distressed Properties That Might Offer The Deal Of A Lifetime<img src="https://assets.site-static.com/userfiles/663/image/33-distressed-properties-for-sale-tallahassee-fl.png" width="880" height="587" alt="33 foreclosed homes for sale, priced from as high as $450K to as low as $65K" title="Distressed Homes For Sale in Tallahassee" />If you are just entering the market to buy a home in Tallahassee, then it is likely you have heard about foreclosure properties and how they oftentimes can be incredible deals.
Today's report reveals 33 foreclosed homes for sale, priced from as high as $450K to as low as $65K, and features an incredible pre-foreclosure short sale on <a href="https://www.manausa.com/property/507-south-ride-tallahassee-fl-32303/pid-13323216/" title="Short Sale For Sale In Tallahassee">THIS HOME</a>.<br /><br />How To Shop For A Distressed Property
The biggest mistake that I see people make when shopping for distressed properties is that they use the same price range as they would for arms-length properties. Here's what I mean.
As an example, say that you can afford an $800K home. Most buyers would search $700K to $800K to find the complete list. But if you are shopping for a distressed home, you need to recognize that your budget needs to include money for modifications, updates, and repairs. An $800K buyers will find the best deal when shopping between $500K and $700K. Obviously, this example applies at all price ranges, lower your search range so that you'll have enough money to bring the property to the condition you desire.
Great Deal On A Short Sale In Tallahassee
The following property is the perfect example of how a buyer with an $800,000 budget can buy a distressed home for UNDER $600K, renovate, and be sitting on six figures of equity by doing the right improvements.<br /><br />Distressed Homes For Sale
Remember, you can always use our website menu to find all the distressed homes for sale. We update our lists 96 times daily, so you can be assured that the information we show is the freshest to be found anywhere.
Here are some of our distressed property lists you can shop:
<a href="https://www.manausa.com/short-sale/" title="Short Sale For Sale In Tallahassee">Short Sales</a>
<a href="https://www.manausa.com/foreclosures/" title="Foreclosures For Sale In Tallahassee">Foreclosures</a>
<a href="https://www.manausa.com/bank-owned-properties/" title="Bank Owned Properties For Sale In Tallahassee">Bank Owned Properties</a>
I hope our September 2019 report on distressed properties for sale has given you the information you were looking for. If not, you can give us a call at <a href="tel:1-850-366-8917">(850) 366-8917</a> or <a title="Contact Joe Manausa about Real Estate in Tallahassee Florida" href="https://www.manausa.com/blog/drop-joe-a-note/">drop us a note</a> and we'll help you with your specific Tallahassee real estate needs.
As a local born and raised in Tallahassee with a focus on customer service, I promise you'll find great success when working with Joe Manausa Real Estate, just as have our past customers. You can thousands of their reviews reported on Google, Facebook and Zillow right here: <a href="http://www.manausa.com/testimonials" title="Real Estate Agent Reviews Tallahassee">Real Estate Agent Reviews Tallahassee</a>.<br /><br />Don't Get Burned On A Foreclosure
There are smart ways (and not so smart ways) to shop foreclosures and short sales, and you can do the former and avoid the latter by simply <a href="https://www.manausa.com/blog/buyers-agent-tallahassee/" title="Real Estate Buyers Agent Tallahassee">hiring a skilled real estate buyers' agent</a>.
Our Buyer Specialists at Joe Manausa Real Estate work exclusively with buyers, and they are involved in numerous sales each month, making them among the most active real estate agents in Tallahassee. Why is this important?
Because you want somebody who has their finger on the pulse of the market. You want them to understand values better than anybody so that you can rely on the advice they give you. It's not uncommon to see a buyer overpay for a foreclosure or short sale because they get caught up in the excitement and believe these properties are great deals (no matter what).
Why buy a distressed property if it takes more money to get it into shape than it is worth? Or even if it takes an amount of money that only delivers a market-value home, why do all the work and take the risk if you are gaining nothing extra? Work with <a href="https://www.manausa.com/buyer-testmonials/" title="What Past Buyers Say About Joe Manausa Real Estate">a buyers' agent who provides the guidance to put you in the position that you desire</a>.2019-09-05T02:53:00-07:002019-09-05T12:14:09-07:00Joe Manausatag:manausa.com,2012-09-20:5776Can You Find The Great Deal Among The Nine Remaining Short Sales In Tallahassee?Back in the darkest days of the housing market collapse, you could find short sales in Tallahassee at amazingly low prices.Today, there are only nine that are available, and one is a downright steal!Current Short Sales In TallahasseeShort Sales<br /><br />What Kind Of Short Sales Exist In Tallahassee?
<a href="https://www.manausa.com/listing/281936-1713-sharon-road-tallahassee-fl-32303/" target="_blank"><img class=" img_box_right" title="Short Sale In Tallahassee" src="https://www.manausa.com/uploads/agent-1/short-sale-tallahassee.png" alt="Current Short Sales In Tallahassee" width="380" height="253" /></a>There are nine short sales actively marketed for sale and not under contract right now, and they range in value from $115,000 to $650,000.
While I can't predict which one will blow you away, I can say that when you can buy an <a href="https://www.manausa.com/listing/281936-1713-sharon-road-tallahassee-fl-32303/" target="_blank">all-brick four bedroom home</a> on a third of an acre of land (in-town) for under $150,000, perhaps you should be "blown away!"
What Is A Short Sale?
Prior to the collapse of the housing market in 2006, I had never heard the term "short sale." While I am sure that it existed, my firm just did not spend that much time with <a href="https://www.manausa.com/distressed-property/">distressed property</a>.
All of that changed though. By 2011, 1 in every 3 home sales occurred in a distressed situation, and half of those were all short sales (meaning 1 in every 6 homes sold in 2011 was a short sale!).
So what actually does "short sale" mean?
A short sale is a situation where a home is being marketed at a price that will fall short of the existing liens against the <a href="https://www.manausa.com/" target="_blank">home</a>. For example, a home that is being sold at $250K that has an existing loan of $350K. The "short" in short sale means that the seller is hoping to sell it for less than is owed with the expectation that the bank will approve the sale.
Buyer Risks During Short Sales
You should not go about buying a short sale in Tallahassee without some seriously experienced assistance. It is EASY to get a short sale under contract, even at a price that will make you feel like you have stolen it.
But getting that super-low priced home to closing is an altogether different story. Why?
Because the people at the banks that are in the position to approve or disapprove of your contract are not stupid.
They have a rough idea of the value of the <a href="https://www.manausa.com/idx/search-form/" target="_blank">property</a>, so you need your home buying specialist to "sell" the bank on your deal, and that takes experience and finesse. Knowing the RIGHT price to pay for a particular short sale is the difference between success and failure.
Also, while awaiting a response from the bank, you might find yourself paying for different third-party services (like home inspections) if your contract is prepared favorably for the bank (rather than for you or the home seller). Since short sales require at least one 3rd party approval, you need to know that time frames for acceptance and closing will not jive with traditional norms.
This means that somebody buying a short sale has to have flexibility in their time line for buying. If you are in a lease that requires you to leave a home at a certain date, you better have a "Plan B" or you might find yourself in a hotel for a few weeks or even months. Make sure you speak with your home buying specialist specifically about short sale time frames before you choose to pursue buying one.
How To Buy A Short Sale
The key is to first select the real estate buyer's agent that can best help you navigate the smartest process for buying a short sale in Tallahassee. Don't start by selecting a home and making an offer with the agent that you bump in to, rather pick somebody that will get you the best deal and ensure that you do not lose money along the way (and of course, make sure the seller pays for your agent's service).
If you are interested in pursuing a short sale, we would love to interview for the job of being your buyer's agent. Simply <a href="https://www.manausa.com/blog/drop-joe-a-note/">drop me a note</a> and we'll be in touch right away.
<img class=" img_box_center" title="5 Star Real Estate Agent" src="https://www.manausa.com/uploads/agent-1/What-They-Say-About-Joe-Manausa-Real-Estate.jpg" alt="The past customers of Joe Manausa Real Estate are giving them 5-star reviews" width="400" height="333" />
Is Joe Manausa Real Estate The Right Agent For You?
