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More Short Sales in 2010?

February 14th, 2010 categories: For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, National real estate news, short sales

More Short Sales in 2010.Industry scuttlebutt says Short Sales on the Rise (and REO sales are on the decline.)

According to industry guru’s, Short Sales are going to take over sales of bank owned properties (REO’s) in 2010. And that makes sense when we think about it.

Considering the excessive greed of most of our nationwide banks and lenders, it’s difficult for some to find positive sentiment about them, but the truth is most banks are now finally getting smarter about the difference between a short sale and that of a bank owned property.

The difference is, ta da, and get this; it’s about money! A Short Sale sells for more than a bank owned property (REO). On average, and this is a national number, a short sale sells for about $40,000 more than an REO.

To be fair, there there have been many impediments that have prevented banks from taking a pro short sale position, as opposed to a REO, sooner. These have to do with foreclosure moratoriums and owners attempting to find satisfactory loan modifications.

Most of these impediments will subside throughout 2010. As this happens, more and more short sales will appear on the market.

(Did you know there’s a Short Sale Daily News website for real estate professionals? Find it  here)

 

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This entry was posted on Sunday, February 14th, 2010 at 12:35 pm and is filed under For Buyers, For Sellers, Foreclosures, Lake Tahoe Real Estate, National real estate news, short sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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