Posts from November 16th, 2010
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16
Protect Our Property Values: Short Sales Better Than Foreclosures
While our region doesn't have nearly the foreclosure problem that Florida, Nevada, Arizona and California are experiencing, we do have a substantial number of sellers who are struggling with delinquent mortgages and a growing number of foreclosure properties are coming onto the market. At Ruhl&Ruhl, for example, we have 1,352 properties listed for sale. Of these, 71 are foreclosures, or 5.25% of our inventory. In addition, Ruhl&Ruhl is managing 88 properties that are in the foreclosure process but not yet listed for sale. So including those, foreclosures would account for 11.8% of our inventory. Further, we have 45 foreclosure properties currently pended, i.e. under contract to sell, but not yet closed. So foreclosures are definitely negatively impacting our prices and will do so increasingly, unless we can educate sellers to opt for short sales instead. It behooves all parties – seller...