Take a look at what our customers have to say, they are VERY HAPPY with the service they received and the homes that they purchased.<br /><br />Related Links<a href="https://www.manausa.com/blog/the-last-of-the-low-cost-money/" target="_blank">going, going, GONE! Don't Miss Your Last Chance For Low Cost Money</a><a href="https://www.manausa.com/blog/listings-tallahassee-mls-really-dont-exist/" target="_blank">172 Listings In The Tallahassee MLS Really Don't Exist</a><a href="https://www.manausa.com/blog/midtown-tallahassee-under-300k/" target="_blank">SHOCKING: 33 Homes For Sale UNDER $300K in Midtown Tallahassee</a>2017-08-31T04:49:00-07:002017-09-27T07:38:03-07:00Joe Manausatag:manausa.com,2012-09-20:5345Short Sales: From Thousands To Hundreds To Now Just NineShort sales in Tallahassee are nearly extinct, which seems hard to believe after the thousands of them that we have seen.Take a look at the nine remaining short sales in the Tallahassee real estate market.Short Sales In TallahasseeShort Sales<br /><br />The Decline Of Short Sales In Tallahassee
I have been selling real estate in Tallahassee since 1991, and I can tell you the phrase "short sale" was not something that I had heard until fifteen years later.
The following real estate graph shows the rise and fall of short sales in the Tallahassee MLS:
<img class=" img_box_center" title="Short Sales In Tallahassee, FL" src="https://www.manausa.com/uploads/agent-1/tallahassee-short-sales.PNG" alt="The Rise And Fall Of Short Sales In Tallahassee" width="880" height="776" />
In the graph above, we plot the monthly average number of short sales sold in Tallahassee in dark blue (measured on the left vertical axis), and the average value of those sold in green (measured on the right vertical axis).
The actual first short sale reported in the Tallahassee MLS occurred in April of 2009, prior to that we had no designation for a short sale because they were something that just did not occur often enough to bother measuring them. Remember, prior to the crash of the housing market, it was very unlikely that a bank would allow a homeowner to sell their home if the proceeds was not adequate to pay the existing liens on the home.
Distressed Property - Understanding How We Got In So Deep
Tallahassee traditionally has maintained a very small niche of <a href="https://www.manausa.com/distressed-property/">distressed properties</a> (foreclosures, pre-foreclosures, bank owned properties (REO), and short sales ... see full definition of distressed property <a href="https://www.manausa.com/blog/definition-of-distressed-property/">here</a>). I believe that our consistent rate of appreciation (historically) has usually allowed troubled homeowners to sell their home and collect the equity that has grown in the home.
The rapid expansion of the housing market commencing around 2002 and terminating in 2006 caused values to shoot far higher than what was sustainable in a slow-growing Leon County, and once the market collapsed, we experienced depreciation for the first time (in my career) in Tallahassee.
When home values decline, so too does the equity required to ensure troubled homeowners can sell their homes and satisfy existing liens. An alarmingly high number of homeowners at the bottom of the housing market owed more on their homes than their homes were worth, through either buying before homes depreciated or refinancing during the boom of the market. Either way, if they needed to move or if they were hit with an unexpected financial burden, a short sale became the best solution for all parties.
Why Short Sales Will Finally "Go Away"
There might continue to be a need for short sales for the next few months (or even years), but equity is returning to the Tallahassee real estate market, and that means foreclosures will be far more typical than will short sales.
The value in Tallahassee properties continues to rise every day (we forecast a 10% growth in home values for 2017, and it appears that figure might be conservative).
If you have wanted to sell your home but have been concerned the value still wasn't there, you might be in for a pleasant surprise.
You can get a rough estimate of value for your home below, or you can <a href="https://www.manausa.com/blog/drop-joe-a-note/">contact us anytime</a> to get an expert opinion of value.<br /><br />Related Links<a href="https://www.manausa.com/blog/asking-price-short-sale/" target="_blank">Don’t Be Fooled By The Asking Price On That Short Sale</a><a href="https://www.manausa.com/blog/how-to-short-sale/" target="_blank">How To Short Sale Real Estate After A Divorce</a><a href="https://www.manausa.com/blog/gold-rush-short-sales/" target="_blank">What The Gold Rush Of 1849 Can Teach Us About Short Sales In 2012</a>2017-06-19T05:49:00-07:002017-07-01T04:26:39-07:00Joe Manausatag:manausa.com,2012-09-20:4785The Makeup Of Distressed Home Sales Is ChangingDistressed home sales still represent a thriving segment of the Tallahassee real estate market, but there is a positive trend among troubled home sellers that is worth mentioning.
While 28% of the closed home sales in Tallahassee thus far in 2015 have been <a href="https://www.manausa.com/short-sale/" target="_blank">short sales</a>, <a href="https://www.manausa.com/blog/tallahassee-short-sales/" target="_blank">foreclosures, pre-foreclosures</a>, and <a href="https://www.manausa.com/bank-owned-properties/" target="_blank">bank owned properties</a>, only a small percentage of those were short sales.
Part of the reason that we are seeing a decline in short sales is due to the termination of the Mortgage Debt Forgiveness Act, under which any debt forgiven in a short sale is not counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage. This has not been extended for short sales conducted in 2015, thus the motivation for upside-down homeowners to conduct a short sale (versus allowing a foreclosure by the lender) is greatly reduced.
The primary reason for the reduction in short sales (I believe) is that the majority of non-performing loans in Tallahassee are old and established, and thus they are problems now being handled by lenders. These are sellers who either tried and failed to do a short sale or declined to do one altogether.
<img src="/images/blogteaserimgs/388932750.PNG" alt="Distressed Home Sales" width="600" height="488" class="img_box_center" />
In the graph above, all closed distressed home sales through April 25, 2015 are divided into two separate groups. The blue columns measure the number of short sales through April each year, while the red columns measure the number of non-short sale distressed home sales, and both are recorded on the left vertical axis. (Note: All data is year to date through April for 2010-2014, but 2015 is only through April 25).
The ratio of short sales to all distressed sales is shown as a blue line and measured on the right vertical axis.
I think we can conclude from this graph that the perceived value by homeowners in doing a short sale is nearly gone.<br /><br />I hope you have gained insight into the ever-changing distressed home sales market in Tallahassee. If you questions or further insights that you would like to share, simply <a href="https://www.manausa.com/blog/drop-joe-a-note/" target="_blank">drop me a note</a> and we will be in touch with you promptly.<br /><br />Distressed Homes For Sale
The following listings are the distressed homes for sale in Tallahassee; the complete list can be seen by clicking through to the property search tool.
