Are Short Sales Clogging Up your Market?

Recently, I have had a number of listings that are well priced and in good condition. Showings have been solid but still relatively few offers. I did some research and in each instance there is a home of poor quality in the neighborhood that is listed as a short sale. Each of these homes has mulitple contracts on it and they are waiting on the bank to respond....and waiting on the bank to respond...and waiting some more for the bank to respond.

Three buyers are tied up trying to get a deal on this short sale home. I am guessing that this is happening in all areas and keeping some buyers from placing offers on homes that can actually respond with a counter offer or accept the offer. Can you blame the buyer? No, everyone has the right to go after what home they want and try to get the best deal they can in a home.

I have discussed this situation with all my sellers and have made sure they are aware of the process. Even though it frustrates them, they at least know why the sales process may take longer than we expected and hoped.

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Call Randall Sandin at 843-209-9667 for info on Charleston, South Carolina Real Estate.