Offers made to lenders on Cape Coral Florida Foreclosures. Submitted or not?
Did this ever happen to you?
- Priced @ 77k foreclosed home.
- Made an 92k offer, cash, no contingencies except inspection, close 30 days.
- Offer rejected by listing agent, no reason.
- See later: sales price lower than your offer.
What could have happened?
This is totally unethical and possibly illegal but……
The listing agent could have his own offer from a buyer he obtained,which would earn him or her double the commission by not having to split it with another agent.
The rules are wrong and stacked in the favor of the dishonest few!
The Florida Real Estate Commission has a rule that another agent may not contact the seller nor demand a rejection in writing or reason for the rejection. Wow! That means we must trust all agents to be totally honest and not swayed by getting another 15k on a 500k home by misplacing another offer.
I spoke with a mortgage broker that told me on occasion he was aware of other offers not presented to the owner by the listing agent.
Bidselect.com has the answer. Not all are using this method. They should for all offers.
How can you protect your client as a Buyers Agent?
Until F.R.E.C. is enlightened and banks are aware, we can do only one effective thing.
On the offer, put “Buyer shall call the seller directly should this offer not become an executed contract to obtain and verify the reason(s).”
This will do four things;
- Put the listing agent on notice that the buyer will call the owner.
- Should the lender find out the listing agent is not submitting the highest and best offer, he will lose all foreclosed listings.
- The lender will become aware of this potential issue.
- Enhance your value as a buyers agent.
Don’t stop there. Get the information on the seller and have the buyer call. After all, it is only right. Get the Florida Real Estate Commission to change the rules. When the seller accepts an offer they must sign. Why not rejection with reason(s) and signatures?
*disclaimer
Only a very few agents are doing this. I deplore their ethics and would like them to lose their license. I do not wish to create a panic that every offer is treated this way. These are rare occurrences that brings our industry down to a level that is not even near acceptable.
I am not as rich as they are but I am honest and proud of it. You can read about me > Joseph Beauvais
You are welcome to visit my web site for Exclusive Buyers agents. Cape Coral Real Estate .
Please help by writing F.R.E.C. and adding this little extra on all offers so I am not the only one making sure my offer is submitted.
This is not unique to Cape Coral Florida Real Estate Foreclosure homes. Search Blogs for this occurance.
Has this happened to you?
(polls)
Sunny Spot Realty Inc.
Cape Coral Real Estate. Search thousands of Cape Coral, Bonita Springs, Naples, Captiva, Sanibel & Ft Myers or Fort Myers beach homes for sale with our Free MLS Search. We have the Largest list of homes for sale in Lee County Florida. Cape Coral Foreclosures
Foreclosures Cape Coral Florida Real Estate 1 home 45 offers.
Talk about a hot market.
We put in an offer on 2115 SW 48th ter in Cape Coral Florida. This was a foreclosure on the market only 4 days.
My client put in an offer of 5k over asking price, cash, close in 30 day. Had proof of funds and put 5k money order down with an additional 5k in a few days. No contingencies except for an inspection.
The listing agent informed us that there were 45 offers on this home.
It was only on the market 5 days.
Yesterday we received notice that a better offer was accepted.
If you are considering waiting for a while to purchase the best deals, Don’t.
The bottom of Cape Coral Florida Real Estate market has hit and gone. It is on the increase.
As an Exclusive Buyers’ agent for this area I can still find you super deal but you must act fast and be prepared.
- Get prequalified for a loan in writing and within 60 days. (I can help!)
- Or, if cash, bring a (30 day) bank statement of funds in your account.
- Bring cash or money order for 5,000 “not personal check” for down payment.
- Be prepared to offer way over asking price on foreclosures that we find as the best deals.
- Contact Sunny Spot Realty team for Exclusive buyers’ agents services.
You cannot expect part time agents or listing agents to get you a steal, write a letter perfect “legal” offer that bank attorneys will accept.
Believe me, you had better contact us now or lose out on the best opportunities in your life.
Why?
- Supply is large. Choices are plentiful.
- Demand verses supply is still low.
- Interest rates still at their lowest since 1971.
- Prices are at the lowest I have seen in my long career.
I do not want you to have regrets because you did not listen. If you are even considering a purchase in the next 5 years, act today!
Call or email to set up an appointment with me or the other 4 Exclusive buyers agents.
