Short Sales – Banks Demand Small Token From Sellers
September 1st, 2010 Categories:Coral Gables Real Estate
I currently have 5 short sales pending for my clients and have successfully completed many more. A recent trend that I am seeing is that the banks are asking the sellers to come up with a little bit of cash, I’ve seen anywhere from $3,000 to $100,000.
I have had instances where the buyers say that they will pay the money but the bank insists that the cash come from the seller. Think about it, they are forgiving $100,000′s of debt on each transaction and just want the short sellers to give some token of money. Since they won’t accept it from the buyer, it does seem that they want to penalize the seller.
Coral Gables Short Sale Update:
There are currently 46 short sales for sale in Coral Gables (to view them click here) and there have been 30 to close this year. The average list price to sale price of these short sales was 92% which is roughly the same as a typical sale. However, the average sale price per square foot was $214.00 which is far below the average in Coral Gables. To view a list of all closed short sales in Coral Gables, please click here.
If you are interested in listing or buying a short sale property, I have a great team in place to help make the process as smooth as possible. Please contact me at 305.342.1623 or send me a note here.
