Dear Toby - March 2009

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:  Will we have two Walmarts or will one close?

Toby Says:  I understand that both stores will be Walmarts. I've heard rumors that the old Walmart will be converted to a Sam's Club, but I do not believe this will happen. The roof is too low for a warehouse format.
 

  
Question:  From your experience what percent of short sales in Flagler County actually close, particularly on lots? We are looking at a lot short sale and have no experience with short sales and just trying to set our expectations as to whether this will work. The lot is price considerably below any comparables in area.

Toby Says:  I haven't tracked the percentage of short sales that actually close though I know it is lower. From talking with agents and title companies, there are a few keys to a successful short sale:

• The contract price must be 80% or more of a current broker's price opinion (comp).
• A short seller must qualify by being able to prove they are unable to pay. Lenders will expect this documentation with the contract package
• Some realtors and title companies have developed short sale expertise. They know what the lenders require and will work to compile a complete package to accompany the offer

Try to work with someone who can point to experience with short sale successes.