It's a busy time for Short Sale specialists in our area. Our MLS area encompasses Punta Gorda, Port Charlotte and North Port Florida. Charlotte County Florida encompasses the majority of the area with North Port falling into southern Sarasota county. We also serve Lake Suzy in southern Desoto county.
This part of Florida has certainly seen it's share of short sales. Although we're not as bad as some parts of the country like Las Vegas, it certainly is not a good time if you are a homeowner who purchased in the 2003-2007 time frame. Almost universally these buyers have seen their home's value decline precipiously.
On the other hand buyers are seeing values which haven't been seen in a decade.
Dealing with sellers in this market is difficult. One has to be sensitive to the trauma they feel when you broach the subject of a Short Sale. Many have the attitude that they'd rather see the home go to foreclosure than see somebody else benefit from their distress.
Understandable? Certainly! Logical? Certainly not.
I try to persuade my sellers to move on. Moving on from a stressful emotional situation can be cathartic, hopeful and reaffirming. If you've been struggling to make a mortgage payment of $2,000 a month, the notion of renting for $800 seems fairly attractive. You'll have money left over for some of the fun things in life. Maybe you did lose a bundle, but the removal of a giant unmanageable mortgage is not a bad thing. Most experts agree that the market recovery is years away. So, if you can qualify for a mortgage within the next two to three years, you'll be able to actually afford the next home you buy.
In this respect, a Short Sale can almost be considered a do-over!
The recovery from a Short Sale is also substantially less difficult than the recovery from a Foreclosure. A foreclosure will certainly damage your credit for much longer than a short sale. You more than likely will be precluded from buying a new home (qualifying for a mortgage) for between 7 and 10 years.
So, put the trauma behind you, and move on with your life. A Short Sale can be a fresh start in life!
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