Do you see home buyers shying away from SHORT SALES?

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November 14 2010 - Salem
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Yes, at least in our area (Miami Beach). Given similar prices, a buyer will always prefer the normal sale followed by bank owned and last the short sale. It is now common knowledge that short sales take longer and they are unpredictable.
Fortunately we are seeing fewer short sales in our area in some price points.
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November 14 2010
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if I wanted to get into a contract now so I could buy a house next summer/fall a short sale sounds good. Otherwise it is only going to take way to much time to get it done.

Perhaps some short sales do not take 8-10 months. Enough have taken that long (often to be told no) that many buyers simply do not want the hassles that a short sale can bring.

By trying a short sale a buyer can lose out on several other suitable properties as they are stuck waiting for a reply. Then when the reply comes back as a "NO" any advantage of a short sale is quickly dismissed.

If a short sale could be guaranteed a reply (yes, no, renegotiate) in no more than one working week more people would consider them. As long as short sales take seasons (not days) to get replies they are not a preferred method of purchase.
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November 14 2010
In a word - ABSOLUTELY!!! Most buyers I've been involved with were initially interested but due to the unfair & uneven responses of the lenders most all are now avoiding them like the plague. It's really the lenders own fault for this response. They don't want to negotiate in good faith, too often "lose paperwork" and arbitrarily come up with obstacles that the buyer or seller cannot overcome.
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November 14 2010
On the Phoenix area mls, there are over 8000 short sales in some form of contract. (either in status as Pending, or Active-inspections, Active Contingency) Compared to 17,000+ active.

So buyers are writing offers on them, and getting contracts.

In the past 30 days, about 1500 closed. So, as you can see, they still don't get to a closing very well. Many fall out later, and end up foreclosed.
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November 14 2010

There will always be that second wave of foreclosures as prices continue to drop, I find if its a smaller bank they tend to be a little more responsive

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November 14 2010
I like to have a shortsale :
1 In escrow,
2 with a %10 below, market, value, offer, 
3 Nice accurate comparables 
4 A clear list of all the players
5 Labeled folders per standard request forms, addendums, copies, etc.
And Proper department numbers first and last names.
I like to under promise and over deliver.
Its a new tool for everyone. Be of service.
Go beyond Hud. Easy to read.
Retarded proof! Understand yourself!


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November 14 2010
Most of my buyers want to stay away from them because they are on a short time frame. Also there are many similar homes that aren't Short sales going for similar prices so the buyers are just snatching them up. 


And I agree with Scott. The Lenders are doing this to themselves. I had a buyer submit an offer, I waited a month for the bank to respond and then my buyer called me up and informed me that she saw an advertisement for the Auction in her local Newspaper. Guess her offer was denied. It would have been nice to have known that. 



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November 16 2010
 
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Do you see home buyers shying away from SHORT SALES?
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