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!

Best Regards,

Shannon Lefevre, PA

There are 1,277 "potential" Naples short sale listings on MLS right now.
That's 17 less than the last report WHOO HOO!  Of the 1,277, I can report about a whopping 203 this week! That's almost double compared to last post time!  Here they are:

Naples Short Sales

As always, this link will remain live for approximately 3 weeks!

Some interesting news I read the other day said something about how we can expect investors to purchase delinquent loans on properties for peanuts and then they will in turn foreclose VERY fast so they can make money on the resale of the properties they acquire through bulk purchasing. 

If this is true, you can expect Naples short sale inventories to shrink and disappear...HIP, HIP HOORAY!  I'll be tracking the Naples short sale inventory until I get bored or until it goes away. 

Remember, unless it says something like "approved" or "bank approved" we really won't know what we have til I work some magic.

Call me so I can assist you with the process.  It will be much more fun and maybe even a little more easier and possibly a little more productive!

Best Regards,

Shannon Lefevre, PA
Your Naples Smart Girl!

There are currently 1,294 active "potential" Naples short sale listings on MLS right now.
Of those listings, 108 Naples properties are listed for over $500,000. You can see 20 of them here:

Naples short sales $500,000+

There are also 129 (That's 18 more since last week) Naples short sales located west of 41 (Tamiami Trail or close proximity to Naples beaches) You can see 22 of them here:

Naples short sales West of 41

Buyer Beware: Just because the property is listed as a "potential" short sale, does not mean the owner's bank has agreed to sell the property for the reduced amount.  It could be the owner and or agent has not had any communication with the bank regarding selling short.  "Bank approved" verbiage on the listing sometimes indicates that there has already been communication with the lender and that they will be willing to negotiate a deal if for at least full price.

Short sales can take a GREAT DEAL OF TIME to close (if they ever close) be prepared for more of a hassle than a normal transaction BUT if you get it done, it might be a deal.

Of course it's easier if you're working with a smart agent on your behalf. They have the ability to talk intelligently with the other agent and can help you through the transaction.

For the expanded lists of either Naples short sales priced $500,000 and above or Naples short sales west of 41, send me an email requesting the list you want and I'll get it to you asap.

As always, for more information regarding Naples real estate, contact me direct!

PS~ These links will remain live for approximately 3 weeks.

Best Regards,

Shannon Lefevre,PA
Your Naples Smart Girl!