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Sunday, January 04, 2009

Not just any short sale property will do - Being Selective

I was speaking with a potential client yesterday regarding short sales. In Brevard County Florida there are lots of them. And some appear on the surface to be very good deals.

I have noticed several, OK more than several, neighborhoods in Viera and Rockledge where more than half the properties listed for sale in the subdivision are short sales. Let me repeat - on the surface the prices sure seem very attractive.

However, I wonder how many of these neighborhoods have other homes in the process of entering the foreclosure or short sale market.

Why would a homeowner who paid $250,000 for a home two years ago keep paying his mortgage when the homes in the area are now going for $150,000? This is not a lecture on personal responsibility or personal pride....

Short sales do present opportunities but caution is certainly warranted. In a market where there is....

  • excessive re-sale inventory
  • growing unemployment
  • competing new construction
  • declining prices

....caution is the rule of the day because not just any short sale will do!

Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.

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