Sheri Curci, Real Estate Pro in Philadelphia, PA

Short Sales vs Foreclosures

Asked by Sheri Curci, Philadelphia, PA Wed May 2, 2012

Boy.... I’m seeing more short Sales pop up on the market vs Foreclosures. The Banks have finally opened their eyes and realize that a Short Sale is a Win Win for the Distressed Seller and the Banks.
I'm getting more cooperation from Bank Negotiators, than last year. .... It's also better for the Distressed Home Owner to recover faster….. From approx 9 months to a few years, to become a home owner again vs a Foreclosure takes 10 years to recover.
30% of my Business is Short Sales I enjoy helping my fellow Clients in these trying times.
I see the Job Market picking up in Philadelphia – Bucks County Pa too!

How About Your Area?

John Curci RE/MAX Properties 215-757-2889
http://www.homecatch.com/search_homes

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Right now I am in the middle of 4 short sales in the Highland/New Paltz area of NY. One closed Monday. I see the banks becoming more cooperative. I, personally, want to have a contact with the bank I am attempting a short sale with. Communication is crutial. I work with the seller to supply everything to the bank as soon as I know the deal will be short, and submit everything as soon as possible after an offer is accepted by the seller, along with the purchase offer and preliminary HUD I submit comps of recently sold and active listings. One of the most frustrating things is that we have people doing BPO's that have no clue about our market.

Short sales are a lot of work but I agree it is rewarding to help out people who are in a financial bind.

Barbara Carter John J Lease Realtors 845 505 3160 http://www.UlsterNYHomes.com
0 votes Thank Flag Link Wed May 2, 2012
Hi Barb, I know what you mean about BPO's ... I usually bring comps with me + meet the BPO Rep... you got to figure that the BPO rep is getting $50-$60 bucks a home (Cheap) so...how much thought are they putting in their process, and you hope they know the area too. Thats crucial to get the low practical curret market value.
Flag Wed May 2, 2012
Here in Texas Realtors still shy away from short sales. They are difficult and it's a long process. I have had several buyers back out after 45 days of waiting....it takes anywhere from 3-12 months to close here. Foreclosures are easier to work with and usually close within 60 days. I almost prefer Foreclosures! The market is picking up in Dallas however it was never really hit too hard!
0 votes Thank Flag Link Wed May 2, 2012
True Lisa. The Foreclosure is easier at first but..... The Foreclosure is hurting the Distressed Seller (30% of current Mortgs) that got stuck in this mess because of Wall Street Greed, The neighborhood gets scared with a foreclosure effecting everyone’s value in the surrounding area, and the Banks gets less return on a foreclosure than a satisfied Short Sale and the Short Sale Seller can FINANCILLY RECOVER FASTER with their credit.
Wait and see what happens in 2013 and 2014. The economists comment "it isn’t over" it’s a long recover.
All the Best John Curci RE/MAX Properties Philly-Bucks Co Pa.
Flag Wed May 2, 2012
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