• April 9, 2013 • 3:23pm
With REO sales making up roughly 11% of total sales, it’s important for Realtors to know the short-sale market well, said Equator Vice President of Certification Ashley Bean, when leading a panel discussion at the REOMAC 2013 Summit & Expo in Dallas. During the same panel discussion, a number of short sales experts discussed the health of the industry and gave tips to attendees on how to close more sales.
In 2011, the average time it took to complete a short sale was only 108 days, according to Bean. That is a far cry from the 148-day average that came the following year. Now, in 2013, we’ve pushed the time back down slightly, with the average somewhere between 120 and 130 days, the Equator VP said.
Bean added that Arizona, Nevada, Illinois, Michigan and Georgia are the fastest-moving states, which she notes is likely a result of the number of short sales that agents have worked in those markets alr…