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.
For the same reason, short sales in most communities across Florida are higher too. It's not just that there are so many homes in distress. It's also about the fact that these distressed homes are going at rates that are massively lower than the price for similar properties that are not distressed. Even now, the conditions are virtually the same and there is a huge inventory of homes owned by the banks, with more on the way in some stage of foreclosure.
As a matter of fact, Vero Beach was recently chosen as the best beach spot in the U. S. For buying distressed homes. The ranking was compiled by a realty website service that has been collecting statistics for foreclosures across the entire nation. They found that the average selling price for distressed properties in this community was 45 percent below that of 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.
Vero Beach short sales offer the best value in today's real estate market. The incredible location combined with increasing prices all over Florida and the rest of the U. S. Makes property a good investment in any case. If the 45% or so discount due to the short sale is factored in, the returns will be virtually unbeatable.
For the same reason, short sales in most communities across Florida are higher too. It's not just that there are so many homes in distress. It's also about the fact that these distressed homes are going at rates that are massively lower than the price for similar properties that are not distressed. Even now, the conditions are virtually the same and there is a huge inventory of homes owned by the banks, with more on the way in some stage of foreclosure.
As a matter of fact, Vero Beach was recently chosen as the best beach spot in the U. S. For buying distressed homes. The ranking was compiled by a realty website service that has been collecting statistics for foreclosures across the entire nation. They found that the average selling price for distressed properties in this community was 45 percent below that of 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.
Vero Beach short sales offer the best value in today's real estate market. The incredible location combined with increasing prices all over Florida and the rest of the U. S. Makes property a good investment in any case. If the 45% or so discount due to the short sale is factored in, the returns will be virtually unbeatable.
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