Just Closed Another Short Sale....

Though it has been my experience that many of the short sales in our area do not ever close before foreclosure takes place this one is a sucess. We just made it under the auction wire by only a few days. The bank set a deadline of last Friday for the funds to be presented and trasfered to them after accepting a very low offer and having to negoitate the HOA fees. The HOA fees and taxes had not been paid for 3 years contributing further to the banks loss on the sale. They accepted a sales price of $75,000 for a unit that they were owed a total of over $200K. After all expenses on the HUD they made only a little over $40K toward the $200K. Quite a loss.

This condo was in the Promenade section of the new area known as Tradition here in Port St Lucie. We are seeing prices falling into those of the late 1990's to early 2000's values. Great for buyers who are snapping up the bargains. If you are sitting on the fence don't. These prices will not last forever.