Gulf Coast Alabama Short Sales
We've all seen the headlines and heard the stories in the media about the growing number of short sales and foreclosures. But what exactly do these types of properties offer the home buyer? Are there really great bargains to be found in the Gulf Coast short sales market, or is the truth behind short sales far more complicated than it might at first seem?
Read more about the short sale process, or view all Gulf Coast Alabama short sale listings below. Our listings include short sales in Gulf Shores, Orange Beach, Perdido Key, and surrounding communities.
Gulf Coast Alabama Short Sale Listings
The Short Sale Process
Simply put, a short sale occurs when the value of the property is less than what the seller owes on it. With the decline in property values over the last several years, many sellers have found themselves 'upside-down' on their mortgages and are attempting to 'sell short' in order to prevent a foreclosure. If a seller can convince their lender to allow a short sale, the lender forgives the difference in the value and the amount outstanding — thus releasing the owner from the contract. This will often damage the seller's credit rating, but it is preferable to going into foreclosure.
The short sale process can be lengthy and requires considerable patience on the part of both the buyer and the seller. It is true that buyers can find exceptionally good prices on houses and land in the short sale market, but these bargains can come at a price measured in time and extra paperwork!
At RE/MAX of Orange Beach, we have negotiated and closed several Orange Beach, Perdido Key, and Gulf Shores short sales, and have the experience to represent you in this process. Contact The Gatti Team for professional assistance and advice on buying a Gulf Coast short sale home or condo.