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Sunday, March 22, 2009

How long does a short sale take?

Short Sale Horror Stories - we have all heard these from buyers, sellers, real estate agents - all of whom were involved in a short sale situation. If you listen, you would believe no short sales ever get to the closing table. Such is not the case.

So, how many get sold and how long does it take? For the Brevard County, Florida real estate market I did a little research.
  • In September 2008 and found there were 133 new listings that required third party approval (short sale or foreclosure/REO properties). Through March 19, 2009, 39 (about 30%) of those properties listed in September had been sold.
  • In October 2009 there were 129 new listings that required lender approval. As of March 19, 2009 about 29% of these (37) had sold.

The results for other months was consistent with the two mentioned here. As for the properties not sold...some were withdrawn, some are under contract, some were foreclosed, some are still active.

The bottom line - short sale properties do sell - but patience is required!

If you are interested in buying or selling residential property in Brevard County Florida, please contact me. I would welcome a chance to discuss how I can assist you in the process.
Gary Waters, Century 21 Baytree Realty, Rockledge, Florida.





















I went back to September 2008 and looked at the number of homes listed as requiring third party approval, how many sold (so far), and what month the property sold.

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