Short Sales Are Great Deals - If You Use a
Certified Short Sale Professional
Homes advertised as Short Sales are currently 20-30% of all available
listings
for sale in Indian River County. They do require some patience, but
most will close
within 90 days of submitting an offer. It's worth the wait to get a home for less than
half of what the seller paid in
2006! A Short Sale is when the lender agrees to discount
their payoff to allow a sale and the following conditions are met
for a home for sale:
- The mortgage is delinquent or in default (pre-foreclosure)
- The home's value is less than the mortgage balance
- The home owner/seller can demonstrate a financial hardship
If these conditions are met, the seller benefits
by:
- Avoiding Foreclosure and having their credit score ruined for 10
years
- Staying in the home during the sales process and not making
payments
- Feeling that they have made the best of a bad situation, doing the right
thing.
You as a potential buyer benefit
because:
- The home is usually better maintained than a foreclosure
- The price is adjusted to current market value and available for
sale
The Lender benefits from:
- Avoiding additional expense of Foreclosure and eviction
- Avoiding vandalism and liability for an abandoned home
- Removing bad debts from their books more quickly
How a short sale transaction is different from a
conventional sale:
- The lender must approve the sales price and can take more than a month to
respond
- The home will always be sold "as is" with right to inspect but no repairs
will be made
- Low offers are typically ignored rather than responded to with a counter
offer
The standard of short sale processing is
still evolving but has improved dramatically
from last year's chaos. With Certified Short
Sale Professional as your buyers agent,(Vero Coastal Homes) you
can buy a home at half of it's 2005 sale price.
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