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Joy Arnold,  in 32218

What is the success percentage of short sales?

Asked by Joy Arnold, 32218 Fri Apr 4, 2008

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WOW! That's a great question. I guess it would depend on the individual. I don't know if there have been any recent studies done to find out the success percentage of short sales. I would love to see what answers are provided from other Realtors as to their success rate with short sales. Personally my success rate is about 50%. There are so many factors that can factor into whether it becomes a successful short sale or not. The bank has to be willing to work with you, willing to be negotiable and realistic about the value of the home. Also, the Realtor has to be very prepared to present their case to the bank with all the nessecary documents that they will need to prove their point to the bank that the owner cannot afford to keep the home and also prove that the home is not worth the average market value but is usually in great need of repair, or just worth less due to the surrounding market. This can be done with photos, and descriptions of the repairs needed and a market analysis of the home. The homeowner will also need to provide a Hardship Letter describing their situation(Handwritten is best) and will usually need to provide their financial statements such as income, bills, medical bills, and bank statements. The fax that the Realtor sends to the bank is usually quite large after gathering all the information that is needed. And if this is not done correctly, than the chances of the short sale being successful is decreased greatly. So, I guess it varies depending on the individual and also depending on the bank they are dealing with. I know that wasn't a straight answer, but it does depend on a number of factors. Including the homeowner's willingness to participate in providing the information needed to the bank. I hope that helped.
1 vote Thank Flag Link Sat Apr 5, 2008
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