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Wednesday, September 12, 2012

After the market recovers will there still be short sales? What is a short sale? Do you need to sell your Brevard County, Florida home as a short sale?

In the Brevard County, Florida real estate market short sales have become common place.   I am not sure when the first short sale occurred but can remember my first exposure to short sales in Brevard County, Florida was in 2004.  Since then short sales have been a pretty routine part of the local residential real estate market.

There are 444 active short sale listings today in Brevard County.  There are over 1,500 short sales under contract awaiting approval or closing.  There were 222 short sale closings in Brevard County in August 2012.

The below chart shows the percentage of Brevard County closings that were lender mediated (short sales, foreclosures) over the past three plus years through July 2012.

Provided By Florida Realtors®
What is a short sale?  A short sale occurs when a seller, facing some event or hardship, must sell their home for less than the mortgage owed.

In these cases the lender(s) must approve any offer a seller accepts.  Because of the additional steps involved with lender approval short sales typically take longer than a standard transaction – up to six months or longer!

Sellers who are facing a hardship should consider if a short sale is an appropriate step.  

If foreclosure is inevitable I can’t think of any time a short sale would not be the best actionI am not an attorney or C.P.A. so I am not giving legal or financial advice here.  Consult the appropriate professional.

If you own a house or condo in Brevard County and can no longer afford your payments due to job loss, divorce, death in the family, a job transfer, or some other hardship, call or email me to discuss whether a short sale may be in order.
I can be reached by phone at 321-693-3850 or email me.

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