Pensacola Foreclosures & Short Sales
Once upon a time, maybe back in the 1960's and 1970's, the phrase "short sale" did not exist. Foreclosure was a known, yet little used word due to the fact that not many homeowners defaulted on their mortgage payments. Some may remember the high interest rates at 18% and how long it took to drop to 10%. We who were in the industry in the 80's remember that time well. As the rates dropped to 8% it was party time. Even though homes were bought and sold with high interest rates, somehow people managed to make their payments.
If you don't remember that time, it will be difficult to appreciate the fact that interest rates are extremely low which allows buying a home unbelievably affordable.
Pensacola, Perdido Key, Pensacola beach, Pace and Gulf Breeze do have their share of foreclosures and short sale properties but compared to other areas of Florida, minimal. Short sale basically suggests that the homeowners owe more on their mortgage than their home is worth. Some banks such as RBC are becoming aggressive at completing short sale transactions. Others are still in the "dark ages" and believe that 6 months or more is a reasonable amount of time to respond to any offers on such properties. If a buyer is not in any hurry to move into a home then having an offer written and submitted to the financial institution may be a good investment of time. Be aware that the purchase of any short sale or foreclosure property are "as is". The buyer has the opportunity to have a home inspection. If the results are unsatisfactory the contract may be cancelled.
Home inspections are visual only.The inspector will check the roof, electrical, heat and air systems, plumbing and the like. If the utilities have been turned off through hot summers and cold winters there is a possibility that something will go wrong within the first 2 or 3 months. Even with a home warranty, depending on the company, any problems that arise may not be covered.
Want a list of foreclosures in Pensacola, Perdido Key, Pensacola Beach, Gulf Breeze and Pace, Florida? You can find them here. Use the menu on the left to select the foreclosed homes in the cities you have interest.
Our Brokerage real estate sales professionals are all authorized to sell HUD homes.Have a look at all of the available HUD homes for sale, contact us for more information or to setup a viewing.
Contact Nancy to assist you with any foreclosed real estate in Pensacola, Perdido Key, Gulf Breeze and Pensacola Beach Florida.
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