Short Sales nightmares: new law to pass in April ?
By LLoyd Nichols, Southwest Florida Homes By The Sea
(Premier Florida Realty of SWFL)
The joys of Shorts sales in Fort Myers and Cape Coral! I had more fun going to the dentist for a routine root canal! In brief: let's say you showed 15 homes to your potential buyers and you finally found that perfect home. As the market has been pulled down faster then the low rise trend on jeans sellers have adjusted their prices accordingly and have seen their equity go down the tube. In Lee County we are witnessing a tough fact: one out of eight properties are either a short sale or a foreclosure. Fast forward: you made the offer on a short sale. Now what? Depending on the bank's policies you may get an answer in 30 to 45 days. Don't let it fool you. If you are making an offer on an approved short sale you are in luck. The lender and its loss mitigation agent has let it known the...
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