SHORT SALES BRING IN 24% GREATER RETURNS THAN FORECLOSURES
The real estate pros at New England based McGeough Lanacchia Realty have been proponents of Short Sales for quite some time, insisting that everyone gains when a Short Sale is achieved as opposed to a foreclosure.
On average, a home sold through a Short Sale brings a 24% return rather than through a foreclosure.
A spokesman said, "that banks are losing an average of $43,000 for every foreclosure sale as compared towhat they would make through a Short Sale."
The Realty firm reviewed prices for Short Sale and foreclosure properties in 2010 and 2011 in Boston,Phoenix, Southern California and Southwest Florida.
"While banks often offer incentives to homeowners who pursue a short sale, more needs to be done topromote short sales that are started through the Home Affordable Foreclosure Alternatives program.
Fannie Mae and Freddie Mac also need to do more to promote Short Sales and make it easier fordistressed homeowners to do a short sales and avoid a foreclosure."