Southwest Florida Gulf Homes and Land

Short Sale Properties

Short Sales are making up an ever increasing portion of the real estate market. Banks are becoming better staffed and more efficient when dealing with short sale requests. Each short sale will have it's own unique quirks, but more and more short sale deals are going to closing.

If you have the patience to wait it out and are willing to make an offer that reflects current market values supported by actual closed sales then then short sales can provide you with the opportunity to acquire a great house at a truly great price.

Before deciding to look at short sale offerings you need to understand that even though the home owner has accepted your offer to purchase the property, it is the lender that is in the drivers seat. Since the lender is being asked to remove their interest in the property being transferred without payment in full for the amount loaned, the lender wants to be certain that the borrower does not have the resources to pay back the loan. And that if a compromise isn't worked out the lender will be in a situation of having to foreclose on the property.

If you are the first person to make an offer on a short sale property it is very likely that the lender will not have taken the time to look into the short sale request in any detail. Depending on the complexity of the negotiations between the borrower and the bank, it can take months before a final number is negotiated. If a prior offer has been placed on the property and a payoff value has been reached then the time frame can be much shorter assuming your offer is near the negotiated value.

Before making an offer on a short sale property it makes sense to do some research, to determine if there are multiple lean holders, the more outstanding dept the more complex the negotiations the longer the process.

After hearing about the difficulty with short sales, you might be asking why anyone would begin the process to purchase a property listed as a short sale. Well in many cases the property is still in the hands of a caring owner, so the property condition can be better than foreclosed property. The other advantage of looking at short sales is that most are very attractively priced competing with foreclosures price wise without the competing bids that many foreclosed properties are seeing.

If you'd like to see what is available in short sales in Sarasota  County use this link - Sarasota Short Sales

If you'd like to see what is available in short sales in Charlotte County use this link - Charlotte County Short Sales

If you are interested in avoiding foreclosure by pursuing selling your property as a short sale, Johanne is a CDPE - Certified Distressed Property Expert. To contact Johanne call 941 485 4240 or email her Johanne@flgulfhomes.com