Short Sales Most Common Home Sale in South Florida

by Isaac Benmergui, Esq on March 14, 2012

South Florida currently leads the nation in short sales. More than 26 percent of all home sales in the last year came as a result of people buying homes that were in some stage of foreclosure, according to RealtyTrac. In the South Florida’s tri-county area that accounts for approximately 43,000 home sales.

Banks Like Short Sales More Than Foreclosure

To avoid a long drawn out foreclosure process, banks are eager to pursue short sales because they allow the bank to cut their losses and try to recoup a profit. Homebuyers are seeing a higher price on homes done through a short sale, on average 10 percent higher, than if the bank had taken possession of the property already.

Ensure Free and Clear Title

If you’d like to purchase a short sale property, you’ll need to make certain you have a free and clear title and that there are no hiccups at the time of closing. The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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