What’s New With Short Sales?

Short Sales the good, the bad and what could be…

Over the past few years as a Realtor® in Sacramento who has helped many distressed short sale sellers with short sales I have seen banks revise how they handle short sales…sometimes for the better and sometimes for the worse. I have seen short sale banks accept short sales and deny short sales, which has kept me scratching my head since it is a given fact that banks make far less on a bank owned, foreclosed home than they would have on a short sale.

It’s in the best interest of most home sellers to short sale their home rather than take the hit of a foreclosure unless they have so much debt that a bankruptcy and foreclosure serves them better but that’s why I always suggest that my distressed home sellers speak with their CPA and an attorney in order to discern which would be best for them, financially.

In Florida, Bank of America is offering distressed homeowners who list their homes no later than the end of this month, in November up to $20,000 (the amount depends on the difference between what the mortgage amount is versus the sales price of the house). This new incentive for distressed homeowners to short sale their home is not for those sellers who had a government loan. This B of A program is a test & if successful may be implemented for the rest of the country. Apparently, Florida residents must have their home listed by the end of November as a Short Sale and the short sale must close by August 31, 2012 for the short sale seller to qualify for the funds.

Update: Just learned that Bank of America extended their Florida deadline for distressed homeowners to list their homes as Short Sale to Dec. 12th in order to avoid foreclosure.  Now, the deadline to close has not been extended and I’ve heard their are internally issues with the processing of these Short Sales which has delayed many of the Short Sales…can I say, I’m not surprised!

When and if Bank of America brings this incentive to Sacramento I will let you know…

Since foreclosures cost banks and investors more money it looks like Bank of America finally realized this since they have come up with this program incentive for distressed homeowners. I am told the funds used for the incentive are not government money.

In the meantime, I just had to share with you a ridiculous incident that happened last week. I’m not picking on Bank of America and truly it wasn’t them, it was the investor for PERS who made a most ridiculous counter on a Sacramento short sale that has been waiting for approval since September. I was shocked when the investor for this loan countered 50 cents, yes, I said 50 cents for the settlement charges of the Title company. This is when I don’t think these folks have a sane clear picture of the money involved they are putting at risk nor the risk of losing a home buyer who waits and waits and waits.

Now, in this simple mind of a Realtor® in Sacramento who does Short Sales and works with many distressed home sellers with different banks, I can see a universal problem that all the banks have, and that is they don’t communicate within their own system with each other. One would think in the age of electronics, that all information would be easily available but at banks, only certain screens on their computers are available to each individual departments about a borrower and their mortgage loan. This in my opinion has been and continues to be a problem with every bank. Communication is key… lack of communication and knowledge brings a breakdown to any organization. Banks, are you listening?

Short Sale Home For Sale in Roseville

Just took a listing for a beautiful short sale home in Roseville at Westpark Village that is a 5 bedroom, 4 bath home that not only has a living room, dining room and family room but it also has an office/den as well as a bonus room.

Loads of room with ample storage throughout this Pulte home within walking distance of the local elementary and middle school.  Be sure and check out this home by clicking on 2312 Harland Circle, Roseville home for sale and check out the video.

Other Short Sale Articles:

How Do I Short Sale My Home

Good News for Sacramento Short Sale Sellers

Sacramento Short Sale Sellers This Is For YOU