Banks Start to Embrace Short Sales Instead of Foreclosures
ShareBanks Start to Embrace Short Sales
Even before the government put pressure on them to embrace short sales, more banks were starting to take their lumps, do the short-sale deals and move on.
Three years into the housing meltdown, short sales have tripled to 40,000 in the first six months of 2009, compared to the same time period a year ago, according to data from the Office of Thrift Supervision and the Office of the Comptroller of the Currency.
Wells Fargo, Bank of America Corp., and JPMorgan Chase & Co. this year have hired and trained more staff to handle short sales and also developed software for expediting them.
more: http://www.realtor.org/RMODaily.nsf/pages/News2009120401?OpenDocument
Expect to see more and more short sale transactions especially here in the Las Vegas market. Buying a short sale is a viable option and worth the wait. But remember, a short sale can take a long time to process and a buyer definitely needs to have patience with the transaction and there are no guarantees the bank will even except a short sale payoff. It is a better option for the bank and it helps the homeowners tremendously. A short sale payoff looks much better than a foreclosure on their credit.
good article as usual!
Makes a lot more sense….We have had a small number of short sales in the Jackson, Mississippi area. It really does help the homeowner and everyone wins.
Patti,
Yes it makes everyone’s life easier as I mentioned especially here in Las Vegas. With approximately 50,000 homes in default in Las Vegas, homeowners really need the help in getting their homes sold without having to go to foreclosure.
Alma
http://www.lasvegaswebofhomes.com Team Las Vegas
alma@lasvegaswebofhomes.com
Interesting…
I believe this helps also the foreclosure situation… I mean by they will say that there’s less foreclosure now since they’re buying the short sales
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