Buying Pensacola Short Sales and Pensacola Foreclosures
If you are contemplating investing in real estate, you need to
seriously consider short sales and foreclosure properties in and
around the Pensacola area, regardless whether it will be a property
you will live in or one for investment purposes.
Short sales and foreclosures can be had for up to 50% of the fair market
value. This is an outstanding way to buy your next home or investment
property and have instant equity. Not exactly sure what a short sale or foreclosure
is? Follow this link
for a description of short sales, foreclosure, REO, etc.
Are you ready to invest in a Pensacola short sale or foreclosure
property? Contact us, we're ready for you!
Are you unsure about how to go about executing and profiting from short
sales or foreclosure properties?
Would you prefer to not "go it alone" or do you desire to diversify your holdings and
join our Foreclosure Investment Group that is profiting from distressed
property sales such as Pensacola short sales or foreclosures in the
Pensacola area?
This is a great way to leverage your money and efforts.
Our team is here to assist you in buying foreclosures in Pensacola.
We've helped many buy short sales and foreclosures, we've invested in
short sales and foreclosures ourselves, and we have actually been through
a foreclosure ourselves and completely understand the process, the frustrations,
the emotions, as well as the good that can come to you from it. Get the
best team working for you!
Do you own a piece of real estate and are in the foreclosure process?
Do you want to do a short sale?
Do you want to try to save the property?
Click here to
learn about selling a short sale.
Here are the reasons why you need us to help you find short sales or foreclosures in Pensacola:
It is imperative that you find someone to help you locate, analyze, possibly
negotiate, and get your subject property to closing. A person with a real estate
license will help, and after all, when you are buying the distressed property, it
doesn't cost you anything. A licensed, experience real estate agent can help you
with the following:
1. Locate properties - Full access to the MLS contains more relevant
information on the properties than does the public access sites. It will also allow filters to help find those
short sale, foreclosure, and bank owned (REO's) opportunities.
2. Locate POTENTIAL properties - a TRUE real estate investor advisor
will have other tools to help locate properties that are not listed in the
Pensacola MLS yet but are in some early stage of foreclosure proceedings.
WE HAVE THESE TOOLS!
3. An experienced short sale expert can be the difference between
getting the deal done or not. Although lenders have certainly become a lot
easier to work with on shortsales, there is still a lot of paperwork and hoops to
jump through. Having the experience to know what the lenders want, we can get in
and save a deal that might otherwise "crash" with an inexperienced short sale realtor.
4. Help with negotiations. Most realtors will sit back and simply allow
you to make your offer. They are only the middleman that passes the paper back
and forth. THIS IS NOT WHAT YOU NEED! We are a team of real estate investors.
I have personally owned hundreds of properties in and around Pensacola, have been
through hundreds of closings, and have managed thousands of investment real estate
units. I know that I MAY have some useful input for you. You can use that input or
not, but at least it's there.
5. Navigate through the closing process. This will save you hours. Our team
will be coordinating with the seller, the seller's agent, foreclosing lender, closing
agent, title company, surveyor, termite company, home inspector, and your lender
(if applicable). Obviously we can't do everything for you, but if it doesn't directly
require your information or signature-we've got it covered.
Below are some definitions that may be useful for you:
Short Sale:
When one sells a piece of real estate for a price that is less than what is
owed on it to a lender or lenders, this is called a short sale.
The current real estate market has created a situation where many, many people
owe more on their home or investment real estate that what that property is currently
worth. I won't get into the reasons why this happened, but it has created a great
opportunity for people to make lots of money
Of course, the seller can't just up and sell the property "short" without
getting permission from each of the lenders who have a lien on the property. Getting
the lender's approval and following their procedures is what makes completing a
short sale difficult and time consuming. As a buyer of a short sale, you
need to allow more time to close on the property. But it will be worth it!
Foreclosure:
A legal procedure a lender or mortgagee takes to obtain the deed to a piece
of property after which the borrower has failed to adhere to the terms of
his or her promissory note (loan). In the state of Florida, a foreclosure
must go through the judicial system and can take many months (unlike a
Trustee state). I've seen them take as little as 3 or 4 months, but this
is very uncommon. I'm currently working on several that have taken over 2
years from the time the first payment was missed and the foreclosures still
aren't complete. There can be several situations in which delays can even be much longer.
The goal of the foreclosure is to sell the subject property via auction at
the courthouse steps. The proceeds of the sale go to the lender to recoup
their investment. In Florida, the high bidder at the auction must come up
with the money by the end of the day. As you can imagine, that makes for a
relatively small pool of buyers and hence low prices; therefore, it is very
common for the lender, or bank, to be the highest bidder because they are
unwilling to simply "give the property away". As a result, they now own the property
Real Estate Owned Properties (REO's:
REO's are properties that a bank (or lender) owns as a result of a foreclosure.
When you hear people talk about buying foreclosures, this is typically what
they are referring to. Banks aren't in the business to own and operate real
estate. In fact, they are penalized by our government and can become limited
on the amount of money they lend if they have too much bad debt. Since banks
don't want this real estate, they are typically inclined to entertain short
sales before the foreclosure is complete. Once they own the real estate,
they are highly motivated to sell these properties and you can usually save a lot of money.
Loan Modifications:
Loan modifications are when the lender will alter the terms of the promissory
note (loan) in favor of the borrower to help them keep the real estate and
avoid foreclosure. This is happening more and more due to the volume of
delinquent loans and REO inventory. The banks would rather make less on the
existing loan that go through the expense of foreclosure and subsequent
selling of the property at a discount. Loan modifications can include a
reduction in interest rate, delaying payments, forgiving payments, reducing
the loan principal, or any combination. This is a negotiated agreement
between the borrower and the lender. Loan modifications should be in your
arsenal of tools as a real estate investor. We can help you with that strategy.
Deficiency judgment:
After the foreclosed property is sold at auction or by the bank at a later
time and the amount that the lender received is less than what you owed them,
including late charges and attorney fees, they can sue you again for a deficiency
judgment to cover the difference. Typically, providing "deed in lieu of
foreclosure", or a short sale will have provisions to disallow a deficiency judgment.
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