This week turned out to be all about Short Sales in one way or another.
With most of the inventory on the market being short sales it’s easy to see why much news is made about them.
A short sale is the process in which a homeowner sells his/her property for less than what is owed, usually to avoid foreclosure. The lender must approve the sale in order for a short sale to be succesful. The lender will forgive the balance of the loan in exchange for the proceeds of the short sale.
Why Is The 2nd Lender So Stupid?
In every short sale transaction there seems to be a battle between the real estate agents and the uncoopertive lenders.
Many lender’s are unwilling to be reasonable with their demands and in many cases end up with nothing.
The Only “Advantage” of Buying a Short Sale
Slim to none are the “Advantages” of buying short sales but for the savy real estate agents and their buyers there is an opporunity to capitalize on the short sale process.
Does Wells Fargo Email Signal “End Of Short Sales?”
Wells Fargo’s new policy affecting short sales and foreclosure time frames comes as a direct result of Fannie Mae’s August 31st announcement warning of penalties to servicers and lenders for failure to abide by Fannie Mae’s set time frames on non-performing assets.
About Daniel Di Matteo
THE REAL ESTATE BUSINESS HAS LESS TO DO ABOUT SELLING PROPERTIES AND EVERYTHING TO DO ABOUT HELPING PEOPLE.
