Notes from Charlotte County, Florida

FORECLOSURE vs. SHORT SALE; we are often asked what the differences are between these two stressed sale processes. As outlined by the Distressed Property Institute, the attached chart (link below) spells out the side-by-side consequences to the homeowner for each.

Remember, if you are contemplating a SHORT SALE in Charlotte County, Florida, including the Punta Gorda or Port Charlotte areas, please give us a call, we can help!

(941) 626-3640

Foreclosure = The legal process by which a mortgagor’s  property rights are terminated in favor of the mortgagee (bank or lender), usually due to default (failure to pay).

Like most all areas of the country, Punta Gorda, Port Charlotte, and North Port, are not strangers to the increasing foreclosure phenomenon.

With the advent of the recent real estate market contraction, property prices in and around these three areas started to slide in the third quarter of 2005.  Although some areas here continue slip, a few markets are starting to see property values level off after nearly three full years dramatic declines.

As of today’s date, our local multiple listing service (MLS) is reporting a total of 318 bank-owned / foreclosed residential type properties for sale in the Punta Gorda, Port Charlotte and North Port markets. This represents 5.8% of the total residential properties available for sale in the area.

Typically these properties come on the market at very aggressive pricing, so much so that they may receive multiple offers the same day and are priced in order to sell them within the first 30 days. These foreclosed properties will range from “fixer uppers” to waterfront homes with direct access to the Harbor.

The total numbers of foreclosed properties which have recently sold through our local MLS are: 52 in May, 50 in June, and 74 July.

If you would like to be kept up to date on available foreclosed listings with immediate notification, please contact us at info@mlsDetectives.com. We would be happy to keep you abreast of these excellent buys.

SHORT SALE Update – Punta Gorda, Port Charlotte, North Port, Association of Realtors

Short Sale Property Definition - A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

Many homeowners don’t realize that this may be a viable option versus a foreclosure. Short Sale properties have increased in numbers over the past year in all areas of the country as well as in Punta Gorda, Port Charlotte, and North Port. Short sales are typically a longer process, but can be a win/win situation for both the buyer and seller.

Depending on the lender, the seller may be able to have a negotiated settlement for less than they owe on the mortgage, and the buyer can obtain a property at a very competitive market price.

Over the last three months we have seen a consistent number of short sales in the Punta Gorda, Port Charlotte, and North Port areas. In May of 2008 there were 23 total sales, and in both June and July there were 24 total short sales in each month.

As of today’s date there are 813 short sales available in Punta Gorda, Port Charlotte, and North Port. Of course this number changes daily.

Of the 813 short sales that are active in our area, 44.5% are available in North Port, 40% of them are available in Port Charlotte, and 15.5% are available in Punta Gorda.

It is always best to use a real estate professional that knows the Short Sale process and market. The “mlsDetectives” do have extensive experience in the Short Sale market and have access to an in house mitigation company; Florida Short Sales.

The in-house mitigation department will walk you through the process of preparing your home to be sold below your current mortgage. They will also assist in the negotiations on your behalf.

Please feel free to contact Mike Federau or Curt Mellon for an evaluation of your property and circumstances to see if you may be eligible for a short sale, or if you are interested in buying a property that is being sold short of the mortgage.

Call us, we can help (866) 315-9905