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Forelcosure Review in Brandon, FLorida

April 21st, 2009 Categories: Brandon

The market is heating up and bank foreclosures are driving it.  If you are in the market and specifically interested in foreclosures in East Hillsborough county communities of Brandon, Valrico, Riverview, Lithia, Fish Hawk, Apollo Beach, Seffner and Mango, now is the time to keep an eye on our video reviews.

We will be stepping up our video reviews both in quantity and turn around time.  Our property ratings will remain with us as a “A Real Gem, Diamond in the Rough and Lump of Coal.”

Here is our most recent review.  This property is located in the community of  Bloomingdale in Brandon, FL.  It is 1746 square feet.  The condition of the property is good.  Out of pocket expenses are limited to appliances in the kitchen and paint through out the house.

You may want to subscribe to this web site or our other web site at www.brandonsbeautifulhomes.com in order to receive our reviews as they are published.

ALSO as mentioned, foreclosures are finally moving quickly and the banks continue to have some houses that are a great buy.  But, the best buys go quickly.  If you would like to receive an email, absolutely free and without obligation, of foreclosed listings as they hit the market that meet  your preferred criteria, send me an email. My email address is rick@diamonddwellings.com.  Just ask me for “New  Foreclosure  Listings and I will get you set up to be one of the first to know about these houses.  You will receive an email within 15 to 20 minutes of when a listing is entered by the banks.

Please call me with your questions.  I am a buyer’s foreclosure expert and we do not charge buyers for our service.  We are paid by the banks when the house is closed.

Rick Frissell ~ 813 340 68 28 Cell

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Buyer Expectations For Foreclosures Will Cost Many Money!

April 8th, 2009 Categories: Brandon, First Time Home Buyers, Foreclosures/ Bank Owned, Riverview

Recently I had a buyer find a house they wanted badly.  The house was a foreclosed property and had been on the market for a while.  The bank had originally listed the house for $159,900.  It was not a house that I recommended to my buyer clients at that price.

After roughly 30 days, the bank dropped the price to $139,900.  Better, but I continued to feel it was not priced properly.  After 80 days, the house was re-priced to $119,900.  Another $20,000 decrease.  At this time I thought we had a property to market.  I sent the listing information to several of my clients and I got a phone call requesting a showing.  At the same time, I selected 3 more foreclosures I thought were of good value and scheduled showings.

Sure enough the client and his wife loved the property.  I pointed out that the roof would need replacing and that could give us a little additional room to negotiate.  I suggested we price in down by twice the cost of a new roof and be happy if we are met half way.

My client insisted that we offer in the $80’s and pay no more than $95,000 because of the repairs required on the house.  I immediately searched for a foreclosed house that was pristine, in his price range.  I found a two year old home described as “barely lived in and with upgrades galore.”  Yes, he and the wife loved it.  Basically a new roof and new everything.  It was the same size house and listed at only $11,000 above the older “needs repairs” house.

What was he willing to pay (not offer, but pay)?  “No more than $100,000.”

That led me to provide him a study to share with all buyers in the market for a foreclosed home.

This study was based on homes listed in Riverview and Brandon Florida for a list price between $90,000 and $150,000 since the beginning of 2009.  Here is what we found.

List price is the final list price on MLS

Sold price is what the buyer actually paid

% Ratio is the ratio of the list price to sold price.  (Based on actual square footage prices)

DOM is Day On Market

What do these numbers tell us?

Banks on most of the properties are getting their price.  List price decreases with Days On Market, but does not necessarily open the door for further price reductions.  Price per square foot is a starting point to understand value, but not the final point.  Property condition, neighborhood, supply and other attributes help to determine price.

What can the buyer walk away with regarding this information?  First, don’t set yourself up for disappointment after spending a lot of time finding the right house and lose your excitement or the home by unrealistic expectations.  Banks are not desperate as we all may think or as the media reports.  In the study area 41% of all sales were bank owned properties that closed on average 48 days or less.  That is a hot market for the banks and they don’t need to come off their price except on very special circumstances.  Your real estate agent can help you understand those circumstances.

We have specialized in finding great foreclosed properties and will gladly find or review foreclosures for you.  Give us a call or email us.

If you would like a copy of this stuy in Excel spreadsheet form let us know.  It contains each and every foreclosed property in Brandon and Riverview along with the list price (study price of $90,000 to $150,000), sold price and days on the market as well as other helpful information.  Drop us an email and request “Foreclosure Study 1/1/09 to 4/8/09. We will be glad to send you the report.

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