Monday, April 21, 2008

Short Sales in New Tampa

An analysis of single family homes listed for sale in New Tampa, revealed over 70 of the listings as "short sales" (The listing price may not be sufficient to cover all encumbrances, closing costs, or other seller charges due at closing; and sale of the property at the full listing price may be conditioned upon terms negotiated and approved by third parties) or sellers who are "upside down" in their house.

The breakdown by community of those I identified as short sales is:

Arbor Greene 5
Cory Lake Isles 4
Cross Creek 5
Grand Hampton 7
Heritage Isles 14
Live Oak Preserve 22
Pebble Creek 5
Tampa Palms 4
West Meadows 5

The issue of banks taking weeks or months to respond to offers to purchase on short sales continues, and is giving rise to a new trend with listing agents---Inserting wording in the "realtor only remarks" that the listing is not a short sale. "This is NOT a short sale" is showing up more frequently because it is more appealing to buyers and agents who may not want to wait weeks or months to get a response from Sellers' lenders on an offer to purchase.

No comments: