A Must Read if you want to buy a Fort Lauderdale Foreclosure!

Posted by Eric Miller on Tuesday, July 13th, 2010 at 8:14am.

The anatomy for a Fort Lauderdale Foreclosure.

Its Sunday Morning June 27th, the weather in Ft. Lauderdale is warm and all is calm in the Fort Lauderdale Real Estate Market. As ususal I am on my computer very early trying to be just a little bit a head of my competitors as I investigate the activities of the night before. Was it all quiet in the Ft. Lauderale Condo market, or did something happen that needed my immediate attention. To be on top of this ever changing market you need to have your game face on every day.

And there it was, MLS listing F1080316 . listed by a Florida Real Estate office. The newest listing on the Fort Lauderale MLS.  I had never heard of the company with the lisitng, and their web site took me  to a Chicago Real Estate office that somehow had an in with Chase Manhattan Bank. Its very early, but it is the perfet townhome for a serious buyer. The showing instructions call for us to call a "888" number which I did. I called my client and this team of Ft. Lauderdale Real Agent and Client were off doing their morning run.

You can't help but feel a bit like a secret agent when you will never speak to the person on the other side of the deal and you see what is about to happen.

By Monday morning we have made an offer of $239,000 on a property which was listed for $237,600. On Tuesday we were notifed that there were multiple offers on the table, and we needed to present our best and final. We raised our offer to $249,000, send it over with a cover letter indicating my client was going to be a fulltime resident, and enclosing out preapproval letter. We also indicated that we hade tried to contact the Chase Mortgage people listed in the listing to get a preapparoval from the in-house person, but were unable to get a call back.

Our offer was now higher than the last two sales in the complex and apparisel was a bit of a concern, but we really wanted this unit, and my client was totally qualified for a mortgage, with at least 20% down.

On Wednesday the responce came "offer has been rejected".

As the agent I am, I wanted to learn what had happened, were we simply beat out by a higher bid, was it our terms, did a cash offer mean more to the bank ? What could I tell my client so he knew where what went wrong ?

And there is the surprise of the foreclosurer market, no resonce from the agent at all. except, an email "we don't hold backups if the deal doesn't close you may find it back on the market".

The reason I think this story is so important, is simple. If you are planning to buy a foreclosed property, you are most likely participating in a bidding war, where many aspects of your bid count. The experts at Eric Miller and Associates - www.FortLauderdaleGroup, are here to help you play the game well. We won't always win but we will help you shift the odds in your favor.  And on that note we have two properties to go see this morning, contracts already written in hand.

Best Regards from beautiful Fort Lauderdale.

Eric Miller is an award winning Florida Realtor, salesperson and broker. His website, FortLauderdaleGroup.com provides an up-to-date guide to Fort Lauderdale Condos for sale, and the most complete buyer, seller and investor information for the Fort Lauderdale Real Estate Market.

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