The foreclosure crisis is all over the national news, so I thought I would address foreclosures, and shortsales in my blog, as I did recently in my paper newsletter "Pine Island Times".
First the distinction is important: Foreclosures are properties which the lender has taken title to, after going through the foreclosure process, due to lack of payment by the previous owner. A shortsale is a property offered by the seller for less than the present debt on the property. The seller is usually behind on the mortgage. Any lender (or lenders) must agree to all terms of a sales contract. Unfortunately for the sellers, they are often surrounded by a sea of debt like this little heron is surrounded by a sea of water.
I sold a nice waterfront home in St. James City this week, that was bank owned. There are not many foreclosed on properties on Pine Island, they now number nine as actively listed in the MLS. The median price of a foreclosed on property on Pine Island is now $199,900. About half are inland homes, the other half waterfront.
There are presently 38 properties listed as short sales on Pine Island in the MLS. The median listing price for a shortsale is $235,550. Short sales typically take more time to complete a transaction because there can be a time delay in getting the lender to look at, and agree to, the terms of any contract offer. Both bank owned and short sale properties are looking for strong buyers and contracts with few contingencies.
For a complete list of Pine Island short sales, or foreclosed on, properties, contact me, Erika Foye at erikafoye@embarqmail.com. It is important to have an experienced buyer's agent representing you if you are looking into buying a short sale or foreclosed on property.