Orlando Short Sales: “Deal or No Deal”

Many buyers want only to view short sales and assume that when they see a property listed as an “Orlando Short Sale” they can get a real steal and a great deal…really?  See the “Short Sale Picture”?  Do you get it?

This is not a new construction property that you are looking at, it is a short sale built 5 years ago…obviously the owner is unhappy that they are going to loose the house and they are making sure that they take anything of value …it is called “stripping”.

Short sale sellers may take all the appliances (OK, that is personal property so they can) but then they take the kitchen cabinets too…and the sink, and the faucets and the… “anything-they-can-pry-loose with a crowbar”.

Air conditioner? Gone…copper wiring sold to a junk yard. Light Fixtures?…sold at the garage sale.  Carpet? Now on the patio of the rental home.

Even if the seller leaves the house in nice condition and moves out, the vandals may “strip” it.  No gaurantees.

I remember a real nice short sale property (at least from the outside) in a great neighborhood…price seemed pretty good, until I opened the door…it was empty… seriously empty: No doors, no floooring, no toilets, no sinks, no kitchen, no anything. I learned from the next door neighbor that the owner ran an ad for a contractors sale…contractors came, bought and left with the guts of the house.

Last week I called on an upscale listing…agent warned me that the seller was “stripping” it.  I said: ” Like stripping what?” Agent said…”The crown molding… the wood floors..” I said “Really?” Agent said “Yes, she is even taking the driveway…seller said they were “HER PAVERS, SHE PAID FOR THEM AND SHE WAS TAKING THEM!”

Even if the seller tries to take care of the property, they typically do not have money to fix the deferred maintanence needed or to fix the roof when it leaks.  So there will typically be deficiencies above a normal sale…which brings me to this:  Maybe a regular sale, from a regular seller with a regular house to sell may be the real deal and the BEST DEAL.

Don’t get caught up in the hype of a short sale…you may bid on the wrong door and  YOUR SHORT SALE DEAL MAY BE “NO DEAL”.  Look at other options before you buy.

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