Distressed Properties2015-04-27T05:34:00-07:002019-09-02T08:28:25-07:00Joe Manausatag:manausa.com,2012-09-20:4587Don't Be Fooled By The Asking Price On That Short Sale<img class=" img_box_right" title="Don't Be Fooled By The Asking Price On That Short Sale" src="https://www.manausa.com/uploads/agent-1/asking-price-short-sale.png" alt="Don't Be Fooled By The Asking Price On That Short Sale" width="380" height="253" />This scene gets played over and over in the Tallahassee real estate market. You're in the market for a home and you find the perfect house with our <a title="houses on the market in Tallahassee Florida" href="https://www.manausa.com/idx/search-form/" target="_blank">property search tool</a>, and it is priced well below market. You think "surely this house has to be under contract already," but when you talk to your <a title="Tallahassee Realtor" href="https://www.manausa.com/blog/buyers-agent/" target="_blank">real estate buyer's agent</a>, you find out that it is still available. In fact, it is a short sale, and you've heard about all the <a href="https://www.manausa.com/short-sale/" target="_blank">great short sale deals</a>. You quickly go look at the house, confirm that it is indeed a bargain at it's asking price, so you make a full priced offer so as to not lose the home. Low and behold, the seller accepts your offer, and all you need is the final step and you get the best deal of your life! Guess what happens next? How Short Sales Are Still Fooling Buyers What happens next is that the contract is sent to the bank, and the bank only approves the deal if the price is within range of it's opinion of value. So if the house was priced well below the amount for which the bank thinks it can sell, they will not approve the sale. They end up coming up with an "acceptable" price for which they will approve a deal, and the homeowner then sends you a counter to what was already agreed. You have become yet another buyer fooled by the asking price of a short sale. Think about this ... Home sellers who are trying to sell "short" will get nothing at closing. Whether they sell their home for appraisal, or they sell it at a deep discount, they get nothing. So the prudent short seller prices the home low enough to get a negotiation started with the bank, and to do that, they need a contract with a buyer. Most short sales fail to sell during their first listing period, as most "first" buyers end up cancelling the transaction when they discover they can't have the home for the price which lured them to the home. But that first contract has let the seller know what the bank is willing to do. When the short sale is then listed again, there is a much more "normal" asking price on the home. Average Discount Between Sales Price And Original List Price The following graph attempts to measure the "discount" between sales price and list price of all homes sold in Tallahassee since the beginning of the short sale wave in 2009. <img class=" img_box_center" src="https://www.manausa.com/uploads/imagefiles/Price-Difference.png" alt="Price Difference Home Sale" width="531" height="403" /> The red bars measure the difference between sales price and original list price of short sales (the discount), while the blue bars measure the discount for arms length sales. The green lines show the difference between the two discounts. Currently, it appears that short sales are discounted just over 4% more than are arms length sales. It is important to note that the discount merely measures the difference between the original asking price and the final sales price, and the "original" price is merely the first price asked for the current listing period. So once a short sale is put on the market (for the second time), it is done so at a much more realistic price. So if you are seeing a short sale listed for sale at a price that seems too good to be true, then it most likely is (too good to be true). Guidance On Buying A Home The moral of the story is simply "don't be fooled by a short sale asking price." If you like the home, make an offer at an amount the bank is likely to accept, regardless of the asking price. If it is in its first listing period, you likely will need to offer an amount higher than its asking price, or the bank will not approve the sale. Right now, if you buy a short sale, it appears as if you'll get it for a little less than you would an arms length listing, but the bank is not going to be careless. This is why we recommend you work with a well-trained real estate buyer's agent. Take the time to learn current market conditions so that between you and your agent, you have a great understanding of real home values. <br /><br />Related Links<a href="https://www.manausa.com/blog/buyers-agent/" target="_blank">Recognizing The Need For A Buyer's Agent</a><a href="https://www.manausa.com/blog/6-things-will-hurt-you-buy-a-home/" target="_blank">6 Things You Won't Know When You Buy A Home</a><a href="https://www.manausa.com/blog/how-to-be-a-cash-buyer-with-no-money/" target="_blank">How To Be A Cash Buyer With No Money Of Your Own </a><br /><br />There is no need for a well-informed buyer to be fooled by a short sale, so don't let this happen to you.2014-08-22T08:13:00-07:002017-06-30T12:49:59-07:00Joe Manausatag:manausa.com,2012-09-20:4169How To Short Sale Real Estate After A DivorceIf you want to know how to short sale real estate after a breakup or divorce, then you are not alone. In fact, if you are curious about <a title="Get advice on should you and how to short sale" href="https://www.manausa.com/blog/short-sale-advice-form/" target="_blank">whether or not to short sale a home</a> or just move directly to bankruptcy, again, you are not alone.
If I could only communicate one message in this article it would be that "you are not alone!"
Take the time to read this advice on how to short sale real estate and how to decide whether or not you should even be thinking about a short sale as your smartest course of action.
Advice On How To Short Sale Real Estate
<a title="How To Short Sale Real Estate" href="https://help.manausa.com/should-i-short-sale-my-home-2/" target="_blank"><img class=" img_box_right" title="How To Short Sale Real Estate" src="https://www.manausa.com/uploads/imagefiles/ShortSaleBookHC-small.jpg" alt="How To Short Sale Real Estate" width="100" height="128" /></a>We receive requests for help deciding what to do with real estate 'gone bad' all the time.
Historically, so few people dealt with <a title="What To Do With An Upside Down House" href="https://www.manausa.com/blog/decide-to-sell-lease-home/" target="_blank">upside-down real estate issues</a> that you were branded a pariah if you had a foreclosure or short sale on your record. But that just is not the case anymore. The real estate market crash has left millions of people in bad circumstances, and they are facing what feels like the hardest decision of their lives.
Today's article is a response to a reader's question below that is not so much a "how to short sale" but rather a "<a title="Should I Short Sale My Home?" href="https://help.manausa.com/should-i-short-sale-my-home-2/" target="_blank">should I short sale</a>" question. But as you will see in my reply, it really falls under the "how to" side of the question. Below, "DT" writes:
In 2008, I bought a residential property and 2 rentals. Well, after a nasty breakup and horrible renters I'm now in dire straights. I need to know what the best solution is for my situation. I owe more on all the homes than they are worth. I can no longer lease the rentals for the amount it takes to cover the mortgages, which has drained my savings account. The question I have is: Should I short sale and be left with a hefty short sale tax bill for the rentals? Or, should I simply call it quits and file bankruptcy? -- Thank you, DT
How To Short Sale To Discover Your Options
First of all, a short sale is not an event, it's a process.
<a href="https://www.manausa.com/uploads/imagefiles/offer-on-a-home-disclaimer.png"><img class=" img_box_left" src="https://www.manausa.com/uploads/imagefiles/offer-on-a-home-disclaimer.png" alt="offer on a home disclaimer" width="80" height="75" /></a>Before I proceed, I do want to remind you that I am not an attorney and I do not write for the purpose of dispensing legal advice.
Take what I say with a grain of salt, and if you think it warrants further review, I urge you to speak with an attorney on all legal matters.
Short sales take a long time, and the contract process is loaded with so many contingencies that if you are selling a short sale, you can "change your mind" at any time until you have worked out an agreement with your lender.
So if you start a short sale (and execute a contract with a buyer), and the bank doesn't give you an offer that you like, you do not have to take it. You see, knowing how to short sale is as simple as selling your house at a price to a buyer and then finding out what the lender is going to approve. And that is where having an experienced short sale specialist can be the difference between getting rid of a property through short sale versus having to file bankruptcy.
Hire the right short sale agent, one who has demonstrated success regularly that he or she knows how to short sale real estate, and you will likely be able to avoid bankruptcy. Everybody with whom I have spoken about credit and credit repair tells me that a short sale is far more favorable on your credit than is a bankruptcy.
So my final answer to "DT" is to work with somebody who knows how to short sale real estate and avoid bankruptcy if possible. Remember, you are not alone, there are millions of other people who have or will be dealing with very similar issues. Fix your problem today by meeting with somebody who really knows how to short sale real estate.
Of course, if you need to speak with somebody in Tallahassee who knows how to short sale, just <a title="Contact Joe Manausa about how to short sale real estate" href="https://www.manausa.com/blog/drop-joe-a-note/">drop me a note</a> and we can schedule a time to review your situation and explore all of your options.<br /><br />Related Links<a href="https://www.manausa.com/blog/pending-real-estate-signs/" target="_blank">Why Real Estate Companies Put Pending Riders On Real Estate Signs</a><a href="https://www.manausa.com/blog/why-dont-you-fire-your-out-of-date-listing-agent/" target="_blank">Why Don't You Fire Your Out Of Date Listing Agent?</a><a href="https://www.manausa.com/blog/internet-real-estate-marketing/" target="_blank">The Internet Has Changed Real Estate Marketing</a>2013-07-10T07:34:00-07:002017-06-30T16:56:58-07:00Joe Manausatag:manausa.com,2012-09-20:3670How To Buy A Short Sale In Tallahassee<img src="https://assets.site-static.com/userfiles/663/image/How_To_Buy_A_Short_Sale_In_Tallahassee.png" width="600" height="400" class="img_box_center" />
So you wanna buy a short sale in Tallahassee. Well, you're not alone.In fact, most people who want to <a title="Where To Buy A Short Sale In Tallahassee" href="https://www.manausa.com/distressed-property/" target="_blank">buy a short sale in Tallahassee</a> are being disrupted by scores of people who really don't even know what they are doing.
Imagine, the most <a title="Buy A Short Sale In Tallahassee Killearn Lakes Plantation" href="https://www.manausa.com/idx/results/" target="_blank" rel="nofollow">perfect short sale deal in Tallahassee</a> is in the perfect neighborhood, but when you go to make an offer on it, you find out that it is already under contract.
Of course, they tell you that you can make a back-up offer, but wouldn't you rather be in first position?
Why Buy A Short Sale In Tallahassee
Some of the <a title="website to buy a short sale in Tallahassee" href="https://www.manausa.com/idx/results/" target="_blank">best deals in Tallahassee are short sales</a>. They often sell at a 10% to 20% discount to the market, and for the right buyers, they are a great way to purchase real estate.
