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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