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Bank of America is anticipating a 60-70% increase in short sales for 2012, which will be between 160,000 to 170,000 sales compared to 100,000 in 2011 and 90,000 in 2010. These increases are attributed to many things other than the increasing speed and ease of short sales, including the following as stated:
Bank of America posted brand new videos that I found to be extremely helpful for agents, on several different complicated topics in regards to the rules of short sales. The first one and what I felt was most important is called, “Initiating the Short Sale”.
What exactly is a Short Sale?
An alternative to a foreclosure
An investor accepts an amount less than what is owed on the mortgage
Investor guidelines will determine the eligibility for short sale and foreclosure postponement
Short Sale Assistance:
– Can be up to #3,000 for Relocation
– Possibly eligible for HAFA (Home Affordable Foreclosure Alternatives) program
How to Qualify for HAFA:
– It must be your primary residence
– The mortgage must have originated on or before January 1, 2009
– Delinquencies or default must be foreseen
– All HAMP (Home Affordable Modification Program) options must be exhausted
– Unpaid principle balance must be less than $729,750 for 1-unit properties (varies per amount of units – cannot be more than 4)
Short sales give homeowners an option other than going through the embarassment of foreclosures, while banks avoid the legal bills and maintenance costs the follow a foreclosure.
Short sales usually sell for more and get more money for the banks than foreclosures. In turn, banks often agree to drop any additional mortgages payments!
Many people feel that they are the only ones living paycheck-to-paycheck, but 61% of those surveyed said that they would not be able to keep up with their mortgage or rent payments within 5 months or less of being unemployed. This also includes those with higher annual incomes, who also admitted that they could not guarantee that they could afford the payment following losing their jobs.
There are several options to choose from when this occurs that is much less devastating then being foreclosed on, including special government programs like HUD’s Emergency Homeowners’ Loan Program.
If you cannot afford to keep your home, but still would like to refrain from the damage of a foreclosure – short sales are the way to go!
To learn more about short sales, how they will benefit you and the easiest way to go about doing it, visit Showcase Realty or call our short sale expert at 704-889-5600.
CLICK HERE to read more on DSNews.com.
Short sales, which many people are still unfamiliar with, are becoming more and more popular throughout the country with a noticeable increase in many states. Large banks including Bank of America and Wells Fargo have also had an increase in the amount of short sales they have seen in the last year, expecting more than double of what they had in 2009.
Short sales are not new and nothing drastic has happened with the process recently, people are just finally starting to understand what it is! Showcase Realty specializes in short sales and encourages sellers to use this process, rather than go through the devastation of a foreclosure. CLICK HERE for more information on short sales, along with the contact information of someone on our team who can help you go through this process quickly and efficiently.
Read this article in USA TODAY: