AFTER SUBMITTING COUNTLESS OFFERS (ON REGULAR… AND SHORT SALE LISTINGS) ON BEHALF OF TWO VERY DETERMINED AND SPECIAL BUYERS OF OURS, I AM TELLING YOU, IF YOU HAVE THE STOMACH FOR IT, YOUR PERSEVERANCE AND DILIGENCE COULD PAY OFF – BIG. DOES IT ALWAYS? NO, OBVIOUSLY NOT. I AM NOT IMPLYING THAT, BY ANY STRETCH OF THE IMAGINATION. BUT THIS STORY IS ONE FOR THE BOOKS!
IF YOU’RE GOING TO GET YOUR FEATHERS RUFFLED BY THE ROLLER COASTER RIDE OF THE SHORT SALE PROCESS, DON’T GET ON THE RIDE. BUT… IF YOU HAVE 1) A KNOWLEDGEABLE REALTOR WHO WILL STAND BY YOU TILL THE BITTER END, AND 2) A REALLY GOOD ATTORNEY REPRESENTING YOU… YOU MAY SNARE THE STEAL THAT SO MANY ARE HOPING FOR THIS MARKET.
CONGRATULATIONS TO OUR CHEERFUL, UPBEAT, UTTERLY DETERMINED, AND MARKET-SAVVY BUYERS … WHO JUST BOUGHT AN ACRE HOME IN PINECREST – AFTER MONTHS OF NEGOTIATIONS AND I MUST ADMIT, LOTS OF UPS AND DOWNS AND A FAIR NUMBER OF QUIRKY QUESTION MARKS!
THE HOUSE OUR BUYERS WERE DETERMINED TO BUY, SOLD FOR HALF OF THE ASKING PRICE. THEY JUST CLOSED… AND HAVE THE KEYS IN HAND. THESE HOME-BUYERS PURCHASED A PINECREST ACRE HOME FOR HALF THE SHORT SALE LIST PRICE! THAT IS RATHER UNUSUAL IN TODAY’S MIAMI REAL ESTATE MARKET IN WHICH PROPERTIES ARE SELLING WITHIN 3% – 5% OF THE FINAL LIST PRICE.
(THAT’S A GOOD REASON TO PRICE YOUR PROPERTY CORRECTLY, IF YOU’RE IN THE MARKET TO SELL.)
TUCKED AWAY ON A PRIVATE STEET IN NORTH PINECREST, THIS 5 BEDROOM 5 BATH CUSTOM HOME WITH A TENNIS COURT, CHICKEE HUT, POOL … ON OVER AN ACRE OF LAND… WAS LISTED FOR $1,875,000 – AND SOLD FOR $950,000.
MY PHONE HAS BEEN RINGING OFF THE HOOK, NOW THAT THE SALES PRICE IS PUBLIC INFORMATION IN THE MLS. ($161.37 A SQUARE FOOT IN PINECREST)
THE HOUSE APPRAISED ABOVE THE CONTRACTED SALES PRICE, WHICH, AGAIN, IS UNUSUAL … GIVEN THE CURRENT REAL ESTATE MARKET IN MIAMI, AND THE FACT THAT LENDERS AND APPRAISERS ARE CAUTIOUSLY WARY OF OVER-APPRAISING. WE ARE SEEING MORE AND MORE APPRAISALS COMING IN “AT” OR “JUST BELOW” CONTRACTED SALES PRICES. APPRAISALS ABOVE THE CONTRACT PRICE ARE FEW AND FAR BETWEEN. AND THIS IS ONLY THE THIRD SALE THIS MONTH THAT I HAVE SEEN COME IN “OVER”.
6915 SW 101 STREET IN PINECREST. NATURAL LIGHT, STONEWORK, FIREPLACE, OFFICE, GYM, WET-BAR …. FRUIT TREES … SERENE SETTING … AND TRANQUILITY.
WE SUBMITTED AN OFFER ON THIS HOUSE ON BEHALF OF OUR BUYERS IN JANUARY 2010. OUR OFFER WAS BASED ON RELEVANT RECENT SALES IN PINECREST, PRICE PER SQUARE FOOT, ALLOWANCES FOR REPAIRS , CONDITION, LOCATION, LAND … TAKING INTO CONSIDERATION OTHER CURRENTLY LISTED PROPERTIES COMPETING FOR BUYERS…. KNOWING THE MARKET INSIDE OUT.
