WHAT IS A "SHORT SALE'"?  The definition is simple.  A SHORT SALE is simply negotiating with a lender to accept an amount that is less than the total amount due.  For the SHORT SALE to take place, creditors must authorize the sale for a settled amount knowing the alternative is to let the property go to auction.  The foreclosure auction sale offers no guarantee of want the sales price will come in at and the risk is that it will be sold at a tremendously discounted price or they end up owning the property.  Bank owned properties are known as REOs and have negative affects on banks. Therefore, in many cases, they will accept much less than what is owed on the property.

Most banks employ LOSS MITIGATORS whose job is to minimize losses for the bank.  If there is a buyer for the property, the LOSS MITIGATOR can agree to settle and write off part of the mortgage balance.  They do this by negotiating deals before the property goes to auction.

 

In the majority of cases, lenders are able to recover more from a SHORT SALE than with a foreclosure.

 

So, SHORT SALES help sellers avoid foreclosure, help banks move non performing loans off their books and

 

All that said, working SHORT SALES from a Realtor prospective is TRICKY AND TIME CONSUMING.  Therefore it is best for buyers to work with an agent who has had proper training.

 

The timing has never been better for buyers to get incredible "deals" on single family homes, condos and multi family properties.  That goes for investors as well as buyers who will occupy the home they purchase.

 

Solid CBS home in the Sandpiper area of Port St Lucie. 
In area of much higher priced homes. 
Asking only $199,900.  Make an offer.

                          

Call Hal Frasier now to arrange a meeting, or telephone consultation

(NO CHARGE/NO OBLIGATION) for the purpose of discussing your buying criteria.         He can be reached at 772-201-1448

 

                             or by EMAIL at Frasteam@bellsouth.net     

                 Keller Williams Realty

                 Stuart, Florida