"Foreclosure" used to be a magic word that meant a tremendous deal in the last real estate downturn. That isn't always the case today for a variety of reasons. Because Banks and lending institutions are much more reluctant to take over a property that is in default, they are changing the loan to make it work, and they are doing short sales. It could mean that a owner of a property that is being foreclosed has "taken the guts with 'em", (sabotaged the structure...), or there could simply be uncomfortable energy with the home. There could also be environmental issues, irreparable structural issues, zoning challenges, or the best one yet...the foreclosure action is initiated by a subordinate lienholder which means the buyer gets a problem property at an apparent discount...but finds out that the property still comes with a huge debt load still attached.
Banks with first mortgages in default are interested in pursuing short sales, where they agree to sell for less than the mortgage. Loan modifications are also taking effect as often as refinancing. Additionally, there are new bankruptcy rules this time around. There are real estate investors that are voluntarily liquidating their properties...and holding paper to make it happen. People in finance that choose to consolidate their holdings are doing the same thing, often willingly. Traditional financing is still difficult, even with excellent credit, and owner financing is playing a larger part. Negotiating a purchase in this market has many facets that require expert guidance. Mistakes can be very expensive.
The buying opportunities are not all available in one source like a local multiple listing service any more. Those of us in the trenches of the real estate market are seeing that the traditional sources of Real Estate inventory are supplemented more and more by discounted deals through short sales, bankruptcies, transfer of corporations that own real estate, and various other forms of deal-making.
In this rapidly changing landscape, we have changed with it. We are offering our services to buyers through exclusive Buyer's Broker Agreements, which allow us to sift through the expanded sources to get the right property at the correct valuation. This means we access the traditionally listed properties, short sale opportunities, bankruptcies, and foreclosures. This also means we negotiate on your behalf in all circumstances, except the properties that we represent exclusively, and how we get paid is outlined in advance...there are no surprises. Like traditional real estate deals, buyer's brokers get paid when you get the property you like at the price and terms you agree on.
This benefits the buyer because it allows us to apply our decades of expertise unearthing remote possibilities through the dozens of sources that the novice isn't aware of, or a buyer doesn't have the time for. We help the buyer through the process again by negotiating deals, financing and terms with the strength of knowing the day-to day market conditions, as well as the landscape which is sure to continue evolving rapidly.
Feel free to contact us with any questions or comments, or just to ask us about one of the many properties we advertise...we are experts on waterfront investments.
SimonTheBroker@aol.com
631-725-4357 ext 120
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