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Tuesday, May 05, 2009

Bank says “Make an offer”

I am beginning to believe the public’s misconception that banks are giving away real estate is finally fading.

There is still an occasional infomercial telling folks how easy it is to pick up a bargain at a tax sale. The lure of easy bucks. Isn’t that one of the issues that led us to where we are today? Some have even called it greed.

There are a lot of resources available on the internet about short sales now and the general public has learned. Among the things they have learned:

  • short sales are situations where selling price will be less than mortgage owed and any offer requires lender approval
  • lenders may or may not hold sellers personally liable for difference between sales price and monies owed (if you are a seller, consult an attorney and/or tax advisor)
  • short sales take time for a decision possibly 60 days or more
  • sellers have to have a valid reason to sell (not just because the value of the house has dropped)
  • short sales will hit your credit but not as bad as a foreclosure (I have been told this.)
  • the stigma of a short sale does not appear to be as negative (are we now more accepting?)

There is boundless information available. Consult a real estate professional, tax professional, your lender’s loss mitigation department, an attorney if you are considering a short sale.

If you want to buy a short sale – be patient!

Back to my title – I read advertisements that say “Bank says make offer.” Banks do want offers but they want realistic offers.

If you are interested in a short sale purchase in Brevard County Florida, please feel free to contact me for information. If you are considering a short sale of your own property, I would welcome a chance to discuss your circumstances and the market.

Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida. Call me directly at 321-693-3850 or email me at

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