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2013 Year of the Short Sale?
Is 2013 going to be the Year of the Short Sale?
In many of the real estate articles I have been reading, this is being deemed as the year of the Short Sale. Why, do you ask? The banks have started to try to control costs associated with REO's/Bank Foreclosures and have started to look at short sales in a different light than they did before.
It used to be like pulling teeth to get larger lenders to look seriously at Short Sale offers. That has and is evolving with time. They are trying to streamline the short sale process like never before.
In certain circumstances and with certain programs, they are even offering sellers cash incentives at closing to try to encourage sellers to short sale their home instead of the seller just walking away from their home.
It will be interesting in the next year to see how the short sale process evolves with these larger banks. Many have started to utilize an online platform that many of us REO/Foreclosure agents are familiar with-Equator. There are still wrinkles being ironed out as all parties adjust to this online platform to help facilitate these short sales. Bank of ... more
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