I posted before about looking at short sale houses in Florida. My husband plans to retire in a year and we are thinking of moving to Florida. Our agent suggested short sales because they take a long time to close and it would give us time.
We spent two weeks and looked at so many homes. We now realize how little we understand about short sales. The owners of the houses were living there and did not appear distressed. The homes were well taken care of. We were not sure if the sellers listed the price or the bank.
What are short sales? How do they differ from foreclosures? Are short sale prices negotiable or is the price fixed by what is owed on the property? Some properties were listed as 'bank approved.'
The agent(s) we had were not clear and sometimes appeared not to understand what the process was. One agent told us that houses which foreclosed were better than short sales. When we asked why, he said 'the bank makes sure everything is fixed and taken care of.' Every short sale house we saw was in excellent condition. We did not look at foreclosures.