‘Distressed’ property in Florida: short sales, foreclosures..

How to know if you are a good match for a distressed property…

distressed: foreclosure, short sale, needs ‘tlc’ and fixer upper

1. Almost all distress sales are sold as is. You have right to inspect, but what ‘as is’ means…seller is not taking responsibility nor promising to make repairs, replacements or upgrades, prior to closing.

A: As is with right to inspect is just that. You write up an offer to purchase and your Realtor notes that the offer is contingent upon a satisfactory home inspection. (NO MATTER THE visual CONDITION OF THE HOME, I ALWAYS ADVISE THAT A HOME INSPECTION IS COMPLETED BY A LICENSED INSPECTOR AND OR Licensed GC.) example: your inspector comes out and tells you that a new roof is needed, his ‘guesstimate is $10K…you can move forward, or, you/your Realtor attempt to renegotiate terms/price, based on this info. Do NOT be intimidated by AS IS terminology.

For grins sake: you want to be within a 20 min commute to work and you want your kids attending the areas most highly rated high school. A new/newer home may not be an option. But, you/your Realtor determined there are homes in older, well established neighborhoods that match your needs and wants…prices are lower, lots tend to be larger…but there is work to be done…

Questions to ask yourself:

1. are you able to overlook the ‘details’ and see the big picture?

2. is the location, lot size, neighborhood et al desirable enough that you are willing to put some time & money into making the home ‘right’ for you?

3. do you have the ‘cash’ or have you explored, been approved for an 203K loan that includes $ for improvements by approved/certified contractors?

for more information on how you can purchase the right home, in the right area for YOU: contact

amy.stier@exprealty.com

Florida Managing Broker, experienced Agent/Broker servicing Florida’s key markets