As an active short sale broker, assisting both buyers and sellers of short sale properties, I consider it a critical party of my job to help keep all parties involved and informed.
A recent statistical article by RealtyTrac, one source for Foreclosure Activity across the US, posted its recent statistical summary releasing statistics for the number of foreclosure properties nationwide, along with comparing the value of non-foreclosure properties to those properties that have been through the foreclosure process and are then sold by the Bank or lienholder.
It’s a statement of our current market to see that even nationwide, foreclosure sales made up almost a third of all properties that actually sold during the first quarter of 2010. Locally, in Auburn WA, the combination of short sale and bank-owned properties comprises a much higher percentage of residential sales.
Even more importantly to all homeowners, whether selling or not, however, is the statistic that properties that have completed the foreclosure process and are now owned by banks (“Real Estate Owned” (REO) properties), have a discounted price 34% lower than comparable properties that are NOT REO properties!
Short sale properties, conversely, look to be discounted about 15% nationwide from their counterparts that are not short sale or bank owned.
So … Mr. Bank … Please cooperate with us to get this short sale property off market. It’ll save you 19% NINETEEN PERCENT and keep prices higher!
(off my soap box now ….)