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Thinking of Buying Real Estate in Cape Coral Florida? Consider a Short Sale

By William Hauselberg Subscribe to RSS | February 24th 2012 | Views:
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Located on the Gulf Coast of Florida, Cape Coral is the largest city between Tampa and Miami. Known as the “Waterfront Wonderland” thanks to its 400 miles of waterways, Cape Coral offers beautiful waterfront living.

If you are thinking of purchasing a home in Cape Coral, there are many things to consider: location, size, style, and of course, price. It’s no secret that potential homebuyers want to find their dream home at a great deal, but purchasing a home near the water can be a pricey endeavor. One route potential buyers in the Cape Coral area should consider is the purchase of a short sale property.

Short Sale Basics

Short sales are for homeowners who are upside down on their mortgages but are trying to avoid foreclosure, so they attempt to work out an agreement with their lender to sell their home for less than what is owed on their mortgage. Because sellers are eager to get rid of their homes and avoid foreclosure, buyers looking for a Cape Coral short sale can find excellent properties at well under market value. As a potential buyer, once you have found a short sale property that interests you, it’s time to make an offer to the bank. At this point, the waiting game begins. Banks are under no obligation to approve a short sale, and the waiting period between making an offer and getting approved or denied can take months. However, if you have your heart set on a property, don’t let the wait time discourage you. Banks themselves find short sales beneficial, or at least preferable to foreclosures. Under a short sale, banks are able to avoid the time-consuming process of repossessing a home, and sellers of course have the benefit of escaping foreclosure, damaged credit and even bankruptcy. Even with the wait time, a short sale can ultimately benefit all parties involved.

Remember, there are pros and cons to all real estate purchases, and it is never an easy process. Like all sales, shorts sales do come with their own set of difficulties, namely the waiting game and uncertainty of it all. If you are, however, able to withstand the wait time and the potential of getting denied in the end, purchasing a home as a short sale has many benefits and buyers looking into purchasing Cape Coral real estate often find it was worth it in the end.

William Hauselberg - About Author:
The author has an immense knowledge on Cape Coral short sale. Know more about Cape Coral real estate related info in his website.

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