Buyer Information

 In today's market, asking prices are more about motivation than value.  Fair Market Value  is ultimately used to determine pricing for seller's or buyer's lenders after an offer is made on a property.  Many times sellers price their property based on what they need to get to avoid a short sale not what the property is worth OR the seller is willing to wait the market out to get a certain sale price they determine. Many times sellers are holding out for cash buyers that are not held to the restrictions of lender underwriting in hopes the buyer finds more intrinsic value and willingness to pay more for their property.  In the end, value is determined by what a seller and sometimes their lender/investor is willing to take and a buyer is willing to pay for the property. Gidget's strong negotiation skills will help you reach your goal.


Regular Market Properties:
Regular Market, non-distressed properties, are having to compete with distressed property sales in today's market.  If a seller paid cash or needs to sell in this market they are having to price their property within the value of distressed property offerings to get their properties moved or risk the waiting time for comparable sales to sell hoping prices will begin to increase.  

Regular Market vs Short Sales:
Many properties offered for sale are priced much higher than the comparable selling prices.  Many times these properties are bordering becoming a short sale if the price is set based on similar sales.  It's important to know if a seller is holding out for a higher price based on their circumstances or if the real value exists in the property.  Ultimately the lender will require a BPO (Broker Price Opinion) to determine the Fair Market Value (The price a property would bring in the marketplace subject to the prospective buyers and sellers reasonable knowledgeable about the property; they are behaving in their own interests and free of undue pressure to buy/sell, plus, a reasonable time period is given for the transaction to be completed).

I receive lots of calls from folks looking for foreclosure properties.  Although they can be good deals there are not many in the Florida Keys.  Most lenders and sellers are opting to do short sales.  If you are interested in purchasing a bank owned property drop me a note with your email and I'l send you all the foreclosed properties as they hit the market.  You will need to act fast if the property is priced right.  Click here to "Send Me A Note".

The vendors below are provided for your convenience pre-closing through post closing.  Please feel free to give me feedback at or "Send Me A Note" above.  This list is updated often.


Due Diligence

INSPECTION OPTIONS: During your due diligence period consider the following inspections, estimates, etc. to review as per your contract or other needs.
*typically required if financing

Home/Commercial Inspector
Pest/Termite Inspection*
Dock Inspector
Concrete Spalling if applicable
Additional inspections based on home/commercial inspector report
Sewer or Septic? Balance due?
Species research, if applicable
Building rights
Open/Expired Permits

Under Contract

FINANCING: If financing, make sure to gather and turn in all your documents to the lender.  For more information click here.  Get a letter from your lender confirming approval and spelling out your terms, conditions and stipulations.  Don't wait until the last minute to review the note and terms.

TIME PERIODS: The time frames in your contract should be closely monitored to avoid loss of contingencies and meet necessary deadlines.

INSURANCE QUOTES: Get insurance quotes.  3 are recommended.  The Florida Keys is a flood area and if financing requires flood insurance.  Keep in mind these premiums can be steep.  For more information click here.

INSPECTION ITEM ESTIMATES: If during the inspection period there are items that need further research or estimates for repairs coordinate them and get them completed before the time frame expires in the event it is necessary to renegotiate due to uncovered items and costs.

Pre-Closing Reminders

NEARING TIME TO CLOSE: As time for closing approaches consider the items below to be prepared for closing.
  • Review HUD Settlement Statement
  • Review Finance documents
  • Review Contingencies
  • Review Title Search - Stipulations?
  • Bind insurance
  • Transfer electric
  • Transfer water
  • Cable/Internet
  • Final Walk Through
For Rental Property:
  • obtain proper licensing to continue renting
  • hire Gidget Jackson to manage your investment