Finding a Bonita Springs Home Steal
If you think you missed the boat because the distressed real estate pool has gotten shallow, here are some great tips to make sure you bet the best deal when shopping for a home in Bonita Springs, Florida. Here are 8 Ways to Find Real Estate Steals in Bonita Springs Florida:
1. Short Sales – Short sales have become really unpopular for real estate buyers because of the uncertainty of the closing date and the swiftness of the real estate market. The fact of the matter is that your buyer’s agent should be able to ask a few pointed questions to screen the transaction for viability and likeliness to close or close in short order.
2. Foreclosures – There aren’t a lot of foreclosures in the Bonita Springs real estate market but when they do come to the market they’re often a deal for a cash buyer. Financing home buyers can attempt to purchase them but the owning financial institutions often choose a cash buyer over a financing buyer.
3. Heavy Inventory - This technique takes a little skill from your real estate agent. Find a neighborhood or price range with a large absorption rate or heavy inventory. Where there is excessive choice there is always an owner who will negotiate because they want to or need to sell. Any offer made on a home or condo must have the absorption rate accompany it so the seller understands how many years of inventory there is and how much longer they could potentially own the home between offers.
4. Special Assessments & Lawsuits – This too shall pass … any special assessment is going to get paid or HOA lawsuit is going to be settled. What happens during the process is an inventory build up by stalled sales. Recently, I located a very affordable condo that was underpriced because the condo association had filed bankruptcy and was suing the master HOA. Worst case scenario, a $6,000 special assessment could be levied for the condo. Considering how low the price of the condo was (at least 30-40K under value), it was still a deal even if there was a special assessment levied. *Condos in litigation do not qualify for traditional financing so they would have to be a cash buyer.
5. Shop Above Budget – Look at homes in Bonita Spring above your budget. Look at “days on market” and find the home that has been sitting because it is overpriced. Those home owner may be ready for an offer and may not understand that their property is over priced and will have to appraise if the buyer is financing. Make an offer that and allow the comparable properties to accompany the offer so the seller understands pricing, appraisal and the offer.
6. Geography - If you like a particular floor plan figure out where else in southwest Florida that home can be located. If you fall in love with a home in Hawthorne try looking in Palmira, Shadow Wood or Emerson Square in South Fort Myers. Same home builder, same floor plan, different location. At the time of this post publication there are home in Colonial Country Club of Fort Myers $100,000 less than homes in Spring Run at The Brooks and Copperleaf at The Brooks, plus there is more selection of homes for sale. Same floor plan, same bundled golf amenity.
7. For Sale By Owner – If you find a home for sale by owner ask your agent to call. Many home owners cooperate with buyers agents and even if they don’t the properly vetted and negotiated FSBO could be a steal in an upwardly trending market. Most seller’s don’t understand closed sales and comparable sales and could be mispriced for the market.
8. First In The Hood – New construction is popping up all over the Bonita Springs and Estero Florida area. Your buyer’s agent can get you in on entry level, pre-construction prices. This is a great technique for those who may not be retiring for a few years or who do not need a home immediately. Very often there are neighborhood renderings or duplicate neighborhoods to tour. For example, homes for sale in Bonita National can also be found in Treviso Bay Naples. Bonita National has no model homes to tour but super pre-construction deals (Jan 2015) A home buyer can find the model/budget they prefer, choose the home site in Bonita Springs at Bonita National and tour the decorated model in Naples.
If you are searching for real estate in Bonita Springs, Florida and need the services of an Accredited Buyer's Representative contact Chris Griffith by phone or text at 239-273-7430. You can also sign up for an account below: