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.
You can always call me at 386-566-7503 for more information on short sales and the short sale process.