Short Sales are Looking GOOD!
After all this time, Short Sales are finally looking good.
We began our focus on short sales in January of 2007. Some lenders didn’t even have a “short sale” department back then. At least that’s what they told us.
Now it seems like every home for sale is upside down.
Anyways, after almost 1 year and a half it seems like the lenders are finally working with us. Last month we were able to get approvals on some files that we were working since August. YES…..August…8 months ago.
We are noticing that our newer files (in the last 3 months) are being processed a bit quicker. I think the banks have finally accepted the fact that we are helping them.
We have also noticed lenders are becoming a little more realistic with forbearance agreements.
Has anyone worked out one of these forbearance agreements? If so, I’d love to hear from you. I’m curious to know the guidelines and whether or not they are actually forgiving a portion of the debt.
If you’re not getting paid on ALL your Short Sales, then you need to visit:
P.S.- If you know anyone that may be interested in foreclosures or short sale investing, please forward them a link to this page. Thanks!
I agree short sales are a great way to still do sales in this tough market. Check out this article this morning in StockFiling on Short Slaes. http://www.stockfiling.com/NewsStory.aspx?StoryID=44059
John
April 28, 2008
John: Thanks for the link. I wil be adding it to my Facebook group.
jrrivera
May 1, 2008
I am glad to see some short sales are coming together. It seems like for quite a while that they were at a total standstill. Our office now has many of them that have finally gone pending with the banks cooperating much better too.
What percentage of short sales are you getting to go through now?
Rob Arnold
May 1, 2008
Rob: For the last year the numbers were very low. Maybe 5%. But in the first quarter of this year we have seen an increase to approximately 16%.
We expect this number to increase as more properties are sold as Short Sales or Foreclosures. The big thing is having real comps to justify the Short Sale offer.
jrrivera
May 1, 2008