Short Sales and the
Economy..................... In my recent Blog post on short sales, I mentioned
educating yourself on the process. The process changes everyday. Most agents see
short sales as a nuisance but I see it as an opportunity to become a specialist
in a growing area of real estate. I read in the October 2009 Keeping Current
Matters, Quick Report a quote by Albert Einstein that made me think of my short
sale learning experience. “If you can't explain it simply, you don't
understand it well enough." Edwin Gerace will understand short sales well
enough to explain it simply to buyers and sellers! Thanks Albert Einstein for
helping me define my goal in short sale training!
Short Sale Lexington,
SC.................................. Last year I had clients wanting to buy a
short sale home. The contract was ratified mid July and we finally heard from
the bank after my clients had given up. They had waited close to 4 months. My
client selling his home in a short sale has been assured by his bank that they
can give an answer back to the buyers in less than 30 days. What a difference a
year makes! Completed short sales in the first half of 2009 was up over 208 %
over the first half of 2008. Banks are understanding that the foreclosure
process does not bring a higher price than a simpler, less costly short sale.
Finally I have been working with professionals in the area from Attorneys to
Loss Mitigation Specialist to other Banking Professionals. I have done allot of
work to figure how to help out sellers in special financial situations, and how
to help guide buyers through the short sale process.
Myths about Short Sales
1- They Move Fast
2- Buyers get a huge deal on homes
Truths about Short Sales
1- There are many to come in the future
2- They do take time
3- You need someone to help you sell or buy one
4- You get a home at a fair price (market price or lower)
To learn more about Short Sales and how to sell your home when times
are tough and you want to avoid Bankruptcy.
Edwin Gerace
mail@609sold.com
www.EdwinGerace.com
803-609-SOLD
Follow me on Twitter www.Twitter.com/edwingerace
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It has been my experience that condition of the home tends to be in better shape then REO's. That being said, I haven't been seeing super deals. Deals yes but nothing jaw dropping. They are here for a while let's hope the banks will lower the walls to getting them approved.