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Friday, October 02, 2009

Buying a "Short Sale" in Brevard County, Florida

About 14% of Brevard County single family homes listed as for sale in the Brevard MLS are "short sales" listings.

{A short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender....}

There are about 4,325 single family active listings in the Brevard MLS as of today (October 1, 2009) with about 600 of these listed as short sales. Of the approximately 1,800 town houses and condos listed for sale there are almost 200 listed as short sales (about 11%).

By the way, there are about 600 short sale single family homes currently under contract and awaiting approval and closings (hopefully).

Given that in September 2009 there were 63 that closed the inventory tied up in the process may grow even longer.

A question I posed this morning in another article addressed whether some banks know this or even care. Read it here.

This is where I always provide this disclaimer....
  • short sales can take a long time;

  • approval time may be as long as six months;

  • flexibility is a key characteristic for a short sale buyer!

Gary L. Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region. Whether your interest lies in a 55+ community, a golf course community or water front, give me a call!

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