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Currently there are “incentives” available for home owners who are struggling to pay their mortgages and who have loans through Bank of America and other major lenders to work with the bank on a short sale, deed-in-lieu or mortgage loan modification.
I recently represented a seller on a short sale and worked with Bank of America. They did offer my seller several incentives. There was more than one loan against the home and the incentives were enough to get the approval for a short sale on two loans. Sellers can walk away with no out of pocket expenses and a little cash if they cooperate with the lender on a short sale.
Short sales are still very slow as compared to traditional sales but we are seeing more of them close and they are going a bit faster than they have in the past.
A short sale is when a bank accepts less than what is owed on a property as a payoff for on the mortgage. Sellers should retain an agent who has experience with short sales. They are a lot of work for agents as banks take advantage of the fact that we work for free unless the sale closes. If you are “under water” on your mortgage contact your lender and ask about a short sale.
Short sales continue to make up a larger share of our housing market and they will be common for at least the next few years.
*shorts don’t have anything to do with short sales.
