October 2009

Do You Really Want to Sell? Really?

That may sound like a silly question but I ask it every day.

Unfortunately we are at a moment in time where seller’s motivations are not typical.  Most sellers in this market are being forced into short sales and there is a mentality that since they are losing on the deal they just don’t care.  If you just don’t care then why go through the trouble of listing and showing your property

You do care and have a huge stake in the outcome so make a little effort and make your deal work.

Most likely if you find yourself in a short sale situation you are not alone.  There are others on your very street facing the same reality.  In an asset manager’s mind your homes are identical even if they are not.  You likely will not get extra value as a result of working to make your home more saleable but you will get a contract and be on your way to resolving a negative situation.  Most people in this marketplace begin destroying their property and quite frankly living like pigs.  These people are not only going to lose their investment in their home, they are donating their self esteem as well.

What does that do to help the situation?

The same dynamics that used to work still work even if the outcomes are different.  If you have a desirable property worth waiting for you will not only find buyers, you will find buyers who are willing to hold on and see the deal through.  Obviously you are not going to do any renovation but simple things like cleaning and de-cluttering kitchens, closets, and bathrooms goes a long way.  Trimming bushes and planting inexpensive annuals will also improve curb appeal and invite buyers. They need an incentive to enter into the roller coaster ride of a short sale so give them one, a great house.  I challenge you to look at your situation not from a victim’s perspective but rather from a buyer’s perspective and you will find that your victim days will be numbered and you will be moving on to better times.

How Will a Short Sale Affect My Credit?

This is the most often asked question and as always there is no pat answer.  It really depends on three factors:

1.) Your lender

2.) Your personal history

3.) Your representative handling the transaction.

Lenders are all over in their approach to short sales and can change strategy at any time.  Currently the general environment is that banks and lending institutions see short sales as a better alternative than holding properties through till foreclosure.  Of course they are going to force the homeowner to prove that they cannot honor the commitment they have made.  If you have the means to continue to pay banks likely will not forgive the debt just because home values have dropped.  They are not in the real estate business; they are in the loan business.  Taking back property is a last resort for them.  Currently lenders are ramping up efforts to deal with short sales.  They are finding that it saves money to deal with homeowners that are still living in the homes and caring for them.  Each lender has criterion for their own evaluation and operating structures which govern their actions and response times.

Finally, there is the representative that is handling the negotiation.  I encourage anyone interested in listing or purchasing short sale property to carefully scrutinize your representative.  All are not created equal.  At the Dohack Group we hire a professional team who does nothing but work on short sales.  They deal with all of the lenders and know what is necessary to submit a complete package to their specifications the first time.  This assures that the timeline will be cut to the very minimum.  Additionally, we are finding that many financial institutions are increasingly willing to review the offer early in the process so that buyers know their potential for success in the end.  This is not widespread yet but is an early trend and long overdue.

When you own a Fort Myers FL home and find that a short sale is your only option you are in for an agonizing process.  It is difficult for conscientious sellers to participate in a process over which they have no control, all the while knowing that their credit is being impacted.  It is however worth the effort and in the end the best overall solution to a mortgage that you can no longer afford due to uncontrollable circumstances.  If you find yourself having these considerations I encourage you to act quickly.  The worst response is no response. The earlier you begin the better your chances of a successful conclusion.  We at the Dohack group are here to help you answer your questions and offer whatever help is in your best interest.

Hampton Park Fort Myers – 2 Cent Tour

This 2 Cent Tour brings us to a great community “Hampton Park” located in Gateway, only about 10 minutes from the Fort Myers airport. Hampton Park is a WCI community. Click the video below to begin your 2 cent tour.

View the Google Map below to get an idea for where Hampton Park is located within Fort Myers.

View all available listings in Hampton Park Fort Myers below and click on a property for more information.

Stoneybrook at Gateway – 2 Cent Tour

This 2 Cent Tour brings us to a great community “Stoneybrook at Gateway” located in Fort Myers. Stoneybrook at Gateway is a Lennar community, a builder that is known for standing behind their homes. Click the video below to begin your 2 cent tour of Stoneybrook at Gateway.

View the interactive Google Map below to get an idea for where Stoneybrook at Gateway is located within Fort Myers.

Below are the Up-To-Date MLS Listings for Stoneybrook at Gateway. Click on a listing for more information.

Paseo Fort Myers – 2 Cent Tour

This 2 cent tour brings us to one of the most beautiful communities Southwest Florida has to offer, Paseo in Fort Myers. 

We have to look no farther than about 10 minutes from the airport just off Daniels Parkway in Fort Myers. 

