Naples FL Blog

Bank Owned Properties and Family
May 14th, 2009 7:01 PM

In my last blog entry I mentioned that I was starting to help my brother Patrick find a home in Naples.  Here is a photo of my brother Patrick and I getting ready to enjoy dinner.  Funny, I seem to have a number of photos where Patrick & I are holding a menu.

My brother Patrick and I enjoy dinner at the Ridgeway Pub.  Photo by Don Wilber!

Patrick lives and works in Southern Illinois.  He wanted to find a home here in Naples while the prices are good.  Patrick specifically had me looking for bank owned single family homes under $75,000.00 in Naples.  Does something like that exist?  Yes, it does but...........99.9% (Okay I am exaggerating.) are all out in Golden Gate Estates.

Every time a new bank owned home would come on the market, I would drive 45 minutes one way to view the home for Patrick.  Sometimes my husband Don would join me.  The majority of homes we looked at either were:

  • without an air handler and or compressor
  • without any appliances
  • without any light fixtures
  • in deplorable condition

The few homes that were in OK condition and hadn't had the air handler and compressor stolen were immediately over run with offers.  Patrick needed to obtain a mortgage and most of the offers coming in were cash offers.

After one particularly disappointing day, I had a heart to heart talk with Patrick.  The bottom line of this discussion was that the monthly cost to take care of a single family home could turn out to be close to a monthly condo fee.  I asked Pat if I could send him some condo listings that would have monthly fees in his price range and Pat reluctantly said yes.

The next morning, I e-mail Pat some condo listings that I thought could work for him.  About an hour after I sent the listings to him, I received a phone call from Patrick saying, "Hey! Lynn! That one condo is only about 10 minutes from you and Don!"  The excitement in his voice was very evident.  All of the places we had looked for Pat were at least 45 minutes from Don and I. 

I went out to the unit and took digital photos of the place and the complex and sent them to Patrick.  The next day he put an offer in on the condo, which was eventually accepted.  The home inspection had a few minor things to be repaired.  We are now waiting for loan approval.

Many times you will hear people in my industry say, "Buyers are liars."  Buyers are not liars.  Realtors® just have to listen closely to their Buyers.  While my brother told me he wanted a house, Patrick had expressed his concern over monthly costs many times.  He also thought that he would never be able to be close to us.  Purchasing a condo gave Patrick an afforable alternative to a single family home and place him closer to family.

FYI - Another reason Patrick was so thrilled about the location of the condo was because it was close to Cooker's.  For those of you who have never been to Cooker's, they made the best Chicago Italian beef sandwiches in Naples.   Unfortunately Cooker's recently went out of business.  When I e-mailed Patrick that information, I received a phone call from him screaming, "Noooooooooooooooooooooo!"

Hopefully all will go well for Patrick and he will eventually be able to live here full time.  I would love to have my whole family in Naples one day.

Should you be thinking of selling your home in Naples and would like a candid assessment of what it would take to sell your home in today's market, I would be happy to provide you with a free market evaluation.  Feel free to give me a call at 239-594-2780 or e-mail me at Lynn@NaplesBuys.com.

Looking for a home in Naples?  Search here, once at the search page, you can search by development, save your search and new listing updates will be e-mailed to you.

Care to share a comment with us?  Just click on the Post A Comment link at the bottom of this blog entry.  Comments are always welcome.  Want to subscrible to this blog?  Just click on Subcribe To This Blog link at the bottom of this entry.

About the author:

Lynn Wilber is a Real Estate Professional who lives in Naples.  Her 31 years of real estate experience and her area expertise have been valuable resources for Naples Sellers and Buyers.  For more information, please contact Lynn Wilber or call 239-594-2780.

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Posted in:General
Posted by Lynn H. Wilber on May 14th, 2009 7:01 PMPost a Comment

There was an article in the Naples Daily News on Saturday, May 24th by Realtor® in the Estero/Bonita Springs area.  One of the things that the author mentioned in this article was that selling Realtors® should help humanize their Buyers to the listing Realtors® and Sellers. 

This article reminded me of a time when I was a younger agent and interest rates were in the high teens.  Believe me when I say you had to be creative to sell homes during those times.  I taught myself about contract sales, holding second mortgages, VA,  FHA, and lease purchase loans. I would explain all the different ways a Buyer could purchase a home to my Sellers.

At the time I worked for a large independent brokerage in Berwyn, IL named Pav Realtors®.  Berwyn at the time had a large Senior population that owned their homes free and clear. With CD interest rates at the time under mortgage rates, a Seller could make more money selling their home on contract (with a balloon payment) then purchasing CD's.  This arrangement could work out very well for both a Seller and Buyer.  A Seller would receive a down payment from the Buyer.  The Buyer would make payments on the loan amount amortized over 30 years with a balloon payment in 3-5 years.  The Seller would retain ownership of the property until the loan was paid off.  The Buyer would have an interest rate that was lower than the current mortgage rates and the ability to refinance when the mortgage interest rates decreased. 

I had listed a home that was owned by a Senior who was adamant against contract sales.  She even made me write in the listing agreement that she would NOT accept any contract sales.  This Seller owned her home free and clear.  When a contract finally came in on her home, we ended up with not one but two contracts the same day!

The first offer came from the mother of two sons.  She was buying the home for her sons to live.  When the mother viewed the home, she verbally tore apart the home, pointing out all the homes flaws to her agent.   This was the home my Senior Seller had raised her family.  My Seller was there for the showing.  Hey, she was a Senior and she was NOT going out of the house on a bitterly cold wintery January day!  The mother's offer was a for a conventional mortgage with 20% down and a closing date that would accommodate my Senior Seller moving out of the home.

The second offer came from a husband and wife with a baby.  While the home was being shown, my Senior Seller held the baby.  Everything about the offer was the same as the first except this Buyer was asking for a contract sale.

I am sure you can guess that my Seller accepted the contract sale from the young family.  She totally rejected the conventional sale.  I will never forget her words when she countered the contract sale; "Honey, do you think we could do a 3 year balloon instead of a 5 year balloon?  I don't know how long I will be around."

A good Realtor® will never discount humanizing the Buyer to the Seller.  I'll never forget the Senior Seller that taught me this lesson.

Should you be thinking of selling your home in Naples and would like a candid assessment of what it would take to sell your home in today's market, I would be happy to provide you with a free market evaluation.  Feel free to give me a call at 239-594-2780 or e-mail me at Lynn@NaplesBuys.com.

Looking for a home in Naples?  Search here, once at the search page, you can search by development, save your search and new listing updates will be e-mailed to you.

Care to share a comment with us?  Just click on the comment link at the bottom of this blog entry.  Comments are always welcome.

Want to subscribe to this blog?  Just click on the Subscribe link at the bottom of this blog entry.

About the author:

Lynn Wilber is a Real Estate Professional who lives in Naples.  Her 31 years of real estate experience and her area expertise have been valuable resources for Naples Sellers and Buyers.  For more information, please contact Lynn Wilber or call 239-594-2780.

YouTube | Linkedin | GoogleWebsite  


Posted in:General
Posted by Lynn H. Wilber on May 25th, 2009 1:53 PMLeave a Comment

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