Lindsay, it is a tough market. 80% of Broward is short sales or REO's. The other issue now is appraisals. I had one transaction blow up because of the new appraisal process, and we back off another deal because the home would not appraisal anywhere near list price. The sellers where also not flexiable, because they where not a short sale or REo, so they thought they can stay on the high side. Don't give up. You need to work at this to get the property you want. I hope this helps.

Lindsay,
You received excellent advice down below. There is someting wrong, if you have put offers on 25 properties and have had no results! I need more information to be able to give you more accurate response on your future options. When you say you got approved, was it pre-approved or a written commitment letter? As a mortgage banker I can give you some tips on how to proceed. Call me for a free private consultation.

regards,
Frank Olguin
Mortgage Banker
AmericaHomeKey Inc.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
Folguin@americahomekey.com
office 954-771-7715 x104
cell 561-386-9731
pfax 954-379-4469

Hi Lindsay. First, I'm sorry that your having a frustrating time in this market, but know that you're not alone. The market today is very challenging. Also, keep in mind that there are a pool of buyers in your price range looking for what you're looking for too. Therefore when that move in condition home in Pembroke Pines or Miramar comes on the market, there will most likely be multiple offers and it will go quickly.

As an agent living in Pembroke Pines and specializing in the Pines, Miramar and surrounding areas, I can tell you homes are selling especially those that are move in condition and priced right! Sellers in a multiple offer situation simply pick the highest and best offer.

I agree that you should express to your Realtor your frustration and see if they have any new suggestions. One or two questions you may want to consider: Does your Realtor have you automatically set up to receive new properties via email? If so, are you seeing the properties immediately? Also, I know you are going FHA with needing 6% seller contribution: do you have a true "approval letter" from the bank or just a prequalification? This could make a difference. Also, has your Realtor considered looking at higher priced homes that have been on the market a long time? If your Realtor does her research, she may be able to show the seller why your offer is appropriate in this market. Keep in mind that there are still those sellers that are overpriced.

I have more ideas, but just wanted to throw out a few. Again, talk to your Realtor. If you don't feel confident that they are doing all they can, it may be time to interview new Realtors to see what they may do differently.

Best of luck,
Denise Ditman
Keller Williams
954-651-0200 http://www.DitmanGroup.com

Lindsay,

Angela is correct when she says that this market is strange. It is actually quite different from anything we have experienced in the recent past. With the majority of properties being either Short Sales or Foreclosures, finding a home in move in condition in that price range can be a challenge. Add the 6% closing costs to that and it becomes even more of a challenge. I can tell you from experience, that any property in the Pembroke Pines/Miramar area, if it is priced right, in move in condition is going to sell quickly! Depending on the offers you are making, that could be your problem.

I would suggest that you speak to your Realtor and let them know your frustration with the situation. See what they suggest. Don't forget that we are all frustrated with the market conditions. Right now nothing is normal, and we have all had to adjust our thinking and strategies. If after speaking with your Realtor, you don't think that you have come away with any satisfactory answers, then interview a few other Realtors. Discuss your previous situation and see what they would do differently. You may find an agent that you would have more confidence in, and might approach your situation in a different way.

I wish you the best of luck!
Stefanie Cohen
Prudential Florida Realty
954-547-9203
Scohen77@aol.com

Lindsay: I'm sorry that you're having such a frustrating time with your first house purchase. We're in the midst of a really strange market right now - a large supply of low-priced properties but so many of them aren't necessarliy a reality. I'm referring to the number of short sales out there.

I take short sales on a case-by-case basis. Unless specifically directed by my client, I tend to avoid them. The key is to move quickly on anything new that comes onto the market and I mean, really quickly. I'd be curious to hear what has happened with the 25 properties - are you submitting low-ball offers? If they're short sales of foreclosures that's not a good idea.

Your Realtor is the one to make the determination as to how much room there is for negotiation on any property, by evaluating the situation. You can't just lump all short sales together - each one is very different from the next. If you're making offers on foreclosures, they usually require specific contracts and addendums and supply additional forms to be completed. If any one thing is missing from the offer package, they usually cast your offer aside, in favor of an offer that is complete.

It also depends on what you're looking for. Are you looking at condos, townhomes or single family homes? I have a feeling it may be the 6% seller concession - that's $12,000 on a $200,000 price tag. If the seller is looking at 2 offers, both at the same price but one asking for the 6% concession and the other one not. You know they'll pick the other one. It's all part of the "highest and best" game that the short sale lenders are playing and a lot of the foreclosure banks too. As a Realtor, we have to be aggressive but reasonable with our sellers and our seller's Realtors. It really is a judgment call on our part - the moment we submit that offer, it truly is out of our hands but we also need to know when to pull the plug and we can and should write the offer contract in a way that the buyer is not left hanging.

Without knowing the specific reasons for your disappointing offers, it's hard for me to say. Of course, I'd be more than happy to work with you - I've lived in Pembroke Pines for almost 12 years and know it very well indeed! The same applies to Miramar and the surrounding areas. I advise you to consider the past 5 months carefully. It isn't necessarily your Realtor's fault but offers on 25 properties is quite mind boggling to me, particularly with clients who are well qualified. From what you say, the problem isn't with the underwriting of your loan, rather than getting an offer accepted - am I right?

I hope this information helps you a little. If you'd like to discuss further, feel free to call or email me at 954-816-7996 or angela@villagrealty.com - I will get back to you.

Either way, I wish you the best of luck and hope that things turn around for you. I'd suggest that at this point in time, you should try and avoid short sales and just stick with regular sales and foreclosures. I think that will make a big difference. However, it all depends on your Realtor.

Good Luck!

Angela
Villa G Realty, Inc.
Tel: 954-816-7996

Lindsay, if you have REALLY put offers on over 25 homes, there is a problem! In 30 years I have NEVER had to do that to get one to work!

The problem could be several. Your agent. The price range, the market, your terms.
Additionally, finding a home in move in condition in the $200K price range is tough everywhere so you may want to slack off on that.
To ask for a 6% concession yet raise the price to cover it could be an appraisal problem. Were any of your offers accepted, but didn't work out, or did they all just say NO.

If you like your agent, why don't you ask her or him what they think the problem is? Sometimes they don't want to hurt your feelings by telling you that you are looking for something that doesn't exist, but IF this person has made 25 offers for you and worked for 5 months, they are either very new, or very patient ;-)

Another thing to look at would be bank owned homes by fannie mae. They give seller concessions, they also are easier to deal with since they are not emotional about the house. There are lots of these available in my area right now, not sure about yours but check out http://www.fanniemae.com and look at their homepath financing. If you find a house that is not in move in condition they also have a renovation loan where you can fix it up.

Good luck and let us know how things turn out for you.