"A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan."

That pretty much sums it up right there, and in this current economy, right across our beloved land, including Spring Valley, it is a case of look to your left, look to your right.  If one of those neighbors is not doing a short sale – then it is probably you!

"The lender decides that selling the property at a moderate loss is better than pressing the borrower.  Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.  This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency."

What it means is, you had better get yourself some sound advice from the professionals!  But remember, it is a two edged sword.  While it is sad and unfortunate for some, it represents an excellent buying opportunity for others.  And this my friend is what makes the world go 'round.

Opportunities abound in Spring Valley where there are currently 14 Active Listings.  Four of these have lowered their asking price on an average of 10%, while one listing price was increased.  Are you looking for a waterfront home?  You are in luck, because 10 of these listings are just that.  You have a good selection to choose from with 3, 4 & 5 bedroom homes all with 2 car garages.

Since Jan 1st there has been a total of 14 closings with an average days on market of 133.  Only one of these was a short sale property.  This 2001 built home was a waterfront property with pool on a larger lot.  With a selling price of $119 per square foot, which is below other sold properties in the same period, it was an excellent opportunity.

Don't forget, if you have any questions  – just drop us a note.  We love helping people find new homes and showing them our beautiful community of Spring Valley.

 

Contact: Claudia Willard

954.745.4735

 

Thinking of selling?  We also provide FREE Home Values for Spring Valley.