short sales

Buyers Get Edged Out

Here is a small article I saw recently from the Miami Herald and I think you can make the same argument for Destin Homes and Condos For Sale, and 30A Homes and Condos For Sale and Panama City Beach Homes and Condos For Sale.

Hungry for Homes, Buyers Get Edged Out

As South Florida’s home sales have continued to outpace national trends, distressed properties are still dominating the market, with more than half of all homes and condos sold last month at some stage in the foreclosure process. And cash-happy investors have been scooping up these bargain basement deals at a fast clip, often before middle-income buyers can get financing. [Source: Miami Herald ]

To stay on top of what other investors are watching: Foreclosures and Short Sales

Destin Condo Foreclosures and Destin Short Sales at Destin Condo News
30A Condo and Home Foreclosures and 30A Condo and Home Short Sales at 30A Real Estate News
Panama City Beach Condo Foreclosures and Panama City Beach Short Sales at Panama City Beach Condo News

Five Acceptable Hardships for Short Sales

Compass Graphic

Giving Direction about Short Sales

The Panama City real estate market has changed dramatically over the last few years and has left several owners in a position of not being able to carry their properties anymore.

Many people in this position are turning to short sales to get out from underneath the mounting financial pressure that comes from owing these properties. Simply stated a short sale is when you sell for less than what is owed on the mortgage and the bank accepts the amount.

Why would the bank do a short Sale?

Well let’s say your financial picture has changed since you bought the property and you are now facing a “financial hardship” that has put you in a position of not being able to make your payments and the possibility of foreclosure is looming. In cases where foreclosure is likely it makes sense for the bank to negotiate a short sale because it is generally costs the bank much less than if they have to take the property back, maintain it while marketing it to a new buyer – all with the possibility of getting less than what was on the table as a short sale.

What are acceptable hardships?

According to HUD – the Dept. of Housing and Urban Development – there are many valid reasons and hardships to be acceptable for default. Here are 5 of them.

Death of Principal Borrower
Serious Illness of Principle Borrower
Marital Problems (Divorce, Separation)
Unemployment
Lessened Income

These are only 5 of the “Acceptable Hardships for Short Sales” and there are many others so if you are considering a short sale and would like more information about acceptable hardships or any other questions relating to short sales simply contact Keller Williams Realty’s At The Beach Team today and we will be happy to help.

Interested in buying a short sale?

To see all the Panama City Short Sales currently for sale simply click on the link or you can sign up for the Panama City Short Sale Alert and we will email you every time a new Panama City short sale hits the market.