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Lance@tampa2enjoy.com
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Upsurge in Tampa Short Sales
Published by Natasha | Filed under Foreclosures
The current real estate market is slow and according to those in the know, it seems that this trend isn’t going to change any time lately. While home sales appeared to be on a slight upsurge, a large part of that trend isn’t the typical or traditional home sale, but may be due to the slight increase in distressed or short sales–this according to NAR, or the National Association of Realtors.
The number of distressed, or short sales is expected to rise fairly dramatically as banks and other lenders, hard hit and trying to avoid the vast amount that it sometimes takes to accomplish a foreclosure will sell for lower than the amount which is due on the home. It’s currently estimated that more than one fifth of all home owners have a mortgage which is far higher than the home value in their current home This is projected to lead to another increase in the flood of foreclosures and short sales.
For them to be able to actually get through the current number of mortgages which are deliquent or nearing foreclosure status and get the homes out and into the hands of paying clients, the short sale procedures are going to have to be much more quickly and effieciently handled. The short sale today is notorious for the lengthy amount of time and the vast amount of paperwork that they take. This does appear to be changing slightly, a sure sigh that banks are becoming more aggressive in assisting the home owner who will agree to a short sale in order to get out from under high mortgage payments they can not make.
Lance Mohr is a specialist in the Tampa real estate market with more than 13 year experience as a Realtor. If you have any questions or are looking for an honest Realtor give me a call. For details on Tampa short sales or Tampa foreclosures please visit our website at http://www.Tampa2Enjoy.com.
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