What is a Short Sale?

A short sale is when you sell your home for less than what it's fair market value is and your mortgage lender accepts that smaller amount as full payment of your bank note.

The first step for the homeowner is to contact a realtor to represent them in the listing and short sale of their house.  The sooner you take this action the better your chance of having a successful sale rather than the bank foreclosing on you.

Read more: What Is a Short Sale on a House? | eHow.com http://www.ehow.com/facts_5415786_short-sale-house.html#ixzz1h1rBgD00

3rd Quarter Stats for Cape Coral, Florida

Cape Coral  is a boater and fisherman’s haven offering close to 200 miles of salt water canals that access the Gulf of Mexico.

Comparing to 2010 3rd Quarter sales data, there was a 15% decrease in the number of Cape Coral home sales and a 19% increase in the number of Cape Coral condominium sales. The average price for homes rose up 47% while the average price for condominiums rose up 31%. End of the quarter showed 1,797 active residential properties listed in the Cape Coral MLS. That was a decrease of 17% relative to the same time last year.

Total sales year-to-date were 4,653, which is down by 3% compared to the same time last year. Pending sales were up 31% with a grand total pending of 2,371. The median price of all existing properties was $102,950, up 13% from a year ago. The median price for properties sold above $300,000 was $382,500, up 2% from $374,000 in 2010.

Strong Rental Market

Current predictions are that we're moving toward a society of renters based on a number of factors.

As foreclosures on single family homes continues to rise the former homeowners are now having to rent a home;

Mortgage limitations are reducing the number of people who can get mortgages to buy homes;

Renting becomes a prefered way of life for some people;

Concern that home values may further depreciate.

This is an ideal time to buy a home. You can get excellent value for your dollar in today's market. If you are an investor looking for long term gains, becoming a landlord is an appealing idea. If you are in a position to pay cash for the home you will more than likely end up with a better ROI than the banks or stock market can offer right now.

Banks Are Spending Money to Spruce up Foreclosures

Florida Realtors® News posted an article that the current poor condition of Foreclosed homes for sale are devaluing surrounding homes.

In an effort to change that government lenders like Fannie Mae and Freddie Mac are doling out millions to spruce up the homes and maintain a presentable appearance on them. Private banks like Wells Fargo are participating similarly.

Hear, hear! That's great news. Puts the homes in a more "move-in" ready condition and will ultimately save new homeowners and investors alike the additional expense of having to make them liveable.

Contingency sale offers are more acceptable

It might be difficult for homebuyers to make a purchase without selling their existing residences, or for sellers to hand over the keys to their home without having located a new place to live. Even though it's less common, offers contingent on the sale of the buyer’s home are more acceptable these days – particularly amongst sellers whose homes have lingered on the market, and they’re relieved to receive an offer. Multiple deals can fall apart if even one party in a contingency arrangement can’t sell or get financing. Several steps can be taken to minimize the risks. Buyer’s and seller’s agents must cooperate, with the seller’s agent determining whether the buyer’s home is likely to move during the specified period, and maybe even helping set the price or stipulate when the asking price must be lowered. To forestall buyers from looking for a better deal, sellers could limit the contingency to 30, 60 or 90 days.