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Did you know that lenders can detect double-closings on short sale deals AND find out if a short sale property was sold again in the months following a closing? They can!
I was doing some research today on some of the latest short sale facts and trends and came across a research article with some great information:
The number of short sales has nearly tripled in the last eight quarters
23 percent of all mortgages in the United States have negative equity (upside-down)
The number of short sales is expected to increase by another 25 percent in 2011
Here are a couple of neat graphs I found on Core Logic's site that illustrate these trends:
As I continued to read through the study it became apparent to me what they were really trying to imply about today's short sale trends. Banks have shown increasing concern for the amount of "suspicious" short sale transactions that have occured within the past three years. A "suspicious" transaction is a short sale that may have caused the lender to incur "unnecessary losses."
For example, transactions that were sold in less than one to six months after the short sale closing, where the new sales price was at least 10-40 percent of the short sale price, are deemed "suspicious" transactions. Essentially, these are cases where a buyer purchases a property at an extremely low discount and then flips it to a new retail buyer; oftentimes this occurs the same day of the original short sale closing. Many investors purchase homes at a discount, rehab the property, and sell it at a greater value. I don't think anyone is too concerned about this type of a transaction and recognize it as a legitimate investment.
The main concern for lenders is the number of short sales being processed where the buyer intends to sell the property immediately after closing (or at the closing table in some states). According to the report, short sales that are resold on the same day have an average of 34 percent ($56,947) gain between sales price. In their estimation, lenders are incurring "tremendous unnecessary loss" as a result of back-to-back closings.
By the way, "suspicious" short sales make up 1.9 percent (one in every 52) of all short sales.
In order to "mitigate the risk" lenders absorb from "suspicious" short sales, Core Logic is offering a service that will send automatic alerts to banks when two loans are being processed for the same property at the same time by two separate parties. In addition, their Short Sale Monitoring Solution will continue to monitor short sales that have closed in subsequent months and will alert the bank if the property is resold.
What do you think about this new tool offered to lenders by Core Logic?
Our main concern lies with the homeowner or seller in this scenario. I know plenty of investors looking for short sale opportunities with the full intention to resale the home quickly. Are they bad people? Should they be penalized for buying a property at a discount and resaling it at retail price? Again, I don't believe that's the real issue for all of us at SSAA.
How many homeowners know what they're doing when they're approached by an investor who intends to flip their home in a back-to-back closing? Not many. And for those of us in a position to reach out to homeowners and educate them regarding their rights and options, what are we doing to beat investors to the punch?
There are SO MANY honest and innovative companies and services throughout the ActiveRain network that can help us become better-educated, reach more homeowners in need, and automate our daily tasks. Use them! Seek out the ones that will make you more accessible to distressed-home sellers, build your short sale expertise, and who truly have the homeowner's best interests in mind.
I would love to hear your thoughts on the matter...SHARE!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.