All I see now a days is places that are for sale that are in or going into or coming out of foreclosure. It is an epidemic sweeping the Nation like never before. I have come to accept the words foreclosure as normal and time consuming especially if I have buyers looking for a home.
I actually saw a sign the other day that said...NOT A SHORT SALE. I mean it literally sobered me up and here I am blogging about it. You mean you actually are not in distress? Does that mean I wont get a good deal or a steal or that you can close within 45-60 days?
The term normal market doesn't apply anymore. What is a normal market? Right now, foreclosures are a normal market. if I am interpreting the signs correctly, we may be in this market for years to come. That would officially make an abnormal market into a normal market.
You would think by now that foreclosures would be formula driven and systematic since they have been here and will be here for some time. This whole process should be able to be done within 3-4 months tops. Failure for this demonstrates that our industry wasn't prepared for the worst and always stayed in the hope stage. The CEO's of all lneding insitutions need to take a course in "making short sales shorter" to close.
I am getting ready to list a property and it is not a short sale at this time. However, it is close and if it doesn't sell timely, the falling prices in this area will soon claim it for a short sale. Then, I will fall into the abyss.
Am I the only one that remembers sellers walking away with equity? Seems like only yesterday.... a long yesterday..
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