“Short Sale;” meant nothing to most people just a few years ago. It was term found sparingly in the conversations of a few real estate agents who had to deal with one of “those” properties.
Now, with the misfortune of the mortgage and financial meltdown, the term “short sale” is on the tip of the tongue of every broker, news anchor, neighbor, and barber. While it’s become an everyday buzzword in the real estate investors and brokers, it is often misperceived as negative impact in the housing market.
Another perspective may be that short sales are having a tremendous positive impact and the process helping to correct and bring us out of the housing crisis.
Whether you are a house hunter, broker, home owner, or real estate investor, chances are the Short Sale has benefits you’re going to like:
- Want to find a great deal on a new house?
- Agency brokerage business down?
- Mortgage underwater on your property?
- Tired of fighting for deals at the foreclosure auctions?
The short sale process is the medicine for all of these conditions. And guess who else is a pretty big fan Short Sale: The lenders.
- Patient home buyers can get a great deal on a short sale property.
- Hard-working agents can build a business around listing short sales.
- Borrowers can get relief from foreclosure by agreeing to a short sale.
- Investors can earn profits flipping short sales.
- Lenders would rather not be property owners and reduce holding time.
Next time short sales come up in your cocktail party conversation or business meeting, consider the benefits this process is having on the real estate market.
{ 2 comments… read them below or add one }
I heard that short sales can take FOREVER to close. Is this true?
Forever is a long time. Short sales generally take 6 to 12 weeks in today’s market. Most lenders are becoming more organized and efficient with their processing, and there are more professionals focused and trained in the business of helping struggling homeowners.