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15 Comments on Short Sales Can Help Our Local Economy Recover | Springfield Mo Real Estate Market Report
Good post, good points. Amazing how we hear of people say "We will just let the bank take it back." Problem is, as you say, it can make it difficult to buy a house for a while and they face deficiency judgement for years. Lenders do not relish the idea of lending money with that possibility hanging out there.
Thanks for pointing this out to people.
Rick, think about all the foreclosures we've had the past 5 years, then think about the buyers that might come back on the market starting in 2 years. It's taken 7 years to get them back, if they've been able to keep their credit scores up.
I'm looking forward to closing a few more short sales in our area this year than previous, hoping that the banks are truly finally on board with some of this. I thought the foreclosure re-purchase time was a bit quicker than 7-10 years though? more like 3-5? I wonder if this is different in different areas?
Hi Kay - Is it typical for less that 10% of all listings to sell?
Wow a third of the market is quite a large percentage! I hope things start to improve this year Kay!
Gabrielle, I believe it's typical for a foreclosure to stay on your credit 7 years....longer sometimes. Versus a short sale that can drop your credit approximately 100 points, this is the best way to go.
Conrad, no, 10% is the usual. If sellers want to sell, they must be agressive with their prices here.
Bill, we just started tracking foreclosures here over a year ago. It's now easy to see the foreclosure sales. I look for more to show up soon.
That's quite a number of foreclosures in MO...1/3 of the market sounds pretty steep so anyone thinking of giving their house away should call you for advice on how to hold on and save their credit!
Kay, I hope your market will improve in 2012. Our market in Bucks County has not been hit as hard.
another great thing in our area about short sales is that they sell higher than the foreclosures... that keeps our prices from going as low!
Kay The percentage sold versus the number on the market would indicate your recovery is going to take a major shift in your economy
Kay hopefully this is the year we finally start to see signs of a recovery. It will all start with getting most of the distressed properties off the market.
It is still a time of great opportunity for home buyers to take advantage of the available selection, attractive prices and record low mortgage interest rates. Short sales are situations that require agents that really under the process and requirements.
Have an outstanding week!
Always have your camera in hand to capture those special moments as you are out and about in your community and your travels.
Kay ... I completely agree ... Short Sales appear to be our economic salvation!