I have landed in a place where I am selling a few of the properties I own, in a short sale position. It seems like a year ago there would have been ridicule and maybe a little pity for those poor folks who find themselves in this situation. I struggled to come to grips with this reality and felt some remorse. Now we all know someone who is facing foreclosure, being “upside-down,” late on their mortgage payments, or trying to short sell their home.
Short sales may currently comprise up to 75% of the market right now. All arrows are pointing to 2010 to be the year of short sales. Supposedly banks are getting government incentives and getting a clue in general. Oppose to letting these homes foreclose, a short sale is now the most workable route for both the owners and banks. Personally I’ve had successes with short sale at the end of last year and one already this year, which has changed my demeanor toward them. Now I trudge through the grueling process of pushing my own properties through.
I met with an agent and his buyer at my 4-plex that is up for short sale yesterday. After handing me the offer we discussed the short sale process. The other agent commented, “They should be called long sales, not short sales!” For the most part, very true. I just closed one that took the bank 4 months to approve. While another one that I listed got approval in 1 week! I still stand in unbelief. I just contacted an agent representing a short sale property, where they had a buyer waiting for ….. 15 months!!!! before they said, “Uh, this is ridiculous! We’re outta here! [my conjecture]”
I hold my breath and wait to see how my own experience will transpire.
Real Estate Broker