Foreclosures and short sales are not that common on Pine Island, but those that are for sale can represent a good value for buyers.
A foreclosure is a property taken back by the lender (usually a bank) due to lack of payment.
A short sale is a property that is offered for sale by the seller, for less than the amount of debt owed on the property. Any lender (or lenders) must agree to all of the contract terms. It can take weeks or months to hear back from lenders and learn if they will agree to the "short sale" price. As of February 2010, there are 15 shortsale properties and 11 foreclosures available on Pine Island. About one-third of 2009 home sales on Pine Island were either a short sale or a foreclosure.
Presently, only about 10% of the homes offered for sale on Pine Island are a short sale or foreclosure.
I have represented buyers of eight homes that have been either foreclosured on or short sales. I have taken classes in successfully representing a short sale or foreclosure buyer, and become a "certified short sale and foreclosure resource". For a complete, free list of Pine Island short sales or foreclosed properties, please contact me, Erika Foye, Real Estate Broker of All Island Realty, at erikafoye@embarqmail.com. Below is a photo of a foreclosed home that sold recently for $311,000.
