Thursday, February 5, 2015

Venice FL Short Sales

I just added a page to my Venice FL real estate for short sale properties: http://www.davidbarrhomes.com/#!venice-fl-short-sales/c1h1v


What are short sales?  

Short sales occur when the home is worth less than the mortgage amount, and the owner is experiencing financial hardship.  They must prove hardship to their lender. 

Short sale property in Venice, FL

Are short sales easy to buy?

More is involved in buying a short sale than a regular transaction.  Sometimes the lender provides a price in advance at which they agree to sell the property.  Most times the listing real estate agent sets the price to get an offer, which is then submitted to the lender for approval.  The bank may agree to sell the home at a price higher than list price.  The buyer may also have to pay past due homeowner or condo association fees, past due property taxes, or any other outstanding liens on the property to get clear title at closing.

How do short sales compare to a foreclosure?

I find that more and more foreclosure properties have been well maintained by the banks.  Many have been renovated with new paint, flooring, roofs, and appliances in order to sell at a higher price.  Short sales are owned by people in financial distress, which can mean that maintenance is deferred.  In both instances, the bank/lender sets the sales price.

Interested in purchasing a short sale or foreclosure in Venice?  Contact me.


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