Short sales were the only thing that people could talk about in 2007 and it seemed like that was going to continue in 2008. But truly what has happened to all of the short sales? First there are plenty of short sales available on the market in Long Beach. Some areas of the city have more to choose from than others. It is quite easy to find a short sale in north long beach or in the westside of long beach. If you were looking for an amazing short sale deal in belmont shore you will be pretty much out of luck. So what has changed this year compared to last? Well let's take a look at a few items that have changed.
- Passing of the Mortgage relief act - this allowed consumers to complete a short sale without the tax ramifications that used to exist.
- More short sales - there are more short sales on the market this year compared to last year. While the statistics are difficult to come by a sampling of different areas has shown an increase on a percentage of available properties.
- Some banks have stopped doing short sales - countrywide has recently stopped approving short sales for investment properties. Some banks are deciding that foreclosure for them is a better option.
- Consumers have become frustrated with the process of short sales - consumers and real estate professionals have found it difficult to work with banks on short sales and found it easier on REO (real estate owned) or bank owned properties.
What does this all mean? It means that one needs to know all of the facts prior to going after a short sale. You need to know the experience of the agent helping you, the agent on the other side, how many banks, and to have a high level of patience. Know the facts about the short sale process.
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