There's some irony in the fact that Vero Beach short sales are now so much in demand that it is pushing up the pricing on these highly affordable Florida beach homes. The Sunshine State was hit very hard by the real estate crash. Historical statistics ranging back to the early days of the crash in 2008-2009 show that communities all over the state had much higher foreclosure rates as compared to the national average.
It's no surprise, therefore, that short sales are likewise higher too. This is true both in terms of inventory volume as well as the discounted price. The trend continues to this day, and most places in Florida still have large numbers of properties that are bank owned, with many more in the process of being foreclosed.
The best of the lot is Vero Beach, which was recently anointed as the top beach destination for getting hold of distressed properties on the cheap. This infamous honor came courtesy of a realty data tracking service which collects foreclosure data on virtually every community nationwide. They claim that, on average, this community's distressed homes sell for 45% less than non-distressed properties.
It becomes an even bigger deal when the large number of home owners in trouble is factored in. The realty tracking service also found that a full 21% of the real estate sold in the Sebastian-Vero Beach MSA involved properties in the process of being foreclosed or those already bank-owned. The steep price discount and the large number of available homes considered as a whole show the unparalleled opportunity for buyers.
Think about it, more than one-fifth of the available inventory is going at an average of almost half the normal price. Not to mention the fact that it happens to be among the most well known beachfront communities in Florida, just 135 miles from Miami. For those who are now interested but don't know what this is all about, perhaps it might be better to start with a better understanding of how the system works.
A short sale is essentially the lesser evil when compared to a foreclosure. It's a voluntary sale that disposes off the property to prevent a foreclosure. Because the sale proceeds will be less than the balance on the mortgage, the lender must first sign off on it. There will be a deficiency that will in probability have to be written off.
The good thing about it is that the costs and fees associated with a foreclosure are eliminated. For the borrower, the bigger benefit is that a voluntary sale doesn't hurt the credit rating as much as a foreclosure. It's important to remember that lenders still may come after the borrower for the deficiency, which is the difference between the mortgage balance and the selling price.
As far as buyers in today's real estate market are concerned, Vero Beach short sales are among the best possible investments. The location and the rising property values in Florida and all over the nation mean that any property investment made today is going to be worth a lot more in the near future. It's a slam-dunk if the 45 percent or so savings because of the short sale are factored in.
It's no surprise, therefore, that short sales are likewise higher too. This is true both in terms of inventory volume as well as the discounted price. The trend continues to this day, and most places in Florida still have large numbers of properties that are bank owned, with many more in the process of being foreclosed.
The best of the lot is Vero Beach, which was recently anointed as the top beach destination for getting hold of distressed properties on the cheap. This infamous honor came courtesy of a realty data tracking service which collects foreclosure data on virtually every community nationwide. They claim that, on average, this community's distressed homes sell for 45% less than non-distressed properties.
It becomes an even bigger deal when the large number of home owners in trouble is factored in. The realty tracking service also found that a full 21% of the real estate sold in the Sebastian-Vero Beach MSA involved properties in the process of being foreclosed or those already bank-owned. The steep price discount and the large number of available homes considered as a whole show the unparalleled opportunity for buyers.
Think about it, more than one-fifth of the available inventory is going at an average of almost half the normal price. Not to mention the fact that it happens to be among the most well known beachfront communities in Florida, just 135 miles from Miami. For those who are now interested but don't know what this is all about, perhaps it might be better to start with a better understanding of how the system works.
A short sale is essentially the lesser evil when compared to a foreclosure. It's a voluntary sale that disposes off the property to prevent a foreclosure. Because the sale proceeds will be less than the balance on the mortgage, the lender must first sign off on it. There will be a deficiency that will in probability have to be written off.
The good thing about it is that the costs and fees associated with a foreclosure are eliminated. For the borrower, the bigger benefit is that a voluntary sale doesn't hurt the credit rating as much as a foreclosure. It's important to remember that lenders still may come after the borrower for the deficiency, which is the difference between the mortgage balance and the selling price.
As far as buyers in today's real estate market are concerned, Vero Beach short sales are among the best possible investments. The location and the rising property values in Florida and all over the nation mean that any property investment made today is going to be worth a lot more in the near future. It's a slam-dunk if the 45 percent or so savings because of the short sale are factored in.
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