What are your thoughts on the future of short sales?

[Alex Madison]

I was talking to a couple of agents who specialize in short sales and they both seem to be under the impression that in 3-4 months the banks are going to drastically limit the number of short sales they allow.

They're not the only ones who have echoed this sentiment. My question is for people who deal with a lot of short sales, is how do you think the next few months will pan out?

I know no one has a crystal ball, but do you think it will be worth it to still market to 60/90 day lates or would it be better to focus on other areas if the case really is that the banks wont be allowing as much?

[Katherine Wolff Grote]

Alex,
I've spent the last 2 years (almost) specializing in short sales and I just closed a nightmare of one that took 14 months with B of A. Over these last 14 months of hell, I spent some time talking to our processor who said their department is slammed with pre-foreclosures. She alone had 80 files. Like the previous comment, banks don't want to hold on to the real estate so I think they'll continue on for as long as there is a need. As for me, I'm contemplating a career change. Ha!
Katherine Grote