Shortsales increasing to 50% by end of 2010!
Looks like 1 out of 2 homes that are sold in the next 2 years will be out of a short sale situation. A short sales is literally when the bank gets “shorted” on the amount owed versus what they will end up selling it for. There can be either 1 or more loans on the property. This is fascinating because not only will it change the scope of real estate forever, but it will also change the way agents work as well. Agents will either have to adapt to ways to sell short sales or they will inenvitablely be out of the business.
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