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A short sale is where the lender(s) agree to receive less than the full loan balance and allow a sale.
1. Banks are slowly getting organized and staffing up.
2. World Savings, Wachovia, and Wells Fargo have dramatically sped up and simplified the process for many of their loans. In some cases they can give an approval in a matter of days or even minutes.
3. HAFA: This is the new federal "Homes Affordable Foreclosure Alternatives" plan. It's controversial due to taxpayer-funded incentives (aka "bribes") to banks and homeowners to do what's already in their best interests. But it may help by organizing, standardizing, and speeding up the process.
You can’t just wake up one morning and decide you’re going to sell your home at a loss by asking for a short sale. There are specific criteria that the bank will want to know before agreeing to a short sale. WHY WOULD A SELLER OR LENDER FIND A SHORT SALE APPEALING?
Homeowners benefit by avoiding the long-term negative consequence to their credit which are associated with a foreclosure. Lenders benefit because they can avoid the substantial expense of a foreclosure proceeding. Most lenders do not want to own the properties used as collateral for their loans, because the maintenance cost and taxes add to their cost and decrease profitability. Are you or someone you know having trouble paying a mortgage or owe too much to sell?
Please give me a call (510) 847-2628
I can go over the options for you and give you accurate information on what is involved and if you are a good candidate for a short sale.
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