It's rather tragic that the overwhelming demand for Vero Beach short sales is boosting the pricing for what is otherwise supposed to be a cheap disposal of distressed properties. Florida was hit very hard by the real estate crash. In fact, the historical stats on foreclosures following the crash in 2008-09 show that communities in the Sunshine State have much higher rates than the nationwide average.
It follows that short sales would therefore be high too. It's not just about the large inventory of distressed properties, but also about the attractive pricing of these homes at rates that are far below the asking price for similar non-distressed ones. The trend remains the same in Florida even today, with every community offering a long list of homes that are already bank-owned or in various stages of being foreclosed.
The best of the lot is Vero Beach, which was recently anointed as the top beach destination for getting hold of distressed properties on the cheap. This infamous honor came courtesy of a realty data tracking service which collects foreclosure data on virtually every community nationwide. They claim that, on average, this community's distressed homes sell for 45% less than non-distressed properties.
Couple this with the large number of homes on the market. The same realty service found that 21 percent of the real estate sold in Vero Beach and its metropolitan area involves properties that are already bank owned or in some stage of foreclosure. It shows the massive potential this market has right now for buyers.
It's easy - buyers get an average discount of 45% on 21% of the homes being sold. It's also worth remembering that this happens to be in a beachfront community that is quite famous, located 135 miles north of Miami. No doubt many people find the whole process confusing, and would like to understand how this is possible.
A short sale is essentially the lesser evil when compared to a foreclosure. It's a voluntary sale that disposes off the property to prevent a foreclosure. Because the sale proceeds will be less than the balance on the mortgage, the lender must first sign off on it. There will be a deficiency that will in probability have to be written off.
Even so, it does save on the costs and fees of the foreclosure. The home owner also finds it more beneficial because the voluntary sale doesn't hurt credit ratings as much as a foreclosure. The lender also has the option of trying to recover the deficiency at a later date. This is the difference between the mortgage balance and the price at which the property has been sold.
For real estate investors, there's no better opportunity today than Vero Beach short sales. The perfect location combined with rising values all over Florida and the nation makes any investment today a pretty good deal. Top that off with a 45 percent short sale discount, and it becomes well-nigh unbeatable.
It follows that short sales would therefore be high too. It's not just about the large inventory of distressed properties, but also about the attractive pricing of these homes at rates that are far below the asking price for similar non-distressed ones. The trend remains the same in Florida even today, with every community offering a long list of homes that are already bank-owned or in various stages of being foreclosed.
The best of the lot is Vero Beach, which was recently anointed as the top beach destination for getting hold of distressed properties on the cheap. This infamous honor came courtesy of a realty data tracking service which collects foreclosure data on virtually every community nationwide. They claim that, on average, this community's distressed homes sell for 45% less than non-distressed properties.
Couple this with the large number of homes on the market. The same realty service found that 21 percent of the real estate sold in Vero Beach and its metropolitan area involves properties that are already bank owned or in some stage of foreclosure. It shows the massive potential this market has right now for buyers.
It's easy - buyers get an average discount of 45% on 21% of the homes being sold. It's also worth remembering that this happens to be in a beachfront community that is quite famous, located 135 miles north of Miami. No doubt many people find the whole process confusing, and would like to understand how this is possible.
A short sale is essentially the lesser evil when compared to a foreclosure. It's a voluntary sale that disposes off the property to prevent a foreclosure. Because the sale proceeds will be less than the balance on the mortgage, the lender must first sign off on it. There will be a deficiency that will in probability have to be written off.
Even so, it does save on the costs and fees of the foreclosure. The home owner also finds it more beneficial because the voluntary sale doesn't hurt credit ratings as much as a foreclosure. The lender also has the option of trying to recover the deficiency at a later date. This is the difference between the mortgage balance and the price at which the property has been sold.
For real estate investors, there's no better opportunity today than Vero Beach short sales. The perfect location combined with rising values all over Florida and the nation makes any investment today a pretty good deal. Top that off with a 45 percent short sale discount, and it becomes well-nigh unbeatable.
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