Dear Toby December 2008

Your Comments and Questions - My Replies

I receive several comments and questions from website visitors. To many, I responded individually. It occurred to me that some of these questions and answers would be of interest to all of you. I publish selected input and replies under the “Dear Toby” banner, with a new page each month to keep the pages short and readable. The most recent entry is at the top of the page.

Feel free to use the “Contact Us” button to send in your comments or questions. Your name will not be disclosed. Due to volume, I may be unable to reply to everyone.

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Question:  Toby..........We are hopefully going to be Palm Coast residents in the near future. I have found your web site so useful! I track the real estate listings often.   We like many are looking for the great deals everyone is talking about but many say to stay away from "short sales". How do you do that when every listing is a short sale???

Toby Says:  The advice to stay away from short sales was valid not so long ago. The lenders were simply not equipped to handle the vast numbers. They lacked staff as well as defined procedures. Compounding the problem, the real estate community was likewise unprepared. The result was that most contracts were not closed.

Lenders need specific data and disclosure documents before they can proceed. Some Realtors® have figured out the system. I spoke with one last night who recently presented an offer "package" to a lender. The offer was accepted and closed in 5 days.

I suggest you interview agents to determine if they have acquired the necessary short sale knowledge and skills. Ask how many short sales they have successfully closed in the past 3-4 months. Work with an agent who can demonstrate they can do it.

 
 
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Question:  What is the new building on Town Center Blvd (?) that often has school buses lined upon the side, and mega cars in the north parking area??

Toby Says:  That would be the new charter school in Town Center