Short Sales in Botanica Lakes, Fort Myers
Short Sales offer clear value for those willing and able to wait. That being said, however they are not for everyone. It is a play and wait game with an uncertain outcome where you have only limited if any control of the outcome. Many factors go in to the successful conclusion of a short sale. Let’s face it, the bank is being asked to accept less (and often times, much less) than the ammount they lent. If you lent someone $100,000.00 would you be enthusiastic about getting only half of that ammount back? Of course not and neither are they. Regardless of what you think about banks you must understand that they entered a contract with the borrower to lend them money and the borrower agreed to pay it back with interest. When that contract is breached the bank does everything it can to limit the damages.
Before considering Short Sales in Botanica Lakes, Fort Myers you must ask many questions. Since many factors go into the successful conclusion of a short sale a buyer must be well informed. At the Dohack Group, when asked about short sales in Botanica Lakes, Fort Myers we work to get answers and educate our clients on the probability of success. Take a look at other articles we have written on Short Sales. As a buyer you must know: Is the advertised price based on sound market information? Is there a second mortgage on the property? Who is the lender? Who is negotiating the short sale? These are just a few factors that go in to evaluation. If you want to consider Short sales in Botanica Lakes, Fort Myers this link will allow you to begin.
Banks want to minimize their losses. They only consider short sales when they are convinced that it is in their best interest. The reason they consider it is because Foreclosure is a time consuming and costly process. Due to Federal and State laws due process takes time and costs money. On top of that the homes often sit in disrepair without electricity thus ventilation. This adversely affects the value of the property. Banks know and compute the costs associated with all of this and use this knowledge to set their price. If they will derive more by making a short sale they will. If not they will do a foreclosure.