Welcome to Home Selling 101, my video class today is on Short Sales check it out:
Could 2011 be “The Year of the Short Sale” for distressed home owners? Especially in the hardest hit real estate markets, namely short sales in Florida, California and Nevada. Looks like we may be moving that direction.
If you’re a home seller who’s been contemplating a short sale, 2011 may be just the right the time for you. As a REALTOR who’s also been around since 1990′s short sale days when we called them “pre-foreclosures” I’m seeing the tide turning in sizable numbers when it comes to short sale approvals. Why now? Based on the the sea of defaults which have swelled to massive levels in many places of the country, it seems impossible the majority of lenders can keep up with the demands of the upside down market.
That leads me to my point, I think lenders are finally “getting it” when it comes to approving bonafide short sale offers from ready, willing and able home buyers. Then further…comparing a short sale vs. a foreclosure which normally take more time to complete, inventory and eventually re-market the property, a short sale is likely to improve the lender’s bottom line. Then to take it a step further the lender has a better opportunity (by approving a short sale) to fund future loans vs. having “non-performing” assets on the books for a longer duration.
Also, if you’re a home buyer and you’ve made an offer on a short sale or two in the past that wasn’t accepted….do not give up, things are improving. I’m seeing a significant change in short sale approvals already in 2011. What previously took months and months just to get an assignment or a returned call to an “asset manager” who works for the lender, is now taking place in weeks, shaving off months from short sale process.
Yet don’t get me wrong, it’s still a process to obtain a short sale approval, and yes foreclosures will continue… that will not change. Lenders report that all too many borrowers when facing foreclosure never ever respond to mortgage companies notices, phone calls and/or field visits during the foreclosure proceedings. Undoubtedly it’s rough time to say the least.
If you’re upside down and facing a foreclosure, consider a short sale and a REALTOR with real estate experience in wide range of today’s market. Especialy when it comes to a Southern Cal Short Sale, contact me. Check out my How to Avoid Short Sale Pitfalls or Real Estate Glossary for an Upside Down Market.