FIND Value Properties

Best Value Properties

The Vespo Team understands that Buyers today are all looking for the same thing… a great value!  Many buyers are under the impression that the great value only exists in a "Short Sale".  This is not always the case and is definitely not the easiest way to approach this Value market.  A Short Sale by definition is the Sale of a Property for less money than is owed to the Bank on that property in the form of a Mortgage.  However, as anyone that has been following the Real Estate Market over the last 5 years knows, most Properties mortgaged in 2004~2005 would fit that definition.  This doesn't mean that you are necessarily getting the best value, it just means that the Bank must approve the sale and they have NOT YET written off their loss on that property.  Another way to say this is that in a Short Sale situation, the Bank is still looking to recoup as much of its loss as possible.  That is why offers on Short Sales take so long to get approved and why there is so much time between offer and acceptance.  The Bank is still trying to minimize loss and they are waiting for the next better offer to come around.  Another thing to consider is that the Bank is not always the only debtor stanging in the way of a Buyer and a successful Short Sale.  If an HOA or Condo Association is owed money as well, they can also hold up a Short Sale if they are not willing to give up some of their outstanding debt. 

So if Short Sales are this difficult and risky, what is the answer?  Well there are actually three and the Vespo Team is here to help you with any and all of them:

First, Bank owned Foreclosures!  You may wonder, “isn’t this the same as a Short Sale?”  The answer is most definitely No!  Once again, a short sale is a property for sale by the owner of record who owes the Bank a Mortgage larger than the home is worth.  However, a Bank Owned Foreclosure (or REO – Real Estate Owned) is a property that has already gone through the Short Sale process unsuccessfully, and has completed the Foreclosure process as well.  The Bank has not only exhausted all possibility of a Short Sale, but it has also already written off its uncollectable debt from the original mortgage holder.  This means that the Bank is essentially playing with “House Money” at this point and now will trust the Listing Broker’s BPO (Broker Price Opinion) in setting its price and negotiating offers.  You are in essence negotiating with the Owner of the Property (the Bank) when dealing with REO’s, unlike a Short Sale where you are only dealing with a string of middle men in the “owner” of the Property who cannot accept  an offer and the Listing agent who only tangentially has any kind of relationship to the actual decision maker.  Understanding this process, the players involved, and the values of the properties involved allows the Vespo Team to assist you to find the best home for the best price possible. 

One misconception about REO’s is that they are only available in locations that you would not want to buy!  This could not be any further from the truth.  The Real Estate Market was hit equally hard at all price points and in varying types of communities, leading to a wide variety of Bank Owned Properties available.  You may only notice them in the less desirable areas, but the Vespo Team can help you find them in all sorts of communities, including ones that you would least expect.

Every month the Vespo Team produces a guide to all MLS listed Bank Owned Foreclosure properties in Lee and Collier County.  We send this to all of our Buyers who request it.  If you would like to start receiving this information please contact us through our CONTACT PAGE, and please include “REO Properties” in the comments Section along with your choice of lists you would like to receive:

1)    Lee County: $1 Million and up

2)    Lee County: $500,000 to $999,999

3)    Lee County: $250,000 to $499,999

4)    Lee County: $100,000 to $249,999

5)    Lee County: $99,999 and under

6)    Collier County: $1 Million and up

7)    Collier County: $500,000 to $999,999

8)    Collier County: $250,000 to $499,999

9)    Collier County: $100,000 to $249,999

10)Collier County: $99,999 and under

Second, New Developments!  Developers are being hit as hard as everyone else in these difficult Economic Times, in most cases harder.  They have significant investments tied up in , planning, marketing, engineering, infrastructure, amenities, and models.  This makes them VERY willing to negotiate with buyers, especially on inventory homes.  The advantage of going in to these Developers with a Buyer’s Agent like the Vespo Team is that we know the local market, the community itself, comparable properties within that community and within similar surrounding communities.  This information is powerful when negotiating price with a developer.  Therefore, most Developers are more willing to negotiate lower when you go in with us.  We also have long standing relationships with many of these developers and so we can get to the lowest possible price more quickly and painlessly than you would be able to coming off the street by yourself.

The Vespo Team works with a number of Developers in a wide range of price points and has found many buyers some fantastic bargains.  These buyers have enjoyed the added benefit of knowing that they were the first and only owner and that they have a minimum of a 1 year Warranty on EVERYTHING!  Additionally, most Developers give you a significant upgrade package for free on new construction, which allows you to add some very nice features to your new home based on your own personal taste at the same great price! 

So please contact us through our CONTACT PAGE if you would like to discuss your Real Estate needs and visit some gorgeous new Developments, and please include “New Developments” in the comments Section.

Third, aggressively priced Resale’s!  The Resale market is currently overflowing with great value homes by individuals that have recognized the competition that they are up against by the Developers and the Banks.  The Vespo Team has been very successful finding those Value non-REO and non-Short Sale properties and recognizing the ones that are appropriately or even aggressively priced.  The reason that you need us to help you find these properties is that they are often the first properties to sell, and if you are trying to do this alone, you will often miss that great value home.  While the internet has made it very easy for buyers to identify the properties that are on the market, what is not available to everyone is the historical data of sold properties in a given area or in a given price range.  As Real Estate Professionals, the Vespo Team will analyze not only the properties on the market currently, but also what other similar homes have sold for in the same area or what you can get for the same price in a similar community.  It is our experience and knowledge of the area that allows us to do this for you in a complete and expeditious manner.

So in conclusion, Buyers should understand that the old saying is true in that “something that looks too good to be true, usually isn’t”. That is the case with the Short Sale craze that seems to be very popular in today’s media and among water cooler conversations.  A good value can be had with much less uncertainty and difficulty by looking at Bank Owned REO’s, Quality Developer products, and finally motivated Private Owner Resale’s!  The Vespo Team is ready to help you find these properties!  Just contact us through our CONTACT PAGE and we will get to work for you!