The Boca Raton Realtors and in particular, the short sale realtors in Boca Raton Florida that are consistently able to get clients a short sale bank approval are the short sale realtors at Palm Beach Premier Real Estate who are experts when it comes to successfully closing a luxury Boca Raton short sale and surrounding Cities in Palm Beach County.
Since the peak of the local real estate market was reached in 2005 and 2006, short selling real estate has become commonplace and Boca Raton short sales and short sale realtors in Boca Raton Florida are no exception, and for understandable reasons. At the height of the market, there was a fundamental disconnect between local Boca Raton real estate prices and average household incomes; credit had become so widely available, often times without the need for little, if any, supporting documentation, that there seemed to be no end to the local price appreciation of Boca Raton real estate values. Inevitably, the house of cards as many have coined the market’s peak, came tumbling down and with it sharp declines in the values of Boca Raton real estate. The greatest areas of decline being those local marketplaces that were overbuilt and which experienced the most dramatic price appreciation. In South Florida, Boca Raton real estate was hit particularly hard and short sales in Boca Raton and short sale Realtors in Boca Raton Florida have become commonplace. At one time, particularly early on, there was a certain stigma when it came to Boca Raton short sales specifically and short selling real estate generally, however that is no longer the case and short sales in Boca Raton are far more prevalent and accepted.
As Boca Raton real estate prices declined, banks have become increasingly more receptive to the practice of short selling real estate, and in particular, luxury Boca Raton short sales and luxury foreclosure properties have become increasingly in vogue for our discerning clients and our team of Boca Raton Realtors have become incredibly successful and adept with the short selling real estate in Boca Raton.
A short sale, simply put, is a real estate transaction whereby the bank (mortgagee) agrees to accept less than the value of the outstanding amount owed by the borrower (mortgagor). Obviously the transaction itself is far more complicated, but here is an example of one of the typical luxury Boca Raton short sales that a typical Boca Raton Realtor at Palm Beach Premier Real Estate specializes in, and have become experts at successfully closing, as well as one of the leaders in luxury Boca Raton short sales and Boca Raton real estate transactions which require short selling real estate
Palm Beach Premier Real Estate listed on February 2nd 2011, a large single family home as a luxury short sale property in Boca Raton in the exclusive Boca Raton community of Estancia West.
The luxury short sale property was listed, based on the like-kind comparables (sold and active MLS listings similar in size and features to the subject property within the most recent 6 month period) for $570,000. The house was a large, 4 bedroom, 2.5 bathroom home, situated on a pie shaped lot with in-ground swimming pool and beautiful lake view. There was one lender involved and our client had originally purchased the subject property a year prior to the market reaching its peak levels, and was “upside down” on the property.
One of the Attorneys that our Boca Raton Realtors refer our Boca Raton real estate clients to if they ask, specifically specializes in luxury short sales in Boca Raton as well as short selling real estate and luxury foreclosure properties, and on this occasion, they represented our client in the short sale negotiation process with the lender.
Initially, the lender was adamant that they wanted $595,000 from the buyer who was only willing to offer $495,000. As prices continued to decline in the sub-division and surrounding Boca Raton real estate area during the period of this lender negotiation, the comps fell near to the initial offer price. As is customary with luxury Boca Raton short sales, the bank or lender, typically orders what is called a Broker Price Opinion which is also referred to as a short sale BPO. Unlike an Appraisal, this is an opinion of value performed by a licensed Agent or Broker – typically performed by a Boca Raton Realtor that understands the short sale process fully. The Broker Price Opinion or short sale BPO should have come in around $525,000 based on the price declines since the time of the initial listing, however, the bank continued to maintain that the Broker Price Opinion or short sale BPO valuation was $595,000, which we were adamant was not a broker price opinion value supported by current and existing comparable sales and listings in the subject neighborhood, and asked the lender to supply us with the listing addresses used in the Broker Price Opinion or short sale BPO which they declined to disclose.
In getting this luxury Boca Raton short sale approved by the bank (and that goes for some of our harder Boca Raton short sales generally when the bank involved are stuck on a broker price opinion or short sale BPO value ), we encouraged our client to obtain an independent appraisal. This formal appraisal came in at $505,000 and with some strong support, we were finally able to persuade the bank to rely on the Appraised Value rather than the Broker Price Opinion or short sale BPO value. Our client successfully closed their Boca Raton short sale within the following 30 days with a full deficiency release, and the Buyer is thrilled with their wonderful purchase at the current market price levels of $520,000.
Good short sale realtors in Boca Raton Florida are hard to find and it is imperative that if you require short sale information or need short sale advice that you locate experienced short sale realtors in Boca Raton Florida that have a track history of short selling real estate and especially with short sales in Boca Raton rather than from wither Dade County or Broward County
Short selling real estate and executing successful luxury Boca Raton short sales is a niche area of our Palm Beach Premier Real Estate Brokerage and our team of short sale realtors in Boca Raton Florida is here to help you every step of the way with your Boca Raton real estate needs. If you would like to know more about short selling real estate or luxury Boca Raton short sales and luxury foreclosure properties, please give us a call at Palm Beach Premier Real Estate at 561.395.8418 and ask for Gia or Grant, or alternatively, you can email us at: Info@PBPrealestate.com where one of our Boca Raton Realtors will be pleased to provide you with short sale information and advice on short selling real estate. If you are looking for short sale realtors in Boca Raton Florida then Palm Beach Premier Real Estate is the short sale specialist for you.
Palm Beach Premier Real Estate specializes in short selling real estate, luxury Boca Raton short sales and luxury Boca Raton foreclosures and we train our short sale realtors in Boca Raton Florida to remain up-to-date on the short sale process be familiar with the latest short sale information and to provide excellent short sale advice to our clients and those needing to short sell a home