Benefits Florida Short Sale for Seller or the Bank?
A lender gets to sell the house at today’s price, versus what it will be worth 6-12 months down the road. We just did a comparison and pulled up sold listings.
All of the listings were the same, very comparable, and located in 3 similar, comparable neighborhoods. All were less than 2 miles apart.
First, we looked up the average selling price per SQFT of homes that sold in a 3 month period. In spring 2009, all the homes sold for an average of $103 a SQFT.
Then, we pulled up houses in the same neighborhoods that sold after the bank had foreclosed on them. Those sales were 6-9 months later than the original sales. Does this benefits Florida short sale? Read more.
6-9 months later, the average sales price of a home in these neighborhoods was $85 a SQFT. These homes average 1,700 a SQFT.
That means a 1,700 foreclosure sold for $30,600 less than it would have sold as a short sale six months before. Ouch! Sure, most short sales are cheaper than comparable bank owned or “seller with equity” sales.
But, we’re bringing a tremendous amount of value to the bank. The other person that’s getting value is the buyer. They get a better deal in today’s market than buying a “seller with equity” or REO.
You, the seller is also getting a better deal. You get a lower deficiency and your credit is back to normal in 18-24 months.
A short sale is a win – win for everyone involved and benefit Florida short sale. Thinking about the benefits Florida short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at info@FloridaConnectsInc.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call us at 1-800-648-0037 Ext. 10245.
Annett T. Block specializes in loan modification assistance and short sales in Florida. Florida Loan Modification Help, Florida Short Sales. Florida Short Sale Realtor. FL Short Sales. Florida Realtor.