I spoke with a potential client yesterday. We discussed the Brevard County market and because she has some time I asked her about short sales. She was not familiar with the term which does not surprise me at all. Sometimes those of us who deal with real estate every day fail to remember that others are exist in a world outside of real estate.
She had been looking at MLS entries and seeing them described as a "short sale." She thought maybe that referred to accelerated closings or something. Get a quick closing thus a short sale - sounds logical, doesn't it?
If this were only true...So, what is a short sale?
Simply put, it is a situation where the likely sales price of the property will be less than the money owed to the lender. Short sales are great opportunities for those who have the time. Since bank or some other third party approval is required, these deals take time - and patience!
The time required may be as short as a month but I would allot about 60 days for the deal to close...after a contract is negotiated.
The approach to a short sale is the same as any other home purchase. You view the property and negotiate (through your real estate agent) with the seller (through their real estate agent). Once an agreement on a contract price is reached then the offer is transmitted to the lender.
Once approved by the third party, the closing can go forward.
Short sales are not fire sales! They are homes that are attractively priced to move - even in a slow market. As such, they are potentially great opportunities for those with patience, money, good credit and knowledge! By the way, there are short sales at all prices from the $100,000 mark to the million dollar range!
Interested in the "short sale" market for Brevard County Florida? Email me for information. Interested in the Suntree, Viera and Rockledge short sale market? Email me. Or, call me at 1-321-255-2600 or 321-693-3850 direct, email agent@moving2brevard.com .
Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Melbourne Florida.
She had been looking at MLS entries and seeing them described as a "short sale." She thought maybe that referred to accelerated closings or something. Get a quick closing thus a short sale - sounds logical, doesn't it?
If this were only true...So, what is a short sale?
Simply put, it is a situation where the likely sales price of the property will be less than the money owed to the lender. Short sales are great opportunities for those who have the time. Since bank or some other third party approval is required, these deals take time - and patience!
The time required may be as short as a month but I would allot about 60 days for the deal to close...after a contract is negotiated.
The approach to a short sale is the same as any other home purchase. You view the property and negotiate (through your real estate agent) with the seller (through their real estate agent). Once an agreement on a contract price is reached then the offer is transmitted to the lender.
Once approved by the third party, the closing can go forward.
Short sales are not fire sales! They are homes that are attractively priced to move - even in a slow market. As such, they are potentially great opportunities for those with patience, money, good credit and knowledge! By the way, there are short sales at all prices from the $100,000 mark to the million dollar range!
Interested in the "short sale" market for Brevard County Florida? Email me for information. Interested in the Suntree, Viera and Rockledge short sale market? Email me. Or, call me at 1-321-255-2600 or 321-693-3850 direct, email agent@moving2brevard.com .
Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Melbourne Florida.
