I live in Orlando and the market is completely bottomed out. I have 30+ short sales negotiated, but can’t find enough buyers. These are fantastic deals that I am going to eventually have to let go. Any suggestions?
When you say “negotiated” you mean you already have lender approval to sell at a “fantastic” price?
Couple of issues here:
- The market is not bottomed out, give it another year or two.
- The reason you don’t have buyers is because of #1.
request extensions… remember if you cant find a buyer the lender cant either… Typically 2 extensions are easy the third may be a little more difficult…
Also look to renegotiate with the lender as the values are determined by buyers and no one wants them at the price you’re offering them at.
Find yourself a agent that is familiar with short sales in FL. They can list the properties and find buyers for you. An agent can be a great partnership to an investor that does short sales, if they both understand the way they work. My broker is a great friend of mine that does real estate in FL. He is actually driving there tonight for 3 closings because he could not get a flight for a decent price ($800 1 way). He has a office down there. Message me if you would like to get in touch with him.
JD