In the last month or two I’ve noticed a dramatic increase in traffic to this site from people searching “short sale” and or “foreclosure” related terms. Looking at the search cloud image to the right shows this very dramatically.
Short Sale Traffic Surge…
I did a good amount of research before I decided to go forward with my short sale and from the traffic I’m seeing to the blog here, it seems like an increasing number of homeowners are beginning to research as well.
It’s a good and bad thing. Bad that people are upside in their homes (as I was). Good that they are looking to avoid foreclosure by doing a short sale of their home. Good also for the mortgage companies that typically stand to lose much more in a foreclosure then they will by doing a short sale.
When I closed the short sale of my home almost 2 months ago, it was a minor success for me. I avoided foreclosure, and sold a house that I had no way of affording anymore.
So, is a short sale wave coming? I think it is. I think the short sale is and will continue to become a much more common real estate transaction. The combination of bad loans and a declining real estate market has left too many homeowners in a lurch. Hopefully they can afford to downsize from their home, and short selling their home will give them a much better chance of getting an apartment than a foreclosure would. Neither is going to look great, but a short sale at least shows some proactive work on the borrowers side to remedy their situation.
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I am in the Cape Coral/ Fort Myers area and got caught up in the whole, Buy! Buy! Buy! Histeria over the last few years. As you know, Fort Myers has been dubbed the number 1 Foreclosure town in America per Realty Trac. And with my 805 mid credit score it was easy. Needless to say, I ended up with 10 waterfront properties down here and 5 million in debt. Well, I stopped making my mortgage payments 18 months ago and have been trying to short sale my properties ever since. I had 4 properties with Aurora and they were easy to short sell. I had 6 properties with Countrywide and have short sold 2 of them now and have been trying to short sell the other 4 since. Every contract I have submitted to them has been a day late and a dollar short for Countrywide. They have been chasing the market now for the entire span since my delinquencies. They are ridiculous!