Dallas, TX, April 21, 2011 --(PR.com
)-- Oyezz Real Estate, which specializes in short sales as alternatives to home foreclosure, was the leader in short sales in the Dallas-Fort Worth area in the period covering all of 2010 and the first quarter of 2011, according to sales figures from North Texas Real Estate Information System (NTREIS), the Multiple Listing Service for North Texas.
Based on sales data about known short sales reported by NTREIS, agent Eartha Wang of Oyezz logged 45 short sales over the 15-month period, with 38 of them in 2010. She was the single best agent when it came to short sales, with five more than her nearest competitor. In the region, there was a total of 2,665 successful short sales in 2010-2011.
Oyezz Real Estate focuses almost exclusively on short sales, which are an increasingly popular alternative to foreclosure. In a short sale, the property is sold for a price below the amount of the loan. The lender agrees to accept the sale proceeds as payment in full, and the homeowner walks away from the home free of debt and free of the "stain" of a foreclosure on their credit report.
With a short sale, the homeowner can stay in the house until it is sold, as with any normal home sale. The transaction is recorded on the homeowner’s credit report as a “settled debt,” and once the individual’s finances improve, he or she can consider buying another house within as little as 18 months. Alternatively, a foreclosed homeowner will have to wait seven years to buy another house.
“Short sales are an excellent way to avoid foreclosure, but they do pose challenges,” said John Anderson, President of Oyezz Real Estate. “For example, there is quite a bit of negotiation required to get the lender to agree to the short sale and to the listing price. That is why it pays to work with someone who is experienced and knows the short sale process well.”
Anderson pointed out that over the 2010-2011 15-month period, the NTREIS figures show there were 3,580 failed short sale attempts in the Dallas-Fort Worth area. That is in line with industry averages, Anderson noted, adding that working with agents who specialize in short sales increases the likelihood of a successful sale.
In the 2010-2011 period, NTREIS figures show there were 21,137 foreclosure sales, or nearly eight times the number of successful short sales. In many of those foreclosure cases, Anderson said, the houses could have been sold instead through short sales to benefit both the homeowner and the lender.
“A short sale is far less stressful for a homeowner than being thrown out of their house, saddled with a bad credit history, and often still forced to pay back the difference between the sale price and their mortgage,” Anderson emphasized. “And for the lender, they can avoid the foreclosure legal process as well as the high costs of having to maintain an empty house until they can sell it, which is much harder when the property is vacant.”
Oyezz Real Estate has been handling short sales since before the housing market downturn made such sales more common. The company has a dedicated short sale team, professional trained negotiators, and extensive training in short sales and lender negotiations.
About Oyezz Real Estate
Oyezz Real Estate, based in Frisco, Texas, was founded in 2006 with the mission of helping individuals in the Dallas-Fort Worth area with difficult real estate situations associated with foreclosures, probate, and other challenges. The company specializes in short sales as alternatives to home foreclosure and also aids community improvement through restoring distressed homes. Website: www.oyezz.com.