Vero Beach Buyer's Agent

The recent decrease in home prices in Vero Beach, Sebastian and through out Indian River County is partially due to short sales during pre-foreclosure. Bargains seen in Bank owned properties that have gone through the foreclosure process are also spurring buyers and Investors to act.

Distressed properties are typically sold at 2 different stages of the Vero Beach foreclosure process.

Pre-foreclosure – when the seller is behind on payments and owes more than the home’s value, the lender may accept less than the loan payoff, a “short sale”. Public notice of this situation is made by filing a Lis Pendens

Post-foreclosure – is after the bank takes title and markets the property, also called an “REO” (lender owned) property. I have extensive experience with both stages and will explain the pros and cons of each approach.

Short Sales – since the home is usually occupied, it is being maintained and likely to be in better shape. The short sale process is still evolving – many lenders are overwhelmed and unable to respond to offers in a timely manner. This approach requires a great deal of patience from the buyer since the time from offer to closing can be 3 months or more.

Lender Owned – the property is usually listed with a Real Estate Broker and the process of buying is far more efficient. Although you are still dealing with a lender (not unlike a bureaucracy), this system has been in place longer. The downside is that the home has often sat vacant and is in need of repair. I always recommend a professional inspection regardless of outward appearance.

Sign up for my Foreclosure Watch List for Vero Beach, Sebastian and Indian River County by filling out the criteria form. It’s free, customized to your areas of interest and I won’t even ask for your phone number!