Foreclosures Down Because Of An Increase In Short Sales?
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.
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
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Hoover, AL 35244
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