Paseo sits on 444 acres of land in prime location near the highway and airport.  It boasts some of the best amenities in the entire country, including a 4,000 sqft workout facility, full size movie theater, ice cream parlor, pub, bistro, business center, and one of the best pools in Southwest Florida.  Take a couple minutes to view the 2 cent tour below.

View Paseo Fort Myers in a larger map

Having Fun Buying a Home

I came across a video today that got me thinking about how much fun real estate can be.  Watch the video first.

Cash is King

We have all heard the term but rarely in the context of real estate. It is amazing though how much it applies in this market. It is commonplace for banks to turn their noses up at full price offers on foreclosure properties only to turn around and accept a lower offer for cash. Once a property makes it through the lengthy process of foreclosure they are anxious to write it off their books. They are all too aware of the pitfalls that await financed homeowners in bringing the deal to a close. It is for this reason that I make the following recommendation to anyone hoping to cash in on the deals on Fort Myers FL homes. It is indeed wise to work out financing before you start shopping.

One way to accomplish this is to borrow against other assets. Do you have equity in your primary residence? Do you own a piece of property that has ample equity? Better yet do you already have a Line of Credit in place that you can utilize? Borrowing against other assets is wise for other reasons. Other costs associated with the purchase of a new home can be avoided. First and foremost is the Doc Stamp tax on the mortgage. Another is that an appraisal is optional. Add to that a price that will surely be thousands of dollars less and you quickly begin to understand my point. The money you save will pay any costs associated with procuring the loan. Add to that the fact that you can close in weeks instead of months.

What is that worth in saved aggravation? Planning ahead always makes sense, in this case it makes money. Plan ahead and take advantage.

Come On Cold Front!

Southwest Florida has some of the best weather in the country but even so we find ourselves longing for cooler days. Temperatures have been hovering 7 to 8 degrees above normal keeping us in the mid 90s with no rain. The gulf temperatures have actually been climbing in recent weeks. Gulf temperatures are in still at an unheard of 87 degrees. Have no fear though. We are only days away from perfect weather.

Where is the cold front?

Unlike our friends up north we cherish cold fronts. They will chill us down to frigid temperatures in the 70s and 80s. It is what Florida is all about. The warm sun, blue skies, and sandy beaches never lose their appeal and are an invitation to everyone in colder climates to come visit and stay awhile. This year’s visitors are going to be greeted with outstanding values on Fort Myers FL Homes. It is my dedication to spread the word to as many as I can that vacation and retirement living has not been this affordable in at least a decade and maybe ever. I encourage you to take some time out to see what is available. We will make it fun, I promise.

Stoneybrook at Gateway

With all of the amazing deals in the Fort Myers real estate market today, there are a few gems that stick out above the rest.  One gem, in particular, is Stoneybrook at Gateway.  A newer community, Stoneybrook at Gateway offers some terrific amenities.  I’ve attached several photos for you to view.

Although the community boasts many distressed homes, that’s precisely why it’s a gem for the price.  Numerous foreclosures and short sales mean that you can get into these properties for sometimes less than half what they went for 3 years ago.  The Wittmann’s shown below just put a contract down on this beautiful single story home for under $150,000.  That’s just incredible!  I’m happy to help them find a place where they will be able to enjoy many years to come for a fantastic price!

Should I Buy in Fort Myers – Continued

Should I Buy in Fort Myers?

That’s a question I hear all of the time.

As you know I have been studying the real estate market in southwest Florida since arriving here 4 years ago.  I have seen it in its heyday with prices going up daily and devastated from the banking melt down as well.  For the past 1 ½ years I have seen values depreciate by as much as 80% in some cases due to a foreclosure rate approaching 60%.  Like most people, I have been waiting for indications that the market has hit bottom and is starting to return to more realistic levels.  Most experts agree that it is more than 3 months into a rebound.

For the following reasons I believe it is time to take action: Foreclosure inventory has been dramatically reduced

It is my belief that this market is creating a once in a lifetime opportunity.  To that end I am creating a Real Estate LLC for the purpose of acquiring, managing, and profitably selling residential properties.  The purpose of this entity is to create an opportunity for individual investors to enter this market without the the exposure of seeking out and managing individual properties yet still capitalize on a unique anomaly in the market and realize profits from 3 to 5 year appreciation.  I am excited about this endeavor and hope that you too will agree and choose to participate.  I have a solid reputation for integrity and for tirelessly working in the best interest of a partnership.  So you asked, “Should I buy in Fort Myers?”  LET’S TAKE ACTION !

Sincerely,

Dick Dohack