With a New Year comes New Year resolutions. With the opening of week 101 on #ThatBusinessShow, we aim to connect on a broader and more personal level with the audience. One of the areas that Jamie will expand on is his own business selling Real Estate. Many remember the founding of That Business Show resulted from the development and morphing of The Jamie Meloni Real Estate Show which aired weekly on 1250WHNZ. The progress of the show will see more Real Estate centric talk about Jamie’s business and on the opening segment of today’s show, Jamie talked about some new listings and opportunities inside the Tampa real estate market.
Specializing in the sale of REO assets, Jamie is assigned a listing by the bank. Bank is also a general term in the industry and could mean an actual bank, an investment group or servicing company. Regardless, the home has passed through foreclosure at the point that it reaches Jamie and they are listed after a pre-marketing period.
So what happens during the pre-marketing period? The first step is to check the occupancy of the home. Oftentimes the homes are still occupied by the prior owners or renters and Jamie, on behalf of the new owner, negotiates a relocation offer (typically). Ranging from $1,000 to $3,000 on average, the occupants agree to vacate the home by a certain date (2-4 weeks average) in exchange for the money and also agree to completely clean out the home of all debris. The situation works as a win-win for both sides by providing the occupants with money to relocate and saving the bank the expense of removing items left behind. Afterwards (or if the home is found vacant upon initial inspection) the bank moves to clean the home and then put it on market. Some banks will do repairs on the home but the majority do not. Once it is listed, it’s no different than buying a home from a traditional seller. There are some regulations and rules that some banks have such as restrictions on when an investor can bid (to give the home owner buyer a priority and advantage) and how long the buyer must hold the home before flipping it for a profit. These restrictions are found primarily on the government assets i.e. HUD, Fannie Mae, Freddie Mac and the VA. They are typically sold as is and with a general warranty deed. Title is insured by a local title agency and any defects are disclosed to the buyer prior to closing and rarely will a bank close on the home with a known title defect without proper disclosure when they sell through the multiple listing service. Buyers who buy direct or through auctions beware though, those standards and practice are much different.
Today, Jamie highlighted two of his upcoming listings which are now in pre-marketing. This means no price is assigned too and the list date is not known but should be within 3 weeks. The only place to know about an agent’s pre-listed properties is from the agent themselves and Jamie highlighted a pair of his this morning which were:
- 5509 5th St Zephyrhills, FL 33542 – 4/3 2476 SF home built in 1901 (wood)
- 5202 Hill Dr Zephyrhills, FL 33542 – 2/2 1048 SF home built in 1970 (block)
These homes will hit the market shortly and will have no restrictions on the purchase or resale. Zephyrhills is a rapidly growing community too and these make for great investments! As the Tampa Bay Times reported yesterday , values spiked in Tampa Bay 10% on average which is 5% more than the national average. Get your home on the market if you are considering selling! This is the year to sell. Much inventory is expected to come on the market in the latter years of this decade which will push values back down so act now! For a free home valuation go to www.thathomevaluation.com – anywhere in the Country. Jamie will handle listings in the Tampa Bay area but if you are outside the area, Jamie will pair you up with an agent inside our Coldwell Banker network. Also if you are looking to buyer, visit www.thathomesearch.com! Catch this discussion and many more at www.thatbusinessshow.com and on iTunes.