Like many agents I have found a large amount of homeowners struggling to stay in their homes. With the economy and the adjusting arms that were doled out. Many find themselves struggling to have food with their meals. Along come the new short sale "rules." These rules are designed to "streamline" the process. One interesting point is that it requires banks to take the money in lieu of foreclosure.
The new rules that go into effect will also pay homeowners to sell at a loss. Read more about the governments programs for short sales, unemployment assistance, and Loan Modification at the Making Homes Affordable website.
Will it be enough? I have been working with one client(I represent a buyer of a short sale property) that has been waiting 90days to get approval on the home. I have talked to other agents that simply told their buyers to skip looking at short sales…??? I have submitted an offer to a bank to purchase a home and they said they would get back to me in 30 day.( no counter offer??????) Something has to change.
So with this environment, with the tottering economy, 16%+ unemployment, Banks making good money off our tax debt. Will they be willing to take some losses and move on?
If you or someone you know is struggling with having food with their meals, and need sales assistance with their home, contact me right away. As a Certified Distressed Property Expert I have the knowledge & resources you need to make the right move.
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