Written By: Wannasiri Chompoopet, Manager of Housing Statistics (Reprinted with Permission.)
In April of 2008 the NATIONAL ASSOCIATION OF REALTORS® conducted an on-line survey of members on issues related to the credit crunch, foreclosures, and short sales. We obtained approximately 5,800 responses. Here is an overview of what the responses indicated: (copyright, NAR 2008)
Why is this survey important? Because over 40 percent of all real estate sales involved a “short sale”. Learning the ins and outs of a short sale will help you and your real estate agents close more purchase money deals and set you apart from your competitors.
A great reference tool is Linda Ferrari’s article called Foreclosure vs. Short Sale? Can't Refinance It, Can't Sell It, and Can't Afford It!
SHORT SALES:
Realtors® indicated that overall 40 percent of their clients have been involved in a short sale.
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