Over the last couple of years, I have taken to referring to “Short Sales” by the more accurate, if unfortunate, moniker of “Long and Unlikely Sales”. While that renaming would have some call me a pessimist, I am happy to finally report that there seems to be reason for cautious optimism. Over the last several months we have witnessed some improvement in the approval process and decrease in the amount of time it takes to get them closed. That process still retains some of it’s counter-intuitive and counter common sense nature, but the institutional servicers and investors are getting better.
For some buyers these properties represent a terrific opportunity for “built in” equity on day one. For most owner occupant type buyers however, numerous dangers remain. The 2 biggest are the likelyhood of rising interest rate risk and/or increasing property values. If, while a buyer is waiting for a “Short” approval that never comes, interest rates increase and property values rise even moderately, you have a pretty good recipe for some buyers getting priced out of buying anything.
Ask your Florida Executive Realty agent for more details on how information may apply to you.