{"id":26068,"date":"2009-10-06T10:18:19","date_gmt":"2009-10-06T14:18:19","guid":{"rendered":"https:\/\/www.ewmrealestate.com\/blog\/?p=26068"},"modified":"2015-05-01T19:36:42","modified_gmt":"2015-05-01T19:36:42","slug":"reos-and-short-sales","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/reos-and-short-sales\/","title":{"rendered":"REO&#039;s and Short Sales"},"content":{"rendered":"<p>Buzz words that still make a buyer&#8217;s heart skip a beat&#8230;\u00a0REO&#8217;s, Foreclosures and Short Sales.\u00a0They&#8217;ve been around in large numbers for a while now.<\/p>\n<p>No one disputes the fact that\u00a0property values have declined. There&#8217;s not a whole lot of argument as to why it happened either.\u00a0The 30+ % increases we were enjoying before April 2005 just couldn&#8217;t be sustained due to&#8230; (no point telling that one again) However, while numbers and statistics can be boring to the point your eyes strain to stay open, they tell the story straight and true. Ignoring\u00a0these facts will cost you one way or another.<\/p>\n<p>A house is worth what a buyer is willing to pay for it. Since\u00a0REO&#8217;s and short sales have had a downward effect on\u00a0prices, that has changed what\u00a0buyers would be willing to pay in most neighborhoods. So\u00a0again\u00a0this year, we&#8217;ve had\u00a0three main catagories of sales to keep an eye on; Resales, REO&#8217;s and short sales.<\/p>\n<ul>\n<li>Resales; Your typical homeowner moving for one reason or another. One or two decision makers involved. Responses to your offer can be quick. Tough times this year competing price wise with REO&#8217;s and short sales.<\/li>\n<\/ul>\n<ul>\n<li>REO&#8217;s; bank owned property, priced to sell quicker than their competition. Multiple parties involved in\u00a0setting the asking price, and an asset manager selecting the best offer to work with. Normally the offer is\u00a0subject to a board or panel for final approval.\u00a0Initial responses to your offer from the asset manager can take up to several days, and a few more days for the final approval. Overall the wait is reasonable\u00a0and the\u00a0bargain makes the wait\u00a0worthwhile.<\/li>\n<\/ul>\n<ul>\n<li>Short sales; homes for sale where the owner owes the lender more than the property will sell for. Approval of the sale amount\u00a0from the lender is\u00a0required in order to proceed and close. The seller isn&#8217;t allowed to receive funds at closing, so the price its sells for doesn&#8217;t matter much to the seller, unless the lender requires a promissory note for the balance. Because of this, sellers sometimes set low asking prices which affect neighborhood values, even though\u00a0the lender won&#8217;t approve a sale that low. These can literally take months\u00a0for the lender to research in order to decide to move forward with an offer or not.<\/li>\n<\/ul>\n<p>Three areas I like to keep up with&#8230;<\/p>\n<p><strong><a title=\"Village of Palmetto Bay\" href=\"http:\/\/palmettobay-fl.gov\/\" target=\"_blank\">Village of Palmetto Bay:<\/a><\/strong><\/p>\n<p>Since the beginning of this year, 144 single family homes have sold via Realtors and the local MLS system Realtors use. Out of the 144 total sales, 31 were bank owned,\u00a0 and 13 were short sales.\u00a0Today there are 140 homes for sale; 1 REO and 34 short sales. The resale now has less competition and less downward pressure on the price. Asking prices range from $155,000 to $2,850,000. Sold prices range from $55,000 to $1,400,000.<\/p>\n<p><strong><a title=\"Village of Pinecrest\" href=\"http:\/\/ci.pinecrest.fl.us\/:\/\/\" target=\"_blank\">Village of Pinecrest:<\/a><\/strong><\/p>\n<p>Since January 1 this year, 126 homes sold. 19 were REO&#8217;s, 11 were short sales. Today there are 196 for sale, 1 REO and 27 short sales. Asking prices range from $369,000 to $5,999,000. Sold prices range from $250,000 to 3,650,000.<\/p>\n<p><strong><a title=\"Cutler Bay\" href=\"http:\/\/www.cutlerbay-fl.gov\/\" target=\"_blank\">Cutler Bay:<\/a><\/strong><\/p>\n<p>149 sold this year so far, 67 REO&#8217;s and 24 short sales. Today out of 107 offered for sale, only 6 are REO&#8217;s and 55 are short sales.\u00a0Asking prices range from $79,000 to $ 775,000 while closed sales prices range from $32,500 to $450,000.<\/p>\n<p>Bottom line is REO are now fewer and\u00a0short sales, until something changes, are only short when it comes to closings.<\/p>\n<p><a href=\"http:\/\/www.montgomerymillshomes.com\"><img loading=\"lazy\" class=\"alignleft size-full wp-image-26020\" src=\"https:\/\/www.ewmrealestate.com\/blog\/files\/2009\/10\/MMH-BLOG-logo-Custom.jpg\" alt=\"MMH BLOG logo (Custom)\" width=\"100\" height=\"57\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buzz words that still make a buyer&#8217;s heart skip a beat&#8230;\u00a0REO&#8217;s, Foreclosures and Short Sales.\u00a0They&#8217;ve been around in large numbers for a while now. No one disputes the fact that\u00a0property values have declined. There&#8217;s not a whole lot of argument as to why it happened either.\u00a0The 30+ % increases we were enjoying before April 2005<\/p>\n<p class=\"more-link\"><a href=\"https:\/\/ewmrealestate.com\/blog\/reos-and-short-sales\/\" class=\"themebutton2\">Read More<\/a><\/p>\n","protected":false},"author":5661,"featured_media":130092,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[12161],"tags":[43,4417,67,167,173,9505,203],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>REO&#039;s and Short Sales - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/reos-and-short-sales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"REO&#039;s and Short Sales - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"Buzz words that still make a buyer&#8217;s heart skip a beat&#8230;\u00a0REO&#8217;s, Foreclosures and Short Sales.\u00a0They&#8217;ve been around in large numbers for a while now. No one disputes the fact that\u00a0property values have declined. There&#8217;s not a whole lot of argument as to why it happened either.\u00a0The 30+ % increases we were enjoying before April 2005Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ewmrealestate.com\/blog\/reos-and-short-sales\/\" \/>\n<meta property=\"og:site_name\" content=\"BHHS EWM Realty\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/EWMRealtyInternational\" \/>\n<meta property=\"article:published_time\" content=\"2009-10-06T14:18:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-05-01T19:36:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ewmrealestate.com\/blog\/wp-content\/uploads\/2019\/06\/BHHS-On-Solid-Background.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"376\" \/>\n\t<meta property=\"og:image:height\" content=\"376\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Victor Mills, Broker Associate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Victor Mills, Broker Associate\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/reos-and-short-sales\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/reos-and-short-sales\/\"},\"author\":{\"name\":\"Victor Mills, Broker Associate\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#\/schema\/person\/34cdd86b011423031e0101067aba63cb\"},\"headline\":\"REO&#039;s and Short Sales\",\"datePublished\":\"2009-10-06T14:18:19+00:00\",\"dateModified\":\"2015-05-01T19:36:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/reos-and-short-sales\/\"},\"wordCount\":557,\"publisher\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#organization\"},\"keywords\":[\"Cutler Bay\",\"foreclosure\",\"Foreclosures\/ Short Sales\",\"Palmetto Bay\",\"Pinecrest\",\"short sale\",\"Short Sales\"],\"articleSection\":[\"Foreclosures &amp; 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