Foreclosures Down Because Of An Increase In Short Sales?

Reblogger Fernando Herboso - Broker for Maxus Realty Group
Real Estate Broker/Owner with Maxus Realty Group - Broker 301-246-0001 Broker - Realtor - CEO

 

It is a fact that a foreclosures costs the lender more money than selling it as a short sale

More and more lenders are realizing this fact and are willing to negotiate a short pay-off on a loan that is becoming distressed.

It is a sad fact that a lot of homeowners are losing their homes to a foreclosure never having to consider a short sale.

 

 

Original content by Ann Allen Hoover

 

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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Re-Blogged By Re-Blogged At
Topic:
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Tags:
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

HA!  If short sales are such a great deal for lenders, why do they present so many barriers????????????

Many lenders have VA guarantees, FHA insurance and MI. 

What protects them from the losses with a short sale??????

Jun 20, 2010 12:07 AM #1
Rainmaker
525,933
Ellen Dittman
Watson Realty Corp. - Middleburg, FL
#1 Stop for NE FLA-JAX/OP 904.535.1199 (TEXT OK) r
Closed one I had been working on for over a year. Contract after contract, finally 5% commission. Agents (we) contributed 1k as well. They got a good deal as I see it.
Jun 20, 2010 12:56 AM #2
Rainer
264,127
Bill Travis
Captain Bill Realty, LLC - Gilbert, AZ
Broker/Owner

Thanks for reblogging this post Fernando. I'll have to listen to the video and see what it offers.

Jun 20, 2010 02:35 AM #3
Rainer
59,176
Chris Wechner
CW Health Inc - Waterford, MI

Fernando Herboso Real Estate Maryland, DC and Virginia (PrimeTime Realty Homes-Foreclosures in Maryland,Rockville MD):  This is a REALLY GOOD video!  Thanks for re-blogging it.  Not only does it explain WHAT a Short Sale is, but it also gives an example of a TIMELINE of one that took place.  It's a really good breakdown.

 

I can see where several real estate agents would not be eager to take the lead on a bunch of these.  Commissions are lower (lower prices), and they take longer with a whole lot more stress.

 

However, if you pair with an investor who does most of the work for you, I can see a TON of opportunity for many agents.

Jun 20, 2010 03:02 AM #4
Rainmaker
123,176
Kent Dills
Broker, Dills Real Estate - Bellingham, WA
Real Estate 817-495-8028, Bellingham, Washington

That video represents a very true picture of average short sale timeline.  Very good resource for both buyers and sellers contemplating participation in a short sale! 

Good choice for a re-blog Fernando!

 

Jun 21, 2010 04:06 AM #5
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301-246-0001 Serving Maryland, DC and Northern VA
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