Foreclosures Florida and Short Sales
February 20th, 2007 by 
Joseph Smith
With 1 out of 886 households in the United States at some stage of foreclosure, the inventory of real estate owned properties is almost full to the brim. Florida’s current foreclosure rate is still at its all-time high, creating more and more opportunities for buyers, real estate agents and investors. Lenders who already have quite a number of these Florida foreclosures are accepting short sale offers from owners facing foreclosure.
A short sale is a property sale in which the owner or a third party offers to pay the lender an amount that is actually less than the amount of the mortgage debt to stop lender from completing foreclosure procedure. Foreclosure proceedings could last from 3-12 months and costs can be quite high. Because of this, lenders can not be blamed for accepting offers of short sales.
Aside from not spending money to complete foreclosure proceedings, lenders do not also have to maintain these foreclosures Florida and spend a fortune in holding costs that include taxes, insurances, etc. Considered to be non-performing assets, foreclosures Florida will be better off being sold to buyers or investors at great discounts.
Since 2007 is expected to be the year when adjustable rate mortgages are set to adjust to a higher rate, lenders are expected to agree to more short sales. This is one of the quickest ways to limit the number of foreclosures Florida in their inventory and somehow recover the amount of mortgage owed to them.
If you are an investor, buyer or real estate broker, this is the perfect time to buy foreclosures Florida. You will only need to have really good negotiation skills. Having a real estate broker like Foreclosure Deals who can help negotiate and provide you with insider tips and sound advices will surely be convenient.
