Tuesday, January 26, 2010

Short Sales Have Everyone's Attention

Short sales (situations where the selling price is less than the mortgage requiring lender approval) seem to have everybody's attention but...

Short Sales are not typical real estate transactions because:
  • They can take months for an approval (or a counteroffer from the bank).
  • They can be foreclosed upon before the sale is approved (some banks short sale negotiators do not even talk with the foreclosure folks!).
  • They can stressful as the buyer is "up in the air!"
  • By the time approval comes the prices for similar units could be lower resulting in problems with appraisal unless you are a cash buyer!

Short sales are good if you are flexible, will not be devastated if you fail to get the property, and know the process well!

Gary Waters, Florida licensed real estate agent, Bucci Realty, Rockledge Florida working exclusively with the real estate professionals at Century 21 Baytree Realty.

Read my blogs Florida Homes for Sale and Observations of a Viera Florida Real Estate Agent.