Florida Short Sales Condos | South Florida
Florida short sales condos

South Florida Condo Short Sales
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You will find a wealth of information here about Short Sales in South Florida
Listings What is it? Benefits? Inquire News

Why are there an increasing number of Short Sales?

Buyer's irrational exuberance during the peak of the real estate market is probably the single most contributor to the number of short sales. The rest come primarily as a result of risky mortgages such as Interest-only, ARMs(Adjustable Rate Mortgage) & sub-prime loans.


What is a Short Sale?

A short sale is negotiated with a mortgage lender by the property owner or by a real estate agent on behalf of the property owner in a distressed financial condition to prevent a property going into foreclosure. This usually occurs when an owner cannot afford to make monthly payments & owes more on the property than it is worth because of property depreciation, overexuberant home equity loan funding or income loss. If approved by the bank, this has benefits to not only the property holder but also potential buyer & the lender.


Short Sale Benefits

Buying Short Sale Property
PROS

  1. Due to the situation there is a high probability of buying the property below market value, in some circumstances much below.
  2. You will be helping the owner get out of their property without the headache & difficulty of the foreclosure process.

CONS

  1. You must be patient! The offer must be accepted by the bank, not just the owner.
  2. Cash is King; Even though it may take longer for your offer to be processed & accepted, the bank will want to close as soon as possible once it is, to prevent further expenses. A cash offer will also make it more likely the bank will accept your offer for anything less that the list price.
The Home Owner
PROS
  1. If approved by the bank for this type of sale, the home owner is typically forgiven for the difference between the selling price & what is owed on the mortgage.
  2. They alleviate the need to file for bankruptcy or having a foreclosure on their credit history.
  3. They typically do not have to make mortgage payments or pay taxes while the property is listed.
CONS
  1. Currently the home owner will have to pay Capital Gains Tax on the amount forgiven on the loan. Please speak to a tax consultant for more information.

The Lender
PROS

  1. They don't have to Foreclose on the property. Believe it or not this is the last thing a bank wants to do.
  2. They don't have to maintain the property - the homeowner essentially lives for free while listed.
  3. They don't have to worry about reselling the home themselves as in the case of a foreclosure. This is almost always handled by a local Real Estate Agent




Short Sales in the News


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