A short sale is known to be an alternative to a foreclosure. This is a process, typically initiated by the borrower (or homeowner) whereby they aim to sell the piece of real estate at a lower price than that which is owed to the lender on the mortgage.
Short Sales typically required that the lending institution agrees to accept a payoff amount for the loan that is less than what is currently owed. This is usually a lower cost alternative than the lending institution initiating a foreclosure process and / or taking position of the property.
A foreclosure is a legal process whereby a lending institution aims to recover all or parts of a loan balance from a borrower (typically the homeowner) who has stopped making mortgage payments. This is typically the result of the borrower failing to make payments to lending institution, as defined in their mortgage or deed of trust.
Many homeowners, home buyers and investors we work with consistently ask us about the market trends in their area and, in particular, how this may be influencing the property values within a particular region. While every district and neighborhood varies, there is some information out there that provides an average growth trend for key Florida areas.
In March of 2017, we used the Zillow Home Value Index Tool to research some basic information about the following areas for our clients. The information gleaned is both useful for real estate buyers and property sellers targeting these specific Florida communities.