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.
Vero Beach is literally at the top of the list, as the best beach destination in the U. S. For purchasing distressed real estate. The city was awarded this rather infamous title by a realty tracking service which has been collecting nation-wide data on foreclosures since before the crash. They say that the average price for distressed properties here is 45% lower than the average for non-distressed homes.
This must be looked at in conjunction with the size of the inventory. The same aforementioned realty service also mentions that 21% of real estate deals in Vero Beach and the metro area communities around it are associated with properties in various stages of foreclosure or already bank-owned. The steeply discounted pricing on such a large number of homes shows how big an opportunity there is 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 the lesser of two evils. Rather than let a lender foreclose on a home, the owner may choose to find a buyer and sell it off at a deeply discounted price. It requires the lender's permission, because the proceeds won't be enough to cover the mortgage balance. This means the lender is going to have to write off a part of the loan, and they may not always agree to it.
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.
Vero Beach is literally at the top of the list, as the best beach destination in the U. S. For purchasing distressed real estate. The city was awarded this rather infamous title by a realty tracking service which has been collecting nation-wide data on foreclosures since before the crash. They say that the average price for distressed properties here is 45% lower than the average for non-distressed homes.
This must be looked at in conjunction with the size of the inventory. The same aforementioned realty service also mentions that 21% of real estate deals in Vero Beach and the metro area communities around it are associated with properties in various stages of foreclosure or already bank-owned. The steeply discounted pricing on such a large number of homes shows how big an opportunity there is 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 the lesser of two evils. Rather than let a lender foreclose on a home, the owner may choose to find a buyer and sell it off at a deeply discounted price. It requires the lender's permission, because the proceeds won't be enough to cover the mortgage balance. This means the lender is going to have to write off a part of the loan, and they may not always agree to it.
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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