Short Sale Now Very Common
Just as recently as five years ago, real estate short sales were fairly uncommon, and before that, they were extremely rare. However, in the current economic climate of high unemployment and lots of mortgage default, many more homeowners are turning to short sales to compensate for the fact that home values are falling.
According to a recent study conducted in California, almost twelve percent of all sales in the real estate business were short sales in the past few months.
This sudden onslaught of popularity of the this maneuver has left bankers at a loss- short staffed and undertrained, they are trying to keep up their service people numbers to contend with all of the new loan modification requests and short sale dealings, each of which is very time consuming and labor-intensive to execute.
There is a very sharp learning curve for both mortgagers and mortgagees, as well as loss mitigation specialists and other intermediaries. Banks are striving to close the short-sale close gap, making sure that a higher percentage of houses that go on short sale actually get purchased. Though home sales are on the decline in general.
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