Short Sales Become the Norm

By
Real Estate Agent with The Lewis Team at Keller Williams Cal BRE #01352522

Short Sales Become the Norm

After reading an article on MSNBC about short selling homes throughout the United States I found some of the facts very interesting. Here in Southern California, San Diego County to be exact we have been hit with many foreclosures and more and more homeowners that need to sell but owe more money on their home than what they can sell it for are choosing the short sale option. Right now in our office we are handling over 40 short sales in San Diego County, some in the Chula Vista Area as well and homeowners are optimistic but realistic about their short sale options. Banks move slow in this short sale procedure and are inundated with short sales form many of their mortgage holders in all 50 states. If anyone needs to be taught a lesson in patience it's having children or doing a short sale.

The article I read on MNBC was entitled "As Housing Falls, Short Sales Become Common" and some of the facts I found worth repeating were that roughly 20 percent of all U.S. home sales in March were "short sales."  This is important to me because I find that homeowners faced with loosing their home go into a paralyzed state of fear and not only don't act quick enough, in many cases don't act at all. Sellers can't make their house or condo payments for many different reasons. Then shame and fear can create a feeling of helplessness with symptoms being close to paralysis. The 20 percent of home sales in the U.S. being short sales I hope will show them that they are far from being alone. Some parts of San Diego have more short sales than regular listings and foreclosures combined.

The second interesting quote was, "According to IFM/Campbell research, two-thirds of short sales are initiated by homeowners and one-third are launched by mortgage lenders (as a foreclosure alternative)." This is important to me because homeowners realize although in many cases later than sooner that a short sale is a viable option to foreclosure and then they act. The homeowner is usually the one to take the first step in the short sale process. I would have to say in my experience that most short sales will go to foreclosure. This is due to many reasons most of them not because of the homeowners desire to make the short sale work.

If you are considering a short sale in San Diego send us an email or give us a call, we would love to help.

Dawn Sells San Diego in San Diego California. Your San Diego Short Sale Experts.

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Posted in San Diego Real Estate Blog, San Diego Short Sales, San Diego Foreclosures, San Diego House Values, San Diego Real Estate, Blogroll

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Rainmaker
95,714
Michael Sahlman
www.HomesForVIPs.com - Keller Williams Realty - Miami Beach, FL
e-PRO - Miami Beach Florida Luxury Homes

yes there are a lot of short sales here in the Miami area too...it is becoming prevalent here too.

Jun 22, 2008 03:48 PM #1
Rainmaker
340,210
Judy Greenberg
Coldwell Banker Long Grove - Buffalo Grove, IL
Coldwell Banker - Buffalo Grove - Long Grove Homes

I can't believe how many short sales there are.  Its unbelievable! 

Jun 22, 2008 03:49 PM #2
Rainmaker
63,126
Craig Smith
Re/Max Achievers - Frederick, MD
Frederick MD Real Estate

I look at the new listings in my area about everyday and it is about 1 out of every 4 or 5 that seems to be a short sale

Jun 22, 2008 03:53 PM #3
Rainmaker
59,207
Gregory Lohr
Freedom Foreclosure Prevention Services - West Columbia, SC

Anyone interested in helping any of those homeowners save their homes rather than selling their homes?  It is possible for some, though not for all. 

Short Sales is an exit strategy.  In my opinion, it should be the last resort just before foreclosure and bankruptcy.  Sadly, very few know that some of these homeowners could be helped in saving their homes.  I'll be blogging about this in the coming week.  Contact me for more info.  By the way...it only takes about an hour to do what I do, and you can make $350-$2000 for helping to save a home.  Our corporate people do all the dirty time consuming work. We are out in the field finding those who need help.

Realtors and Loan Officers run across people needing our service all the time.  Not interested in doing what I do, then get a referral fee.  Let's save a few of these homes.  Just in case you may not be thinking about it...every homeowner that loses their home will not be buying a home for a number of years due to their credit being wrecked.  Your first goal should always be to save the home if at all possibe.  It has been predicted that more than 10 million people may lose their homes to foreclosure.  Think of the damage this could do to the Real Estate Industry by removing that many homeowners from the marketplace.

Jun 22, 2008 04:31 PM #4
Rainmaker
214,937
Mike and Dawn Lewis
The Lewis Team at Keller Williams - San Diego, CA
The Lewis Team at Keller Williams in San Diego CA

Michael,

I heard it's bad in Florida too.

Judy,

It really is.

Craig,

I know it's an epidemic.

Gregory,

Yes, it would be nice to have the homeowner keep the home but as you and I both know for many it's not posible. It is an option befor considering the short sale. It's hard to get refinanced on a home that is mortgaged to $600,000 and is worth $400,000. It just won't appraise and the banks are not about to make another blunder. Thanks for your input.

Mike

 

Jun 23, 2008 06:50 AM #5
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Rainmaker
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Mike and Dawn Lewis

The Lewis Team at Keller Williams in San Diego CA
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