Short sales are something that will be with us for a very long time. Banks and lenders are doing a better job but it is still a time consuming process. Not many people know that the negotiators of these type sales are paid on commisssion. They are usually negotiating with the investors who bought the mortgages.
There are currently 43 waterfront homes in Cocoa Beach, Cape Canaveral and Merritt Island that are under contract waiting to close. Of these 43, 25 of them are short sales or 58%. As you can see there is no way around being involved if looking to buy a property. These properties range in price from $128,900 all the way to $1,075,000 so all entities of the economic community are represented.
A lot of agents won't show short sales to their clients simply because it takes awhile to close. Now if you need to be in a home quickly because of the school year or other reasons, then a short sale wouldn't be for you. If you have time to wait then short sales should be considered and your agent should show you these properties.
Happy Fathers Day!
Jim Bagwell
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