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Tuesday, August 04, 2009

Short Sale Activity Brevard County Florida July 2009

Short sales still are exerting tremendous influence on the Brevard County, Florida real estate market and will possibly do so for the immediate future.

As of today there are 601 single family homes in the Brevard real estate agent’s MLS system listed as short sales.

A short sale is not a foreclosure but rather a listing where the probable selling price will be less than the mortgage owed. After the owner signs off on an offer it must then be approved by the lender (can take from weeks to several months).

There are over 550 short sale listings listed as contingent which means the lenders are considering offers. These short sales are attractively priced however the lenders are not interested in giving them away!

During July 2009 there were 61 short sales that did close. Of these there were five short sales sold in the Viera area. There are only 33 single family homes in Viera listed as short sales now. {there are 76 under contract}.

Gary Waters, Century 21 Baytree Realty, Rockledge, Florida, serving buyers and sellers along the Florida Space Coast.

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