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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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Shanna Hall 04/11/2010 09:57 AM
Topic:
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Location:
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Groups:
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Tags:
short sales
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Rainmaker
346,879
Shanna Hall
Real Estate Solutions - Kirkwood, MO
I love selling houses!!!St. Louis, MO 314-703-1311

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.

Mar 31, 2010 09:19 AM #1
Rainmaker
562,555
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

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

Mar 31, 2010 09:37 AM #2
Rainmaker
332,478
Terry McCarley
Right Choice Realty - Cape Coral & Fort Myers, FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, 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.

Mar 31, 2010 09:38 AM #4
Rainmaker
332,478
Terry McCarley
Right Choice Realty - Cape Coral & Fort Myers, FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, 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.

Mar 31, 2010 09:38 AM #5
Rainmaker
332,478
Terry McCarley
Right Choice Realty - Cape Coral & Fort Myers, FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, 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.

Mar 31, 2010 09:38 AM #6
Rainmaker
332,478
Terry McCarley
Right Choice Realty - Cape Coral & Fort Myers, FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, 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.

Mar 31, 2010 09:39 AM #7
Rainmaker
332,478
Terry McCarley
Right Choice Realty - Cape Coral & Fort Myers, FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, 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.

Mar 31, 2010 09:39 AM #8
Rainmaker
332,478
Terry McCarley
Right Choice Realty - Cape Coral & Fort Myers, FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, 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.

Mar 31, 2010 09:39 AM #9
Rainmaker
332,478
Terry McCarley
Right Choice Realty - Cape Coral & Fort Myers, FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, 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.

Mar 31, 2010 09:39 AM #11
Rainmaker
332,478
Terry McCarley
Right Choice Realty - Cape Coral & Fort Myers, FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL

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

Mar 31, 2010 09:41 AM #12
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Rainmaker
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Dale Davis

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