Route to Recovery

A trip through the epicenters of the recession

Short sale a good deal for couple looking to make a move

November 16, 2009

ROUTE-RECOVERY/

PENSACOLA, Florida – As it turns out, the Akermans’ inability to buy three years ago has turned out to be a good thing.

“We’ve been talking about moving for three years,” said Daniel Akerman, 36, who works for the county fire service. “But we weren’t ready financially to buy.”

“We’ve outgrown our old house and feel secure enough to buy at this point,” said Robin, 37, finishing off Daniel’s thoughts outside the house they just bought through a short sale.

Under a short sale, the bank agrees to forgive some if not all of a borrower’s debt even though the home owner sells the home at a loss.

The home they have made an offer on – and are just waiting to close the deal on – sold for $225,000 during the peak, but they will $150,000 for it. It is twice as large as their old home and has a swimming pool – though it is badly in needs of repair work. The home has three bedrooms, a large master bathroom and front and back yards as well as the pool.

“We’re delighted with what we’re getting,” Robin, a nurse, said. “We’re getting a whole lot of house for our money.”

The Akermans’ only frustration with the short sale process was that it took so long. They made their initial bid in mid-July and have only just received approval.

“We weren’t in any rush so we were able to wait for the bank’s approval,” Daniel said. “If you can afford to wait then there are some great deals out there.”

Photo by Carlos Barria

Click here for more Route to Recovery

Comments

The states with the highest unemployment rates are not represented. ie Michigan & Oregon.

Posted by Renee | Report as abusive
 

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
  •