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Home / News / Short-sale activity clears market of distressed homes (access required)

Short-sale activity clears market of distressed homes (access required)

By Scott Lindsley I’ve been in real estate sales or brokerage for 10 years now. During that span, until about a year and a half ago, I participated in the purchase of short-sale homes three times. I’ve helped clients buy foreclosed homes, or I bought them myself, just over a dozen times. That comes to about twice a year out of a few hundred transactions. Not a large percentage of my business for sure and probably typical for a real estate broker unless they concentrate on investors and investment property. Until relatively recently, agents didn’t necessarily have a large base of knowledge of what a short-sale was or much about foreclosures. It wasn’t necessary and it wasn’t a large part of our business. But things have changed, and most of us have increased our awareness and knowledge of these sales. If you don’t know the basic difference, a short-sale is a property still owned by the homeowner, but they have entered into an agreement with their lender to seek a sale for less than what they owe. The lender must agree to whatever offer a potential buyer brings and has the right to decline.

3 comments

  1. Excellent article. Most of our buyers right now ask us to find them foreclosure or short sale properties first. It’s been hard on our sellers who are not distressed. Everyone wants a “steal” but I have to say, the buyers we’ve had who’ve gotten them are thrilled!

  2. Scott does an excellent job in his summaries and is always on tract with what is happening in the market. The Observer needs to use his comments vs. the market is recovering on Monday and on Tuesday it is gloom and doom. The saving grace in Stanly which keeps everyone busy are short sales/foreclosures and 100% financing which is still available. Homes over $200,000 still face an uphill battle in todays market and homes with negative equity are a huge issue.
    Good job Scott

  3. Great post Scott!!

    I found your blog searching about short sales on Google. I just subscribe your feed. You write great posts.

    About short sales, if you have more interesting, visit the article “Prevent Foreclosure through Short Sales” at trulia.com. Its very interesting too.

    Thanks!!

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