Archive for April, 2009
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.
Please enable Javascript and Flash to view this Viddler video.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 |
Sold Price |
Price p sq ft |
% Ratio |
DOM |
|
$120,660 |
$119,247 |
$74.83 |
97% |
48 |
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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Foreclosure in Valrico FL 2200 Square Feet $137,500
April 6th, 2009 Categories: Foreclosures/ Bank Owned, Real Estate Investment, Valrico
As a new service provided here at Diamond Dwellings in Brandon, we are already seeing ways to change our service. First we will be inlcuding the date posted in the body of the blog. Foreclosures are selling quickly right now. For example our previous post still on our site has a contract pending. We are looking at ways to update the video to show that the property is not longer available.
Feedback has been positive on our rating system of “A Real Gem, A Diamond in the Rough and A Lump of Coal” and we will continue to give them a rating, but remember the value of a diamond is in the eye of the beholder.
Today’s property has been on the market, but has been drastically reduced by the lender and that is what caught our eye. This listing began at $169,000 was quickly reduced to $147,000 and now sits at $137,500. For a tour of this home, please take a look at this 6 minute video.
As of this posting 4/6/2009 the following property is still actively listed.
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