There are 1,065 Naples homes
and condos under contract with contingencies. Unfortunately, a majority of these properties (99.9%) will continue to show active on most Naples real estate
websites who offer IDX capability like mine does. The problem is, they're not really available because somebody else already has a contract on them and they get first shot until the contract expires or (sometimes) until they get kicked out.
Of the 1,065 contracts, 796 of those are "potential short sales" that's almost 75%. The problem here is that many of these properties, while under contract, have not gone through the appropriate short sale process and will in fact not sell this time around or could take months and in some cases well over a year to get done.
Yes, banks still drag their feet or simply never respond on some of these deals. They are not required to report the loss on the difference of the loan until they close which means millions of dollars worth of property get caught in the web of "nothing is going to happen".
Many agents and title companies are becoming educated on the processes which is better news because for quite awhile it was just one big mystery on how to get these properties sold. Another factor to consider is according to an article I read a month or so ago, many banks are selling delinquent loans faster causing new investors to foreclose quicker which should also shrink the amount of short sales we're seeing today.
The point remains that if you're looking for a deal...a short sale may be the way to go but I wouldn't exhaust checking out what kind of deal you can make with an individual first. You could cut a great deal without dealing with all that red tape and waiting so long to find out if you're going to be able to purchase at all. While many of my buyers tell me they have "all the time in the world
" right now. For those of you who are like that, you might consider checking out these links to the short sales that may be available in the following areas:
(These locations are no longer available)
I think we'll see a little more sense of urgency with our seasonal buyers who are starting to get chilly up north and who ultimately would like to use their property this upcoming season.
Besides, there are some excellent deals out there right now! Check out my "Rental Requests Are Down..." blog post for some ideas where you can find them.
By the way...I noticed rental requests have picked up just a little during the last week...the cooler weather is on it's way for sure.
For more information regarding Naples real estate, contact me direct!
Shannon Lefevre, PA