Houses being sold as a short sale, or contingent upon the seller's lender agreeing to accept less than owed on the mortgage could result in the buyer buying the home at a great price, but even with the potential savings, trying to buy a short sale may not be for all Florida home buyers.
A buyer will need patience. Short sale listings can take several weeks or months just to receive an answer from the seller's lender. The time it takes for a short sale to receive a response depends in part on the short sale processing skills of the listing agent, the cooperation and situation of the home owner, the number of mortgages on the home, and the lender's short sale negotiator or loss mitigation department. In October the median days to close a short sale transaction in Osceola County equaled 220 1/2 days according to information found in the MLS.
Buyers who have no time to wait and need a house now, may choose to ignore the short sale market in favor of well priced traditional listings or REO property.
Related blog posts on short sales
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