Short Sale are the new REO and we were positioning our business in 2007 for this market. We have hade our ups-n-downs with the banks as they were hit with the mortgage meltdown, it seemed they only foreclosed. Out business is mainly helping folks sell short.
In the past few months we have seen most of the banks working to streamline the process with some still getting up to speed.
Our office Keller Williams Realty AV is in the Antelope Valley near where the space shuttle lands when in California. We were hit hard in 2007 and have started to recover in 2008. 2009 was the turning point as sales hit over 9,000. We saw a shift in the market as well when the banks regrouped and started to manage the Bank Own homes and slowed down the release of their inventory and started moving into the short sale world.
Successes happen all the time, case in point a seller found us on the internet 15 days before the trust deed sale. We took the listing have an offer into the bank in 3 days and got approval in 1 (ONE) day closed in 30days... Okay this doesn’t happen all the time but we are seeing it more and more...