Short-Sale Incentives Start April 5th
Potential buyers of short-sale homes might consider waiting until April 5th before making a formal offer.
That's the date the federal government will begin offering lenders financial incentives to hasten the process. Under the new rules, banks will seek a BPO before the property is listed for sale and let the sellers know a minimum number they are willing to accept. If the sellers bring a buyer with a good offer, the lender must accept it within 10 days.
Not all sellers are eligible for the program, dubbed the Home Affordable Foreclosure Alternatives (HAFA), but enough are that it is probably worth waiting.
Source: The Wall Street Journal, June Fletcher (03/19/2010)
Real Estate Solutions - Kirkwood, MO
I love selling houses!!!St. Louis, MO 314-703-1311
Thanks for the info- I need to spend some time reading up on this stuff- I just came home for vacation and I am playing catch up.
Mar 31, 2010 02:19 AM
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA
Dale,
So many practices are changing as we speak. A recent loan mod client said he heard from BoA that they were reviewing Principle Reductions in a more favorable light.
It appears to be a market of "hurry-up-and-wait". LOL
Steve
Mar 31, 2010 02:37 AM
Coastal Real Estate - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL
Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.
Mar 31, 2010 02:38 AM
Coastal Real Estate - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL
Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.
Mar 31, 2010 02:38 AM
Coastal Real Estate - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL
Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.
Mar 31, 2010 02:38 AM
Coastal Real Estate - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL
Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.
Mar 31, 2010 02:39 AM
Coastal Real Estate - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL
Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.
Mar 31, 2010 02:39 AM
Coastal Real Estate - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL
Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.
Mar 31, 2010 02:39 AM
Coastal Real Estate - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL
Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.
Mar 31, 2010 02:39 AM
Coastal Real Estate - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL
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