Short Sales Becoming Common
April 8th, 2008 by Damon
MSN posted a great article today called As housing falls, short sales becoming common that goes into the reasons why short sales are becoming so common and how best to manage a short sale transaction.
Short sales are becoming more common in today’s market:
“Our numbers suggest that 20 percent of completed home sales nationwide are short sales,” said Guy Cecala, publisher of Inside Mortgage Finance. “The number would be larger if it weren’t for the fact that one-third of all attempted short sale deals don’t go through.”
The reason there are so many short sales:
The combination of falling home prices and homes financed with low down payments means many homeowners owe more on their properties than they’re currently worth. Add to that the population of homeowners who face foreclosure due to resetting mortgages or who must sell for other life reasons (relocation, etc.) in the middle of a bad market, and it makes sense that lenders hoping to avoid more foreclosures on the books will take this alternative.
Both of these are reasons why real estate agents need to know how to complete a short sale transaction. You need to have this skill for your business to thrive in this market. We recently posted some short sale common mistakes to avoid so you can complete more short sale transactions.
Here are a couple other resources to learn more about short sales:
Notes from a Day of Short Sale Training
April 8th, 2008 at 1:14 pm
Short Sales Becoming Common…
With short sales becoming more common it’s important for real estate agents to know how to do a short sale transaction to earn more money in this market….
April 8th, 2008 at 2:10 pm
I’ve been doing quite a few short sales over the last 6-8 months and it has definitely been the reason why my income has remained steady over the last year. I’ve seen many other realtors fall short on revenue projections because the market is down and they don’t know how to do short sales.
August 22nd, 2008 at 11:11 am
I talked to a real estate agent the other day and he said that he was mostly working on foreclosures and short sales.
When there is so many people that can’t afford what they originally agreed to pay they have to do something. Short sales are normally the best option. A lot better than the foreclosure option.