{"id":23252,"date":"2009-07-26T07:23:45","date_gmt":"2009-07-26T07:23:45","guid":{"rendered":"http:\/\/forestridgevoice.com\/2009\/07\/26\/do-increased-sales-mean-weve-hit-the-bottom\/"},"modified":"2019-04-23T20:55:57","modified_gmt":"2019-04-23T20:55:57","slug":"do-increased-sales-mean-weve-hit-the-bottom","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/do-increased-sales-mean-weve-hit-the-bottom\/","title":{"rendered":"Do Increased Sales Mean We&#039;ve Hit the Bottom?"},"content":{"rendered":"<p><img loading=\"lazy\" class=\"alignleft size-full wp-image-333\" src=\"http:\/\/forestridgevoice.com\/files\/2009\/07\/question_mark1.jpg\" alt=\"question_mark\" width=\"190\" height=\"200\" \/>The Florida Association of Realtors show that South Florida existing home sales continue to rise. \u00a0The median single family home price in Broward County rose from $190,000 in May to $204,800 in June.\u00a0 At the same time, the number of foreclosure sales and short sales has dropped from 44 percent in May to 39 percent in June.\u00a0<\/p>\n<p>I have noticed that many homes that have been foreclosed are not listed for sale and homes undergoing a short sale are taking longer to get approved.\u00a0 If I had to guess the reason, \u00a0I would speculate that banks are overwhelmed with the number of properties in trouble and do not have the manpower to handle them.\u00a0 My own experience in selling short-sale homes has been exhausting and disappointing.\u00a0<\/p>\n<p>Currently I have\u00a0 two listings with short sale contracts on on their single family homes.\u00a0 The offers are cash, no financing. The price that was negotiated by the sellers\u00a0 and buyers\u00a0are at market value.\u00a0 However, it has been more than 3 months since the offers have been submitted without an approval from the banks.\u00a0 Each time we contact the banks, if we are willing to\u00a0wait the 45 minutes it usually takes to get through, \u00a0we are told a different story, anything from &#8220;We don&#8217;t have approval from the seller to discuss the sale with you&#8221;, (even though the approval has been faxed to the bank multiple times,) to the very\u00a0odd statement that\u00a0&#8220;The person who was handling the file no longer works here.&#8221;\u00a0 When we finally do get someone to help us with the file it usually leaves their hands within 48 hours and is sent to another person for processing.\u00a0<\/p>\n<p>Banks do this in order to keep the transaction at arms length; there are no relationships developed and the process is very impersonal.\u00a0 In their defense, most of the banks are not even located in the state where the transaction is taking place.\u00a0 The staff is paid hourly and have no incentive to close a sale.\u00a0 Until something is done to require banks to make\u00a0 decisions on fair market offers\u00a0within a specific time frame\u00a0 the real estate market will continue to struggle.\u00a0 In the meantime,\u00a0I believe we will see changes in the market and\u00a0 qualified buyers are wise to purchase a home based on its availability if they want to close by the end of November to obtain their <a href=\"http:\/\/www.federalhousingtaxcredit.com\/2009\/faq.php\" target=\"_blank\" rel=\"noopener noreferrer\">first time homebuyer tax credit<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Florida Association of Realtors show that South Florida existing home sales continue to rise. \u00a0The median single family home price in Broward County rose from $190,000 in May to $204,800 in June.\u00a0 At the same time, the number of foreclosure sales and short sales has dropped from 44 percent in May to 39 percent<\/p>\n<p class=\"more-link\"><a href=\"https:\/\/ewmrealestate.com\/blog\/do-increased-sales-mean-weve-hit-the-bottom\/\" class=\"themebutton2\">Read More<\/a><\/p>\n","protected":false},"author":5759,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do Increased Sales Mean We&#039;ve Hit the Bottom? 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