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Distressed sales are everywhere?

By Nona Swann

Real Estate Agent with Swann & Associates Real Estate BR# 637555

September 17, 2010 10:59 AM

Are distressed sales really that big in our market?

Living in Brevard County, Florida I decided to do a search and see how BAD our market was with short sales and REO.

I went to our source...BrevardMLS.com and preformed a search. Here is the following results:

Active short sales 1261
REO listings 690
Total listings 6993

27% of total active listing is distressed Ocean view

Contingent listing

Short Sales 953
REO 390
Total contingent 1916

70% of contingent sales is distressed

I believe the high percent on contingents is because short sales take so long to close and normal pendings clear out in a normal month.

Looks to me like the the Buyers are thinking short sales and REO may be a better deal at this time.

Could it be the pricing? Curious to find out how many short sales actually close and if not will the Buyer make an offer on a second short sale home?

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Doug Dawes

Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA

Your Personal Realtor®

Location, Location, Location is now joined with Price, Price, Price as being important to buyers. Of course, FL is one of the 7 hard hit states which drag down the numbers for the rest of the country. Buyers here the doom and gloom, and there is good reason for it, and don;t know what to do. I haven't done the personal research but I was told that the majority of short sales do not close. I have found that many times the listing price is set lower than it should be just to elicit offers so it will get to the bank for 'approval' of a short sale. THEN the trip begins.

Sep 17, 2010 11:12 AM

Nona Swann

Swann & Associates Real Estate - Indialantic, FL

Serving the needs of the Sellers in Brevard County

Hi Doug

I think you are right. Some agents price them low to get offers to rush to the bank. The bank does the research and sees that the home should be priced higher.

I don't know how many closed so being nosey I went back to the MLS and found out that in 2 months only 288 solds were short sales while there was a total of 1227 normal sales for the same time period.

HMM

Sep 17, 2010 11:23 AM

Amy Stier

Easy Street Realty - Orlando, FL

Nona, you are so right...as (unfortunately) the lender won't really approve the short sale until an offer is on the table.

How to expedite the process:

listing agent and selling agent work together to make sure the paperwork is 100% complete prior to submitting to the lender for review (including s/s addendum, etc)

selling and/or listing agent attach a recent list of comp's to support the listing price and offer to purchase

ask for a file # and contact name & number (don't be shy) introduce yourself to that person and follow up, follow up...you get more flies with honey!

FL Managing Broker, eXp Realty

Sep 17, 2010 11:54 AM

Distressed sales are everywhere?

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Nona Swann

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