In simple terms, a successful home short sale is when a lender agrees to take less for the sale than what is owed. The number of homes listed as a short sales in our community has been pretty steady at around 250-300 for the last couple years. They are most often unsuccessful, leading to foreclosure. But lately, it seems the number of successes have been increasing. Mostly, due to bank/lender changes in staffing and attitude. But also because agents representing sellers have become better at accomplishing these often complex transactions. We attended a standing-room-only short sale seminar for agents yesterday put on by the Shasta Association of Realtors. It seems we all think there will be more short sales coming, and so are actively sharing information about how to get them done.
I’m uneasy with many aspects short sales. But I don’t think that anyone can argue that a neighborhood is better off with vacant foreclosures than occupied short sale homes. Foreclosures create problems for the community.
This short sale video from the California Association of Realtors is perhaps overly upbeat. While I don’t necessarily agree with all this broker’s conclusions, I think he illustrates the growing realization that there are more short sales on the way. All are served best by getting better at the process.
We’ve kept abreast of the latest short sale information and techniques. If you think you need to explore this option, or especially if your lender has encouraged you to do a short sale, we can provide you with consultation about the current market value of your real estate.
Tomorrow: Consumers need to watch out for…