It seems like everyone today is
asking about Short Sales and Foreclosures.
That's the hot topic on Panama City Real Estate and
Panama City Beach Florida Real Estate. There
are a few basics when talking about short sales and
foreclosures you must keep in mind.
Short Sales: Basically the
bank and the owner on working together to sell the
property. They have found a magic number that
works...and are willing to consider other offers.
This is typically in the 65% to 75% range of what is
owed on the property. The owner will then be
given a 1099 for the difference. Up until late
last year, the seller would have to pay gains on
that money, however, that is not the case any more!
Please see our other site that deals with
Real Estate in Panama City and Panama City Beach
Florida here.
Foreclosure: These are
getting fewer and fewer since the development of the
Short Sale. But in a foreclosure the bank has
already taken control of the property. So
basically what we have found is you can get a better
deal on the property through a Short Sale than you
can a foreclosure. The cost to the bank is higher by
going through the Foreclosure process.
Contact us today if you are
interested in a Short Sale on your property or if
you are interested in viewing Panama City Short Sale
Properties.
Let us give you a hand in
establishing the proper investment strategies when
it comes to Panama City and Panama City Beach
Florida. Whether it is your personal home,
rental property, or commercial real estate, we at
InvestSmarter can make your next deal a success.
Let us show you how to be a Smarter Investor in
Panama City Short Sales including Panama City Florida Real Estate.