(239) 770-0686. Email JB@sunnyspotrealty.net,
Web site to search Cape Coral Real Estate. Search thousands of Cape Coral, Bonita Springs, Naples, Captiva, Sanibel & Ft Myers or Fort Myers beach homes for sale with our Free MLS Search. We have the Largest list of homes for sale in Lee County Florida. www.sunnyspotrealty.net
Your Exclusive Buyers' agents sourceCape Coral Florida Real Esate
The recently passed Economic Stimulus Plan. Done Deal! GREAT news…
The recently passed Economic Stimulus Plan. Done Deal! GREAT news…
You might be thinking that there is already a Home Buyer Tax Credit in effect; it helped some, but not all that much. Yep. But take a look at the reasons why this newer version is much more buyer-friendly than the one that took effect last July (‘08).
* The NEW tax credit is for $8,000. (Before it was for $7500.)
* The NEW tax credit is available for home purchases made between 1/1/09 thru 11/30/09. (Before it was 4/9/08 thru 6/30/09.)
* This is a GREAT benefit… The NEW tax credit has NO repayment requirement! (Before the homeowner paid back $500/yr for 15 years, i.e., full payback.)
* The NEW tax credit has a 3-year recapture requirement (if the home is sold within 3 years). (Before if the home sold within the 15-year repayment period, the outstanding was recaptured on sale.)
* The NEW tax credit allows for MRBs… bond loans. (Before there was NO credit for state/local bond funding.)
THERE are five good reasons to “talk the NEW Homebuyer Tax Credit up” it’s improved, and it’s NOW. Not all that familiar with the overall tax credit to begin with? Here are bullet points:
* The dollar amount of the credit is actually 10% of the purchase price, up to a max credit of $8,000. (Ex: $72,000 purchase price = $7,200 tax credit.)
* The credit is available for principal residences only (owner occupied).
* The credit is available to first time homebuyers — note that the definition of a first time HB is a purchaser (and purchaser’s spouse) who has not owned a principal residence in three years previous to purchase. Owning a second home(s) or an investment property(s) does not disqualify a person as long as the principal residence rule is intact.
* There are income limits — To receive full credit the max AGI (adjusted gross income) for individuals is $75K; for joint returns it’s $150K. There is a phase out above those caps.
* Any house, anywhere — new/old, cheap/expensive, REO/short sale/regular, a manufactured or a hi-rise — if the buyer is “eligible”, the credit is there.
Now, the best part about this is that this is an actual tax CREDIT — it’s not a tax DEDUCTION!!! As such, this is a dollar-for-dollar tax REDUCTION — the buyer’s tax liability for the year of purchase may be reduced, eliminated, OR he/she might even receive a “refund”. (Example: The Purchaser is eligible for the full $8,000 credit; he/she has a total tax liability of $2700; the $2700 wipes to -0-, and the purchaser will receive a refund of $5,300 from the filed tax return.) Money INTO the pocket BECAUSE it was bought….. Likely at a great price; likely at a great rate; likely with a PITI that competes loudly with renting.
Stay tuned for March 4th for the final “details” on many of the 2009 Stimulus plans and beyond that for some interpretation and decisions on how it will all work.
Present by Joseph Beauvais
Sunny Spot Realty inc. Web site http://www.sunnyspotrealty.net/
Click. Exclusive Buyers agent “about”
Cape Coral Real Estate. Search thousands of Cape Coral, Bonita Springs, Naples, Captiva, Sanibel & Ft Myers or Fort Myers beach homes for sale with our Free MLS Search. We have the Largest list of homes for sale in Lee County Florida.
Notice to potenial buyers of FHA loan changes “Best type loan for now”
CLARIFICATION OF THE ANNOUNCEMENT BELOW!
Even though HUD maintains this increase is effective 09-05-08, all loans with FHA case numbers obtained before January 1, 2009 will require only a 3% buyer contribution. A $100,000 loan obtained after the deadline will require a minimum of $500 extra out of the buyer’s pocket (snooze—you’ll lose)… FHA buyers should be under contract and in loan application by the beginning of December 2008.
FHA has increased the minimum down payment to 3.5% of sales price as of 09-05-2008. FHA has also made both one time and monthly mortgage insurance risked based—a high credit score reduces mortgage insurance, and a lower one increases mortgage insurance.
Good news- Down payment Assistance programs may still have a chance for revival!.
If you are considering a purchase soon before the changes, go to SunnySpotRealty.net to search all homes for sale available in Cape Coral, Fort Myers, Fort Myers Beach, Bonita Springs and Naples florida.
This search is the best I have found. Compare other searches to mine and Please let me know if you find another that is better and why.
Email me @ Jb@sunnyspotrealty.net
call (239) 770-0686
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Cape Coral Real Estate
Cape Coral Real Estate. Search thousands of Cape Coral, Bonita Springs, Naples & Ft Myers homes for sale with our Free MLS Search. We have the Largest list of homes for sale in Lee County.
