Short Sales In 2014 are very different then they were in 2008, but there are some similarities. Many of the banks (and attorneys for that matter) have begun to reduce their work staff as short sales have decreased. However, that doesn’t mean that there are no more short sales in 2014. Short sales are still common and in Georgia real estate, they make up about 20 to 30% of the market. So what’s different
Short Sale “Decisions” Take Less Time
Overall Banks and Investors are making decisions faster. Their process is more straightforward. This is true of most banks, such as Bank Of America and Wells Fargo but Ocwen is still going to take a long time dealing with Pakistani outsourcers.
Short Sale Lenders Are Looking For Some Return
Most short sales lenders are asking for money, that doesn’t mean they mandate it, it just means they will ask. We haven’t had any clients pay out of pocket but most have been asked.
Short Sale “Cases” Are Harder
You have to prove the financial hardship. No more strategic short sales. If you can’t prove it then you’re out of luck. Luckily, proving the financial hardship is relatively easy. If you can barely make payments, then you’re in good shape for a short sale.