- The trend now is that banks would rather do short sales (to avoid taking on the inventory) than foreclosures.
- For buyers struggling to find a home in a particular price range, a short sale can be a viable option.
- Educate yourself on short sales because buyers deserve an agent who knows the ins and outs of all types of transactions.
It’s time to dust off your short-sale packages.
And if you don’t know what a short sale is or thought you’d never have to learn how to do one, you are already at a disadvantage.
The housing market is potentially heading for a recession — the severity of which is yet to be seen — and for the major metropolitan cities and areas where house prices have risen the most, there will be no escape. Everyone will be affected by changing mindsets and attitudes about our economy and that includes local housing.
Short sale expert and real estate coach Michele McClintock says she’s already seeing it. Her coaching clients are asking to enroll in short sale training and with her connections in the industry, McClintock can barely name a ZIP code that doesn’t have distressed owners in growing numbers.
If you think there’s no inventory in your market, you’re missing the hundreds of distressed properties in your MLS. With a massive increase in broker price opinion (BPO) requests to major brokerages and 90 days to complete the new streamlined short sale process, this time of recession could be your greatest opportunity.
This time around, the market will deflate quicker and homeowners will abandon their home-saving efforts earlier, giving agents with the know-how a distinct advantage in making a difference in their communities.
Don’t ignore the signs: a continued over expectation of house prices, yet incomes are down 5% to 10%, sluggish new home starts in many markets across the country, and a five-fold increase in BPO requests.
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Tim and Julie Harris have over 20 years’ experience in real estate. Learn more about their real estate coaching and training programs at timandjulieharris.com, or schedule a free coaching call with them at freecoachingcallsforagents.com.