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Thursday, November 06, 2008

Let me know when you see any good deals....

I ran into a gentleman the other day at the local Lowe's store in Rockledge, Florida. He knew I was in real estate as he is a previous client. He told me he was ready to sell his current home and get another when a good deal comes along.

I was happy to hear that he was considering another purchase. The kink in the chain is that he wants to find a good deal and then put his house up for sale. Sellers, especially motivated sellers, want a buyer to act now. The current average days on the market is about 120 days - about four months.

A seller can not be reasonably expected to agree on a selling price, take the property off the market and wait an unknown time to close. The greater the time between a contract and the closing, the greater the potential for the transaction to "fall through."

There are some good deals in the Viera and Rockledge areas of Brevard County Florida. There are some, OK lots of, motivated sellers. Many of these motivated sellers are dealing with short sales. The decision process on a short sale may take 60 days or more. Besides, I do not believe a lender will accept a contract for a short sale that is contingent on the sale of another property as most require a loan approval letter with the offer. Of course, you never really know for sure.

If you are looking for a property with a motivated seller in the Viera area, let me know. [How do you find a motivated seller? Sometimes it says so in the listing. Sometimes it says so by the price!] Gary Waters, Century 21 Baytree Realty, Rockledge, Florida. Email me at agent@moving2brevard.com or call me directly at 321-693-3850.

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