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Wednesday, March 16, 2011

Home buyers need to understand - they are not always in control! [What is a short sale?]

 Sure it is a buyer’s market in Brevard County, Florida.  And a buyer’s market does mean there are many more sellers and fewer buyers.

But still, as a buyer – if it is a short sale , you aren’t in control!

Basically there are three types of properties on the market in Brevard County, Florida:
  1. Standard (fair market) sales
  2. Foreclosures (Also called REO, Bank owned)
  3. Short sales
What is a short sale?  Basically it is a situation where the home owner is selling for less than the mortgage money owed.  With short sales sometimes it seems as if you are buying in a sellers market.

As for property condition, it is true you get what you pay for as here is most often a big difference in the condition of a foreclosed property and a short sale.

Not every buyer should consider a short sale purchase.  If you are considering short sales please read “What makes a good short sale buyer.”

So, why is a buyer not in control of a short sale?  Bank negotiations take time and I have yet to hear of a bank negotiator who put a premium on a buyer's schedule!

If you are considering buying or selling a short sale in Viera, Suntree or Rockledge, Florida call me directly at 321-693-3850 or email me.

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