Past events can be a good indicator of what the future may have in store.
Our MLS is slightly flawed and please take these numbers with a grain of salt. According to the Sussex County MLS only 12 Short Sales have made it to settlement this year in all of Sussex County. (Jan 1 – Aug 7 2010)
The Sussex County MLS is showing 130 current Active/Available Short Sales.
What do we see when we compare Short Sale List Price to Short Sale Sales Price?
We find that the banks are more stingy than private home sellers.
The average private party seller is selling for about 9% below asking price, the banks on average are only taking a little more than 2% off the asking price. Add to that the fact that nearly half of the short sales were at 100% of the asking price and you will see there is significantly more bargaining room when dealing with a private seller.