Today, I have spent some time, trying to get my head around the current market in Poinciana Fl. I need to know how many properties in our MLS(Multiple Listing Service) are currently in foreclosure, bank owned or requiring a short sale. For the purpose of this post I will call these "default properties". I must say, this data is not easy to get.
The problem I'm having is a lot of the default properties are only mentioned in the comments section of the listing. If the REALTOR® hasn't clicked off the appropriate fields then the only way I can know if it is a default property is to read each listings remarks. Well, I can't do that. We have 1682 active listings and it would just take too long.
Anyway, here is my analysis based on what I could find.
OK, it's my opinion, based on my research, that these default property percentages are off quite a bit. I believe they are off by as much as 5%. I'm basing that on the amount of listings where the appropriate fields were not checked. Here is a sampling of the comments from listings that did NOT show up in my search for default properties.
- Short Sale all offers subject to third party approval commissions subject to lender approval & to be split 50/50 with listing and selling agent
- Pre-Foreclosure - Short Sale contracts are subject to 3rd Party Approval - Chance to own this beautiful home at a super low price. Take advantage of the buyers market. BRING ALL OFFERS!
- It's a STEAL of a DEAL! Are you ready to move in? *Pre-Foreclosure* SHORT SALE-SUBJECT TO 3RD PARTY BANK APPROVAL! *Sold As Is*
- Home For Auction: Pre-approved buyers only. Limited Service Listing. To show call Rodney @ xxx-xxx-6300. Home to be sold to HIGHEST and BEST OFFER acceptable to seller. Fax offers to xxx-xxx-6487. Buyer to pay buyer's agent commissions
- SUBJECT TO SHORT SALE APPROVAL.NO QUALIFY RENT 2 OWN WITH 5% DOWN. NO QUALIFY OWNER FINANCING AVAILABLE WITH APPROPRIATE DOWN PAYMENT. BAD CREDIT, NO CREDIT NO PROBLEM!
There are many, many more of these but I just wanted to give you a sampling. Then we have the properties that are priced to sale but are NOT default properties. Check out these remarks.
- *THIS IS "NOT" A SHORT SALE- PRE-FORECLOSUE-BANK OWNED PROPERTY-FAST REPLY FROM SELLER-NOT WEEKS LIKE SHORT SALES-*EASY SHOWING-CALL L.A. GREG-xxx-xxx-9620--IF YOU GET MY VOICE MAIL I WILL CALL YOU RIGHT BACK WITH INSTRUCTIONS---
- BARGAIN PRICED FOR QUICK SALE TO SETTLE ESTATE! INVESTORS DREAM, (Only needs MINOR cosmetics, interior paint & new bedroom carpeting.) Home has good bones and sits on a quiet cul de sac. PRICED WAY BELOW MARKET VALUE for a Quick Sale! Home needs minor TLC, sold as is with right to inspect. Home Warranty. Seller is motivated and wants a fast sale to settle estate. **THIS IS NOT A SHORT SALE OR FORECLOSURE, SO IT CAN CLOSE IN 30 DAYS OR LESS!** A FABULOUS DEAL FOR YOUR BUYERS. WON'T LAST LONG! This is a must see home.
Isn't that interesting? The reason these REALTORS® want you to know it's NOT a default property is because default properties are getting very few if any showings in my area. There are too many low priced properties available where the buyer doesn't have to wait for 3rd party approval and their REALTOR® doesn't have to be concerned about their commission being sliced at the last minute.
So there you have it, a peek into my World, Poinciana Fl. I showed you mine...want to show me yours?
***The Real Estate Show is my listing. It is NOT a short sale!!!
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