According to a recent USA Today article
, only 23% of short sale deals actually ever close. This figure came from a February 2009 survey by Campbell Communications of 1,300 Realtors. More than 90% of the agents cited slow responses from the lender as the reason that short sales were lost.
These figures certainly jive with what our team has experienced in the distressed property trenches of Southwest Florida. It can be challenging trying to convince an eager buyer that the aggresively priced short sale listing has a very low probability of closing. We are experiencing far higher closing percentages with foreclosure listings.
Here is a free resource that is updated daily to view Southwest Florida foreclosures:
If you do decide to move forward and make an offer on a short sale, please read this blog post
about the questions that you need answered prior to submitting the short sale offer.