January 3rd, 2012 11:42 AM by Karyn Smith
January 2011 sales figures from the Orlando Regional Realtor Association (ORRA) show that 75% of properties sold so far this year were done so via banking-controlled foreclosures and short sales - XXX.
ORRA figures show that the average sale price in Orlando in December 2010 was $146,582 (£90,831), up from $140,422 (£87,029) in January 2010. But the average sales price of a foreclosed ($94,500) or short sale ($75,000) property is far lower than that of a regular property for sale on the open market.
While short sale discounts are attractive at first glance, experts recommend purchasing through a professional buyer if opting for a short sale property, as title, structural, tax and tenancy problems are often associated with distressed properties.