Cape Coral Real Estate 101: Deciphering the Terms
Cape Coral real estate sales terms can be quite confusing to those who are not familiar with them. Conventional sales, short sales, and foreclosures all create varying buying conditions and have unique circumstances surrounding them. In order to get through the process unscathed, you’ll need to make sure you have a professional and qualified realtor working on your behalf. However, knowing a little bit about the different situations that could come up with your prospective Cape Coral property can help make the process a little less confusing. Here's some basic terminology to get you started in Real Estate 101.
Conventional Cape Coral Real Estate Sales
Conventional sales are those that are exactly what most homebuyers expect. You and your realtor find a property, you make an offer, sign a contract, and close. Ok, well it can get a bit more complicated than that, but that’s the general idea. Sometimes you may have to amend or extend a contract to deal with delays in appraisals and financing, but most people can expect to close on a conventional sale within about 30 days.
Cape Coral Real Estate Short Sales
Don’t let the term “short sale” fool you. Short sales are typically anything but short. Closing on a Cape Coral waterfront property or any other home listed for short sale can take up to 6 months in some cases. It’s a complex procedure that usually involves placing a offer on the home, inspecting the property to determine value, and waiting on the financial institution to decide whether the bid is too low, too high, or too anything else.
Generally speaking, short sales aren’t for homebuyers who are looking to move into their new Cape Coral property right away. They can be good buys sometimes, so long as you don’t mind making some repairs and waiting to move. Sometimes, these repairs can be quite extensive, which can create problems if you are obtaining financing for your purchase. If the home will cost too much to repair, they may not be willing to lend the amount of the offer.
Short sales require the work of experienced realtors who understand the process. In most cases, the goal of a short sale is to unload the property before it enters into foreclosure and minimize any losses for the bank. In ideal cases, closing may be possible in about a month, but don’t set your heart on that goal. A good realtor can help, but there isn’t much that will motivate the banks to work faster except a rapidly approaching foreclosure date.
Cape Coral Real Estate Foreclosures
We’ve already discussed foreclosures in detail in a previous post, so we won’t spend a lot of time here today. The basics of foreclosures, however, is that the property owner defaulted on their mortgage repayment and ownership of the property reverted to the lending institute. Foreclosures can be a great way to pick up Cape Coral waterfront property that may otherwise be out of your price range, but you still need to have an experienced realtor helping you through the sometimes-complicated process. Whichever type of contract you choose to enter, a little bit of foreknowledge can go a long way toward easing your anxiety and making the experience a pleasant one.
If you are looking at Cape Coral waterfront property, we'd be happy to assist you. You'll find our friendly and knowledgeable staff to be a breath of fresh air. We know the industry...We know Cape Coral, and we are here to help you find the Cape Coral property of your dreams. Give us a call. You'll be glad you did!