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Tuesday, December 14, 2010

Banks and Short Sales – Do they really care about a short sale in your neighborhood?

Recently I was working with a short sale buyer in Brevard County, Florida.  He had found this older home on the market listed for $99,000.  It did have an offer previously which had been rejected by "the bank."  The bank wanted more – like all sellers!

The bank had come back at $120,000 which was certainly higher than any comparable in the area I have seen (as well as higher than I would pay myself!).  The buyer’s walked.

We submitted an offer at about 92% of what "the bank" wanted.  Of course the bank declines. I advised my seller if it were my money, I would not offer a penny more!  So we have started looking at other homes in the area.

I heard yesterday another offer has arrived  that is less than the original offer.  I wonder if the bank will reject the offer. I am sure they will say no just as they have in the past.

I am not sure where "the bank" is located but the facts (from my perspective) are:
  • the real estate market in Brevard County, Florida is a declining market. 
  • a vacant house is subject to vandalism and general decline, especially in the winter. The bank is going to end up paying property taxes the longer they say no!
  • the bank may end up foreclosing and selling for less - about 25% if the averages hold!
Maybe my buyer will reconsider if the bank decides to lower its price or perhaps he will wait to the foreclosure sale! 

My opinion only here….Bank negotiators getting paid by the hour don’t care about a short sale in Rockledge, Florida!

For information on short sales and foreclosures in Rockledge, Florida, email me for listings.

Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.

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