Bart and Patti Reid Broward County, FL real estate | 954.306.7414
The $8,000 first time homebuyers tax credit ends November 30th, 2009. If you are in the process of purchasing a home, new mortgage regulations have increased the amount of time it takes to close a home, up to 60 days in many cases. For more information how these regulations will affect your closing, click on this link:
A Real Estate Company has listed a property 3 bedroom, 2 bath home in Forest Ridge at a very low price of $210,000. The home is located in Oak Park on Greenbriar Court and it is a SHORT SALE. A short sale is typically not the most attractive way to purchase a home because it takes months to know whether or not the bank will accept your offer. Once the bank receives an offer they will order a BPO’s (BROKER PRICE OPINION) . This is similar to an appraisal but it is performed by a real estate agent, chosen by the bank . Real estate agents who perform BPO’s sometimes leave it in the hands of their assistants and most of the time the real estate agents and their assistants are not familiar with the neighborhood. They are selected based on other criteria which has nothing to do with knowledge of the community.
If the Bank feels the price being offered by the buyer is too low they will either counter the offer or go to the next one. If the seller only signs one offer to submit to the bank there is little for the bank to do other than make the counteroffer or reject the offer all together. Then the process starts all over again.
I am not sure what the motivation is on the behalf of the company who listed the property, but if they would have would have checked the comparable sales, or would have called some of the neighborhood expert Realtors, they would find that listing a 3 bdrm., 2 bath home with over 1700 sq. ft. of living space for $210,000 is not comparable to similar homes in Forest Ridge.
There is no apparent reason why this home has to be listed so low, other than to bring multiple buyers to the table and hopefully bring the sales price up quickly to a more reasonable selling price. Let’s hope that this is the case here, and that the list price is just a “starting point” at which offers will begin.
If your lifestyle calls for a change, but you’re not ready to live in a condo building, this home may be the perfect solution for you. Lauderdale West offers condominum style living in a single family home setting. Listed in the low $100,000′s, this Lakeview Model home features a split plan, which allows for two master bedrooms with walk in closets. A formal living room, dining room and den provide ample living space, however, you may also enlarge the existing patio or convert it to expand the interior. The tile roof was recently replaced and accordion shutters were installed, along with a new hurricane code garage door. 
The double width driveway allows off street parking for guests. The home has been secured with an alarm system, including the screens so you can confidently sleep with the windows open at night during the winter months. There are 5 fans located throughout, two on the porch, one in each bedroom and one in the family room. The kitchen cabinets have been updated and there is a transferable appliance contract good through December 2009.
All lawn service, pest control, exterior painting, roof repair and replacement, minor interior and exterior plumbing and electric repairs and basic cable are provided with the low monthly maintenance fee of $222.00 per month. Residents can enjoy a clubhouse, 2 pools, tennis courts, activities and a free shuttle to Publix and banks.
The Florida Association of Realtors show that South Florida existing home sales continue to rise. The median single family home price in Broward County rose from $190,000 in May to $204,800 in June. At the same time, the number of foreclosure sales and short sales has dropped from 44 percent in May to 39 percent in June.
I have noticed that many homes that have been foreclosed are not listed for sale and homes undergoing a short sale are taking longer to get approved. If I had to guess the reason, I would speculate that banks are overwhelmed with the number of properties in trouble and do not have the manpower to handle them. My own experience in selling short-sale homes has been exhausting and disappointing.
Currently I have two listings with short sale contracts on on their single family homes. The offers are cash, no financing. The price that was negotiated by the sellers and buyers are at market value. However, it has been more than 3 months since the offers have been submitted without an approval from the banks. Each time we contact the banks, if we are willing to wait the 45 minutes it usually takes to get through, we are told a different story, anything from “We don’t have approval from the seller to discuss the sale with you”, (even though the approval has been faxed to the bank multiple times,) to the very odd statement that ”The person who was handling the file no longer works here.” When we finally do get someone to help us with the file it usually leaves their hands within 48 hours and is sent to another person for processing.
Banks do this in order to keep the transaction at arms length; there are no relationships developed and the process is very impersonal. In their defense, most of the banks are not even located in the state where the transaction is taking place. The staff is paid hourly and have no incentive to close a sale. Until something is done to require banks to make decisions on fair market offers within a specific time frame the real estate market will continue to struggle. In the meantime, I believe we will see changes in the market and qualified buyers are wise to purchase a home based on its availability if they want to close by the end of November to obtain their first time homebuyer tax credit.
There’s a new listing in Forest Ridge that is sure to please buyers. This lakefront home offers an outdoor living area, with an oversized patio, lush foilage and mature palm trees. It’s the perfect spot for watching the sunrise with a morning cup of coffe or dining al fresco under the moonlight. The interior of the home features a spacious great room with a 15 x 15 Living Room, a 10 x 11 Dining Room and a cozy 10 x 10 den, all located under a volume ceiling. An arched window provides daylight, without the direct impact of the sun.
The kitchen has a dining nook with room for a sizeable table and chairs, new granite counter tops, wood cabinets and a large pantry. This 2 bedroom/2 bath split plan provides privacy for all occupants. The master bedroom has an extra large walk in closet, large vanity with two sinks and a walk in shower. This home is offered at $289,000.
Living Room, Dining Room and Den
Oak Grove is a small neighborhood within Forest Ridge in Davie, Florida. Forest Ridge is best know for its gorgeous paved brick entry lined with 200 year old oak trees. The history of the land where Forest Ridge is built goes back to the Tequesta Indians. Forest Ridge is located on the highest point in South Florida, which is 29 feet above sea level. Amenities include various swimming pools, tennis courts (6 are lit for night time play) and walking trails to Tree Tops Park. Forest Ridge is surrounded by a nature preserve and is minutes from Nova Southeastern University and Broward College. Restaurants, shopping and all major highways are easily accessible. Bamford Sports Park is a bike ride away, as well as Silver Ridge Elementary, an “A” school.
Forest Ridge is located just south of I-595 on Pine Island Road on the west side of the road, across from Grand Oaks Golf Course. It is not a gated community; take a Sunday drive and enjoy one of the most unique developments in Broward County.
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