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| Short Sales on Properties in Florida |
With more and more people facing foreclosure because of the poor state of the economy, short sales on properties in Florida are constantly rising. Not all lenders are willing to do short sales but many are beginning to embrace the practice as once the home is actually foreclosed upon, the lending institution is responsible for all maintenance and upkeep on the home. Banks aren’t in the real estate business and they certainly don’t want to foreclose on homes; all they want is the money that they lent to be repaid in a timely fashion. When homeowners can’t afford to make their mortgage payments anymore, the lender may consider allowing a short sale to at least recoup some of the money owed without losing more money by having to take care of the property. Short sales are a great thing for those interesting in investing in real estate and building long term wealth.
Dealing With a Short Sale
Honestly, short sales on properties in Florida are not an easy thing to handle. You absolutely must work with an extremely knowledgeable real estate agent to get through the red tape involved with the process. There is much paperwork involved and it is a really time consuming process. A short sale can take as long as a year from acceptance to closing so it is essential that you understand that the process is much different than any other kind of real estate investment.
After the Closing
After you have closed on the short sale property, you will certainly need to completely evaluate it thoroughly. It’s best to try to look at the home through the eyes of potential buyers or tenants to get a true feeling for your potential buyer’s needs. It can sometimes be helpful to get the opinions of friends or family as to necessary cosmetic upgrades however; a professional inspector should be consulted regarding the inner workings of the property such as the water, electric, heat, air conditioning and septic system.
Make that House to Die For
With the downturn of the economy, there are many houses on the market today. Because of the numerous options that buyers have, it is essential that you make the property you bought on short sale stand out and make people have to buy your house. A fresh coat of paint just isn’t enough to make your property get to the top of homebuyer’s lists. You need to use innovative techniques to make the property incredible without spending tons of money.
Back To The 1960’s
Out of date kitchens, bathrooms and décor are immediate turn offs to potential homebuyers. For the most part, people want to buy a house that is turnkey as opposed to a house that requires tons of work. This is where you can capitalize and earn a fair amount of money while rehabbing short sale properties.
The most important room of the home is the kitchen when it comes to selling a house. The kitchen must be in absolute tiptop shape and knock potential buyer’s socks off. This isn’t as difficult as it sounds. If the cabinets are wood, a fresh coat of stain and new, modern hardware can make it look like you’ve spent thousands installing new cabinetry. Countertops can be an expensive upgrade but is essential if you really want to wow your potential buyers and make that needed sale. The tile should be in great condition and that includes the grout. Cleaning grout is a nasty job and often doesn’t make the floor look new again. You can simply clean the floor and re-grout the tiles to give the kitchen a brand new feel. Of course, new stainless steel appliances are a must if you want to get top dollar for your property.
Beware of the Bathroom
Buyers are big on bathrooms. They are looking for luxury when it comes to the bath area and you can give them that element without wiping out your bank account. If the floor and shower areas are tiled, you can re-grout them to make them look like new. In the event that there is a plastic shower or tub surround, you'll need to tear it out and put in tile. Nobody wants to buy a house with a tacky, old surround in the bathroom. It would also be wise to upgrade the vanity, if needed and install new faucets and towel bars to give the room a put together look. Be sure to stage the bathrooms with luxurious towels and a nice shower curtain to make the room feel like it’s a spa.
Beautify the Boudoir
Another important selling feature of a home is the master bedroom. The master bedroom must give potential homebuyers the feeling of romance and relaxation. This is absolutely essential if you plan to get top dollar. You don’t need to spend a lot to make this important room into the bedroom of every potential buyer’s dreams. Being a little creative can make the master bedroom to die for in the eyes of potential buyers.
A soothing color of paint such as sage green or apricot will not only appeal to the potential buyer but also draw them into the room and make them feel comfortable. Of course, the bedroom must be properly staged with furniture and furnishings that complement the wall color and ooze romance. Don’t forget to have long draperies and numerous throw pillows on the bed to give possible buyers the full romantic effect. Freshly cut flowers on a nightstand will enhance the appearance of the bedroom.
Let the House Flow
The house should have a general flow to it. This means that you shouldn’t stage or decorate each of the rooms in a completely different fashion. If you’re going for the coastal living theme, don’t put old fashioned colonial, ultra-modern or other types of furniture in any of the rooms. Themes sell homes and people like to understand the home that they are about to purchase. If the whole house has the coastal theme going on, people will embrace the laid back Floridian style and want to try to purchase the house.
Please Don’t Eat the Daisies
It is really important that the curb appeal of your property reflects the feeling that you are attempting to convey inside of the home. The plantings necessary depends upon the style of home. If you are going for the coastal look and feel, colorful grasses including Pampas grass can have a dramatic effect as well as Bird of Paradise and other tropical plants. You can capitalize with short sales on properties inFlorida if you truly have the desire to make money investing in real estate.