Short sale and REO activity certainly continues to play a part in Brevard County Florida real estate activity but it is not the primary market force.
At the end of September 2009, there were 866 active short sale listings in Brevard County, Florida (single family homes, town houses, and condos)out of the approximate 6,000 properties active in the Brevard MLS system.
A short sale is a situation where the selling price for the property will be less than the mortgage owed and therefore requires lender/lien holder approval of any offer a seller accepts. REO refers to bank owned properties.
There is a difference in purchasing these types: short sales take a long time; REOs can be purchased more quickly. [Both are usually "as is" purchases.}
Short sales require a different strategy...You start the process like any other sale and then you stop the domino from falling while you wait!
Of the properties selling in September 2009 how many were short sales?
There were 637 sales of town houses, condos and single family homes in Brevard County during September 2009. Only 70 of these were listed as short sales and another 140 were bank owned/REO properties.
Thus, about one third of the sales in September 2009 were distressed properties with most of this activity appearing to be in the southern Brevard County city of Palm Bay and the surrounding area where more than 125 selling properties were either short sale or REO properties.
The above numbers were obtained from the Brevard MLS system and are only as reliable as the data input by real estate agents and their offices.
If you are interested in Brevard County short sales, please feel free to contact me at 321-693-3850 or email firstname.lastname@example.org.
Please read my blog Florida Homes for Sale.