The reason that I believe there will be an increasing percentage of short sales is that the majority of them are not closing. As the resales and foreclosures are going under contract and closing they are removed from the active supply of homes. Short sales on the other hand, unless handled properly are not closing. The process can take 4-6 months and many seem to fall apart leaving buyer and agent with a bad taste in their mouth for short sales. I personally have had several properties that were short sales, had reasonable offers on them and the buyers were tired of waiting for a response from the bank and withdrew their offer. When that happens the whole process starts over again.
I have since made it my policy not to list or sell a short sale unless the seller is willing to follow my lead and that I have received certain commitments from the bank that has the mortgage on the property.
Since putting this procedure in place I now have happy sellers and buyers. This has enabled me to stack the odds in favor of the buyer, seller and bank, which creates a winning scenario for all involved.
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