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.
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
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/
Short sales is a great tool to add, I agree…
Nissa Brunette
http://www.shortsalesonly.com
Great article, some really great information.
With my short sale I got help at http://www.shortsale2020.com another great short sale resource.