Short Sales Becoming Tougher

Business Week reports on the tightening short sale standards that banks are imposing these transactions.  Time frames to close short sale deals are widening and lenders are looking for increased concessions from many sellers.

Short sales have been challenging in our market for quite some time. The sheer quantities of short sales in Southwest Florida has been a huge burden for the banks to process.  If you are a buyer considering a short sale property, this blog post titled Buyer Tip – Short Sale Questions, details a list of questions you should be asking prior to submitting an offer.

We have had significantly more success completing foreclosure transactions and remain bullish on Fort Myers foreclosures and Cape Coral foreclosures. Foreclosure transactions generally close in a normalized timeframe and eliminate the uncertainty that is very common with short sale deals.