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Shadow Inventory and Short Sales, Oh my…

For the past couple of weeks, I’ve been involved in mostly discussions of Shadow Inventory and Short Sales, and for good reasons.  As of this morning we have 7,804 Single Family Residents that don’t have a contract of any type for sale in Maricopa County.  For the record, this is about half of what is typically out there.  For the past couple of weeks when I’ve written an offer, I’ve been up against at least 2 other offers.  As agents we want to know if there is a shadow inventory out there.  We want it to stop being a shadow and become part of the system because we have frustrated buyers wanting a home.  I’ve talked to people “in the know” and I’ve talked to people who think they know and it’s like asking a politician if we should raise the deficit, you get all sorts of crap.  No one knows for sure, and all I’ve got to say is that if you do have an inventory of homes, get them out there, otherwise you are speculating on what the future will be and with the market instability, don’t play with it.  We’re still a bit in the healing stage.  You know when you are getting over a bad cold and you wonder if it’s okay to go outside today?  That’s where we are right now.

Off course the other item that has been coming up is short sales, are they really worth it.  Well, as a buyer, if you are patient, you can get a nice home for a slight discount, but please be ready to deal with some headaches along the way.  I have a bottle of Tylenol sitting on my desk for each short sale I have going on.  I either get a seller refusing to move out, a listing agent refusing to keep on top of a transaction or a buyer that is just plain loosing their patience over the whole thing.  When sellers come to be asking about short sale, I tend to immediately refer them to an attorney, because I can advise all day long on buying a selling, but advising on what is best to do in your life is another thing, so many things need to be considered, taxes, other assets, credit, employment, etc that I don’t want to miss something.  Then after general consul, if you decided to short sale your home, I can help with that.