Agency realations ship with buyers BEWARE! Cape Coral Real Esate
Must reading for Buyers!
Transaction Broker Notice
Web site; Cape Coral Real Estate
As of July 1, 2008 the requirement to give a transaction broker notice was removed from 475.278 of the Florida Statutes. Accordingly, FAR has removed the Transaction Broker Notice BRD-6tb and the Exclusive Right of Sale Listing Agreement with Transaction Broker Notice ERS-11tbx
What this means to you as consumers is that an agent not representing you and is supposed to be neutral to both parties involved in the sale and purchase of Florida properties does not have to notify you with a special form any longer.
*note; This neutral party is not supposed to have an allegiance to the seller paying him or her and you are no longer notified with a special form.
You ,as a buyer, will only be truely protected by a buyer’s agent.
This is very important to buyers. Please read; Buyers AgentI hope this warning is heeded by you. I do not approve of their changes as it puts the public at risk without warning.
Provided by Joseph Beauvais
- Cape Coral Home Buyer’s Florida, Agency information
Sunny Spot Realty Inc.
email: SunnySpotRealty@comcast.net
Phone (239)770-0686
Web site; Cape Coral Real Estate
Cape Coral Real Estate. Search thousands of Cape Coral, Bonita Springs, Naples & Ft Myers homes for sale with our Free MLS Search. We have the Largest list of homes for sale in Lee County.
How Investors should buy homes in Cape Coral & Fort Myers Florida
How Investors should buy homes in
Cape Coral, Fort Myers and Naples Florida
- Locate a true (experienced) buyer’s agent with only one hat. No listings.
- Be prepared with verification of funds or Prequalification statement from a lender no older than 15 days.
- Have cash for down payment.
- Choose a city with criteria like pool, age of home, salt or fresh water canals.
- Be liberal with top price to search. (up to 30% over)
- Decide if you wish to get a home with or future utility assessments.
- Ask Joseph Beauvais, “Currently, where is the money coming from for rentals?” Currently it is the Euro at $1.57. They are the targets for renters. Not locals.
- Ask, what type of home is attractive to those seasonal renters?
- Ask, Sunny Spot Realty inc. for the company that deals exclusively with foreign renters and can rent the home out resulting in a positive cash flow until the market changes.
- This is the one few agents like. Make several low offers on homes you selected all at once. Put a contingency in the offer. “Ask Joseph Beauvais” That will allow for visual inspection and choose the best one. NOTE: some are already listed extremely low. Adjust your offer accordingly. Ask Joe for a Market evaluation on properties of interest.
· If none is found this go around, Do the cycle over again.
Never fall in love with a home. This is an investment.
***Never think, “The market has not bottomed out yet, I will wait” This is like catching a golf ball when it hits the ground. Miss it by a little and the rebound is fast and furious. That is not even taking into account our low interest rates. The time to buy is when the market is flooded, demand is lacking and interest rates are low. Sound familiar?
Important Criteria
Any given area has unique properties. That may be Salt water canal homes, fresh water canal homes or unique gated communities. If builders are not able to duplicate your property with competitive pricing, this is where to look. Example; Salt water canal pool homes in Cape Coral and Fort Myers. They cannot create anymore building sites. Over one million has great potential. What is available is all there will be. “Supply and demand”
Be assured, High fuel ie electric heating costs will drive Florida’s homes to become very attractive before the rest of the U.S.
Using my methods you will be assured a making a great deal of money when flipping in 1-2 years.
Click. Cape Coral Real Estate
Email; SunnySpotRealty@comcast.net
Phone; (239)770-0686
Lets begin today!
Cape Coral Real Estate
Cape Coral Real Estate. Search thousands of Cape Coral, Bonita Springs, Naples & Ft Myers homes for sale with our Free MLS Search. We have the Largest list of homes for sale in Lee County.
Real Estate trends in Cape Coral Real Estate, Florida for Salt Water Canal Front homes
Cape Coral Real Estate, Florida Salt Water canal front homes are unique in that they cannot build any more water front sites.
Our market conditions are extreamly favorable for buyers. Especially Euro buyers with the exchange rates as high as they are today. Mid page on this site, you may view current exchnage rates. Click> Todays Euro.
To learn about Cape Coral Florida canal types, go to Cape Coral Real Estate Canal info Explained.
To read about and buy Salt Water Pool homes in Cape Coral or Fort Myers Florida click Salt water Pool homes
To find the owner and buyers agent for Sunny Spot Realt Inc.
