Short Sales in San Antonio
I went through the MLS today to see how many Short Sales in San Antonio there were. Based on my quick search there are less than 200 homes in some status other than sold, and in the last 30 days 11 Short Sales in San Antonio sold. That is just over 6% of the 200 homes.
Let's compare the Short Sales with the HUD and VA homes. With over 14,000 homes in San Antonio that are available, about 50 are VA homes and just over 570 are HUD homes. In the last 30 days there were 15 VA homes sold (31%) and 44 HUD homes sold (8%). So why are so few homes being sold as Short Sales in San Antonio?
There are a number of reasons why this could be occurring and here is a REALTOR'S® view WHY Short Sales aren't selling:
First, I would have to say that there are a lot of real estate agents taking high priced listings that cannot sell in the San Antonio real estate market today. Some I believe take the listings to "Try" and get the home sold for the seller and to have a listing. My take on this is that they are not serving their client's best interest and potentially putting the seller in danger of losing the home to foreclosure thereby turning that Short Sale into a HUD, VA or Bank Owned property (REO).
Second, I think that there are agents taking short sale listings that have taken a few classes and are trying their best for the sellers only to have the process stall due to the inability to navigate the ever changing requirements from the banks and their investors. It has been my experience of listing and selling Short Sales in San Antonio that the REALTORS® who list short sales as a large portion of their business are the agents that serve their clients best. They know the banks, the negotiators, the systems that the banks are using and have a staff that keeps the process moving.
Thirdly, Buyers and their agents interested in good deals shy away from Short Sales because of the lack of communication and mis-understanding of the short sale process. I firmly believe that all REALTORS® should study the short sale process so that if they are going to assist a buyer, they do so knowing the pitfalls. They can tell their buyer when to march forward and when to keep looking for the best home. For those REALTORS® wanting to list potential Short Sales in San Antonio I recommend finding an agent or broker who is already doing so and follow Article 11 of the Code of Ethics and Standards of Practice of the National Association of REALTORS®.
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