Short Sales Acceptance Seems to be on the Rise at More Banks

Reblogger Shannon Coe
Real Estate Agent with Keller Williams

Short sales are on the rise and so are short sale acceptance. I have had a Bank of America approval and a Wachovia approval in the last 30 days. If your thinking about a short sale in Northern California call my team. We offer a no cost, confidential informational meeting.

Shannon Coe Realtor #01489731

WR Properties Brentwood Ca

http://www.ShannonCoe.com

http://www.BestContraCostahomes.com

925-997-5758

 

Original content by Michael Correra

According to  a recent MSNBC.com article,as a way to assist struggling homeowners avoid foreclosure , lenders are accepting more short sales.Short sales and foreclosures increased in 2010, but in 2011, short sales increased  26,000 nationwide, at at the same time  foreclosures dropped by 255,000, according to Hope Now data.Since statistics showed banks  make more money off a short sale  against a foreclosure ,they are now more open to the idea to accept short sales than in the past.

The average price of a foreclosed home in the second quarter of 2011 was $164,217 compared to $192,129 for a short sale. In addition , foreclosures  cost more in legal and administrative expenditures.Also ,since short sale properties sit vacant less time than foreclosures ,the carrying costs are shortened and vandalism is curtailed sharply,helping properties near by keep their value.



Source: “Increase in Short Sales Give Market a Little Breathing Room,” MSNBC.com (Dec. 29. 2011)

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Rainmaker
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Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
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It only makes sense the bank loses more money when they take the home back.

Jan 02, 2012 04:06 PM #1
Rainer
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Shannon Coe
Keller Williams - Rocklin, CA
916-597-3818, Lincoln, Rocklin, Loomis, Roseville

Yes I hope the banks work with people to save the neighborhoods from the foreclosures.

Jan 02, 2012 04:24 PM #2
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Rainer
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