In the Viera, Florida area of Brevard County, Florida there are fewer short sales and foreclosures on the market now than in the past three to five years. Still, some buyers want to buy these distressed properties in hopes of saving a lot of money.
But are short sales and foreclosures really discounted that much? Is there really a significant savings potential given the condition of many of these distressed properties? Buyers should not lump these two types of sales into the same category. They are different. Short sales, while discounted, are not fire sales!
First, a couple of observations about short sales and foreclosures.
- Short sales are frequently listed at a discount to get offers. But lenders are not going to sell way below the market.
- Foreclosures are priced at significant discounts for a reason. Most are not move in ready.
How does the Viera, Florida single family market market look when you compare standard sales, short sales and foreclosures? Distressed sales are becoming a smaller part of the Viera market - less of a factor than other areas in Brevard County like Palm Bay.
Buying a distressed property is an entirely different route to closing than a standard sale. If you are thinking the short sale or foreclosure is in your future, call me at 321-693-3850 to discuss the differences, pros and cons.