Short Sale Mania

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Real Estate Agent with RE/MAX South Shore Realty
The media continues to focus their attention on the number of foreclosures taking place in the United States. National news  this morning had statistics on forclosures. It was reported that one out of 194 U.S. households received a foreclosure filing so far this year. More doom and gloom news for the U.S. consumer to digest. On the bright side, the one market area that they are missing reporting on is short sales. Short sale mania has made a big hit in Tampa-Bay area. The Greater Tampa Association of Realtors recently reported that one out of eleven homes for sale in Hillsborough County Florida is currently listed as a short sale. Home owners who are falling behind in mortgage payments, but are trying not to have a foreclosure on their credit are listing their home as short sales. On the buying side. Buyers are looking at short sales as a great deal. They are gambling that the bank will negotiate with them on a great price. The only drawback is it may take a month or two to get the banks to respond to an offer. Our office has had great success at getting short sale properties to the closing table. I don't know if the media will ever report on short sales. But if they did, it would send out a message to the public that things are not as bad as they seem in the housing market.  
Posted by

Edward L Pichette Jr

 

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Rainer
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Hope Goss
Ventura Property Shoppe - Ventura, CA
Ventura Real Estate

There are plenty of short sale listings in my area, as well.  However, getting them to the closing table has been a huge challenge.  The banks are hit and miss with their responsiveness leaving everyone to pick up the pieces when a sale fails to happen.

Apr 29, 2008 02:40 AM #1
Rainer
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Erik Elsea
Erik Elsea-Jones & Co. Realty - Fort Myers, FL
We have been having pretty good luck with short sales but we have been putting on monthly training for our agents on how to deal with them. Good luck with your business.
Apr 29, 2008 02:43 AM #2
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Ed Pichette

RE/MAX South Shore Realty
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