We are starting to see short sales on the Island, these are homes that have not been foreclsoed on yet but are on their way there. Any offers on properties like this require bank approval. The advantage to the bank is that it saves them time and the high cost of foreclosure. Our expericne so far has been that this can be a really quick process or drag on for months, there is no standard process. There are also some risks involved in a short sale, they are not for the faint of heart. All the risk is on the buyer and the property is purchased "as is". Most banks will negotiate to some degree, the properties usually (but not always) end up selling for a percetnage less than the mortgage amount owed, this can be as little as a few percent or as much as 20 percent plus. It should be noted that the last two foreclosures in West Tisbury ended up with the first mortgage holder winning the bid, cutting out the second mortgage holder and selling the property at a profit. The Vineyard market cannot be compared to other situations. This is a good article, it explains that short sales take time but can be good for those who can wait it out.
| We have a new format this week, we launched a new MLS (multiple listing service)service on the Island this week. We hope you like the additional photos and details that are now available with each listing. Click on the link in the top left of each property box to view additional information about the property. We have several interesting new listings this week. A lot of action on Chappy, two great listings under $1 million and two waterfont listings on North Neck. A camp style home for $3.29 million and newer contemporary home for $6.85 million. Our waterfont pick of the week is in Aquinnah, a beautifully renovated beach house, steps from the ocean this home enjoys sweeping ocean views over to the Gay Head Lighthouse. For those looking for a income producing property there is a unique opportunity in West Tisbury, a traditional cape style home set on over two acres, the property has been converted into three separate condo units, all three are available for a total of $850K (not available separately at this time). Walk to Alleys General Store and the library from this location. Please do not hesitate to call us if you have any questions about any of these properties. This Weeks Sold Properties | ||||||||||||||||||||||||||||||||||
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