Last year, I would say you needed to hang on to your seat for at least 9 months to get an answer from the lender regarding a short sale. Bank of America seemed to take the longest. Now with Bank of America's  new Equator system, things seem to be going in the right direction. At least for me they are. I have had quick responses for the last 3 short sale that I have worked. I have a couple more on hold with Bank of America, so we shall see. 

 

The Banks are really trying to give us answers within 60 days. Some have been even faster. But what I have noticed is I am getting counter offers from the banks.   When these files go into review, the banks look to see if they would make more money letting the home foreclose or more money doing a short sale. So if you are thinking about buying a short sale because you think they are a good deal, you may want to review all of your options first. 1. You must wait for an answer. 2. Your offer will more than likely be counter by the lender. 3. You have waited 60 - 90 days only to find you can not buy the house. 4. These homes are sold AS-IS. You will be responsible for any and all repairs.  5. The mortgage insurance company or lender may seek to recover the remaining balance of the loan from the seller. Sometimes the seller finds any additional debt impossible to pay - thus letting the home go into foreclosure. Everyone loses.

 

Are short sale great deals? According to Bank of America, Short sale offers must be in line with current market values and produce net proceeds that exceed the  net amount the investor would expect to recover through foreclosure. As a result, approved short sale prices average at or near the market value.

 

But not all doom and gloom. Many short sales have happing endings for everyone. The seller's credit is not as damaged as it would have been if the home went into foreclosure and the buyer is happy with their new home and the price they paid for it.  

 

Always remember when looking for a home, there are good deals all over. This includes regular sales as well. You may find a better deal, a quicker response and a seller willing to do some repairs.   

It is a great time to be a buyer! But who knows how long it may last.   

 

I remember going into an antique store and seeing a sign that read "The antique you saw today and want to think about until tomorrow is the same antique that someone else saw yesterday and will buy today" You can relate this to homes. Right now, many people are just looking. Some look so hard, they miss the best deals making sure they are getting the best deals. Don't let this happen to you. If the house fits your needs, and you plan to live there for a few years, seriously consider it. 

 

WHY...Welll here in Gulf Breeze, Pensacola, Milton, Pace, Cantonemnt, Pensacola Beach, Navarre, Perdido Beach ...

 

Homes are more affordable! According to the National Association of Realtors' housing affordability index, homes are now more affordable than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.

 

There is plenty of homes to choose from. At this moment we have over  13.5 months of inventory in the Greater Pensacola area. This means if no other homes came on the market, it would take 13.5 months to sell all the available homes.

 

Mortgage rates are incredible LOW! You can qualify for a lot more house and still have an affordable mortgage.

 

Also, many sellers are willing to consider price negotiations or pay some additional closing costs.

 

Of course, this will all come to an end and you will be saying - "I was going to buy. Too bad I didn't!"

 

 

Sales By Area Criteria: Status: S, Category: Residential Statistics for Entire Mls from 6/1/2010 to 6/30/2010 Category:1 Area # of Sales Total Sales Avg Sales Median Sales 01 North Northwest Pensacola 22 $3,222,402 $146,472 $148,950 02 North Central Pensacola 21 $2,635,888 $125,518 $141,970 03 Northeast Pensacola 36 $4,630,229 $128,617 $124,364 04 Southeast Pensacola 31 $4,828,424 $155,755 $149,900 05 South Pensacola 17 $1,300,000 $76,470 $45,000 06 Southwest Pensacola 57 $8,805,467 $154,481 $154,150 07 West Pensacola 39 $5,143,041 $131,872 $124,900 08 Northwest Pensacola 45 $5,730,212 $127,338 $120,000 09 Gulf Breeze 36 $9,212,500 $255,902 $186,250 10 Milton 45 $5,569,948 $123,776 $112,500 11 Cantonment 21 $3,354,345 $159,730 $147,850 12 Century/Molino 2 $207,900 $103,950 $103,950 13 Perdido Key 7 $2,268,000 $324,000 $135,000 14 Jay 5 $421,550 $84,310 $87,500 15 Pace 46 $7,703,063 $167,457 $164,177 16 Pensacola Beach 16 $9,017,500 $563,593 $364,000 17 Navarre/Navarre Beach 35 $7,196,633 $205,618 $189,439 18 Other Counties/Associations 24 $4,579,250 $190,802 $215,000 TOTALS 505 $85,826,352 $169,953 $152,100