Question for realtors, PGA Village, Port St Lucie (for sale, foreclosure)

[VaJim]

First, thanks to everyone for the wealth of information that has been provided.

I'm a golfer, have golf friends in PGA Village and have visited PGA Village on several occasions. Love it, always intended on living there (or Pinehurst NC).

I'd like to purchase at a price fully reflective of the economy such as it is. Not into the courthouse steps thing or upset bids. I believe things will get far worse, but I'm not getting younger. Got to have balance and I have some money.

Would this work and how would it be perceived by an agent receiving an offer I might make? My thought is to place $300K cash in a local PSL attorneys escrow account and engage him to prepare an offer(s) for me and further engage him to complete the title search and closing. I'd have him draft an offer for about 5 properties with a single contingency; that any offer that is accepted by the seller would negate all offers still outstanding. Closing in 20 days (cash is already positioned) based on good title and I can turn on the lights and A/C (I'm easy) and don't see bugs, bad drywall or mold.

I'd read elsewhere that this would not be "in good faith." I do not agree but I'm not sure I understand the meaning of this criticism. I'd make sure each agent understands the time element and multiple offers. And I would make sure the LISTING agent receives each offer so that the reward is all the greater (both elements of the commission). And no, I wouldn't waste an agents time having him ferry me around properties, only his listing. I've also read many properties are not known to even the agent as being a short sale.

I'm simply not into a long drawn out process. I've worked in banks, for banks, and against banks and I know they have both a fear of making decisions and, frequently, deadlines to make decisions. Perhaps this could build a fire under one that needs to liquidate some stuff before the end of a month. Looking at the listings for PGA Village, I'd be proud to live in any of the $250-350K homes (heck, I enjoyed staying in the villas on Perfect Drive).

Viable? Any thoughts would be appreciated.

Jim

[FlaLadyB]

First of all the closing agent is whoever the Seller chooses, not the Buyer.

Second, any Realtor can show you any listings so staying with one Realtor is the only way to go, not with several since it serves no purpose and the sale price won't be any different or the sale go any faster.

It's also not our decision as a Realtor on the price or how fast anything is done since the banks, as you well know, control short sales and nobody else. YES we DO know if a house is a short sale or a foreclosure or just on the market for sale. It has to be disclosed in the listing.

You don't need to have an attorney hold your money, (unless you want to) , since your bank can transfer funds to the title company for a closing.

To answer to main question about multiple offers, the answer you have received is true. If an owner receives that kind of offer he may well not even accept it since that would be taking the home off the market for what they would perceive to be a "real" buyer, not someone who could and would walk at any time.

IF you offer on a home that is not a short sale or a foreclosure taking multiple offers you have a better chance of closing quickly. Otherwise you are at the mercy of the bank or banks holding the mortgage.

I hope this answers your questions?

[VaJim]

FlaLady, you're the best. I've read so much of your stuff, particularly regarding Tradition. You're too generous to share the information you've accumulated. Its one thing to put a bunch of vanilla information out there, but to share your time, individually with people, that's beyond the call.

The one point you make with which I take disagreement (perhaps you didn't understand me) is the nature of the multiple offers I'd make. When I put that money in the attorney's escrow account, the first responder gets the deal. He's duty bound to execute the any contract related to that escrow according to the terms of the offer that created that escrow. There's no walking away on my part; offer and acceptance says I can't walk away. Receipt of an acceptance by my attorney....not a counter offer....makes it a contract in law. That's my objective and how I'd instruct the attorney.

I'm sure you've considered the 'playing field' over the last several years/decades. Many buyers with a commodity called cash vying for the one and only perfect home. Well, now the tables are turned. There's a lot of perfect homes and few people like me....err, I have cash. I'd like for those people that need my scarce asset, cash, to give me the best deal for their commodity, a nice house.

Thanks again and I'll be PM'ing you, Jim

[FlaLadyB]

Thanks VaJim... I try to help since buying a home any where can be a maze now with all the if, ands, buts, and maybes that can go with it.

Yes, cash is still king for a quick closing with no short sale involved and it always looks better to the seller!