THE SELLER’S LENDER COUNTERED IN MAY. WE NEGOTIATED … AND CLOSING WAS FINALLY SET FOR JULY. WAITING OVER 6 MONTHS TO CLOSE IS NOT FOR EVERYONE … AND I CAN PROMISE YOU THAT THERE ARE NO GUARANTEES WITH A SHORT SALE THAT YOU WILL BE SUCCESSFUL AT ALL. BUT IF YOU’RE WILLING TO HANG IN THERE, YOUR DILIGENCE AND PATIENCE COULD POSSIBLY PAY OFF.
THIS PARTICULAR SHORT SALE WAS FRAUGHT WITH COUNTLESS HURDLES.
JUST BEFORE OUR “FIRST” EXPECTED CLOSING DATE , THE SELLER’S LENDER RECEIVED AN ODDLY ERRONIOUS NOTIFICATION THAT OUR BUYERS HAD OPTED OUT. THE ENTIRE FILE MYSTERIOUSLY VAPORIZED …. ALL RECORDS OF THE TRANSACTION FELL FROM THE BANK’S EQUATOR SYSTEM…. DISAPPEARED. OUR OFFER HAD TO BE RESUBMITTED, A NEW APPRAISAL AND REVIEW ORDERED, MORE NEGOTIATIONS. A POST OCCUPANCY WAS OUT OF THE QUESTION. THE SELLERS MOVED OUT TO COMPLY WITH THE CONTRACT TERMS… AND THE HOUSE SAT EMPTY. THE SHORT SALE BANK ORDERED ANOTHER APPRAISAL AND REVIEW. BUYERS AND SELLERS (BOTH) HAD ATTORNEYS REPRESENTING THEM. THE TERMS OF THE SHORT SALE HAD BEEN FULLY NEGOTIATED. OUT OF NOWHERE, WHEN THE FILE VAPORIZED JUST DAYS BEFORE THAT FIRST CLOSING DATE… WE DUG IN OUR HEALS AND STARTED THE PROCESS UP AGAIN. STRANGE THINGS HAPPEN WITH SHORT SALES, AND THERE ARE DEFINITELY NO GUARANTEES. IT TOOK ALMOST NINE MONTHS TO CLOSE THIS!
TYPICALLY, SHORT SALES ARE SOMEWHAT OF A ROLLER COASTER RIDE, AND NOT FOR THE FAINT OF HEART… BUT THIS WAS ONE TO STRAP IN FOR. THE FILE DISAPPEARED FROM THE BANK’S EQUATOR SYSTEM. EVERYTHING HAD TO BE RESUBMITTED, A NEW APPRAISAL ORDERED, ADDEMDUMS WRITTEN… A NEW NEGOTIATOR ASSIGNED, THE FILE REVIEWED… MORE TIME … CONCERNS… DELAYS… QUESTION MARKS.
ALMOST NINE MONTHS INTO NEGOTIATIONS, WE WERE NOTIFIED THAT WE HAD BANK APPROVAL (THE SECOND APPROVAL … AND COULD SCHEDULE CLOSING!) THE SELLER’S ATTORNEY WAS LEAVING ON VACATION THAT AFTERNOON! DESPITE HURDLES AND HICCUPS, WE CLOSED… WITHIN HOURS.
WORTH IT? YOU HAVE TO ASK YOURSELVES IF YOU HAVE THE STAMINA TO HOLD ON TIGHT … IF SO, YOU MIGHT JUST WIND UP WITH A REAL PRIZE. THESE BUYERS DID, AND THEY NOW OWN WHAT IS CURRENTLY VIEWED AS “THE DEAL IN PINECREST“… IT WILL BE FOR SOME TIME… WARMEST CONGRATULATIONS TO OUR BUYERS! WE CAN ALL CELEBRATE NOW… FINALLY!
IF YOU, OR SOMEONE YOU KNOW, ARE LOOKING TO BUY OR SELL REAL ESTATE IN MIAMI, AND WANT A KNOWLEDGEABLE LOCAL REALTOR, PLEASE DON’T HESITATE TO CONTACT ME ON MY CELLULAR AT 305-793-1365 OR DROP ME A NOTE HERE. THE RESTIVO TEAM – EWM REALTORS INTERNATIONAL. WE WOULD LOVE TO ASSIST YOU.
