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Wednesday, December 12, 2007

Short Sales and Other Devices to Sell Distressed Homes

There's a new term that is appearing with more and more regularity in the Key West mls database: Short Sale. The concept is pretty simple. A home owner needs to sell his house quickly because of some impending situation such as a potential foreclosure, illness, marital conflict, etc. You get the idea.

So Seller lists the property at a price he hopes will attract a potential buyer. In turn, the Seller hopes his lender will agree to accept a payoff of his mortgage at an amount less than what is owed. If this occurs, the seller theoretically walks away from his problems and resumes the Life of Riley.

There are numerous discussions of Short Sales on the internet, so I won't bother to try to re-write what has already been artfully written. Here are two well articulated items well worth reading because they discuss the basics both the seller (borrower) and the buyer need to understand. BUSINESS WEEK article is a must read. Also read SHORT SALES IN REAL ESTATE.

I did a quick search of single family homes for sale in Key West priced under $600,000 that were either shown as "short sale" or possible short sale, bank owned, or houses that I knew were bank owned even though not listed that way in the mls database. CLICK HERE to see the entire list. It is possible, no probably highly likely, that I missed some, especially since some Realtors are notorious for not obeying the rules when it comes to info they place in mls listings. But there are enough homes listed that anyone looking to make a deal on buying a distressed property has a good list of homes to consider.

Remember,I used to work in banks and I know how bankers think and act when it comes to walking away from money on the table. But since I used to sit on the other side of the table, I think I can help you negotiate the right deal and actually buy the property you want for a fair price--fair for you, fair for the bank, and acceptable to the Seller. My number is 305-766-2642. Call me before somebody else gets the deal you could have had.

1 comment:

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Gary Thomas in a Nutshell

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.