Currently in our market, quite a few of the business decisions being made in our real estate market are occurring out of state. Why is that? It is because so many of the properties in are market are owned by out of state banks; REO’s and Foreclosures are the front end of the transaction.
Our believe at Fidelity National Title is that 2010 will be the “Year of The Realtor”, putting Realtors in front of the transaction again. This will be transitioned through the new banking focus of Short Sales. When a bank sells a property as a Short Sale rather than an REO, Wachovia for example has saved $39,000 on average per property by going the Short Sale Route, rather than the REO route.
Short Sales will be 2010. Using Wachovia as another example, other banks will follow, they have also put in place a cash for keys program giving the seller $2500-$5000 in cash for doing a short sale rather than letting their property lapse into Foreclosure.
Banks do not want to pay a 3rd party negotiator or asset manager to handle the sale anymore. Remember, banks are new to this process and will needed some time to figure out how to get the properties going into foreclosure off of their books, hence, the year of the Realtor.
Tips for working with banks-
-BofA is a 60-90 Day turnaround time for an offer
-Wachovia is 42 days
-Wells Fargo will be soon to following
-When speaking with a bank, ask quick yes or no answers.
-Use your resources, at Fidelity, we have relationships with the top national banks.
-75%-85% of Trustee Sales are postponed
-Banks 1 year ago did about 6% of their business as Short Sales and now it is up to 24% and growing
For more information on Short Sale education, Short Sale Tools and Lead Lists call 480-214-4500 and ask for the Marketing Department or go to www.fntarizona.com and look for the Elite Short Sale Division link.
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