I have been asked so many times about what's happening with short sales in 2013? My answer is that short sales are going to become increasingly more difficult as time progresses but they are still very much doable right now. The 'Mortgage Debt Relief Act' has been extended another year so that's good but I believe the banks and servicers, especially Fannie Mae and Freddie Mac are becoming more likely to want a contribution or just be tougher in the approval process in general. So many people have already done these short sales that it is my opinion that we just are not going to be doing short sales in the mainstream moving forward like we have the past several years. As we move away from short sales as the 'norm' I think the bank's short sale departments will become smaller and the process will become a lot less streamlined like it has been in recent years.
If a short sale is something a homeowner has been considering then I think now would be the time to do it. Here in Las Vegas we had been #1 in foreclosures but we aren't anymore. Also we were in the top of unemployment #s as well and I do believe that our housing market is finally in recovery and that the job market is also slowly becomming much stronger. I think it will take many years to get back to where we were but for a lot of homeowners the lack of inventory has made it possible for them to get back in the market and compete with the dwindling short sales and foreclosed homes! This is a good thing for the homeowners out there that have stayed in their homes and mortgages; I think the buyers out there now need to do a major adjustment of their expectations and then they still may be able to get into a low priced home at historically low interest rates!
Renee Sabath, REALTOR
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