Purchasing your Florida Home If you are listening to the Media, you are missing the boat!

Myths You can buy homes in Florida for 50 cents on the dollar Sellers are desperate to sell their homes. They simply will not sell their homes. Many Sellers are testing the waters to see if there are any bites. The media would like you to believe that the world is falling apart and everyone MUST sell their home today. Banks will sell their foreclosures and short sales for 20%-50% off the listing prices

Reality Foreclosure and Short Sale Homes in Brevard County are averaging less than 30 days on the market and many times less than 7 days on the market. Great deals are gone extremely quickly, usually in 1 or 2 days with multiple offers. In order to get a contract on a home that is too good to be true, you need to be 5% to 10% over asking price. Banks will not sell their homes for more than 3% - 5% off the appraised value is most cases. The Banks make the rules. Many buyers feel they are threatening the bank by not agreeing to their addendums. The Banks are not flexible on their terms. The price a bank will accept will be reflective on condition and days on the market. If a home is on the market for more than 60 days you might be able to negotiate

Don’t believe me, Believe the Data Source: Brevard County MLS 2009 Selling Price Average $154,244 List-to-Sell Variance $14,024 List-to-Sell Percent 91.2% Average Days on Market 104 Foreclosures on the market < 30 days 2005 Selling Price Average $277,249 List to Sell Variance » $7, 233 List to Sell Percent » 97.5% Average Days on Market 45

More Stats – Feb 09 Feb bed 3 bed 4 bed Avg. Avg Sell Price$79,711$137,540$234,404$154,105 Avg List Price$87,555$147,639$262,729$168,569 List/Sell/Ratio91%93%89%91%

Foreclosure Averages Foreclosures in good shape are selling in less than 7 days. Foreclosures in good shape are selling at full price or higher most of the time. Foreclosures are always selling at less than 10% off the sales price.

Foreclosure Problems Homes are always “as is” Sometimes its better to pay $50k more for a resale that needs no work than a foreclosure that needs $50k worth of work Financing - In most cases the consumer can’t use FHA or VA financing Almost always there will be multiple offers which is why it’s important to offer up to 10% over the asking price.

Short Sale Problems List price is often not the price the bank will accept. 4 – 6 months time frame to find out if the bank accepted your offer. Listing Agents are still marketing properties after your offer is submitted. Only 30% to 50% of all short sales actually close. It’s not unusual to get to the closing table, the banks requires the seller to hold a note, and the seller walks away. You are then starting from scratch.

Why is this the best time to buy? Prices are up to 50% off their 2005 high. Our market is still the least expensive waterfront area in Florida. There are still 77 million baby boomers retiring over the next 10 year period. Prices are going to go back up. Interest rates are at an all time low!

Why buy continued…

Why Tropical Realty We are the number one buyers agency in Brevard County the past two years. We understand and can guide you through the Foreclosure and Short Sale Process We are well known by other agencies to be very professional and ethical We handle more relocations from out of state than any other agency in the county. We provide “over the top” customer service to insure you have a great buying experience!