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THE MARKET...SHORT SALES NOW IN VOGUE
Posted by Naples International Group on Wednesday, July 18th, 2007 at 5:29pm.How quickly the market can turn! Several years ago here in Naples, Florida, when the norm was over bidding on properties, (and even then you weren’t assured of getting them,) to now when builders and homeowners alike are doing anything to get their properties sold. How many BMWs can they give away and how much bonus money can be attached to successful contracts has now become the new norm.
Along with all the hoopla is the sheer fact that there are now more foreclosures than ever, primarily because of all the greed from the good old days and the properties that both large and small investors are stuck with that didn’t turn. Most of those investments were done with negative amortization mortgages, and now it is time to pay the piper and there is no income to do it.
The sad thing is, in my estimation, that many an unsuspecting (as well as uneducated) individual person got caught up in the fray. Some were duped into purchases by shady realtors who projected a non-stop rising market and got caught. Those are the people who haven’t the where withal to sustain their purchases and are now allowing them to go to foreclosure, because they have no other alternative.
Again, short sales (a term that we knew little about and was virtually unheard of) have now become the norm. The one good thing in a short sale is that if the lending institution is willing to go along with it, it does stave off foreclosure, but still does not mean that the individual or company is not responsible for that deficit.
It’s a wild real estate market that now we play in, and liable to be for some time to come!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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