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Wednesday, October 06, 2010

Pricing Your Brevard County Short Sale: Why You Have to be Lower than the Competition

By now everyone in the Brevard County Florida real estate market has probably heard the term “short sale.”  Just in case you are not familiar with what a short sale is, here is a quick summary.

A short sale occurs when the anticipated proceeds from the sale of real estate is less than the mortgage (monies owed). Any accepted contract must then be approved by the lender which may or may not occur very quickly.

It is those last seven words that are exactly the reason why your short sale property must be priced less than similar properties on your market. 

To illustrate, suppose there are two or three exact same floor plans, in the same neighborhood in Viera (not hard to find in many Viera and Rockledge neighborhoods!).  Let's assume one is a short sale and the other two are straight (standard) fair market listings.

Why would a buyer take the risk of having the short sale approved in six months or even go through a foreclosure when the same property is priced nearly the same and can close next month?

In my mind opinion, the lower listing price is a discount for the prospect buyer assuming some risk as well…

If you are considering selling your Viera, Florida house or condo, give me a call and lets discuss how I can help you.  Call me directly at 321-693-3850 or email me,  Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.

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