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Wednesday, April 14, 2010

What Are Distressed Properties and How Do I Get One?

I had an inquiry a few days ago asking what "distressed properties" really included.  My response (edited, etc)...

"Basically there are two types of distressed sales in this market - short sale and foreclosure.  Foreclosure is sometimes called bank owned or REO (real estate owned).  A short sale is a situation where the probable sale price will be less than the mortgages(s)....Depending on the property, some foreclosures have been "stripped" by the owner before the foreclosure takes place. I have seen appliances, vanities, cabinets, garage door opener, AC units ...you name it removed!  Some foreclosures really are only shells.....Most short sales are still owner occupied.  Short sellers try to maintain the property in good condition because hey want the best price so the lender will sign off on the contract.  This process can take months..... One important thing to keep in mind is that although they are distressed sales - they are not going to give them away.  But they will sell for a discount!


If you are considering selling your Viera, Suntree or Rockledge, Florida home, please contact me to discuss how I can assist you.  Call me directly at 321-693-3850 (321-255-2600, office) or email me.

Short sales are not a usual real estate transaction and takes some patience...Call me and we can discuss the difference.  Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, serving buyers and sellers along Florida’s Space Coast.

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