Short Sales Are Becoming Easier To Close

by Las Sendas Homes on April 17, 2012

It is a fact that there are fewer and fewer foreclosure homes for sale in the Phoenix area. There are about half as many homes being foreclosed on right now compared to one year ago. I can tell you that one reason for this is banks are agreeing to and closing on a lot more short sale contracts than ever before.

get that short sale closedI remember a couple of years ago it was easier to fly to the moon than it was to get a short sale closed. Well, times have certainly changed. I’m not saying that it is easy and every home closes but it is so much easier then back then.

One of the reasons is the bank asset managers are much more familiar with the process now then they were then. That also goes for the listing agents. This alone has made the process much smoother. Lenders are also much more willing to let a sale go through as a short sale now then 1 or 2 years ago. Back then they would just as soon foreclose as except a short sale contract. I think they have learned it is a better deal for them, normally, to sell short as opposed to foreclosing.

There is still one exception to this though and that is if there are multiple lenders involved. These types of deals are still fairly difficult to close because the 2 lenders can’t come to terms on who gets what?

So, I still don’t enjoy trying to close short sales but if you find a house you absolutely fall in love with and it is a short sale, your chances of closing on it are much better now compared to a year or 2 ago!

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