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Thursday, September 08, 2011

Sometimes Banks Don’t Make Cent$! Short Sales in Brevard County, Florida

As of today there are 721 active short sale single family residential listings in Brevard County, Florida.  That represents just over 27% of all single family residential listings in Brevard County, Florida.

There were 522 single family closings in August 2011.  Just over 25% (133) of these were short sales.

About 57% of the 2,180 single family home listings that are under contract are short sales.

I think it is safe to say short sales are still, and will remain,  a major force in the Brevard County, Florida real estate market.

Short sales take a long time to get a decision from the lender.  Very often the deal eventually gets approved if the buyer can hold out.  Sometimes the bank turns down an offer that seems very reasonable.

One case I am familiar with is a house listed for $125,000.   I know of several offers that were near the $110,000 about 20 months ago.  The bank wanted $120,000 – period.  Twenty months later it is still sitting vacant – deteriorating I am sure - in a declining market.

I wonder if bank negotiators ever have second thoughts about the great big “rejected” they put on some reasonable offers….and then eventually they will say...

For information buying or selling short sales in Brevard County, Florida, give me a call directly at 321-693-3850 or email me.

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