Short Sale News From Miami’s Top Realtors
May 17th, 2010 | categories: Coconut Grove Real Estate Market Conditions
Every week on Sunday night I participate in a weekly ”TweetChat” with some of Miami’s top Realtors. Last night we discussed our experiences in handling short sales. Here are a few of the highlights:
- Short Sales continue to be the bain of many Realtor’s existence due to the time and energy that they require but in this market we all agree that they are par for the course.
- We are all seeing an increase in short sale fraud (where the short sale seller asks for cash on the side from the buyer).
- Banks make more money on foreclosures than they do on short sales due to the buyout from the Feds and deficiciency judgments. Also, it seems that the second lender is now the primary cause for major delays.
- Short Sales are no longer bringing down the market and frequently sell at market value.
- Short Sales are worth the time and energy for investors but not so much for end users.
- The average short sale turnaround time has been 90 to 180 days, if not more.
Follow along on Twitter every Sunday night at 9:00 on #MiamiRealEChat to hear advice, tips, and news on the Miami real estate market.