Short-Sale Incentives Start April 5th

By
Real Estate Agent with Keller Williams Realty Denver/Southeast

Let's hope these incentives help begin to move the "Short Sale Process" forward more quickly!

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)

Copyright National Association of REALTORS®. Reprinted with permission.

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Larry Story
Total Care Realty, LLC, Greensboro, NC Real Estate
Total Care Realty

Joe,

Yes the big problem I see is the big banks move oh so slowly on any kind of change.  It is like the difference between turning a speedboat and an aircraft carrier.

April 07, 2010 08:05 AM
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