Monday, March 1, 2010

Short Sales are Here for Now

With the frequent appearance of news on Short Sales in Chesapeake, Virginia Beach and beyond, numerous people have asked me if "Short Sales" are a passing phase, a great opportunity or just a difficult transaction to suffer through.

Having receive Short Sale and Foreclosure Resource certification(SFR) via extensive classwork and experience, I know that you will see Short Sale listings for the coming two to three years.   As home values have moderated and the interest only and ARM mortgages begin to reset(and alot reset in 2010/2011), we will have a portion of sellers that owe more than their house is have heard the term "underwater". 

Presently, about 20% of the homes sold are short sales.  You can expect this to stay constant for now.
Is this a big issue?  If you are a seller and the last 10 homes in your neighborhood sold as 'short sales', then yes, you have an issue that will impact your sale....if only one or two have sold in your area, little impact will be felt.  If you are a "short sale" seller,  look to a Realtor with an SFR...there are many hurdles that an SFR can explain and help you navigate.

As a buyer,  look to a Realtor with an SFR.  You will need an expert to help you understand the seller's process, the bank's goals and impact on the transaction and how you best can secure a great deal.

Hit me with your questions
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