Short Sales and Bank Owned Property
In today’s market short sales and bank owned property make up the majority of property sales. What this means to both buyers and sellers is that it is extremely important to be educated and have realistic expectations.
If you are potential buyer you will most likely be purchasing a bank owned or short sale property, each of which has to be approached differently than a traditional real estate transaction. Mostly, it is extremely important to be patient and realistic. There are many others also purchasing these properties now and a low offer is not likely to be accepted. Today most short sales and bank owned properties are priced at or below current market value to sell quickly.
If you are a seller and purchased in the last 5 years you more than likely will be looking at a short sale as your only option. If you have two mortgages on your property then be prepared with twice as much patience because both existing mortgage companies will need to approve the sales price. If you are considering a short sale please contact us and we will help you determine if a short sale is a viable option for you. You will also need to consult an accountant and obtain expert legal advice when considering a short sale as tax and legal implications affect everyone differently.
Use our advanced property search under the “Property Search” tab at the top to find the most up to date list of short sale, bank owned, foreclosure and REO properties for sale throughout Florida.
