I attended a seminar today on Short Sales. It seems that in California, short sales appeared first in San Diego about 3 years ago. Today, you will see short sales in communities that thought they were immune like Beverly Hills, CA. where short sales are hitting homes listed at over $1Million.
Statistics show the Real Estate Market hit its benchmark high around May 2005. With a market that was maxed out, where else could it go?
The short sale process is so cumbersome with lenders being overburdened and most people without a clue on how to navigate through the process. It seems that nearly 50% of offers approved by lenders for a short sale do not close. Buyers are dropping out because of long waits to close on the property and not understanding this from the time they made their offer.
Coldwell Banker has taken this bull by the horns and is committed to educating their agents, like us, on how to get this job done for buyers, sellers and lenders. The process is a complicated, cumbersome and often frustrating experience. No surprise that the number one Real Estate Company is once again leading the market in attempting to educate it’s team of agents and their clients.