Banks and Short Sales
Posted: December 29, 2009
With the downturn of the real estate market, foreclosures and short sales became the majority rather than the minority. According to recent figures, the number of short sales have increased dramatically - up to 40,000 in the first six months of 2009, to be exact. That number is triple the number of short sales for the same time frame last year.
Short sales are not a buyer's or banks preferred method of sale. Most people experienced in this realm of real estate can vouch that short sales are usually anything but short. Banks, however, realize that short sales can be one of the last ways they can try to reclaim some of their losses. Short sales can also allow buyers to purchase properties for a dramatically reduced price, as long as they have the patience and time to wait.
In response to this increase, banks have tried to increase their personnel to accomodate the heavier workloads. Banks such as JP Morgan Chase, Bank of America Corp., and Wells Fargo have also developed software in order to better handle the influx and expedition of short sales. Hopefully, the addition of software and more employees will work towards making short sales a more streamlined process.
As always, please feel free to contact me at 239-357-9558 with any of your Real Estate needs or questions. Rgds, Jay
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