Of course, like anything that sounds "too good to be true," there are some things you need to know if you are going to buy a short sale in Tallahassee.
Banks are not stupid, they will not take a low-ball offer. If you want to buy a short sale in Tallahassee, you have to <a title="Buy a short sale in Tallahassee by making the right offer" href="https://www.manausa.com/blog/successful-foreclosure-hunting/" target="_blank">know the right amount to offer</a>.
Short sales do not process in a logical manner, thus you must have great flexibility on what and when you will close.
Not all short sales are good deals, some are in very poor condition and should only be purchased by knowledgeable investors.
Being successful when you want to buy a short sale is all about being first (being in control)
If you <a title="A Little Secret Every Homebuyer Should Know About Using A Property Search Tool" href="https://www.manausa.com/blog/secret-property-search-tool/" target="_blank">schedule to see a short sale</a>, you are already too late (see it now or it will be gone if it's any good).
When To Buy A Short Sale In Tallahassee
<a title="Buy A Short Sale In Tallahassee Fast" href="https://www.manausa.com/idx/results/" target="_blank" rel="nofollow"><img class=" img_box_left" title="Buy A Short Sale In Tallahassee Fast" alt="Buy A Short Sale In Tallahassee Fast" src="https://www.manausa.com/uploads/imagefiles/Buy-A-Short-Sale-In-Tallahassee-Fast.png" width="340" height="255" /></a>The time to buy a short sale in Tallahassee is AFTER you have put your whole plan together.
To be successful, you have to be the first to <a title="How To Write A Great Offer to Buy A Short Sale in Tallahassee and beyond" href="https://www.manausa.com/idx/results/" target="_blank">write a proper real estate offer</a> on the short sale.
And to do this, you must be prepared. If you think you'll hear about a short sale today, and then go see it this weekend, you are totally missing the boat.
Think about it.
If it is such a great deal, won't others want it? And the flip side is true too. If it is such a great deal, why is it still available days after everybody heard about it?
For example, the short sale shown above was <a title="Properties currently listed for sale by Joe Manausa Real Estate in Tallahassee" href="https://www.manausa.com/communities/" target="_blank">listed by Joe Manausa Real Estate</a> and sold in less than 24 hours of hitting the market. You can still write a back-up offer though :).
If you want to buy a short sale in Tallahassee, you should take these steps to ensure that you are first in line to get the best real estate deal in town:
Meet with a short sale buyer specialist to assess your needs and wants
Establish a plan for action when short sales hit the market (when will you be told, how quickly can you get to the property)
Meet with a lender to reduce the time you require for financing. Most lenders can knock-out a pre-approval letter, but the best can prepare you to close fast.
Identify target areas and target properties, then react as fast as humanly possible when a new short sale hits the market.
Be prepared to pay full price or even more if you want to buy a short sale in Tallahassee.
If you follow the steps identified above, you will be in great shape.
And if you would like to know more about how to buy a short sale in Tallahassee, just <a title="Contact Joe Manausa about where to buy a short sale in Tallahassee" href="https://www.manausa.com/blog/drop-joe-a-note/" target="_blank">drop me a note</a> and we can schedule a time to discuss your specific situation and needs.
*Joe Manausa Real Estate is a brokerage company headquartered in Tallahassee, Florida. Its unique business model provides specialists to both home sellers and home buyers, and the results speak for themselves. JMRE has significantly more 5-star reviews on google than any other local competitor. Joe Manausa Real Estate is a leader in internet marketing and utilizes search engine optimization, email marketing, social media and data analytics to get their clients’ home sold faster and for more money than any other Tallahassee brokerage firm. For more information, visit <a href="https://www.manausa.com/">www.manausa.com</a> or call us at (850) 366-8917.
2012-10-22T09:23:00-07:002020-05-09T21:14:33-07:00Joe Manausatag:manausa.com,2012-09-20:3487How To Choose Your Short Sale Agent Tallahassee Florida<img src="https://assets.site-static.com/userfiles/663/image/How_To_Choose_Your_Short_Sale_Agent_Tallahassee_Florida.png" width="600" height="400" class="img_box_center" />
Imagine, you are upset with lousy service, so you go to Google and search for
"short sale agent Tallahassee Florida."
Hopefully, you choose the link that brings you to <a title="short sale agent Tallahassee Florida" href="https://www.manausa.com/blog/tallahassee-short-sales/" target="_blank">the leader in Tallahassee short sales</a>.
Unfortunately, many have found other ways to search for a short sale agent Tallahassee Florida, and it has caused nothing but heartache.
Short Sale Agent Tallahassee Florida Sought
I received the following email from a reader. He no longer lives in Tallahassee and has been trying to sell his home for more than 3 years!
I did not ask him how he chose his short sale agent, but he ended up with a big "Brand X" company which is known for hiring anybody with a license, regardless of their work ethic or training.
Joe - I am looking to change agents for <a title="Sell a home in Tallahassee" href="https://www.manausa.com/blog/home-sellers/" target="_blank" rel="nofollow">selling my home in Tallahassee</a>. I am short selling the home and have dropped the price over and over again, but my current agent does not call me (even monthly). I'm not looking for a miracle sale, I'm looking for an agent who keeps their word to me as the seller... We are currently living [outside of Tallahassee] and MUST get out from under this burden of 3 years. -- Frustrated Homeowner
I wish I could say that this is a rare event, receiving an email from somebody who has not been treated very well by a real estate agent. But this is far more the rule than the exception when somebody has wanted to be working with a short sale agent Tallahassee Florida.
Short Sale Agent Tallahassee Florida Found
<a title="Should I Short Sale My Home With A Short Sale Agent Tallahassee Florida?" href="https://help.manausa.com/should-i-short-sale-my-home-2/" target="_blank" rel="nofollow"><img class=" img_box_left" title="Should I Talk To A Short Sale Agent Tallahassee Florida" alt="Should I Talk To A Short Sale Agent Tallahassee Florida" src="https://www.manausa.com/uploads/imagefiles/Should-I-Short-Sale-My-Home-E-Book-200x287.gif" width="200" height="287" /></a>When I read the message above, I see so much opportunity to help this <a title="Frustrated Homeowner Should Choose Best Short Sale Agent Tallahassee Florida" href="https://www.manausa.com/blog/frustrated-homeowners/" target="_blank">frustrated homeowner</a>. It is obvious he did not initially do the right research in finding his short sale agent Tallahassee Florida, but he seems to be on the right track now :).
The fact that he has been trying to <a title="Joe Manausa Real Estate Short Sale Agent Tallahassee Florida" href="https://www.manausa.com/blog/expired/" target="_blank">sell a home in Tallahassee</a> for three years is very sad, and I bet we will have his home under contract within three months (and most likely much sooner). Titus Nixon (pictured above) is the finest Tallahassee short sale agent and will help him resolve his home selling problem.
His agent did not communicate with him ... and this is very common with part-time agents who either are too busy with their "other job," or are too scared to call him and tell him that they are doing nothing to sell his home. If you have a <a title="Tallahassee MLS - All Property Listings From Short Sale Agent Tallahassee FL" href="https://www.manausa.com/idx/search-form/" target="_blank" rel="nofollow">home for sale in Tallahassee</a>, your real estate company should be talking with you regularly.
Finally, and perhaps the saddest point, is that he isn't looking for a miracle, he just wants somebody to treat him as a valued customer.
I promise you that now he is <a title="How to use the internet to sell a home with short sale agent Tallahassee Florida" href="https://www.manausa.com/blog/home-sellers/" target="_blank" rel="nofollow">selling a home with Joe Manausa Real Estate</a>, he is a valued customer!
Do You Need A Short Sale Agent Tallahassee Florida?
If you are wondering what you should do with your home, take the time to explore your options with a real estate agent who values your business and will help you achieve the best solution to your real estate problem. If you would like to how to get started, just <a title="Contact Joe Manausa - Short Sale Agent Tallahassee Florida" href="https://www.manausa.com/blog/drop-joe-a-note/" target="_blank">drop me a note</a> and title it "Short Sale Agent Tallahassee Florida" and I will help you resolve your real estate problem.
