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April 11th, 2011 2:29 PM by David W. Welch
Anybody else remember the Brady Bunch? Jan was always complaining about the attention her big sister always seem to garner. That has nothing to do with short sales at all, except for the complaining part. ("Marsha Marsha Marsha") Here in Orlando we have been dealing with short sales for more than four years, and you would think by now the banks would have them figured out. The truth is, I think the banks have figured them out pretty well. I am working on about half a dozen right now, and for the most part the banks are getting things done. They are not quick taking about three to four months to move through their processes, but they don't seem to be losing things like they were. I wrote a blog post a few years ago about one short sale I resubmitted the paperwork on 12 times before the bank acknowledged they received it.
With a declining inventory of available homes including a significant drop in the number of bank owned properties, short sales have become more attractive to buyers trying to take advantage of the low prices. The number of active short sales have dropped to a low of 4,583 while pending contracts on short sales have surged to a high of 6,480. They do continue to present a challenge, as some homeowners try to stay in their home as long as possible. Also, because it takes so long to get an answer, many buyers find other alternative properties, abandoning the short sale. I am working on a new listing that is a Bank of America short sale, and they are actually going to be pre-approving the short sale. They had a broker price opinion ordered already, and they will be giving us an approved price up front. If the price is realistic, this could be very cool. Apparently, Bank of America, once notorious for how badly they handled short sales, is trying to shorten their process to 30 days. This could radically change the short sale market.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone