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Thursday, April 09, 2009

Viera Short Sales - After the contract...

There are plenty of short sale opportunities in the Viera, Florida real estate market. The prices, as well as the condition of the properties, run the entire range of options!

Purchasing a short sale requires flexibility as it is not the routine transaction. Anyone who has purchased a property before knows that the "usual" contract date to closing date is about 30 days, give or take a few days.

I have written quite a few articles on real estate sales in the Brevard County area and always mention the number of days on the market (DOM). The days on the market may be a bit misleading as this reflects the days from listing (put in MLS system) to the date a contract was signed by the buyer and seller.

The days after contract (I call it the DAC) is rarely mentioned. I looked at the 11 short sale proeprties that closed from March 1st to April 9, 2009, for the Rockledge and Viera areas only. The average days on market was 110 days which is about the average for all sales here.

The average days after contract (DAC) to closing was 70 days. It has been widely quoted that closing with short sales takes about 60 days, more or less. This still seems to hold true.

Not every closing is the same. The DAC varied from a short of 30 days to a long of 608, with a median of 124 days! Because the circumstances of a short sale are atypical, remember no closing is the same. Patience is necessary in any short sale! Bank owned properties should be more traditional although I have not done as much research, sounds like an assignment!

If you would like information on short sales and REO properties in Viera and Rockledge, Florida, please let me know. I can be reached at 321-693-3850 or by email to agent@moving2brevard.com. Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.

Please read my other blogs at http://www.movingbrevard.blogspot.com/ and http://www.gwatersc21.activerain.com/. Visit my web site http://www.moving2brevard.com/ as well, please!

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