Joe Manausa Real Estate is a brokerage company headquartered in Tallahassee, Florida. Its unique business model provides specialists to both home sellers and home buyers, and the results speak for themselves. JMRE has significantly more 5-star reviews on google than any other local competitor. Joe Manausa Real Estate is a leader in internet marketing and utilizes search engine optimization, email marketing, social media and data analytics to get their clients’ home sold faster and for more money than any other Tallahassee brokerage firm. For more information, visit <a href="https://www.manausa.com/">www.manausa.com</a> or call us at (850) 366-8917.<br /><br />Your Local Expert In Tallahassee
Are you ready to go see a home in this oft-overlooked, amazing neighborhood? Do you have further questions on the Tallahassee real estate market? If so, you can leave a comment below, give us a call at <a href="tel:1-850-366-8917">(850) 366-8917</a>, or <a title="Contact Joe Manausa about Real Estate in Tallahassee Florida" href="https://www.manausa.com/blog/drop-joe-a-note/">drop us a note</a> and we'll give you the local information needed to ensure a successful, smooth transaction.
As a local born and raised in Tallahassee with a focus on customer service, I promise you'll find great success when working with Joe Manausa Real Estate, just as have our past customers. You can read thousands of their reviews reported on Google, Facebook and Zillow right here: <a href="https://www.manausa.com/testimonials" title="Real Estate Agent Reviews Tallahassee">Real Estate Agent Reviews Tallahassee</a>.
<a href="https://jmre.ws/a77gy"><img src="https://assets.site-static.com/userFiles/663/image/book.jpg" alt="The digital marketing guide for small businesses" title="The Business Of Getting Business" width="120" height="188" class="img_box_left" /></a>Have you heard about my new book "The Business of Getting Business?" It's a comprehensive guide for small businesses to help them make the move to digital. For those of us who want to survive and thrive in a world where large corporations are taking over, it is a must-read. It's also the perfect guide for how to sell a home in the digital age. You can <a href="https://jmre.ws/bogbuk" title="The Business Of Getting Business">find it on Amazon (UK)</a> for immediate delivery, or you can go to <a href="https://jmre.ws/a77gy" title="Digital Market Book on Amazon">Amazon (US)</a> to reserve a copy at a pre-US published rate.2012-02-21T10:47:00-07:002020-04-29T00:42:30-07:00Joe Manausatag:manausa.com,2012-09-20:3437What The Gold Rush Of 1849 Can Teach Us About Short Sales<img src="https://assets.site-static.com/userfiles/663/image/short-sales-1849.png" width="880" height="611" alt="The gold rush of 1849 is a lesson in short sale management" title="The Gold Rush Of 1849 And Short Sales" class="img_box_center" />One in every six homes sold this year has been a short sale in Tallahassee. One in every three homes sold this year has been in some sort of distressed situation (short sale, foreclosure, pre-foreclosure, REO, etc.). As we roll into 2012, the landscape for people who want to sell a home is crowded with people and institutions that must sell homes. This is the type of environment that leads to falling home values.
<a href="https://www.manausa.com/uploads/imagefiles/Gold-Rush-Short-Sales.png"><img class=" img_box_right" title="Gold Rush Short Sales | Short Sale Gold Rush" src="https://www.manausa.com/uploads/imagefiles/Gold-Rush-Short-Sales.png" alt="Gold Rush Short Sales | Short Sale Gold Rush" width="295" height="384" /></a>
We have had hundreds of people recently <a title="How to determine if you should short sale a home" href="https://help.manausa.com/should-i-short-sale-my-home-2/" target="_blank">download our FREE 86-page e-Book "Should I Short Sale My Home,"</a> as more people come to realize it is a viable option for getting on with their lives, even if they have perfect credit and are current on their mortgage payments. A short sale allows people to break the trap that has stalled our housing market, by getting upside-down home sellers out of their homes with minimal damage to their credit or finances.
When many people hear or read about short sales, they think "opportunity for buyers." But when I see what banks are currently willing to do for people with good credit, I see "opportunity for sellers!" And just like the Gold Rush of 1849, only a relative few are going to be lucky enough to strike gold. And do you want to know why?
Banks are writing off huge losses right now with short sales. They are helping people get rid of homes and are putting together deals they would never had agreed to before the collapse of the housing market. But just as the veins of gold in California finally were exhausted, so too will be the disorganization and resulting generosity of the banks. They will establish systems and plans to ensure that they no longer have to lose money on a short sale. Homeowners who sit back and wait will be just like the 'easterners' who didn't board the first train to California in '48.
<a href="https://www.manausa.com/uploads/imagefiles/Idea.png"><img class=" img_box_left" title="Idea" src="https://www.manausa.com/uploads/imagefiles/Idea.png" alt="Idea" width="44" height="129" /></a>Home values are dropping and banks won't do this forever. Homeowners who wait two years will have to sell their homes for less money and get less favorable terms from the banks. If you know you're going to have to sell in the next few years, do yourself a big favor and <a title="Contact Joe Manausa in Tallahassee Florida Real Estate" href="https://www.manausa.com/blog/drop-joe-a-note/">contact me today</a>!
Short Sales Growing In Tallahassee
When we look at the homes that are selling in Tallahassee, we can see that short sales have sprung into a major market force. 17% of the homes that sold in November were short sales, representing 1/2 of the distressed property sales. While this could mean that more homeowners are choosing the short sale route, rather than deeding the property back to the bank or having the property be foreclosed upon, I believe it really is a sign of non-distressed sellers choosing to take advantage of the favorable solutions that lenders are offering with short sales.
<a href="https://www.manausa.com/uploads/imagefiles/Tallahassee-Short-Sales.jpg"><img class=" img_box_center" title="Tallahassee Short Sales | Short Sales In Tallahassee Florida" src="https://www.manausa.com/uploads/imagefiles/Tallahassee-Short-Sales.jpg" alt="Tallahassee Short Sales | Short Sales In Tallahassee Florida" width="600" height="416" /></a>
The real estate graph above is clear, we should brace for the Short Sale Rush of 2012, and the early entrants are going to be walking away with the gold. Take action today, download the e-Book on short selling, and then <a title="Contact Joe Manausa in Tallahassee Florida Real Estate" href="https://www.manausa.com/blog/drop-joe-a-note/">drop me a note</a>.<br /><br />Related Links
<a href="https://www.manausa.com/blog/internet-marketing-real-estate/" target="_blank">Internet Marketing’s Impact On Real Estate #realestate #tallahassee</a>
<a href="https://www.manausa.com/blog/open-house-visitors/" target="_blank">Open House Visitor Arrives In Nothing But Bathrobe And Slippers</a>
<a href="https://www.manausa.com/blog/pawn-stars-purple-trike/" target="_blank">What A Purple Trike Can Teach You About Selling A Home #realestate #tallahassee</a>
<br /><br />Your Local Expert In Tallahassee
Do you have a question on the Tallahassee real estate market? If so, you can leave a comment below, give us a call at (850) 366-8917, or <a href="https://www.manausa.com/blog/drop-joe-a-note/">drop us a note</a> and we'll give you the local information needed to ensure a successful, smooth transaction.
As a local born and raised in Tallahassee with a focus on customer service, I promise you'll find great success when working with Joe Manausa Real Estate, just as have our past customers. You can read thousands of their reviews reported on Google, Facebook and Zillow right here: <a href="https://www.manausa.com/testimonials">Real Estate Agent Reviews Tallahassee</a>.
Have you heard about my new book "The Business of Getting Business?" It's a comprehensive guide for small businesses to help them make the move to digital. For those of us who want to survive and thrive in a world where large corporations are taking over, it is a must-read. It's also the perfect guide for how to sell a home in the digital age. You can go to <a href="https://jmre.ws/a77gy">Amazon</a> (a trusted digital retailer) to get a copy delivered directly to your home. “2011-12-16T10:37:00-07:002020-05-14T13:08:21-07:00Joe Manausatag:manausa.com,2012-09-20:3294What Is A Short Sale Going To Do To Help A Upside-Down Homeowner?<img src="https://assets.site-static.com/userfiles/663/image/What_Is_A_Short_Sale_Going_To_Do_To_Help_A_Upside-Down_Homeowner_resized.png" width="1080" height="1080" />
What Is A Short Sale?
