As infallible as I am, I believe that I must now swallow my pride and remove my foot from my mouth.  In past articles I have told you how short sales were negatively affecting our real estate market; times have changed a little since those were written.

Banks, in the past, have not shown much interest in negotiating a short sale but it seems time has shown them that this may be a viable way to stem the bleeding.  Of course it is not the ideal solution for the bank so they are still not easy transactions but the sales are starting to go through.  Some were going through when I had written my past articles also but the percentage back then was around 4%.  Today that number has jumped up to around 15% and indicators seem to point to further increases.

The increasing success is not fortuitous but rather common sense.  If the bank does not have to foreclose on the property they can save tens of thousands of dollars in legal fees and court costs.  They can also limit the amount of time the home sits vacant.  If you have any experience with foreclosures you know what can happen to homes that have been abandoned.  Mold, theft, and vandalism are just a few of the concerns.  Banks are not in the real estate business nor do they want to be.

Unfortunately, the reality is that some home owners can no longer afford to stay in their homes.  With job losses and the rising cost of goods and services it is not hard to see why.  These people need an option and the banks are finally starting to give them one.

So what does this mean to the average buyer?  It means that if a short sale is correctly priced for today’s market, and you have a skilled team of negotiators on your side you may be able to purchase a property at a greatly reduced price.  Some of the sales are happening as quickly as two weeks for bank approval and some may take months but the bottom line is that they are happening.

If you are a homeowner and think that this may be an option that could help you, please call me for information on how I can help you through these tough times.  If you are looking at buying and have the patience to tackle a short sale, call me today to see how to turn one of these sales into your next great deal.