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As Foreclosures Decrease, Short Sales Increase
According to CNNMoney and RealtyTrac, short sales are on the rise while foreclosures are falling.  In the final quarter of 2011, short sales made up 10% of all homes sold (a 15% rise over the previous year), and foreclosures made up 13% of all homes sold (a 12% fall over the previous year).   Why the Rise in Short Sales over Foreclosures? Reasons cited for the rise of short sales in our real estate market include:
Benefits.  Both lenders and homeowners are embracing the benefits of short sales. Less Complicated Sales.  Short sales usually lead to fewer legal issues than foreclosures do, since lenders and homeowners must agree on the terms. Faster Sales.  Short sale negotiations are usually completed more quickly. Short sales have averaged less than year to complete while foreclosures can take years to finish. Better Sales.  Short sales sell at higher prices.  During the final quarter of 2011, the average short sale sold for over $184,000, while the average foreclosure sold for less than $150,000. The Troy Funk Team has been educating Sarasota County homeowners on the benefits of short sales for years now, and we’re pleased to see that awareness is spreading nationally. As experts on short sales, we've helped many homeowners avoid foreclosure with the successful execution of a short sale in Sarasota County, ... more

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