Did you know….. that while on a recent panel David Sunlin, the operations executive for short sales at Bank of America, said BofA completed more short sales than REO’s every month for the last year and a half. The short sale department at BofA grew from 150 people to now over 3,000. Each employee handles roughly 75 cases.
While the process has become more streamlined, and it feels like there are more short sales being closed, there are still many hurdles to every transaction. According to the most recent statistics from Intermountain Multiple Listing Service in May 2011 for Ada county 53% of all sales were either a short sale or a foreclosure. Of those distressed properties that closed last month 73% were REO (Bank Owned Foreclosres) and 29% were short sales. With Ada County being the largest MSA in the state and the area with the largest number of transactions, i’m thinking someone at Bank of America was using fuzzy math.
So what does this mean to you? Whenever you’re considering a transaction involving a short sale or a foreclosure in Meridian, Boise, or any party of Ada County, use a REALTOR with the knowledge, expertise, and understanding to get you into the home of your dreams.