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...