Why Short Sales?
The number of bank owned foreclosures has been predicted to reach 7 million in the coming months.
There is a third wave of foreclosures coming through the pipeline soon, a lot of prime mortgages are becoming subprime as a new wave of foreclosures begins to hit. Those previously “safe” borrowers with sound credit who have conservative, fixed-rate mortgages, are getting into trouble at an alarming rate.
In the first quarter, the percentage of these borrowers who were behind on their mortgages or in foreclosure had doubled from a year earlier, to nearly 6%. For the first time in the housing crisis, these homeowners accounted for the largest share of new foreclosures.
Job losses are a major reason once-safe borrowers are falling into trouble. With unemployment likely to rise, the problem will only get worse. So the core challenge at the heart of our economic crunch — a poor housing market that infects banks and the whole credit system — is not going away soon.
What does all this mean for YOU as an Agent? I believe that the Short Sale niche is where every Real Estate Agent should be spending their time for at least the next 3-4yrs. Most agents do not like working Short Sales because of the headache and bureaucracy of everybody involved. I have put together a system to take the entire short sale process off your hands so you can be more productive as an agent marketing, listing and selling properties. We can work together to provide a service for the Home Owner.
To Your Success,
Allen Faires
