Wednesday, July 30, 2008
Short Sales - Starting To See Some Hope
Anybody who has been in the market for real estate in the past year is all to familiar with the pre-foreclosure short sales. They have been the cause for much of the disappointment felt among home buyers in the past months simply due to the fact that the banks were not responding to their offers to purchase, many of which were terrific offers.
All the sitting around has apparently caught up with the banks as we are really starting to see an uptick in the amount of short sale offers that are being quickly (at least quickly for the banks) processed, assigned, and responded to. Many of the banks have apparently gotten the message that it might be a good idea to take the loss now instead of letting it accumulate over a period of months by going the bank owned REO route. This is all culminating in more closed short sale transactions for our clients and us.
This is great news to today's home buyer as it puts a lot of properties back into play. One word of caution is that prudent home buyers still needs to evaluate each property with a little skepticism and have us run comparable sales to see if the price is even realistic. The old cliche still holds true that if it seems too good to be true, it probably is.
Still, we are excited to report that their is some more good news for today's home buyer in that the banks might just listen to some reasonable offers on short sale property. We encourage the banks to keep it up, and home buyers to keep it reasonable!