Will Short Sales Overtake Foreclosures?

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Short sales are much easier to market because they are occupied and maintained by the seller.  The vacant foreclosure is a thorn in every neighborhood.  There is no curb appeal and the longer it sits, the worse the situation becomes.

Via Dale Falkowski (RE/MAX Town & Country):

I saw a recent webinar from Remax and RealtyTrac about the ratio of Foreclosures to Short Sales.

Currently about 3/2. Three foreclosures to Two Short Sales.

Will Short Sales overtake Foreclosures?

 I seriously doubt it. Here’s why. I’ve had 3 Short Sales with firm well qualified buyers become Foreclosures because the Banks, 3 different ones, proceeding with the Foreclosure and refusing to wait for the Short Sale to be approved by the same Bank who is Foreclosing.

I believe the Banks prefer Foreclosure. They just assign the property to a management company and forget about it.

The Short Sales require a lot more effort and some Banks are trying to handle it in house. Most of them are a joke. Never consistent on what documents they want. No order they want them, never the same fax for all the documents. Most won’t accept email documents. It takes 3 week for them to acknowledge receipt of the package.

Most of the sellers aren’t cooperative either. After 2 weeks they lose interest and stop responding to requests for signatures and compiling documents.

I have the coveted CDPE  designation and have all the resources but without cooperation from Sellers and Banks and extremely patient Buyers and Buyers agents it would be less painful to walk on hot coals.

Just an opinion. I welcome yours.

Dale Falkowski Remax

Dale Falkowski

Remax Town & Country
Woodstock, Ga.

WWW,MaxValueHomes.com
@dalefalk
facebook/dalefalk/maxvaluehomes by Dale Falkowski

About susanmorrison

After living in Walpole, MA for many years, our family was transferred to the west coast when I was a senior in high school. In 1983, I graduated from Mission San Jose High School in Fremont, California. I am also a 1987 graduate of Providence College with a major in liberal arts and a minor in business administration. I bring to the table many years of sales experience beginning with thirteen years in Corporate Sales at Delta Air Lines. I'm the mother of three children and I'm very active within the Franklin, MA community. I am also a cancer survivor and support the American Cancer Society Charities.

My husband and I have built five homes and I've lived in a variety of other locations including Toronto Canada, Irving Texas and my current home in Franklin, MA. As a result of all my moving around, I came to the conclusion that I was an expert at moving...why not become an expert on the other side of the table? I earned my real estate license in 2004 and believe that I have found my true niche'. I can empathize with my clients on a variety of levels; whether they are buying or selling. And, like so many other good realtors out there, I believe that possessing good communication skills is one of the many keys to success.

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