The legnth of time to close on a short sale depends more on the bank than the location of the home. As many have said previously it can be a long and drawn out process and often times sell for over what they are listed at.
We have a list of foreclosures and short sales on our website that you can browse through. Let me know if you find anything that looks interesting!
Roxanne Moore, Realtor
Re/Max Anchor Realty
There is not much more that I can add to what the other agents who answered your question have already told you, other than to relay my own personal experience. I just closed on a Short Sale for a house that I had listed in Charlotte County and it took a little bit more than 4 months from contract to close.
If you would like assistance with your house search, I would be happy to help you. Just contact me directly. Good luck.
There is no way to accurately predict the length of time for a "short sale" regardless of the location. Each sale is unique unto itself and brings with it a different set of circumsrances.
The statistics for short sales and the horror stories that come with them are not encouraging. Only 10% of all short sale applications are closed. Also it is an exception when a short sale closes in less than 4 months. Information is slow and most buyers become frustrated with their experience.
The fact of the matter is, there are many deals out there right now.....short sales, foreclosures, and regular sales. YES, regular sales.....Don't overlook these! Think about it....homes owned by people that purchased their home pre-2003, before the rapid appreciation, bought at a much lower price and therefore can afford to sell for much less. When motivation is considered, these home can and do have the potential for being able to compete with foreclosure and short sales.
There are literally hundreds of short sales and foreclosures in this area. It's a matter of starting your search and identifying the best opportunities for your budget. If you would like a list of area short sale and foreclosure properties from North Port, Englewood, Port Charlotte, or Venice areas, we would be happy to hear from you and provide you reliable information with no obligation.
Call or email today.
Susan & Bill Eckler, GRI
Michael Saunders & Company
2008 Five Star Award for Outstanding Customer Service
A Pre-Foreclosure or Short Sale will provide you the best opportunity to get a "deal". The problem is that Short Sales can take a while to close which can be exhausting to a Buyer. With a Bank Owned in most cases the banks are going to want Market Value - 5 to 10%, plus the foreclosure process costs the banks money which they would like to recoup. And last but not least there are title, tax and legal risks that can go along with Bank Owned purchases, not to mention the need of repairs that most Foreclosures or Bank Owned properties include.
Has that has been helpful? My recommendation is to get with a Foreclosure Expert in your area.
Kristi Ghent, Realtor
Foreclosure & Short Sale Expert
Bank foreclosures are much faster. The selling price is going to be about the same because the bank is not going to settle for much (if any) less than market value on a short sale, and by the same token, they are not going to be able to sell a foreclosure for more than the market will bear.
The main question you have to ask yourself is when do you want to purchase. If you have the time and patience and you fall in love with a particular home in a certain neighborhood that is a short sale without mortgage insurance, you may want to take the chance. If, however, you find a foreclosure that you like just as much, that process will go much faster and smoother.
Hope this helps. Good luck.