Vero Beach Foreclosures

Homes advertised as Short Sales are currently 30-40% of all homes for sale in Indian River County. The percentage varies by location and price range, with the majority being at $100k to $400k list price. Homes built during the 2003-2006 construction boom in Vero Beach are most likely to be in this category.

A Short Sale is when the lender agrees to discount their payoff to allow a sale and the following conditions are met for a Vero Beach Short Sale:

• The mortgage is delinquent or in default (pre-foreclosure)
• The home’s value is less than the mortgage balance
• The home owner/seller can demonstrate a financial hardship

If these conditions are met, the seller benefits by:

• Avoiding Foreclosure and having their credit score ruined for 10 years
• Staying in the home during the sales process and not making payments
• Feeling that they have made the best of a bad situation, doing the right thing.

You as a potential buyer benefit because:

• The home is usually better maintained than a foreclosure
• The price is adjusted to current market value and available for sale

The Lender benefits from:

• Avoiding additional expense of Foreclosure and eviction
• Avoiding vandalism and liability for an abandoned home
• Removing bad debts from their books more quickly

How a short sale transaction is different from a conventional sale:

• The lender must approve the sales price and can take more than a month to respond
• The home will always be sold “as is” with right to inspect but no repairs will be made
• Low offers are typically ignored rather than responded to with a counter offer

The process of short sale processing is still evolving but has improved dramatically from last years chaos. They have gotten a bad reputation but with Certified Short Sale Professional as your buyers agent, you can buy a home at half of it’s 2005 sale price.

A pilot project recently introduced by Fannie Mae will hopefully reach Vero Beach Foreclosures, but for now is limited to Orlando and Phoenix. By pre-approving a “short sale” the lender would agree to a payoff less than the mortgage before the home is listed. This could improve the popularity of short sales as they now have a reputation of slow approval times and difficult negotiations.

Most lenders are in the process of streamlining the process but are at times overwhelmed by the number of requests. Sellers with distressed homes in Indian River County can greatly improve their chances of avoiding foreclosure by negotiating with their lenders ASAP. This includes homes used for Rental Income in Vero Beach

Using an agent who is experience with the “short sale” process and looking for a home with a bank approved listing price simplifies the purchase. It not only helps the seller avoid foreclosure, but also allows the buyer to get a great deal on a home that hasn’t been neglected as is the case with many foreclosures.