HAFA does it, and now Bank of America is trying it. What is it? In a short sale the seller owes more to the bank than their home is worth. In order to sell the home the bank or banks have to agree to accept less than property is worth to satisfy the loan. The problem is that no one knows what the bank will accept until they get an offer and that offer is analyzed by the lenders. Since this often takes many months it can often lead to foreclosure at worst, and incredible frustration at best.
HAFA short sales which … (0 comments)
bay area short sales: My Contribution to Shoring Up The Values of Foreclosed/ Short Sale Homes In The Bay Area Distressed Property House Sitters
- 10/05/10 07:53 AM
( This post is only partially in jest and partially serious ) While places in the Bay area like Palo Alto and Menlo Park only have a few foreclosures, other cities like San Jose or Daly City can have up to 10% of the homes for sale foreclosed, and 30% can be short sales at any given time. The foreclosed homes are generally vacant, and some of the short sales are also. The problem with this is that the longer a home is vacant and not maintained because either the owner is a bank or has no money, as in a … (0 comments)
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