Lender Mediated Sales 2016
I’m often asked by clients or potential clients what my thoughts are regarding lender mediated sales (better known as short sales and foreclosure sales.) For those of you who don’t know a short sale is when a lender and other parties have agreed to accept an offer for less than what the home owner currently owes. A foreclosure sale takes place after one of the parties that the home owner owes money to forecloses on the home and it is listed for sale with an agent.
If you are behind on your mortgage or face a situation where paying your mortgage payment is not possible than selling your home as a short sale is definitely better than letting it go into foreclosure. If you are looking to purchase a short sale or foreclosure it’s possible but the market has been steadily declining. Last year the percentage of homes that sold as a the result of a short sale or foreclosure declined 38%. Only 16.5% of the homes that sold in 2016 were lender mediated sales. That means if you focus exclusively on finding a short sale or foreclosure home you are eliminating 83.5% of the homes that are available for purchase.
If you have any questions or want to discuss your situation give me a call at (904) 460-8501 or email at Andrew@TheVeteransAgent.com