Short Sales continue to be a large part of the Brevard County Florida real estate market as we approach the middle of February 2010.
Short sales are situations where the probable selling price will be less than the mortgage (upside down) and, although the owner accepts an offer, it must be approved by the mortgage holder.
As of today there are 667 active single family homes listed in Brevard County that are short sales. Another 552 are listed as contingent or pending which means the owner has accepted an offer but the lender has yet to approve the offer. Lender approval can take a long time!
Since December 1, 2009 there have been 132 single family home short sales closed in Brevard County. The pace of approval seems to be a bit faster than a couple of years ago!
Some areas provide greater choice of short sale inventory than others. For example in Viera/Suntree/Rockledge (central Brevard County) there are only 76 active single family short sales (20 closed since December 1, 2009). The numbers in south Brevard will be higher!
If you would like information on short sales in Brevard County, let me know.
Gary Waters, Florida licensed real estate agent, Bucci Realty, Rockledge Florida working exclusively with the Realtors of Century 21 Baytree Realty. Email me or call me directly at 321-693-3850.