We all know that foreclosures are on the rise throughout Palm Beach County from Mission Bay Boca Raton to the north end of the County all areas are affected by the turn in the real estate market several lenders have even  gone out of business.  This sounds bad for the real estate industry, but as the old saying goes....when you're given a lemon make lemonade.

The large number of foreclosures has created a wonderful opportunity for investors and people just looking for a good deal on a home.  Lenders do not want to own property.  The cost of foreclosing on a home is many times far greater than selling it for less than what is owed on it.  When the owner of a property is upside down (owes more that the property is worth), they often cannot even afford to sell it.  They are forced to let the bank take the property from them in foreclosure. 

A knowledgeable realtor can negotiate with the lender and have them allow the owner to sell the property for less than what is owed on it, and possibly forgive the remainder of the loan.  This is called a "Short Sale."  Lenders often will accept offers of 70 to 80 percent of the value of the property in order to avoid foreclosing on a home.  This is a Win-Win-Win situation.  The seller gets out of a property that he/she cannot afford, the buyer gets a good deal on a property and has instant equity, and the lender is not stuck owning another home and having another bad loan on it's books.

If you are an owner of a property and in this situation or you are a buyer looking for a good deal/investment, you need to make sure you work with a Realtor that has the experience and knows the process of a Short Sale

Jim Cox Mission Bay West Boca Raton Short Sale Specialist

www.MrMisssionBay.com

Mission Bay

Boca Falls

Boca Isles

Boca Chase