In the month of June alone, the price of the houses went up by 10.7 percent. This is great news for real estate and homeowners!
However, there is still over 9 million houses that are still under water. Even though the market is improving you may find you are still upside down. This can be a result of repairs, closing costs, or multiple liens. For example, if your mortgage balance is $100,000 and your house is worth $105,000 it may appear that you have $5,000 worth of equity. However, minor repairs and closing costs could easily be an estimated $15,000. If this is the case, you would have to come to the closing with $10,000 or do a short sale and the lender is responsible for the $10,000 shortfall.
Impact On Dallas Short Sales Market
How does the increase in house prices affect Short Sales? The days on market are now significantly less. Previously it could take up to six months to get a full price offer on a short sale. Today we are seeing full price offers within hours of listing. Because of this streamlined process with the lenders and the sellers market Oyezz Real Estate is seeing short sales close in 2 to 3 months.
If you are considering short selling your house, now is a good time to do this. The lenders have implemented new processes to streamline the short sale. Combined with the “sellers” market this a best time to do a short sale.
If you have any questions, please contact DFW Short Sale Experts (Oyezz Real Estate) at 972-342-0011.