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Short Sales Now Widespread

April 8, 2008 by Marco Santarelli

Roughly 20 percent of all U.S. home sales in March were “short sales” according to a real estate industry survey conducted by Washington-based Campbell Communications. According to their research, two-thirds of short sales are initiated by homeowners and one-third are launched by mortgage lenders (as a foreclosure alternative).

In a typical home transaction the seller gets final say on which buyer gets the home, but in a short sale the lender weighs in on that decision, since it’s the lender who won’t recoup 100 percent of the seller’s mortgage balance as in a “normal” home transaction.

Buying a Short Sale Can Be A Time-Consuming Process

It is important to know where the seller is in terms of discussions with the lender. The lender can drag the short-sale process on for a very long time. An offer may take anywhere from four to six weeks to get a response. But if the buyer is in the market to purchase a short-sale, then patience is going to be vital in order to pick up that good deal.

Filed Under: Foreclosures Tagged With: Foreclosure Forecast, Property Foreclosure, Real Estate Foreclosures, Real Estate Investing

About Marco Santarelli

Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property.  His mission is to help 1 million people create wealth and passive income and put them on the path to financial freedom with real estate.  He’s also the host of the top-rated podcast – Passive Real Estate Investing.

Comments

  1. albert hillier says

    April 8, 2008 at 3:35 pm

    From time to time i get forc. properties in newfoundland, canada.Only a few of the following are like that but theirs a lot of cheap properties here at
    http://www.lewisportearearealestate.com

    albert hillier
    homefinders real estate ltd.
    1-709-535-6565
    1-709-541-3339
    homefinders@nf.sympatico.ca

  2. Ron Harris says

    April 9, 2008 at 1:53 am

    Short sales is just another tool to add to your real estate toolbox.

    They do take time but sometimes this is the only option left for the homeowner!

    http://disasterinvestor.com/2008/04/09/short-sales-now-widespread/

  3. Nissa Brunette says

    April 25, 2008 at 11:25 am

    Short sales is a great tool to add, I agree…

    Nissa Brunette
    http://www.shortsalesonly.com

  4. Frederick says

    March 12, 2009 at 1:58 pm

    Great article, some really great information.

    With my short sale I got help at http://www.shortsale2020.com another great short sale resource.

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