It's interesting in this market that I still actually hear agents say they don't do Short Sales! I am in Southern Calfifornia on the boarder of Los Angeles and Orange County. I guess you could say I go both ways!
So the latest figures tell us that 48% of all Orange County sales are distressed properties. the short sale piece of that is 24% and the other half would be REO's. In LA county it is ove 50% and short sales account for 28% of the sales.
So 1 out of 4 in Orange County and 1 out 3 in LA county are short sales. That is alot of business to ignore! Yes they do take along time to close but that time period is getting better as the lenders improve their process's. For me it is a timing issue. If I know that it is going to take 90+ days average to close a short sale then I better have alot of them going. Then it is just a matter of guiding them through the process not unlike a regular equity sale.
I will say that when my client wants to look at short sale properties I always quiz the listing agent on their own experience with short sales. It makes ALL the difference in the world!
So if you are not doing short sales I would like to thank you in advance as that just leaves more for me. If you have a buyer interested in looking at short sales and you don't do them, please do not hesitate to refer them to me. I do pay a referral fee and actually enjoy the challenge of getting a short sale done.
I will take very good care of our client!
click here "Team Singery"
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