The Winds are Shifting: Short Sale Friendly Lenders?

By
Real Estate Agent with Whipple Auction & Realty, Inc.

Our office has been selling a great deal of properties at short sale since the market started turning, so we have many horror stories of working with loss mitigation departments. Many times the work and worry involved with the banks outweighed the compensation, but we always toughed it out and did our best. Recently, however, a few of these institutions are becoming short sale friendly!

To give one example, we recently received a call from a loss mitigation representative (shocking, I know!) for a property we have listed with great news. They told us that they would accept an offer at close to half of the current asking price! So we reduced the listing price to reflect the new bottom line. Last week, we received another call and the lender said that if the property sells, the bank will give the seller a $2,500 bonus!

So hopefully this trend continues. Of course there are still banks that make things difficult, but there's definitely a change coming.

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Topic:
ActiveRain Community
Location:
Ohio Stark County Canton
Tags:
market
foreclosure
lenders
short sale

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