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I just read an interesting article on DSNEWS, the article explains that major lenders are giving their borrowers insentives for short sales, and some are trying to streamline the process.

 

The article states that Wells Fargo has been giving relocation assistance up to $20,000 in Florida for if the borrower chooses to go do a short sale or deed in lieu. Chase is also offering up to $20,000 if the borrower doesn't qualify for a loan modification and up to $30,000 in CA. Citi has insentive average is $12,000 for a short sale.

 

Bank of America is just trying to streamline the process and cut some of the red tape and now allows for backups offers.

I guess these are good news for Short Sale, a step in the right direction for the bank, the borrowers and the real estate agents.

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Comment by Monica Guzman on August 3, 2011 at 3:04pm
I'm about to close one and my seller is getting $13,000 from Chase!!  Whacobia is now offering 7% comission also.
Comment by Linda McKissick on August 1, 2011 at 9:27am

Interesting......I wonder why the big shift?

Here we are seeing many more short sales get closed in a much shorter time period and for very low sale prices, which is now the major factor affecting our Market Values. 

REOs are few and far between here - still a large inventory on the books, but not being 'foreclosed' on.  Instead, lenders are postponing the sale then when they run out of time, rescinding and then refiling the NODs.  Hence, more short sales listed.

 

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