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This is a great question by Scott. I am unsure exactly where his location is in Lee County or Collier County. He asks: “Problem is, there is about 15 houses for sale on my block and I don’t even think ours would even sell in a short sale?” Yes, there are short sale inventory that sit on the market for long period of time in Southwest Florida. And in some cases, unfortunately turns into a foreclosure because they were not competitive and the property did not short sell. Answer: It is imperative to have a team of professionals who know what they are doing in terms of how to handle a short sale correctly and know market conditions and trends in order to price correctly as well as act quickly if values continue to diminish. Other tips for the seller include: Treat your property as if it is a normal, traditional sale. That means, keep your the inside clean and tidy, maintain your lawn and shrubs and make sure you electricity is always ON. There is a lot of inventory on the market that you will compete with but will must have an edge as long as you maintain your property. Drive by your competition of short sales and foreclosures in your southwest Florida market. Or get your agent to show you the real estate in direct competition with you. You will see houses with high grass, vandalism, missing AC units, busted water softeners, a bunch of trash, etc… When you walk into these properties they are hot and uncomfortable to be in – Some of which you have to literally have a flashlight to walk the property. Even though it is a bad time for your situation, you must consider your purchaser in order to have an edge. If you were making a purchase wouldn’t you want to walk into a well groomed, frigid, nice smelling home?? Not all buyers are “investors” trying to make a buck on your home. Many are first time homebuyers. Bottom Line… You will make it beneficial for everyone including yourself by maintaining your property. Thank you Scott for the great question!

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This is a question and real short sale example we are currently working on in Fort Myers, Florida. If there are 2 mortgages, will the second lien holder ruin or complicate the short sale?? The answer is YES, IF the short sale process if not done correctly… It is imperative when your agent submits your short sale package that it includes a complete and correct HUD (Department of Housing and Urban Development Settlement Statement) showing a “payoff” to the second lien holder. The HUD is your settlement statement which shows ALL costs, prorations, credits between buyer and seller. You actually reviewed one of these and signed off on it when you initially made your purchase. Now this form (usually drafted by a title company or attorney) acts as a net sheet to show what your lender will net after all costs in order to move forward with the short sale. In this, needs to be a “payoff” to the second lien holder (which is paid by the first lien holder). This payoff amount is usually a small percentage of the second lien say 3-5%. EXAMPLE: Here is an example of a current short sale file for a Fort Myers, Fl property: (Names Changed/ Info not disclosed for privacy) Billy owes a total of $350,000 ($280,000 first mortgage and $70,000 second mortgage). The sales contract purchase price is $200,000 and we have a ready and willing buyer for this price. The settlement statement would show the complete breakdown. It would include a “payoff” amount (line 505 in HUD-1) to the second lien holder, in this example, the amount of $3,000 to satisfy that lien. Most second lien holders are aware that if they do not accept the offer, they will get nothing if the property forecloses. The old saying “something is better than nothing” rains true… This Fort Myers property (like many others we have transacted in Lee and Collier County) is approved and should close shortly. Second lie holders have been fairly happy to accept whatever they get. They are not in a position to negotiate and take whatever the first lien holders give them.

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This is via a phone call from a disturbed homeowner of a property located in Fort Myers. It was a civilized conversation and good debate. This person is in no way in default or looking to do a short sale. They are upside down on the mortgage, however they can and will maintain their payments… We directly market communities in which we know people are upside down and may / may not be able to afford their payments. Some of which have lost value of over 60%. Here is the question from that homeowner: “Steve, don’t you think you are assisting to the reduction to values of real estate further down in our community of Fort Myers by promotion of short sales?” I think this is a very valid concern on his part. We are aggressively moving properties for individuals who need to short sale their property and selling them at discounted “foreclosure pricing.” However… My question to him was – Do you think a foreclosure is better for your community?? He was unsure how to respond… My points to him: There are many people who are affected by this market and are unable to keep up with their mortgages. We are being proactive by marketing our short sale services in Lee and Collier counties to provide, I think, the reverse outcome of his initial question. If certain individuals do not decide to short sale and rather just foreclose then the property can be subject to high grass, vandalism, squatters, etc and a possible long duration of it being vacant. ** Also keep in mind some banks are holding a lot of inventory before it goes to market. Prices still diminish and sometimes even further due to condition of the property (Some owners have even stripped everything including appliances, cabinets, vanities, floors, etc). For example, one property I dealt with had the kitchen completely gutted, with stains on all the walls. Parts of the A/C system were completely missing. Basically, the house was uninhabitable. Now, this guy specifically lives in an association which an abandoned or foreclosure in turn may be even worse for him. In Fort Myers and many areas of southwest Florida there are communities with mandatory monthly or quarterly fees. When people walk from their properties they will tend to not pay their dues to the association. This in turn can increase their neighbor’s fees to make up for delinquencies. With a short sale, we try to be proactive to those that need our help and sell the property as quickly as possible in the Southwest Florida areas. This is beneficial not just for the person that was relieved of foreclosure but also his neighbor.

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