$2,000,000+ Worth Of Short Sale Contracts Up In The Air…
October 22nd, 2009 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
Waiting is the name of the game these days when it comes to short sales. I added up the amount of short sale contracts that my clients have pending right now in Coconut Grove and it comes to over $2,000,000 worth of property. It is impossible to know how many, if any, of these will close (and when). As an agent, closing short sales requires a big leap of faith (that the bank will accept the offer and that the buyer won’t back out).
One thing that is necessary when you are the seller of a short sale is to hire the assistance of an attorney, preferably a short sale specialist. Trust me, it is worth every penny. The attorneys have experience in negotiating with the banks, they are familiar with each bank’s negotiating strategies, and are also familiar with the internal workings of the bank to make the process go faster. For the buyer, the one thing that is required is an extreme amount of patience. I have recently had one client back out of a short sale property after making an offer because he just couldn’t wait any longer and wanted to move on to new properties.
The shortest short sale process will probably get handled in 3 months and in the extreme case within 9 to 12 months of the offer being submitted.
Coconut Grove Short Sale Update
There are currently 23 short sales (single family) currently on the market in Coconut Grove, 9 under contract, and 11 closed so far this year. Surprisingly, the average “sale price per square foot” for short sales closed this year in Coconut Grove is $256.00, only $4.00 lower than a non-short sale property. This is just an indication that for the most part, the banks are doing their homework and not willing to take such drastic price reductions as once thought.
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If you are interested in buying or selling real estate in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.