New Survey Gives Banks Low Marks for Short Sale Process
Arthur Delaney at huffingtonpost.com, wrote an article titled Short Sales: How Everybody Loses From Banks’ Opposition. The article cites a survey conducted by Campbell Communications that may be of interest to you.
Interesting Short Sale Facts
- 77% of Short Sale sales fail because of the sluggishness of banks to respond
- 8 weeks – the average time it takes for a bank to respond with a yes or no for a short sale
- 11 days – the average time it takes for a bank to respond with a yes or no for a foreclosure
- 19% – the average loss a bank experiences from a short sale
- 40% – the average loss a bank experiences from a foreclosure
- 37% – the percentage of buyers who get frustrated and walk away from short sales because of bank response time.
Patience, Patience, Patience
Short sales require patience. I’ve completed many successful short sales for clients and none of them have been quick. However, if you have the patience, and make a calculated and reasonable offer, you can get a significant bargain.
More resources are available at Daytona Beach Short Sales, Daytona Beach Foreclosures, and Daytona Beach Real Estate.
You can always call me at 386-566-7503 for more information on short sales and the short sale process.
Interesting facts, but the magic is when you become a source of helpful information to people going through the short sale process or buying a short sale.
Elizabeth,
I agree that guiding people through the short sale process is so important in the current market.
I’ve closed a lot of short sales this year and have many more on the books to complete. It’s a tough process, but real estate agents must be persistent and patient in working with the banks and buyers.
Here’s more information on the short sale process.