What is a Vero Beach Short Sale and why would I want to buy one?

Homes advertised as Short Sales are currently 20-30% of all available listings for sale in Indian River County. The percentage varies by location and price range, with the majority being at $100k to $400k list price. Homes built during the 2003-2006 construction boom in Vero Beach are most likely to be in this category.

A Short Sale is when the lender agrees to discount their payoff to allow a sale and the following conditions are met for a Vero Beach Short Sale:

- The mortgage is delinquent or in default (pre-foreclosure) – The home’s value is less than the mortgage balance – The home owner/seller can demonstrate a financial hardship

If these conditions are met, the seller benefits by:

- Avoiding Foreclosure and having their credit score ruined for 10 years – Staying in the home during the sales process and not making payments – Feeling that they have made the best of a bad situation, doing the right thing.

You as a potential buyer benefit because:

- The home is usually better maintained than a foreclosure – The price is adjusted to current market value and available for sale

The Lender benefits from:

- Avoiding additional expense of Foreclosure and eviction – Avoiding vandalism and liability for an abandoned home – Removing bad debts from their books more quickly

How a short sale transaction is different from a conventional sale:

- The lender must approve the sales price and can take more than a month to respond – The home will always be sold “as is” with right to inspect but no repairs will be made – Low offers are typically ignored rather than responded to with a counter offer. The process of short sale processing is still evolving but has improved dramatically from last years chaos. They have gotten a bad reputation but with Certified Short Sale Professional as your buyers agent, you can buy a home at half of it’s 2005 sale price.

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