Paid to short sale your home?

Good morning,

If you haven’t already heard, banks are offering sellers incentives to do a short sale.  That’s right, chase is one of the more aggressive banks, is offering up to $35,000! Sounds crazy but it’s true, they’ve realized in may be better to cut their losses sooner rather than later. By the time they go through all legal proceedings, paperwork, evictions, repairs marketing, and anything else associated with foreclosing on a home they have lost more than the incentives they are currently offering.

So what does this mean for our market? Chances are good this year will be the year of the Short Sale. Currently we have about 990 homes on the market and of those, roughly %36  are short sales.  I anticipate this number to gradually increase over the next year. Part of the increase will be from those sellers that have been on the fence as to whether or not they want to do a short sale. These incentives might be persuasive enough to get them to finally make the decision to short sale. Many people tell me “Short sales take forever,” and I completely agree with them. However, over the last few months we have seen some banks begin to be more proactive with trying to expedite short sale approvals.

All things considered we are going to see a shift in the market more towards short sales as opposed to the heavy foreclosure inventory we’ve had for the last few years. The foreclosure inventory is low right now but should start to build up closer to the end of 2012. If you’ve been thinking about doing a short sale now might be a good time to explore your options. If you just have questions about Real Estate, just give me a call, I’d be happy to talk 661.547.1248. No hype, just consultation!

Best Wishes,

Ryan

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