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 July 2010, there are 22 short sale properties and 9 foreclosures available on Pine Island. 

In 2010, the median sale price of a foreclosed property was $88,500, and the range of foreclosure sales was from $38,000 through $295,000.  There were 18 foreclosure sales.  The  9 foreclosed homes offered today range in price from $29,000 - $259,000, with a median list price of $143,600.

In 2010, the median sale price of a short sale property was $227,248.  Range in price of the 14 shortsale properties sold was from $91,000 to $490,000.  As of June 2010, there are 22 short sale properties offered for sale, ranging in price from $45,000 to $599,500, with a median list price of $212,000.

Presently, only about 10% of the homes offered for sale on Pine Island are a short sale or a foreclosure.

I have represented a number of buyers of homes that have been either foreclosured on or short sales.  I have taken courses 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.