What is a Vero Beach short sale and why would I want to buy one?
Homes advertised as Short Sales are currently 20-30% of all available
listings
for sale in Indian River County. The percentage varies by location and
price range,
with the majority being at $100k to $400k list price. Homes built during
the
2003-2006 construction boom in Vero Beach are most likely to be in this
category.
A Short Sale is when the lender agrees to discount their payoff to
allow a sale
and the following conditions are met for a home for sale in Vero Beach
Fl:
- The mortgage is delinquent or in default (pre-foreclosure)
- The home's value is less than the mortgage balance
- The home owner/seller can demonstrate a financial hardship
If these conditions are met, the seller benefits
by:
- Avoiding Foreclosure and having their credit score ruined for 10
years
- Staying in the home during the sales process and not making
payments
- Feeling that they have made the best of a bad situation, doing the right
thing.
You as a potential buyer benefit
because:
- The home is usually better maintained than a foreclosure
- The price is adjusted to current market value and available for
sale
The Lender benefits from:
- Avoiding additional expense of Foreclosure and eviction
- Avoiding vandalism and liability for an abandoned home
- Removing bad debts from their books more quickly
How a short sale transaction is different from a
conventional sale:
- The lender must approve the sales price and can take more than a month to
respond
- The home will always be sold "as is" with right to inspect but no repairs
will be made
- Low offers are typically ignored rather than responded to with a counter
offer
The standard of short sale processing is
still evolving but has improved dramatically
from last year's chaos. With Certified Short Sale Professional as your buyers agent,(Vero Coastal Homes) you can buy a home at half of it's
2005 sale price.
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