Short-Sale Incentives Start April 5th

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Title Insurance with First Option Lending

Short-Sale Incentives Start April 5th 
Potential buyers of short-sale homes might consider waiting until April 5th before making a formal offer.

That's the date the federal government will begin offering lenders financial incentives to hasten the process. Under the new rules, banks will seek a BPO before the property is listed for sale and let the sellers know a minimum number they are willing to accept. If the sellers bring a buyer with a good offer, the lender must accept it within 10 days.

Not all sellers are eligible for the program, dubbed the Home Affordable Foreclosure Alternatives (HAFA), but enough are that it is probably worth waiting.

Source: The Wall Street Journal, June Fletcher (03/19/2010)

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  1. Shanna Hall 04/11/2010 09:57 AM
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Rainmaker
330,102
Shanna Hall
I love selling houses!!!St. Louis, MO 314-703-1311
Real Estate Solutions

Thanks for the info- I need to spend some time reading up on this stuff- I just came home for  vacation and I am playing catch up.

March 31, 2010 09:19 AM
Rainmaker
562,448
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain

Dale,

So many practices are changing as we speak. A recent loan mod client said he heard from BoA that they were reviewing Principle Reductions in a more favorable light. 

It appears to be a market of "hurry-up-and-wait". LOL

Steve

March 31, 2010 09:37 AM
Rainmaker
307,588
Terry McCarley
REALTOR, SRES, CDPE - Cape Coral, FL
Right Choice Realty - Cape Coral & Fort Myers, FL

Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.

March 31, 2010 09:38 AM
Rainmaker
307,588
Terry McCarley
REALTOR, SRES, CDPE - Cape Coral, FL
Right Choice Realty - Cape Coral & Fort Myers, FL

Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.

March 31, 2010 09:38 AM
Rainmaker
307,588
Terry McCarley
REALTOR, SRES, CDPE - Cape Coral, FL
Right Choice Realty - Cape Coral & Fort Myers, FL

Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.

March 31, 2010 09:38 AM
Rainmaker
307,588
Terry McCarley
REALTOR, SRES, CDPE - Cape Coral, FL
Right Choice Realty - Cape Coral & Fort Myers, FL

Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.

March 31, 2010 09:39 AM
Rainmaker
307,588
Terry McCarley
REALTOR, SRES, CDPE - Cape Coral, FL
Right Choice Realty - Cape Coral & Fort Myers, FL

Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.

March 31, 2010 09:39 AM
Rainmaker
307,588
Terry McCarley
REALTOR, SRES, CDPE - Cape Coral, FL
Right Choice Realty - Cape Coral & Fort Myers, FL

Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.

March 31, 2010 09:39 AM
Rainmaker
307,588
Terry McCarley
REALTOR, SRES, CDPE - Cape Coral, FL
Right Choice Realty - Cape Coral & Fort Myers, FL

Lets hope this new program really works - if it does, it will certainly help clear out alot of inventory and avoid a large number of foreclosures.

March 31, 2010 09:39 AM
Rainmaker
307,588
Terry McCarley
REALTOR, SRES, CDPE - Cape Coral, FL
Right Choice Realty - Cape Coral & Fort Myers, FL

Proxi errors created the multi entries - can you delete them - I can't. 

March 31, 2010 09:41 AM
Anonymous
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Rainmaker
11,371

Dale Davis

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