Why You Should Consider A Short Sale In Charlotte, NC.?

We have all heard the horror stories of dealing with Short Sales in the Charlotte, NC. market and across the country. The banks never respond back, it takes way too long to not get a response; the prices are higher, etc...But has the tables turned that short sales are becoming a better option now? It depends. First, the major banks and the government have worked together to help streamline the short sale process. Short sales caught the banks off guard and they did not have the proper tools in place to handle them and analysts that were working on them were overwhelmed with the amount of files that they had. Then once you got the bank to accept a short sale and the reasoning behind it; then it has to go to an investor who decides whether to accept the number the bank has agreed to. In a lot of cases that added weeks and months to the process. Now, most banks are being aggressive upfront in regards to short sales. They have packages pre made and as long as the seller and the Realtor fill them out properly the process can run a lot smoother. As long as an offer is fair the banks tend to move the process along more quickly now and the response time seems to be a lot faster. Second, according to a recent study from core logic (a leading market analysis site) short sales are starting to outnumber foreclosures in terms of sales. This is a positive sign for the market and buyers and sellers as a whole. Banks are getting more aggressive in getting these transactions closed and pushing them through the system rather than taking them back on foreclosure. This has helped the housing market in many ways. foreclosures tend to be priced less and because of the lag time and sitting around to be put on the market are costing the banks more money than they would get if the house were sold through a short sale. banks have begun to realize it and are making more efforts to get the short sales approved and closed. This has helped pricing in areas as foreclosures tend to drive neighborhood prices down and run the risk of making a neighborhood look abandoned. Third, you can buy the house you want at a fair market price based on the current conditions of the neighborhood. A lot of times people will look at a short sale and say I love that house and it is one I want. But are afraid of not getting an offer accepted or not hearing form the bank for what feels like eternity. That has changed and has more people looking at short sales and moving forward with the purchase of them. Now, are short sales right for everyone. NO. Unless you have a pre approval for a short sale with a negotiated price form the bank up front the process can take anywhere from 30 days to 90 days or more. I do a lot of short sales in the Charlotte, NC. market and have noticed the trend being in the 45 to 60 day window for a short sale answer and then another 30 days to close (typical of what a buyer would need to go through the loan process). If you do not have to be in something right away it can be a great option to look at... But if you have the time to wait and begin the process early enough a short sale is a great option for purchasing a house in Charlotte, NC. Dave diCecco Realtor/Broker www.davedicecco.com