My email: SunnySpotRealty@comcast.net Phone (239)770-0686 Joseph Beauvais Buyers agent Cape Coral Fl.
If you wish to have a reciprocal link to my web site, visit, http://linksmanager.com/sunnyspotrealty/
Cape Coral Real Estate
Cape Coral Real Estate
Cape Coral Real Estate. Search thousands of Cape Coral, Bonita Springs, Naples & Ft Myers homes for sale with our Free MLS Search. We have the Largest list of homes for sale in Lee County.
Newest gotcha for HOME LOANS Cape Coral Florida Real Estate
While lender profits are expected, The newest is a gotcha for buyers.
The lender had shake can cost you dearly if you do not understand the loan pre-payment penalties.
With the amount of foreclosures in Cape Coral Florida Real Estate, lenders are looking for a way to make selling the loan attractive and profitable.
Investors looking to purchase loans now are second guessing the feasibility of buying loans that may default.
The way around this for some lenders is to add a 2% pre-payment penalty that is adjustable. After all, people should not object as they are buying this home to live in for the foreseeable future (life).
Being knowlegable in statistics, as the owner of Sunny Spot Realty Inc for 22 years, a Realtor and buyers agent, I as well as the lender knows the buyers will probably sell within 7 years.
This alone will cost the buyers dearly when they sell. Only people that absolutely must sell can now afford to sell and use my services.
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Document stamps
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Taxes
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Insurance
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Realtor fees
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Title insurance
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“Closing costs”
As a buyers agent in Cape Coral Florida Real Estate and serving Lee County, I watch out for these pitfalls as the now buyers become potenial sellers and again a client. Can they sell and use my services? Can they afford to sell? Did I serve them well allowing them to agree to such a loan.
Answer; NO!
What do you think? Any such incidents?
Visit my web site; Cape Coral Florida Real Estate Owner Agent Joseph Beauvais Sunny Spot Realty Inc. Cape Coral Florida
Cape Coral Real Estate
Cape Coral Real Estate. Search thousands of Cape Coral, Bonita Springs, Naples & Ft Myers homes for sale with our Free MLS Search. We have the Largest list of homes for sale in Lee County. Many Foreclosures.
Can you really become rich buying Real Estate?
Wow! all of these TV ads to buy wholesale and make a fortune.
Do they really work? How much time is involved? How to start? I have little money but good credit, can I buy?
Answers;
1. You can do all of this yourself. If you have tons of spare time and want to compete with hundreds of others doing the same. Remember time is money. Spend it wisely.
2.Yes, you can really make a fortune.
3. Yes, you can start with little money.
*Now let me tell you the real ins and outs.
Investors know when to buy. Down stock market is prime time. Watch the stock market. High, buy, Low, sell. Unless you want an income property. High stock market indicates investors are not buying Real Estate for investments. Great opportunity to buy and save distressed sellers from foreclosures.
*How to find them? Banks now list these with R.E. agents. You must find a good R.E. Buyers agent that is not lazy.
+ The best way to find these steals is to find an agent that works with companies that have many crews making offers on forclosed, Preforclosure, bank owned, mls and fisbo properties wholesale. You alone cannot possibly do all that they can do. Plus, if you try to do it yourself, you will get eventually emotionally attached or tired and pay too much. They add a little and sell at 20-30% below market. You need to buy their contract from them for cash. First you need to make absolutely sure you get a loan guarantee first. Do all the work with the lender first to make sure you pre-qualify (good for 2mts only). Choose your lender carefully and shop. This is not for the buyer with little money down. Sellers have lowered their prices so much that you would have to increase the sales price to cover the closing cost and have the cash to buy the assignment contract. The sellers will not and cannot do this. These are distressed sellers.
If you have good credit (620 or above) with little money. You must shop fisbos or Mls. To do this you need to find a Buyers agent that will show you more that a few homes and is energetic. Some are lazy.
I have the lender in hand that has so many programs to satisfy residential, investor or commercial buyers at very low rates. I have been working with all the above for 19 years.
If you want to buy in S.W. Florida, Lee County, I am a buyers’ agent that owns his own company. Go to my site and look at the wholesale properties. They sell in less than a month. These are assignments. Read about buyers’ agent on my web site. This site is only for buyers. Cape Coral Real Estate Joseph Beauvais
Cape Coral Real Estate
Cape Coral Real Estate. Search thousands of Cape Coral, Bonita Springs, Naples & Ft Myers homes for sale with our Free MLS Search for foreclosures. We have the Largest list of homes for sale in Lee County.
