Gagan Sharma, CEO and president of BSI Financial Services, sat down with HousingWire reporter Kerri Ann Panchuk to chat about the present and future of alternative disposition at our REO Expo conference last month.
With the number of REO homes on the market decreasing, and the number of short sales going up, the trend is certainly turning in favor of alternative disposition.
Calling it a “hybrid” between traditional sales and REO sales, Sharma said there was “something different” about the short sale process that makes it more attractive to all parties involved.
“Everybody has an interest in not allowing a property to go into a foreclosure they can prevent,” he said. For the bank, it means a faster turnaround, and for the homeowner, it means getting out of a mortgage without having a foreclosure on their record.
While Sharma said he felt short sales would continue, and felt “some states are farther along” than others in getting inventory off the market, he wouldn’t predict the state of the market five years out only saying he hoped the market would be “back to normal.”
For more of Sharma’s insight, check out the video here.