foreclosure: Short Sale Seller Receives $20k at closing!
- 07/13/12 01:05 PM
There is a new trend emerging in Real Estate. We are starting to see mortgage lenders offering incentives to their delinquent borrowers to participate in a short sale instead of letting their home go to foreclosure. At a closing I attended for my buyer today, the seller's lender had approved a short payoff to allow him to sell his overleveraged home at market value and to cover his closing costs and Real Estate commissions. On top of that, they rewarded him with $20,000 cash at closing and completely waived his liability on the remaining balance of the loan! It seems that … (0 comments)
foreclosure: Short Sales Getting Bigger Discounts
- 05/14/12 09:13 AM
It looks like short sales are starting to get bigger discounts than bank owned properties. This seems to be what I am seeing as well. Most bank owned homes are priced well and have multiple offers within a few days on the market. Short sales, on the other hand, require a buyer to wait for their offer to be approved a few months after they submit it to the seller. In the mean time, they don't know whether the bank will accept their offer or counter with a revised price or terms. If a buyer is willing to go through that ridiculous … (0 comments)
foreclosure: Homeowners Foreclose on Bank of America
- 06/06/11 03:16 PM
This couldn't have happened to a better bank. After years of watching the arrogant and unethical way that major lenders like Bank of America have dealt with the real estate mess they have played a large part in causing, this is a great story to read. The financial ramifications in this case are not harmful in any way to a banking giant (or even a small bank for that matter), but this is the kind of press I like to see Bank of America getting! http://ow.ly/5bDyQ … (1 comments)
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