Short Sales in Fort Myers FL
For those of you who are thinking about purchasing one of the short sales in Fort Myers, FL, you will definitely want to read this article all the way through.
Short Sales in Fort Myers, FL are nothing new. Actually they were around even during the boom. No doubt it would have been a unique situation, but they did exist a couple of years back. More recently, they DOMINATE the market. A short sale is a very easy concept clouded by many, many different variables. We’ll talk about all of them in detail, so you’ll know exactly how to buy one of the short sales in Fort Myers.
So what exactly is a short sale? A short sale is essentially a home owner who is looking to sell their residence, but owes more than what the property is currently worth. One of the easiest remedies to stay out of a short sale situation is for the seller to bring money to closing, but this day and age, that’s a very RARE circumstance.
THE GOOD ABOUT SHORT SALES: Short sales in Fort Myers, FL, and around the rest of the country for that matter, are considered distressed sales. They typically sell for less than what a normal resale property would go for. This means there are great deals out there. Some short sales are occupied, some are vacant. Some are in great condition, some make you choke when you walk through the front door. The key to buying a short sale is to stay patient and wait for a great property to come on the market. There are many a proud homeowner that has been affected by this economy and needs to short sale their home. Stay patient and the deal will come.
THE BAD ABOUT SHORT SALES: As mentioned prior, short sales have many variables. Time frames are the biggest unknown. You see, once a buyer steps up to the plate for the first time on a short sale, only then do negotiations occur with the bank holding the loan on the property. The process can take many months to complete, or it can be short. You’ll want to work with a great agent that can ask the right questions BEFORE you get under contract to purchase a short sale in Fort Myers.
THE UGLY: For the most part, short sales with more than 1 loan are harder to negotiate. Whether it’s a home equity line or a 2nd mortgage, additional loans on a property mean there are more approvals needed and typically more time to complete. Make sure you know what you are getting into before you commit. If you need to be in a home within 30 days, it may not be the best idea to go after a short sale with more than 1 loan against it. Actually, it may not be a good idea to look to purchase a short sale at all.
THE BOTTOM LINE: Short sales in Fort Myers, FL, can be some of the best deals on the market. With the pure number of them available, you can be sure to find the right property for you. You just want to be careful that your agent is leading you in the right direction. For more information on short sales in Fort Myers, FL you can visit our website at Fort Myers FL Homes or simply call the number below. We’re happy to help.