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Foreclosures Down Because Of An Increase In Short Sales?

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Real Estate Agent with RE/MAX Advantage South

 

Foreclosures Down Because Of An Increase In Short Sales?

 

According to reports from RealtyTrac, foreclosures nationwide were down 2% in April compared to April a year ago.  Is it possible that more distressed homeowners are pursuing selling their home as a short sale to avoid foreclosure, and more buyers are considering purchasing a short sale property as an opportunity to get a great deal on a home?  Is this a good choice for you?

 

A short sale can be a great deal, but it is important to understand that while you may get a property at a great price, these deals will most likely take TIME and PATIENCE.

 

Findings from a recent study show that it takes an average of 62 days for a lender to respond to a buyer's offer, and then another 67 days before the deal closes.  Why so long?  The timeline of a short sale can vary greatly.  To get an idea of what is involved in the short sale process, this video looks at one the cases in the study.....

 

 

 

 

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Courtesy of Ann Allen, e-PRO®, SRES, ASP

205.902.4868

Keller Williams

One Chase Corporation Drive, Suite 150

Hoover, AL  35244

 

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Show All Comments
Matt Grohe
RE/MAX Concepts - Des Moines, IA
Serving the metro since 2003

Ann: Short sales could be a factor, as well as too much inventory. Short sales do require knowledge and perseverence.

Jun 17, 2010 12:51 PM
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado
Hi Ann, good infornation for buyers and sellers.. thanks for passing it on.
Jun 17, 2010 05:20 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired
Ann - Your information intersects with thoughts I had been having lately. I personally know of two houses where folks had tried desperately for a loan modification of their mortgages and failed. They had received foreclosure notices, yet at the last minute the bank agreed to allow short-sales. I agree with Matt, short sales require knowledge and perserverence.
Jun 18, 2010 02:06 AM
Cherise Selley
Selley Group Real Estate, LLC - Colorado Springs, CO
Colorado Springs Realtor

Personally, I think these numbers are misconstrued given shadow inventory.  And short sales usually turn into foreclosures anyway.

Jun 18, 2010 04:39 AM
Charita Cadenhead
eXp Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Ann that's good news and bad news, but it would clearly be a sign of improvement in market conditions.

Jun 19, 2010 12:02 AM
Bill Travis
Captain Bill Realty, LLC - Gilbert, AZ
Broker/Owner

Any reduction in the number of foreclosures is good news. So let's hope the trend continues

Jun 20, 2010 02:36 AM
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

Ann, Personally I think they should be called long sales not short sales as they take a VERY LONG time.

Jun 22, 2010 03:23 PM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services
Ann - if these numbers are based on more short sales, then good but I tend to agree with #4. JMHO Have a wonderful holiday weekend Ann. :)
Jul 02, 2010 07:12 AM
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I write about people, places, things to do and anything else that inspires me, including articles related to finance and the Birmingham area real estate market.









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