First of all, <a title="Tallahassee Short Sale – Something To Consider?" href="https://www.manausa.com/blog/tallahassee-short-sale-option/" target="_blank">what is a short sale</a>? This is simply when a seller agrees to a price with a buyer and the net amount of money from the home sale is not enough to cover the mortgage(s) on the property. In this case, approval from the lender(s) is required for the sale to close. In the past, short sales in Tallahassee were seldom seen, as our property values appreciated very consistently and it was rare for a homeowner to be upside-down in their home.
But things have changed. Property values in Tallahassee have dropped 30% since the peak of the housing market, and many people who need to <a title="How To Sell A Home In A Tough Housing Market" href="https://www.manausa.com/blog/progressive-marketing-plan-for-your-home/" target="_blank">sell a home in Tallahassee</a> owe more on their property than it is worth. With values continuing to depreciate, more and more people will be joining the group of frustrated, upside-down homeowners. They are looking for solutions.
Recently, a friend of mine asked me "what is a short sale going to do for me versus me just renting out the home until it can be sold without a loss? Rather than just explain it to him, I decided to use this often asked question as the basis for a real-world real estate case study. The following analysis was performed to help him make a decision, and the numbers used come straight from today's <a title="Charts, graphs, and analysis of the Tallahassee real estate market" href="https://www.manausa.com/blog/inventory-07-2010/" target="_blank" rel="nofollow">Tallahassee real estate market</a>. I suspect most markets would find similar results.
Real Estate Case Study: What Is A Short Sale Going To Do For Your Bottom Line
In order to understand the real estate graph below, you need to know the variables that were used to create it. I gathered up current market information regarding rental rates and home values, and then applied them to our <a title="Housing Market Equilibrium In 2018: Case Study Details Why" href="https://www.manausa.com/blog/housing-market-equilibrium/" target="_blank">long-term projections of the recovery of the housing market in Tallahassee</a>. I plugged them into a 30 year proforma to discover the following information about what is a short sale going to mean financially:
When could the homeowner sell the home and not bring money to closing
How much money would the homeowner still have to invest in the property during the lease period
How much money would the homeowner save if that same amount of money was invested (at a 5% return) rather than into keeping the house
When would the decision to keep the house (and rent it out) become a wise financial decision
<a href="https://www.manausa.com/uploads/imagefiles/Sell-Home-Now-Or-Rent-It-Out.gif"><img class=" img_box_center" title="Sell Home Now Or Rent It Out" alt="What Is A Short Sale Going To Do To Help A Homeowner" src="https://www.manausa.com/uploads/imagefiles/Sell-Home-Now-Or-Rent-It-Out.gif" width="600" height="530" /></a>
The biggest variables in this case study of what is a short sale going to do for a home seller concern future market values and future market rents. For those long-time readers of the <a title="real estate Tallahassee Florida" href="https://www.manausa.com/blog/" target="_blank" rel="nofollow">Tallahassee real estate blog</a>, you know this is something I both study and write about quite often, so I have used conservative estimates that we have developed from our previous case studies as well as from our daily tracking of the Tallahassee housing market.
Our case study shows property values depreciating over the next three years and then slowly recovering to our traditional appreciation rate of 3% to 4% per year. It also includes an increase in rents of 2.5% per year, which is a conservative estimate based upon previous years.
In order to answer my friend's question about what is a short sale going to do for him, I will share that his home is currently worth about $75K less than what he owes on it, and if he chooses to rent it out, his negative monthly cash flow will be about $500. When I discussed these numbers with him, he concurred that he thought these numbers were correct.
Sell Now Or Become A Landlord And Wait?
Ultimately, the question of what is a short sale going to do for him is really "should he sell the home now, or become a landlord and wait for better times?" The graph gives a very visual answer. Of course, we have to consider "what else he could do with his money" if he chooses to sell the home now, so that is where the graph provides some great feedback.
The green section of the real estate graph above shows how much money he would amass over time if he were to sell the home now and invest the proceeds into an investment yielding 5% each year. The diagonal red line shows the value of the property and the horizontal red line depicts the cash flows from leasing the property. Even with a growth in the rental rates, this would be a negative cash flow situation for him for over 25 years.
We can see that the value line hits "zero" in the year 2024, meaning if he leases it out for another 13 years, he would then be able to sell it and not bring money to closing (closing costs were included in the valuation measurement). By the time he could get out from under the house, he would have invested another $60K in money spent to cover the shortages from rents.
<a title="What Is A Short Sale Going To Do For You?" href="https://help.manausa.com/should-i-short-sale-my-home-2/" target="_blank" rel="nofollow"><img class=" img_box_left" title="Should I Short Sale My Home E Book " alt="Should I Short Sale My Home E Book" src="https://www.manausa.com/uploads/imagefiles/Should-I-Short-Sale-My-Home-E-Book-300x430.gif" width="230" height="329" /></a>This tells us that just merely holding on to it until it can be sold "for nothing" will still cost a lot of money, so exactly how long will he have to own the home until it becomes a profitable (or smart) decision? Our projections show that it takes until the year 2039 for him to out-perform a 5% investment. During that time his mortgage would be completely paid off and the cash flows would become positive. So the bottom line result is that if he is willing to commit to owning this for 30 years, it is a better rate of return than putting his money into an investment yield 5% per year.
So what is a short sale going to do for my friend? It will allow him to get rid of a home that he does not need (he's moving out of Tallahassee) and cut his losses. We covered the ramifications of what this all means in yesterday's <a title="Tallahassee Short Sale – Something To Consider?" href="https://www.manausa.com/blog/tallahassee-short-sale-option/" target="_blank">article about short sales</a>, and that is why this is a tough, but obvious decision when he considers the financial benefits of what is a short sale going to do for he and his family.
Joe Manausa Real Estate is a brokerage company headquartered in Tallahassee, Florida. Its unique business model provides specialists to both home sellers and home buyers, and the results speak for themselves. JMRE has significantly more 5-star reviews on google than any other local competitor. Joe Manausa Real Estate is a leader in internet marketing and utilizes search engine optimization, email marketing, social media and data analytics to get their clients’ home sold faster and for more money than any other Tallahassee brokerage firm. For more information, visit <a href="https://www.manausa.com/">www.manausa.com</a> or call us at (850) 366-8917.
<br /><br />Your Local Expert In Tallahassee
Are you ready to go see a home in this oft-overlooked, amazing neighborhood? Do you have further questions on the Tallahassee real estate market? If so, you can leave a comment below, give us a call at <a href="tel:1-850-366-8917">(850) 366-8917</a>, or <a title="Contact Joe Manausa about Real Estate in Tallahassee Florida" href="https://www.manausa.com/blog/drop-joe-a-note/">drop us a note</a> and we'll give you the local information needed to ensure a successful, smooth transaction.
As a local born and raised in Tallahassee with a focus on customer service, I promise you'll find great success when working with Joe Manausa Real Estate, just as have our past customers. You can read thousands of their reviews reported on Google, Facebook and Zillow right here: <a href="https://www.manausa.com/testimonials" title="Real Estate Agent Reviews Tallahassee">Real Estate Agent Reviews Tallahassee</a>.
<a href="https://jmre.ws/a77gy"><img src="https://assets.site-static.com/userFiles/663/image/book.jpg" alt="The digital marketing guide for small businesses" title="The Business Of Getting Business" width="120" height="188" class="img_box_left" /></a>Have you heard about my new book "The Business of Getting Business?" It's a comprehensive guide for small businesses to help them make the move to digital. For those of us who want to survive and thrive in a world where large corporations are taking over, it is a must-read. It's also the perfect guide for how to sell a home in the digital age. You can <a href="https://jmre.ws/bogbuk" title="The Business Of Getting Business">find it on Amazon (UK)</a> for immediate delivery, or you can go to <a href="https://jmre.ws/a77gy" title="Digital Market Book on Amazon">Amazon (US)</a> to reserve a copy at a pre-US published rate.2011-07-27T07:37:00-07:002020-06-23T22:31:12-07:00Joe Manausatag:manausa.com,2012-09-20:2982Short Sale Advice In Tallahassee<img src="https://assets.site-static.com/userfiles/663/image/Short_Sale_Advice_In_Tallahassee.png" width="940" height="788" />
As the pace of home sales drops and the inventory rises, we are starting to get a lot of requests for short sale advice in our office. As we have warned and projected, more and more homeowners are finding themselves <a title="Advice from 2008 for homeowners who were upside down in their homes" href="https://www.manausa.com/blog/decide-to-sell-lease-home/" target="_blank">upside-down</a> in a market where values continue to slide.
