A “short Sale” occurs when the net proceeds from the sale of a property are insufficient to pay off the first lien. The lien holders negotiate a settlement in order to avoid foreclosure expenses. Several more parties are involved in a short sale than a normal sale. For example; loan servicer, mortgage insurer, mortgage investor, Home Owners Association liens, and junior lien holders. Junior liens can make negotiations more difficult. The advantages to the seller are: he/she does not have a foreclosure on the credit record, satisfies the debt for less than the full amount, avoids pursuit of a deficiency judgment, and may avoid reporting of dish-charged debt to the IRS. The advantages to the investor lien holder are: reduces losses, and the expense of owning a Real Estate Owned (REO) property. The mortgage insurer avoids a REO expense and reduces claims. The neighborhood of the effected property benefits by avoiding a foreclosure that would reduce property values. Our local real estate sales market has experienced many “short sales”, and I’m sure will continue to do so.
There are several upcoming local Absolute Auctions July 25, 26, and August 1, 2009. See: http://www.national-auction.com/auction_list.php
According to the Baldwin County MLS, there were 55 gulf front condominium closed sales since the 1st of June. According to the Pensacola Association of Realtors’ MLS, there were 12 like-kind condos sold in the same time frame.
In order to obtain additional information, copy and paste the MLS# into the corresponding public MLS# database link. The Baldwin MLS site mandates that the “pop-up Blockers” be temporally removed. Please note that these 2 public MLS databases are limited as to how much information is available. For more information, please contact me so I may forward to you listing data from the controlled professional database. The chronological order does not indicate any preference.
TOP-10
Short Sales
There are 20 Alabama Baldwin County MLS listed short sales. There are 15 Pensacola, Florida MLS listed short sales.
Baldwin County, Alabama Association of Realtors public MLS:http://www.southalabama-coastalareamls.com/
1. MLS# 149288 / Orange Beach condo / 2BR-2BA / list price $320,000
2. MLS# 151646 / Orange Beach condo / 2BR-2BA / list price $325,000
3. MLS# 135967 / Orange Beach condo / 2BR-2BA / list price $350,000
4. MLS# 142971 / Orange beach condo / 3BR-3BA / list price $395,000
5. MLS# 141309 / Orange Beach condo 3BR-2BA / list price $419,500
6. MLS# 135239 / Orange Beach condo 3BR-3.5BA / list price $499,000
7. MLS# 150521 / Gulf Shores condo / 3BR-2BA / list price $564,900
Pensacola, Florida Association of Realtors public MLS:http://www.pensacolamls.com/(xx0ye024bazo2d450pkf5u45)/propertySearch.aspx
8. MLS# 343819 / Perdido Key condo / 2BR-2BA / list price $349,000
9. MLS# 370735 / Perdido Key condo / 2BR-2.5BA / list price $470,000
10. MLS# 369775 / Perdido Key condo / 3BR-3BA / list price $545,000
