Merritt Island Short Sales & sundry

“The essence of a short sale”

As a potential buyer of a short sale property there are several items you need to keep in mind. If you are on a time schedule that is the typical 30 days then don’t consider a short sale. To achieve approval of a short sale then allow for a minimum of 60 days and possibly more. The short sale is basically the seller asking the lender to take less than what is owed on the property. This process can be achieved if the listing agent is competent and experienced in short sales. The process is dependent on the listing agent to get the full package to the lender and follow up, follow up and follow up. It involves a lot of work for the listing agent with no guarantee of commission; this is why we have formed a team of Certified Short Sale professionals to handle the process. This does make for the commission to be split numerous ways but helps us to assure success if we have the listing.

At the time of this blog there are 85 short sales in Merritt Island priced from $66,499 up to $975,000. Keep in mind that unless you are familiar with the clerk of the county court you may erroneously think that it shouldn't’t be a short sale but alas the predicament we are in is because of people treating their property as the perpetual ATM and have taken money out of it when it was available.

Now in addition to the short sales there are at the present time 17 foreclosures on Merritt Island that are priced from $59,900 up to $559,900. My pick of the foreclosures is a home built in 2004 in a very nice subdivision priced at $299,900; this home has 2094 sq ft, pool, 4 bedrooms 3 baths sitting a beautiful .32 acre lot.

I hope I haven’t confused you but if you need further info just email at walkerbagwell@aol.com.

Have a great day.

Jim Bagwell