Sunday, October 31, 2010

Now tell me again “What is a short sale?”

In the Brevard County, Florida real estate market the words “short sale” show up in a great many of the property descriptions in the listings.

Many outside of the real estate business hear the terms but don't understand them at all.  Some equate "short sale" with quick sale while other have much different ideas.  Here is a brief summary of the short sale.

Short sale is a situation where the probable selling price of a property will be less than the mortgage(s) owed.   Short sales require that any offer accepted by the owner be forwarded to the lender for approval (referred to as third party approval).

Sellers in short sales can not derive any proceeds from the sale. Sellers usually are facing some hardship like a job loss, death in family, employment transfer, etc.  Short sales take longer to get approved.

In many neighborhoods  and condo complexes (like Sunset Bay) in Brevard County short sales are the dominant type of housing for sale.  Short sales, while discounted, are not fire sales! 

For information on short sales in Viera, Melbourne and Merritt Island, Florida, call me directly or send me an email. If you have specific questions, drop me an email.

©Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida working with buyers and sellers in central and coastal Brevard County, Florida.