Short Sales/Foreclosures

Use the Links below to view “Short Sales” & Foreclosures.  Some truly incredible values are available. 

SINGLE FAMILY HOMES:
$150,000 – $250,000  - RMLS RES Customer Report
$251,000  – $300,000  - RMLS RES Customer Report             

TOWNHOMES/CONDOS
$ 70,000 – $125,000 - RMLS RES Customer Report 
$126,000 – $200,000 – RMLS RES Customer Report
$201,000 – $500,000 - RMLS RES Customer Report

HI-RISE CONDOS – W. PALM BEACH
$126,000 – $250,000 – RMLS RES Customer Report        

After you review the properties, let me know which are of most interest to you, so we can then focus on those properties.  I’d be happy to do a personalized search based on your specific requirements.

A brief tutorial, if you’re not familiar with “Short Sales”. A Short Sale  listing is when a Bank, or Lending Institution is in control of the sale of the property.  The owner is in default. They will  try to sell the property, and negotiate among themselves the  terms and conditions to be placed upon the defaulting seller. The parties have agreed to avoid foreclosure which involves hefty fees for the Lender, and a diminished credit rating for the borrower. 

A large number of properties in Palm Beach County are Short Sales.  Many of these properties are in newer built communities, and condo convertions whose owners over paid  and found themselves “under water” and defaulted on their loan payments. Many of these properties were bought by investors & speculators hoping to profit in an era of cheap financing & rapid increase in property values.Many Short Sales can be bought at bargain prices.  Properties are commonly bought at less than 50% of prior sale.The Banks are resigned to their loss & have marked down the property accordingly.  While being very appealing therefore as a “Bargain” Short Sale transactions are often difficult to close, and are not suitable for many buyers.  Here are some reasons why:

  • It often takes 3 – 9 months to learn if your contract offer has been accepted, and if you will be able to close.
  • Follow up on transaction status is difficult as communication by Bank reps is quite poor.
  • Many listings require ALL CASH contracts,or large down payments and a high credit score.
  • Many listings are difficult to negotiate.  It’s often best to do your due diligence and research and meet the listing  terms, if acceptable, to you.
  • Short Sales are “As Is”-buyer must have home inspection done & then accept condition of property “As Is”
  • Lenders ask for more than contract offer price as market improves.

In spite of the above, Short Sales are often very good buys & all the above can be handled by being careful & thorough. Over the past few years we’ve learned a lot about how to have a successful Short Sale transaction.

If you’re interested in a Short Sale property, please contact us.

Carrie & Allan Trust-Siemens Group Realty-561-278-4416
ctrust371@comcast.net

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