If you are considering buying a house or condo in Florida there are only three choices for you.
- Short sale.
- Standard sale.
Foreclosure. Bank owned, REO, repossessed or whatever you want to call it, these properties are usually the ones with the lowest price in the neighborhood and in need of the most repair. Some will not qualify for financing. Depending on the property, some foreclosures have been "stripped" by the owner before the foreclosure takes place. I have seen appliances, vanities, cabinets, garage door opener, AC units ...you name it removed! Some foreclosures really are only shells.
Short sale. A short sale occurs when a seller must sell due to a hardship and the selling price will be less than the mortgage. These require lender approval. Most short sales are still owner occupied. Short sellers try to maintain the property in good condition because hey want the best price so the lender will sign off on the contract. This process can take months..... One important thing to keep in mind is that although they are distressed sales - they are not going to give them away. But they will sell for a discount!
Standard sale. These are the regular, fair market sale, traditional sale. They may involve creative financing, cash or a standard mortgage. These include new construction as well. The timeline for closing may be only weeks or a month or two.
Which type of property is the best for you? It depends on your situation.
If you are moving to Florida or want to buy a second home in Florida, call me at 321-693-3850.
If you need to sell your Florida home and a short sale may be the only option, call me at 321-693-3850. A short sale is a better choice than a foreclosure!
Short sales are not a usual real estate transaction and takes some patience. Short sales are not a usual real estate transaction and take the efforts of a good team to complete. I have that team!
Gary Waters, Florida licensed real estate agent serving buyers and sellers along Florida’s Space Coast.