<a href="https://www.manausa.com/uploads/imagefiles/Upside-Down-House.jpg"><img class=" img_box_right" title="Upside-Down-House" alt="Some people upside down in their homes should consider a short sale" src="https://www.manausa.com/uploads/imagefiles/Upside-Down-House.jpg" width="290" height="243" /></a>
One lesson that we have learned over and over from all of <a title="Short Sales - best buys in Tallahassee" href="https://www.manausa.com/blog/tallahassee-short-sales/" target="_blank">property owners that are trying to do a short sale in Tallahassee</a> is that first-come, first-served rings very true in this ever-changing industry. I cannot tell you how many clients who sold in the past two years have called to share their happiness as the market continues to move down from where they succeeded in selling.
Short Sale Advice In Tallahassee
We advise our home sellers in Tallahassee that they should decide whether they are going to stay or go. If they can afford to stay (or don't mind staying) for the next 7-10 years, then we advise them to get their home off of the market and quit following the housing market in Tallahassee. After all, we are very bullish on the long-term prospects of real estate in Tallahassee, we just need the excess inventory to be consumed.
But if a homeowner needs to go (that is, they need to get rid of their Tallahassee home) then we advise them to think of an upside down house in a little different light.
An upside down house should be seen as a home with two mortgages: The first mortgage is the one that can be paid of when the home sells while the second mortgage is the one that they might end up taking with them.
Even if there are more than one real mortgages on the property, this mentality can be very beneficial for the homeowner. By converting the negative equity in the home to a "paper" problem, they can immediately set about solving their real estate problem by <a title="Tallahassee Short Sale" href="https://www.manausa.com/blog/tallahassee-short-sales/" target="_blank">selling the home as a short sale</a>. As we have found in the past, the sooner they fix it the better off they will be and the smaller the "second" mortgage will end up being.<br /><br />
Your Local Expert In Tallahassee
When moving to, in, or from Tallahassee, you will fare better if you work with a local expert. We are here to help. If you have further questions on the Tallahassee real estate market, you can leave a comment below, give us a call at <a href="tel:1-850-366-8917">(850) 366-8917</a>, or <a title="Contact Joe Manausa about Real Estate in Tallahassee Florida" href="https://www.manausa.com/blog/drop-joe-a-note/">drop us a note</a> and we'll give you the local information needed to ensure a successful, smooth transaction.
As a local born and raised in Tallahassee with a focus on customer service, I promise you'll find great success when working with Joe Manausa Real Estate, just as have our past customers. You can read thousands of their reviews reported on Google, Facebook and Zillow right here: <a href="https://www.manausa.com/testimonials" title="Real Estate Agent Reviews Tallahassee">Real Estate Agent Reviews Tallahassee</a>.
<a href="https://jmre.ws/a77gy"><img src="https://assets.site-static.com/userFiles/663/image/book.jpg" alt="The digital marketing guide for small businesses" title="The Business Of Getting Business" width="120" height="188" class="img_box_left" /></a>Have you heard about my new book "<a href="https://www.digitalmarketingforbusinessbook.com/" title="Joe Manausa's Book On Amazon">The Business of Getting Business</a>?" It's a comprehensive guide for small businesses to help them make the move to digital. For those of us who want to survive and thrive in a world where large corporations are taking over, it is a must-read. It's also the perfect guide for how to sell a home in the digital age. You can find The Business Of Getting Business from each of the trusted retailers below.
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2010-07-08T09:07:00-07:002020-05-26T08:40:14-07:00Joe Manausatag:manausa.com,2012-09-20:2350Frustration For Those Trying To Buy A Short Sale<img src="https://assets.site-static.com/userfiles/663/image/Frustration_For_Those_Trying_To_Buy_A_Short_Sale.png" width="600" height="400" />
All too often, we see homebuyers who are "looking for the deal" get involved trying to buy a short sale in Tallahassee. A short sale is when the home owner and the lender(s) for the home owner agree to sell the home for less than what is owed on the home. But as this reader found out, it's not as easy as just making an offer and proceeding to closing.
This frustrated short sale buyer writes:
My wife and I are trying to buy a short sale. We made the highest offer (full price), we were the 1st offer in and have an escalation addendum to bring it up another 12k. The realtor convinced the selling family to choose another offer, for a lesser amount! We are going fha and they are conventional so they went with them (I bet it is a friend to friend deal). I NEED HELP...Does anybody have a number to the loss mitigation department at AMERICAN HOME MORTGAGE SERVICING INC? I can't get through to them to tell them I will pay more than the pending offer because the realtor won't give me any info.
If you have a mortgage with them or deal with them please get me a phone number, email, or fax. Please thank you
This homebuyer's "call for help" contains so many learning points, I figured it would make great fodder for today's <a title="Real Estate Tallahassee Florida" href="https://www.manausa.com/" target="_self">Tallahassee Real Estate Blog</a>.
You Need Great Help To Buy A Tallahassee Short Sale
This home buyer should have hired a great REALTOR to assist in preparing the offer. They came in too low and lost the house. This is perhaps the most common mistake of an amateur buyer. Thinking they can "come in low" and they come up. That's all fine and good in a buyer's market .... which most of Tallahassee is competing in.
But not short sales. <a title="Short Sale And Foreclosure Buying Advice" href="https://www.manausa.com/blog/successful-foreclosure-hunting/" target="_blank">Short sales are instantly a seller's market</a> because they are going to attract people who think they are automatically a "great deal" because somebody else is getting hurt. Sadly, the scenario raised by this reader is all too common. Several people bidding on a house (even though there are thousands on the market). It's like a feeding frenzy.
Maybe it's human nature, but it seems some people are just drawn to make offers to buy a short sale. The key to winning the day is understanding what the seller and the seller's bank want. Apparently, this short sale buyer did not have the correct REALTOR guiding him to get the house.
Home Owners Often Don't Care In A Short Sale
This buyer doesn't understand why everybody is non-responsive in this. He's willing to pay more! He put an "escalation clause" in his contract!
Who cares? First of all, what the heck is an escalation clause? Is that where you offer low, but tell the seller you're willing to pay more if he really wants more? Come on, you have got to quit buying the 2:00 a.m. infomercials. Make an informed offer if you really want to <a title="Tallahassee Short Sale" href="https://www.manausa.com/blog/the-low-down-on-real-estate-short-sales/" target="_blank">buy a short sale in Tallahassee</a>.
Secondly, the Seller does not get any money at closing on a short sale, so often times the seller isn't too concerned about what contract makes it to the lender. The lender (or servicing company) is way too busy to negotiate on the hundreds of thousands of deals on their desk. Often times, they will take a few months to get around to an offer, only to counter the offer at a price that is above market.
Loss Mitigation Departments Are Overwhelmed With Short Sales
The numbers are staggering. Even if loss mitigation departments grew their staff by 500%, they would be less equipped to deal with all of the short sales (and short sale offers) that they are receiving than they were just three years ago. The number of short sales have grown beyond the capability of the lenders to handle them. Think about it, these banks are losing money and trying to up-staff???
Short Sale buyers asking for the phone number of the loss mitigation department is silly. They will not take your call (not to mention, just go online and get the number yourself!). They are overwhelmed.
We deal with loss mitigators on a daily basis, and the one thing all of them have in common is that they really have no clue what is going on. You talk to Person A on Tuesday and they approve your deal, then you talk to Person B on Thursday and they tell you no deal has been approved. It takes more than a single REALTOR to work short sales, and nothing is stronger than experience.
FHA Buyers Not Favored By Short Sale Banks
It has been our experience that when a lender is involved in a Tallahassee short sale, the lender wants things as simple as possible. Unfortunately, the FHA loan requires documents and inspections that conventional loans do not, so a lender will often seek non-FHA touting short sale buyers in a transaction.
Remember, these banks are not really equipped to handle all of the distressed properties that they now have in their portfolios, so simplicity often trumps all else.
How To Buy A Tallahassee Short Sale
Buying a short sale is not for everybody. You have to have plenty of time and care a lot less about what house you get than the "deal" that you get. You will be told one thing just before another happens. And you will wait. And you will not know what is happening. And did I mention that you will wait?
