Thursday, March 12, 2009

More Short Sale Information

I attended a webinar today sponsored by the National Association of REALTORS on the subject of short sales. Here are the highpoints:
  • Almost 33% of listed short sales aren't closeable
  • Second (or third) lien holders will eventually accept as little as 10% recovery
  • Recourse vs. non-recourse debt is a critical issue
  • We need buyers to enter the market (for the right reason) to absorb excess inventory
  • As the selling agent, insist in the purchase contract that no other offers will be accepted by the lender (we need to remove the inventory, not anger potential buyers)
  • Only show the right short sale properties to buyers

I'll keep you all updated on any new changes or information.

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