As NC Realtors, I list and process my own short sales, but I also process short sales of agents that belong to other agencies. I do this under the short sale negotiating attorney they have retained to help their seller.
I am starting to see a decrease in the number of new short sales that I am bringing in, along with the number of short sales being brought in by others. I am located in the Raleigh, Durham, Chapel Hill areas of NC.
Have you noticed a change? If so, where are you geographically located?
Rodney - I have not noticed a slow down at all - I am in Northwest Florida. Our foreclosure notices (lis pendens here) were up 55% in 2012. There will be more in many states this year, since foreclosure filings are up overall. Time to help more people!
Lis Penden in one county east of Wendy are up 68%
We have not noticed a slow down. We are at an all time high in business as a company.
Much lower numbers of short sale listings here in the Palm Springs Valley of California. Not just me, but all short sale numbers across the valley. We are resort valley and sales are strong in standard, equity sales. Palm Springs, La Quinta, Palm Desert, Indian Wells and Rancho Mirage all seem to be recovering well.
Southern CA - Short Sales are dwindling down. Lately I've seen properties that would have been short sales a year ago are now becoming Equity Sales (barely, but equity just the same). The market here is roaring back to life. Multiple Offers and Offer above asking price - even though everyone knows they will not appraise. We'll see how long this lasts.....
that is why we are putting in a clause that the buyer needs to pay the difference if property does not appraise now... stops the false offers.....we are not seeing a slow down out here in the San Joaquin valley of Northern Cal but I am starting to see more equity sales. we have almost no inventory...
Good point Harry - I'm seeing Trustee Sales postponed again and again without requesting a postponement - especially in the Coachella Valley..
In Northern California Napa county we have had 8 Notices of Default since the beginning of the year, which to me is an indicator of a slow down.
No. I haven't seen a slow down. I read an article that foreclosures are down now but ss are up. I'll try to find it and post back.
What I have noticed is the ease of sales has decreased. My average time used to be 48 days from submission to completion. It has increased a bit.
Here in Chicago at our relatively small family owned independent brokerage firm, we currently have EVERY short sale listing under contract w/ back up offers 2-3 fold...Never once saw that happen in the last 7 years we have been negotiating short sales! We always had a steady stream of short sale listings coming through at any given time but not during the last 3 months…Only 1 listing so far this year-
On the flip-side, we are working more with investor-buyers, and end users which have given us much insight on what the market is doing on the buyer side…We consistently see that affordable housing is selling quickly and close to list price or even slightly higher than list due to multiple offers…
Illinois seems to follow the real estate market trends of both Nevada (Las Vegas area) and Arizona (Phoenix area)--If I want to know what’s ahead of us here in Chicago for short sale listings, I just read the real estate section of Forbes at http://www.forbes.com and see what home sales are like in their neck of the woods!...Anyone from the desert want to chime in?
I am in Central California...we have seen a drastic reduction in short sales and foreclosure activity.
Our inventory is at a nearly all time low.