Infographic - Why do so few short sales close?
Over the past few years, we have seen short sales become an ever larger part of our market here in Placer County.
Initially, many agents avoided them and instructed clients to avoid them too. As time has passed and prices have fallen, the number of homes available to sell that still have equity has declined quite a bit, which unfortunately means that short sales are almost unavoidable for home buyers and agents now.
Knowing this, agents from across the county have gone back to school, refocused their efforts and made a concerted effort to master the process of helping clients sell and buy homes that are short sales.
Along the way there have been impressive improvements in the banks methods to process short sales. Whole software programs have been designed and implemented, escalation lines have been created to provide direct access for agents, and many, many promises have been made that they are now taking the process seriously.
The question I have, is why with all of that, have we seen a progressive decline in short sales that have actually closed over the past 3 years?
The number of short sale homes that agents, buyers and sellers have worked diligently on marketing, processing and getting in contract has consistently increased, yet the number that actually get approved and closed by the banks is down.
All while we have next to no inventory available for sale.
Home sellers, home buyers and their agents are all very motivated.
When will banks become motivated too?
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