(Short Sales—Local Trends) Here are some interesting observations about short sales in our local market:
1. There are considerably more homeowners wanting to discuss possible short sale listings and contracts. (We are now averaging between 20 to 30 new callers per month.)
2. Unreasonably high BPO’s (Broker Price Opinion) will cause short sale contracts to be either significantly renegotiated or terminated. (Hopefully more BPOs will be prepared by local realtors who have a realistic idea of our current market values.)
3. Once there is a short sale contract with a reasonable BPO, the short sale lenders are allowing the short sale to be completed successfully. Our experience from 2011 showed an 88% success rate once there was a short sale contract (The small percentage that were foreclosed on occurred because of a high BPO or questionable short sale lender guidelines.)
The take away — (a) there is a lot of short sale demand in our market, and (b) the short sale lenders are working hard (although not very fast) to approve the sales.
Please call or email me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.
William D. Tucker, III, Sr. Partner
Tucker Griffin Barnes P.C.
Where deep insight equals powerful advantage!
Charlottesville 434-973-7474 | Lake Monticello 434-589-3636