Feb. 19, 2007
This is hardly about exercise... this is about the real estate market in Central Ohio. Although I could say exercise caution..... when it comes to short sales.
A fella in NJ, David M. Petrovich described short sales as a workout program...I had never heard the term workout program before... I am taking a class on short sales today. I have negotiated a couple of short sales (buyers side) and they are a nightmare.
Short sale as in it will all be over quick? Guess again. Everything about a short sale takes longer.
Definition: A pre-foreclosure sale. The lender (s) take (s) a short payment.
Petrovich writes about The Perfect Storm- Get Ready to Short Sale! ... nationally.
Back to Columbus.... If you look below there are 332 identifified "short sales" on the market now, only 229 sold in all of 2006. Many homes listed as "shorts sales" do not sell, they expire or are withdrawn and sell at the sheriff's sale (they are foreclosed on by the lien holders.) Or maybe the owners catch up and are able to stay in their homes!
Central Ohio Statistics (Delaware and Franklin Counties only)
Sold 2006
| Sold - 229 Properties Found |
|
Square Feet
|
Bedrooms |
Full Baths |
Half Baths |
DOM |
List Price |
Sale Price |
| Min |
795
|
1
|
1
|
0
|
1
|
$ 29,900
|
$ 20,000
|
| Avg |
1616
|
3
|
1
|
1
|
127
|
$ 133,926
|
$ 128,555
|
| Max |
3679
|
5
|
3
|
2
|
592
|
$ 399,700
|
$ 392,000
|
Sold YTD 2007
| Sold - 29 Properties Found |
|
Square Feet
|
Bedrooms |
Full Baths |
Half Baths |
DOM |
List Price |
Sale Price |
| Min |
884
|
2
|
1
|
1
|
13
|
$ 26,000
|
$ 25,000
|
| Avg |
1606
|
3
|
1
|
1
|
153
|
$ 138,823
|
$ 131,917
|
| Max |
4198
|
5
|
3
|
2
|
456
|
$ 823,000
|
$ 823,000
|
Withdrawn or Expired 2006
| Expired - 142 Properties Found |
|
Square Feet
|
Bedrooms |
Full Baths |
Half Baths |
DOM |
List Price |
Sale Price |
| Min |
720
|
2
|
1
|
0
|
13
|
$ 21,500
|
$ 0
|
| Avg |
1505
|
3
|
1
|
1
|
200
|
$ 117,695
|
$ 0
|
| Max |
5745
|
6
|
4
|
2
|
670
|
$ 459,900
|
$ 0
|
| Withdrawn - 224 Properties Found |
|
Square Feet
|
Bedrooms |
Full Baths |
Half Baths |
DOM |
List Price |
Sale Price |
| Min |
672
|
2
|
1
|
0
|
1
|
$ 24,800
|
$ 0
|
| Avg |
1569
|
3
|
1
|
1
|
150
|
$ 129,536
|
$ 0
|
| Max |
5490
|
5
|
5
|
2
|
679
|
$ 899,700
|
$ 0
|
Withdrawn or Expired YTD 2007
| Expired - 27 Properties Found |
|
Square Feet
|
Bedrooms |
Full Baths |
Half Baths |
DOM |
List Price |
Sale Price |
| Min |
720
|
2
|
1
|
1
|
93
|
$ 40,000
|
$ 0
|
| Avg |
1590
|
3
|
1
|
1
|
211
|
$ 137,070
|
$ 0
|
| Max |
3542
|
5
|
4
|
1
|
366
|
$ 474,700
|
$ 0
|
| Withdrawn - 64 Properties Found |
|
Square Feet
|
Bedrooms |
Full Baths |
Half Baths |
DOM |
List Price |
Sale Price |
| Min |
714
|
1
|
1
|
0
|
8
|
$ 29,900
|
$ 0
|
| Avg |
1405
|
3
|
1
|
1
|
135
|
$ 101,648
|
$ 0
|
| Max |
3139
|
4
|
2
|
2
|
506
|
$ 289,900
|
$ 0
|
| WTH Temp - 16 Properties Found |
|
Square Feet
|
Bedrooms |
Full Baths |
Half Baths |
DOM |
List Price |
Sale Price |
| Min |
896
|
2
|
1
|
0
|
2
|
$ 39,000
|
$ 0
|
| Avg |
1644
|
3
|
1
|
1
|
90
|
$ 153,968
|
$ 0
|
| Max |
2474
|
5
|
3
|
2
|
230
|
$ 339,000
|
$ 0
|
On the market NOW:
| Active - 332 Properties Found |
|
Square Feet
|
Bedrooms |
Full Baths |
Half Baths |
DOM |
List Price |
Sale Price |
| Min |
624
|
1
|
1
|
1
|
3
|
$ 27,800
|
$ 0
|
| Avg |
1519
|
3
|
1
|
1
|
100
|
$ 124,287
|
$ 0
|
| Max |
4141
|
6
|
4
|
2
|
507
|
$ 519,900
|
$ 0
|
Last summer I inquired about a property for a client the listing remarks said:
"BANK SHORT SALE - BE PREPARED TO WAIT ON BANKS' RESPONSE. SEVERAL OFFERS HAVE BEEN SUBMITTED WITH NO ACCEPTED OFFERS BY LENDERS - CURRENTLY TWO OFFERS ON THE TABLE. IF YOU SUBMIT, IT IS RECOMMENDED TO CONTINUE SEARCHES FOR BACK-UP HOMES. "
That Delaware County auditors site shows that home sold at Sheriffs Sale (was foreclosed on):
11/09/2006 Sale Price: $190,000
Seller Name: Sheriff Of Delaware County
Document Type: Sheriff's Deed
All that work by the listing agent, all that work by a number of buyers agents with interested buyers and it went to sheriff's sale. Often you find the listing agents very dificlult to locate on short sales. Robert Werts, with a local Re/Max franchis , the the listing agent on this property was very professional, I made an inquiry, he answered the question... my buyers moved on.
It looks like the house was on the market for 503 days... That's a lot of working out for nothing.
The fella in NJ, the one who is an expert on short sales..... The one who calls it a workout program....does he know what he's talking about? He wrote the book on short sales.
On his Active Rain profile he says:
"Now that the real estate market has cooled, and mortgage lenders are tightening up lending criteria, fewer delinquent borrowers will have the needed equity to refinance their loan, or to sell their home to avoid foreclosure. For those wanting to sell, they'll have to construct and present a compelling short sale proposal. S.P.O.C.H., a NJ non profit organization, assists in the preparation, presentation, and negotiation of preforeclosure short sale proposals and offers both loss mit preparedness training and transaction support to realty professionals."
Data and tables from the Columbus Board of REALTORS®
Copyright 2007 Discover Columbus and Maureen McCabe
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