Short Sale...What You Need To Know

Have you noticed how much nicer Short Sale listings look in comparison to REO properties. Then why are they harder to sell? Good question. Up until recently, banks have been taking...3,4,5 or more months to get an answer. That's Nuts! Well, at least here in California, the banks are finally listening to the Real Estate Industry (except BofA) and are starting to respond. I prefer selling Short Sales more than REO's because in many instances, they are move-in ready as the people are still maintaining the property and they are prices competitively with all other homes. The key word here is maintaining the property.If you can keep the property look good, you have a much better chance of selling it over the REO competition. I am always asked the difference between Short Sales and Foreclosures. Probably the main reason to do it is because it will affect your credit 2-3 years as a foreclosure 5-7 years. That's a big reason! I have been selling and listing Short Sales for the past year and I can tell you that most of the time people do not want to move but they have no choice. Many people have taken an income hit and the banks, for whatever reason have decided to not do a loan mocification. It is up to us to counsel them and help them get through this. We all need to make a living but COMPASSION should be a priority.

Good Luck