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 October 25, 2009

More Short Sales Moving Faster Through Banks
Even though obstacles remain, there are real estate professionals that are stating that the overall process of purchasing a short sale property is becoming increasingly efficient. In the recent past, it could take as long as six months to negotiate a purchase price with a bank. Now banks seem to be more willing to negotiate up front.
Banks seem to be opting to process a short sale these days, as they are finding it cheaper than dealing with the property after it has been foreclosed upon.

Banks have added additional staff that is trained to specifically process short sales. They are becoming more willing to pre-approve selling prices and are reaching out to homeowners who are underwater and who have put their homes up for sale.

The United states Treasury is about to implement a new streamlined short sale program which includes the offering of incentive payments to both home owners and banks. Home owners would receive payments of $1,500 and second lien-holders and loan companies, $1,000.

More and more borrowers are turning to short sales because Fannie Mae currently requires them to wait 2 years to buy another home- even less time if they were not delinquent in payments. When compared to those who went into foreclosure, those borrowers must wait five years.