Short sales are getting quicker
I’ve been reading a lot lately from others about short sales. It appears that many are stating that short sale answers are coming more quickly from the banks.
Ok, I’ll bite. Short sale answers are coming more quickly. Why, do I think?
For one, I think that agents and others who negotiate short sales are becoming more familiar with the process. They know what the banks want, how to package it and how to actually follow up.
Next, I believe we’re seeing more closings for the simple fact that we are submitting more short sale packages. At any given time I have somewhere between 10-20 in the initial submission stages along with another 10-20 in pre-closing / post acceptance stage. Compare this to last year where the numbers were 5-10 TOTAL at any given time. Of course we’ll see more close NOW.
What do I think of the future? In the future I believe that the banks will be approving LESS short sales. At least less short sales without some type of promissory note or continued deficiency rights.
Sellers, if you do not have a hardship look at other options PRIOR and do not attempt a short sale. If you truly have a hardship and a short sale appears to be your only option make sure you discuss a short sale with your accountant and attorney BEFORE you list the property for sale. There could be ramifications of a short sale and you don’t want to waste months only to find out that a short sale wasn’t really the best option for YOU. Each individual’s situation is different. Different in their hardship, credit, assets, approval, etc. Do your homework first. Do you still wish to proceed with a short sale IF the lender wants to come after you for the deficiency? Maybe? Maybe not?
There are many articles out there that go over what a short sale is & what it isn’t. Some articles are completely incorrect and some are very accurate. Talk with professionals who understand the process. Hire a real estate agent who has closed SEVERAL short sales & ASK about the outcome of these short sales.
I believe things are changing. Feel free to contact me for more information about Cape Coral short sales.
Yours in Success,
Florida Future Realty, Inc.
www.Florida-Future-Realty.com
(239) 542-8521
FloridaFuture@gmail.com
Hello. I think the article is really interesting. I am even interested in reading more. How soon will you update your blog?
Are your facts straight? I am not trying to be a jerk, but I don’t see how this makes total sense!
Hipolito or Alan?, Yes this was absolutely correct when this article was written. You are finding it half a year later. Some things are different now. Having closed many short sales in the past few years I definitely see significant changes every few months. Please check back for updates!
It’s funny that you finally spoke up! I have been waiting for someone to bring this out to the open! Anyway… nice post. I will be back.
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