List of short sales

The market has a good supply of homes listed for sale with the short sale contingency. The fact that these homes can often be purchased at competitive prices make them very attractive to first time home buyers and investors. It is because of this demand, I have decided to offer a list of short sales to qualified buyers who contact me. You will need to let me know the area and the price range that you are interested in and I will email you the latest listings.

Orange, Osceola, Polk, Lake, Volusia and Seminole

The market area I cover includes short sales listed in Orange, Osceola, Volusia, Seminole, Lake and Polk counties. The number of available short sales vary by county, as of this post the counties mentioned above have the following inventory.

• Orange County - 3184 listings
• Osceola County - 1199 listings
• Volusia County - 664 listings
• Polk County - 1039 listings
• Lake County - 617 listings
• Seminole County - 933 listings

These numbers are subject to change daily and are based on information from MFRMLS for the period September 6, 2009.

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Homes being sold subject to a short sale contingency require lender approval

Homes being sold subject to a short sale contingency require the seller's lender approval. The FAR Short Sale Addendum to Purchase and Sale Contract, which should be a part of every short sale transaction states that the contract contingency includes the lender approving the purchase price and contract terms.

Contact me if you need assistance buying or selling a home subject to a short sale contingency.


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Short sales can be confusing even to agents

Your buyer finds a home they are interested in and it is listed as being contingent upon 3rd party approval of the contract or contingent upon the lender accepting a short sale. The buyer submits an offer and the seller accepts the buyers offer. The executed contract is sent to the lender for approval. The lender after many days or weeks informs the seller or the agent assisting the seller that the agreed upon amount is not sufficient.

Your buyer is not interested in pursuing this home any further and asks for an immediate release of their escrow deposit. Here is where it gets confusing for some agents. In order for the buyer to receive their escrow deposit back they must get the owner of the home to sign a cancellation of contract and release of escrow form which the buyer will also sign.

Without the mutually signed agreement most Brokers will not release the escrow deposit to either party.

Just remember, if a buyer and seller have both agreed on terms in writing, this is a binding contract. Most contracts have some type of contingency but it is still a contract nonetheless.

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- Greg Staker - Watson Realty Corp. - 407-304-0255