Armando Montelongo Team Blog
Seven Best Banks For Short Sales
Banks are continuing to shift away from sales of foreclosed (REO) homes in favor of short sales.
According to RealtyTrac, banks are speeding up short sales after settling the robo-signing debacle. Short sales increased 25 percent in the first quarter of 2012 with average discount of 21 percent.
“We’re seeing a shift in the market. I closed 10 short sales last year. This year, I’m on track to do 100 short sales,” Ben Hirsh, broker/owner of Hirsh Real Estate Specialists in Atlanta, told RealtyTrac.
When dealing with short sales, some banks are better to deal with than others. RealtyTrac has ranked the top seven major banks based on a combination of three factors: year-over-year increase in pre-foreclosure sales for the first quarter; biggest discount on pre-foreclosure sales; and the average number of days to sell a short sale.
Below are the seven best banks based on the three ranking factors:
Are you buying foreclosed homes or short sales? Do you see a shift in the market? Let us know what you think in the comments section:
How can you get a list of houses from the banks?
Find out the name of the department at the bank that handles foreclosures and call. Your real estate agent will have lists of REO properties as well.
You can find REO homes on the HUD website at hmbireo.com and click on forclosures in your state etc..There is also govt. programs you can tap into that are available to the persons interested in buying and fixing up and renting out..like the FHA203K program…I am a big fan of this program since this is what we do we are FHA203K REhabbers…