As we enter into 2011, there is little question that short sales are going to be around for a while. It will take at least two more years for excess inventory from all sources--banks, distressed owners, unsold new construction, new condos, and sellers waiting on the sidelines--to deplete itself.
This is not the only factor causing the current glut of real estate and ghost or shadow inventory. The employment picture and overall confidence in state and national economies must improve drastically. The bottom line is short sales are here to stay and even if you have not tested the waters of short sales, you need to dive in and help those you know get out of their current distressed situations.If your short sale has you dealing with Bank of America, here’s some important information you’ll need to know. New short sale guidelines are coming from Bank of America as it tries to streamline the timeline for Realtors. More help is on the way to bring these short sales to fruition.
Agents: now is the perfect time to use Short Sale ProLogic to help you obtain the real-time data of the properties going through the foreclosure process in your area and to help those people get out of the distressed situations they are in.
REMINDER: short sales are not going away anytime soon.
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