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Vero Beach & Sebastian Short
Sales
Short Sales and Foreclosures in Vero Beach & Sebastian
Fl
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 Florida:
- The mortgage is delinquent or in default
(pre-foreclosure)
- The home's current value is less than the mortgage
balance
- The home owner/seller can demonstrate a financial
hardship
If these conditions are met, the seller may benefit 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 process of short sale processing is still evolving but has
improved dramatically from last years chaos. They have gotten a
bad reputation but with a Certified Short Sale Professional as
your buyers agent, you can buy a home at half of it's 2005 sale
price.
by Alfred Koenig - June 2009
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Source: http://ezinearticles.com/?expert=Alfred_Koenig
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