So, if you are determined to buy a short sale, here is my recommended process for doing so:
Hire a real estate company with vast experience with short sales
Follow the guidance of the short sale expert
<a title="How To Write A Better Offer To Buy A Short Sale" href="https://www.manausa.com/blog/how-to-write-a-better-real-estate-offer/" target="_blank">Make a compelling offer</a>, you will have competition
Make sure your financing and terms are favorable to the specific lender (read follow the guidance of the short sale expert...)
Don't be surprised when your offer is accepted immediately by the seller (he doesn't really care)
Prepare to wait
Don't hate your REALTOR because they can't get an immediate answer from the lender
If you follow these steps, you will eventually find success in buying a short sale in Tallahassee. Good luck and be patient!
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Joe Manausa is a real estate blogger, a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the <a id="kdwe" title="Tallahassee homes and Tallahassee housing" href="https://www.manausa.com/">Tallahassee Real Estate Website</a> or catch his latest writings on the <a id="r94q" title="Florida Real Estate Blog" href="https://www.manausa.com/">Tallahassee Florida Real Estate Blog</a> , or by calling (850) 386-2001.
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When moving to, in, or from Tallahassee, you will fare better if you work with a local expert. We are here to help. If you have further questions on the Tallahassee real estate market, you can leave a comment below, give us a call at <a href="tel:1-850-366-8917">(850) 366-8917</a>, or <a title="Contact Joe Manausa about Real Estate in Tallahassee Florida" href="https://www.manausa.com/blog/drop-joe-a-note/">drop us a note</a> and we'll give you the local information needed to ensure a successful, smooth transaction.
As a local born and raised in Tallahassee with a focus on customer service, I promise you'll find great success when working with Joe Manausa Real Estate, just as have our past customers. You can read thousands of their reviews reported on Google, Facebook and Zillow right here: <a href="https://www.manausa.com/testimonials" title="Real Estate Agent Reviews Tallahassee">Real Estate Agent Reviews Tallahassee</a>.
<a href="https://jmre.ws/a77gy"><img src="https://assets.site-static.com/userFiles/663/image/book.jpg" alt="The digital marketing guide for small businesses" title="The Business Of Getting Business" width="120" height="188" class="img_box_left" /></a>Have you heard about my new book "The Business of Getting Business?" It's a comprehensive guide for small businesses to help them make the move to digital. For those of us who want to survive and thrive in a world where large corporations are taking over, it is a must-read. It's also the perfect guide for how to sell a home in the digital age. You can find The Business Of Getting Business from each of the trusted retailers below.
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2009-06-25T08:20:00-07:002020-05-11T08:51:05-07:00Joe Manausatag:manausa.com,2012-09-20:2295Tallahassee Short Sales With Pre-Approved Prices<img src="https://assets.site-static.com/userfiles/663/image/tallahassee-short-sales-with-preapproved-prices.png" width="880" height="597" />
So you're interested in buying a home in Tallahassee and you start to do your research. If you are like 92% of homebuyers in the United States, you start your search on the internet. You most likely find <a title="Tallahassee MLS has all the homes for sale with Tallahassee REALTORs" href="https://www.manausa.com/idx/search-form/" target="_blank">the best place on the internet to view Tallahassee homes for sale</a> and you start your hunt for the perfect Tallahassee home.
After hours of looking at all the <a title="Tallahassee Home Pictures" href="https://www.manausa.com/idx/search-form/" target="_blank">pictures of homes for sale in Tallahassee</a>, you come across what appears to be your perfect home. You see a house that is both exciting as well as aggressively priced. In bold headlines it reads:
Pre-Approved Short Sale In Tallahassee
Wow, too good to be true, right? Ah, yeah, actually it is.
What Exactly Is A Short Sale?
Before we continue on with the story.... I thought I would review exactly what a short sale is and why they seem to be written about so much lately.
In real estate lately, we are running into <a title="Frustrated Home Owners Plan To Sell A Home" href="https://www.manausa.com/blog/frustrated-homeowners/" target="_blank">frustrated homeowners</a> who owe more on their home than the home is worth. If they have to sell now, then they either need to bring money to closing (in many cases, a lot of money) or they need to get permission from the lender to sell the home and fall "short" of paying off the loan. Most likely, the lender will accept a note, unsecured, in order to release the home.
So basically, when you hear or read about <a title="Real Estate Short Sale" href="https://www.manausa.com/blog/the-low-down-on-real-estate-short-sales/" target="_blank">a real estate short sale</a>, just know that this occurs when a home gets sold and the proceeds from the sale “fall short” of what the property owners owes on the mortgage(s) on the home.
How Can A Home Be A Pre-Approved Short Sale?
Generally speaking, there is no such thing as a pre-approved short sale. Banks are still telling us they will not give a "blanket approval" to anything short of full satisfaction, but "submit all offers." They will evaluate the offers and then counter or accept one.
But there are instances when a bank has accepted an offer and then the deal with the buyer falls through. In essence, the home owner now knows of a price that the bank was willing to accept in the past and therefore is likely to accept again in the future. But is this price guaranteed? I think not.
Tallahassee Short Sale Expert Saves You Money
Anybody with a real estate license can help you buy or sell a home, whether it is a short sale or not. But that does not mean they know what they are doing. The process of negotiating a short sale takes time and experience, and I can tell you there is a world of difference between a good real estate agent and a great short-sale agent.
Somebody who can demonstrate to you that they have handled 20+ short sales will definitely have the level of experience that will save you money. My best advice is to take the time to interview your real estate company before you get into the process of buying a home in Tallahassee. Make sure the company and the agent have the experience and the network that will equate to money saved for you in your next home purchase.
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Joe Manausa is a real estate investor and the Broker and Co-Owner of Joe Manausa Real Estate. He can be reached via e-mail through the <a id="kdwe" title="Tallahassee homes and Tallahassee housing" href="https://www.manausa.com/" target="_blank">Tallahassee Real Estate Website</a> or catch his latest writings on the <a id="r94q" title="Florida Real Estate Blog" href="https://www.manausa.com/" target="_blank">Tallahassee Florida Real Estate Blog</a> , or by calling (850) 386-2001.
<img id="pgxk1" src="https://www.manausa.com/uploads/imagefiles/currentmarketreports.jpg" alt="" width="169" height="179" /> <img id="qbi7" src="https://www.manausa.com/uploads/imagefiles/pastmarketreports.jpg" alt="" width="172" height="178" /> <img id="oxoz" src="https://www.manausa.com/uploads/imagefiles/marketreportblogs.jpg" alt="" width="168" height="179" />
<a id="unry" href="http://www.linkedin.com/in/tallahasseerealestate" rel="nofollow" style="background-color: #ff0000;"><img id="l73i" src="https://www.manausa.com/uploads/imagefiles/linkedinbutton.gif" alt="View Joe Manausa's profile on LinkedIn" width="160" height="33" border="0" /></a><br /><br />Joe Wrote The Book On How To Sell A Home Today
<a href="https://jmre.ws/a77gy" target="_blank"><img src="https://assets.site-static.com/userFiles/663/image/TBOGB-ebook-cover.png" width="300" height="401" target="_blank" alt="Joe Manausa wrote the book on how to sell a home in the digital age, you can find it here" title="How To Sell Your House In The Digital Age" class="img_box_left" /></a>“Location, location, location’ is no longer a competitive advantage. Digital marketing and going direct to consumer have made all geographical boundaries obsolete. The Business of Getting Business is a must-read modern-day survival guide for any local business to get to the next decade. Local businesses are on death ground.
They can either take a stand and re-invent themselves by embracing the digital frontier and have a chance to survive the overwhelming odds of digital direct-to-consumer capabilities that have erased all local and national business distinctions, or they can choose business as usual and accept certain death.
The Business of Getting Business is the critical survival guide for those that choose to dig in and fight.”<br /> – Anthony Noto, CEO, SoFi and former COO, Twitter
Get the book that explains it all, in a manner that is understanding to all, even technology neophytes. It's available on <a href="https://jmre.ws/a77gy" target="_blank" title="Joe's Book On How To Sell A Home">Amazon</a>, a trusted source for consumers.2009-02-27T09:44:00-07:002020-04-13T11:07:23-07:00Joe Manausa