Coconut Grove Short Sales – 24 For Sale
January 12th, 2010 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
24 of our 192 single family homes on the market in Coconut Grove are listed as “short sales”. To view all short sales that are currently listed as “active” in Coconut Grove click here. Keep in mind that short sales are not for the weak. Once you submit your offer to the bank you can wait months to get a response. A few things to consider when making an offer on a short sale:
- Some agents keep their “short sales” on the market (active) long after they receive the first offer because they want those backup offers knowing that the original buyer may not stick around until the bitter end. I have spoken to an attorney who handles short sales on a regular basis and he believes that submitting many offers to the bank only confuses them and delays the process even further. So although there are currently 24 listed as “active” on the MLS, many of these likely already have offers.
- Some sellers price their short sale at a price that would never be accepted by the bank just to attract buyers. This leads buyers to believe that they are getting a “steal” then months down the road find out that the bank has countered several $100,000’s higher.
- Once you finally get approval by the lender the decision can be overruled or revoked just before closing.
- There is a big difference in an “Approved” short sale and an “Un-Approved” short sale. Approved short sales can take significantly less time to close than Un-Approved ones.
I currently have 2 short sales pending (I am the listing agent on both), but I have written countless offers on short sale properties for my buyers. 99% of the time my buyers have decided to move on to other properties because they get frustrated by the process - this is after I preach to them about how long and frustrating the process can be. Last year I had clients back out of their offer after waiting 4 months with no response only to hear back from the bank a week later. By then, the clients had been so soured by the process that they decided not to buy anything.
To view a list of all single family short sales (16) that closed in 2009 in Coconut Grove, click here. You are able to see the List Price and the Sale Price. There are currently 17 short sales in Coconut Grove that are listed as pending on the MLS, some went pending in July of 2008 and still haven’t closed.
In the Coconut Grove single family home market in 2009, short sales only closed an average of $4.00 per square foot less than the non-distressed sales.
That was certainly interesting. Thanks, Riley!
Linda