Short Sales Increase in Popularity
Tuesday, 23 February 2010 19:38
Short Sales accounted for about 10% of the real estate transactions during the 4th quarter of last year and nearly 16% for January of this year. Foreclosure properties accounted for about 27% of real estate transactions late last year and about 24% in January of this year.
Banks prefer Short Sales over foreclosure because it results in much less of a loss to the bank. Buyers are finding very good deals through the use of Short Sales if they can afford the time it takes to close. Short Sales can take months to close and many buyers are not willing or able to wait. On average, buyers purchasing a home through a Short Sale are buying the home for about 91% of the list price, where buyers purchasing a bank owned property in good condition is selling for 99% of the list price.
Homeowners that cannot make their payments are usually much better off with a Short Sale as they can usually qualify to borrow money to buy another home in about two years. If the homeowner has their home foreclosed, they will have to wait about five to seven years before qualifing for another loan to purchase a house.
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