By all indications, it appears that 2012 will be a year with even more short sale listings … and closings than 2011. Some of the major banks have embraced the idea that short sales can be a bit more profitable than letting houses sit for months on end and then ultimately end up in foreclosure.
With the number of real estate transactions on the upswing here in the Auburn, WA, south King County, and Pierce County areas, it only makes sense that we’ll also see more short sale transactions.
Around the water cooler, I’m hearing that some real estate brokers are fed up with the lengthy and time consuming process of working with short sale clients and have decided not to work with short sales any longer.
I can sure understand that attitude! Short sales are difficult, at best, and so many short sale listings never manage to close, whether due to unrealistic price expectations on the part of lenders, the physical condition of so many homes, buyers that get tired of waiting and walk away, or lenders that refuse to even look at offers (let alone counteroffer) thus letting a house ultimately go to auction.
Working short sales requires a team of experts that know what they’re doing and can address objections and legal issues as they arise. Agents must know the various programs involved, what the various banks require as far as what and when paperwork must be obtained, and how to counsel their clients. My team of experts, including lawyers, title reps, and escrow officers, know what they’re doing. We’ll be here during this upcoming 2012 year to answer your questions about short selling, listing your home at a price attractive to short sale buyers and to the banks involved in the process.
Call me when you have questions. I’ll do my best to answer them so that you can develop a strategic plan for moving forward – whether that involves short selling your house, keeping it, or allowing it to go through foreclosure.
*photo credit Jeff Turner via Flickr