I just read an interesting article on DSNEWS, the article explains that major lenders are giving their borrowers insentives for short sales, and some are trying to streamline the process.

The article states that Wells Fargo has been giving relocation assistance up to $20,000 in Florida for if the borrower chooses to go do a short sale or deed in lieu. Chase is also offering up to $20,000 if the borrower doesn't qualify for a loan modification and up to $30,000 in CA. Citi has insentive average is $12,000 for a short sale.

Bank of America is just trying to streamline the process and cut some of the red tape and now allows for backups offers.

I guess these are good news for Short Sale, a step in the right direction for the bank, the borrowers and the real estate agents.

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Comment by Joe Beauchamp on August 4, 2011 at 10:21am
Hmmm... I'm guessing you haven't dealt with BOA in the last 1/2 yr.  If you mean streamline as in crazy high counters, FNMA/freddie HAFA hosed, streamlining by forcing foreclosures, well, then BOA is streamlining.  My last counter was for full payment - and this lady bought her house at the height of the market.  No, I think BOA is quite happy with their record profits as they stonewall short sales - but, if they are trying to streamline by getting rid of short sales and just doing foreclosures, they are doing a **fabulous** job of streamlining...??
Comment by Bart Bergbom on August 2, 2011 at 9:21pm
its happening...... Just closed one with chase, still cant believe it.
Seller bought a two family investment property for 90k. Colected rent for past 6 yerars. Stopped paying a year and a half ago. value droped - listed for $26,500. Got offer for 15k. Accepetd.
Seller collected 10k at close.
Seller made money comming and going.
Bank gets property off books with 80k loss.

Now thats an investment property!
Comment by Terri Barrow on August 2, 2011 at 10:46am

Also, with BOA, we just received an email from them that if our original buyer bails, that they will still move forward with the process and when we have a new buyer, just send them the new contract, etc.......anyone here of this?

 

Comment by Terri Barrow on August 2, 2011 at 10:45am

I am gathering that this offer is for owner occupied properties only.   This is exciting and motivating.  My seller recently lost his wife and he is so sad, so if we can sell and the bank still give him up to $20k that would be amazing.

 

What other lenvers besides Chase?

Comment by Mike Linkenauger on August 2, 2011 at 10:38am
Definitely legit.  We have closed a few now with the sellers getting large amounts back.  Had one close the other day that got 20K back for the seller, and another last week that got 10K back for the seller (that was only priced at 60K)!
Comment by Terri Barrow on August 2, 2011 at 10:24am
I have a client that is with Chase and just received a letter offering  $20k for a short sale!  We were in the process of seeing if it was legit!
Comment by Yelene Griffin on July 31, 2011 at 12:49am
I just closed a transaction with Chase, and they gave my seller $20,000 from the bank and $3,000 from HAFA at the close of escrow.

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