Once seen as big bargains, the appeal of short sales has dwindled recently, so much so that some real estate professionals are advertising listings as "not a short sale" to attract more buyers.
The term 'short sale' appears to have a stigma now, getting bank approval for a short sale can be difficult, and the process of buying a short sale can take four to six months in Florida.
A recent study found that short sales in Boca Raton tended to stay on the market much longer than other homes. And when homes were advertised as "not a short sale," they tended to sell for 2 percent to 5 percent more than comparable non-distressed homes that were not advertised the same way, according to the study. Homes advertised as "not a short sale" also sold faster, according to the study.
In housing markets where short sales are less prevalent, agents say they aren’t noticing the stigma. Buyers aren't as aware of the lengthy process so they don’t dread it as much. Therefore, singling out a property as “not a short sale” would be pointless.
Source: “Is There a Stigma with Home ‘Short Sales?’” CBSNews.com (Aug. 14, 2013)
A recent study found that short sales in Boca Raton tended to stay on the market much longer than other homes. And when homes were advertised as "not a short sale," they tended to sell for 2 percent to 5 percent more than comparable non-distressed homes that were not advertised the same way, according to the study. Homes advertised as "not a short sale" also sold faster, according to the study.
In housing markets where short sales are less prevalent, agents say they aren’t noticing the stigma. Buyers aren't as aware of the lengthy process so they don’t dread it as much. Therefore, singling out a property as “not a short sale” would be pointless.
Source: “Is There a Stigma with Home ‘Short Sales?’” CBSNews.com (Aug. 14, 2013)
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