I came across this article this morning concerning the Fed's plan for facilitating the short sale process.
Those of you who have been through the short sale process or attempting to sell your home as a short sale know how frustrating, time-consuming, and demoralizing they can be.
In fact, we in the business call them "Long Sales"
This is great news not just for home owners (and agents), but for the economy and market as a whole, as it will help to rid the market of these hard to move products and enable buyers to find great deals that are not impossible to close.
Read on: Short Sale Plan
Here in Lake Forest Park and Shoreline, out of 339 single family residence listings, 50 are short sale status, or 14% of the market. While this doesn't seem like a huge number, I'm seeing that many listings are priced just above or very near the ower's break even point. Many of these home owners have no room to negotiate on price. And in this market, if you can't move on price, you're probably not going to sell.
Give me a call if you have any questions on short sales or bank-owned properties.
I'm always here to help
Lake Forest Mark
