Just read an article that states foreclosures made up about one-third (31%) of all home sales in the second quarter.
That 31% reflects homes in the foreclosure process and foreclosed properties. The article states 19% of all sales were bank owned.
The most significant issue pointed out in the article was bank owned homes sold for 40% less that the average price of other homes while short sales sold for about 21% less.
I am no expert but it seems the banks are giving away about 20% by not calling owners in default and suggesting a short sale! Make up your mind for yourself though. Read the article.
If you own a home in Brevard County and are facing challenges making your mortgage payment due to a real hardship, maybe a short sale should be considered.
Drop me an email or give me a call at 321-693-3850.