New Short Sale Laws Help Home Owners And Banks!

By
Real Estate Agent with Exit Realty

 

3 Reasons New Short Sale Laws Assist Both Home Owners And The Bank!

If you saw “60 Minutes” this weekend you know some banks are in big trouble with the methods they have used to foreclose on delinquent loans. Well now major banks may be forced to let severely delinquent homeowners sell their houses for less than the loan amounts owed as part of a broad settlement of federal and state investigations into botched foreclosure paperwork.
Read the full report from the LA Times.
 
For the distressed real estate investor this is great news. Since the ugly head of some banks’ unethical actions began to appear last fall, short sale approval has skyrocketed. My personal research shows the more unsaleable a property is the higher chance of an aggressive short sale price being accepted.
There are three basic reasons this is true:
  1. The bank is no longer comfortable they will be able to receive clear title post foreclosure. A short sale is a title guaranteed sale with a grant deed. Good for both the bank, the seller and the investor.
  2. Properties with heavy deferred maintenance cannot be sold without either additional rehabilitation costs or deep discounts to cash buyers. A short sale allows the bank to sell to an investor without flooring a dilapidated liability.
  3. Previous bank culture considered a short sale a negative. Laws which force the action will remove the stigma and the banks will actually realize it is cheaper to short sale. Investors will find even more streamlined roads for cash purchases.
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 Because buying or selling a home is a big decision, Steve Queen with Exit Bennett Realty is your Real Estate Expert in Bowie, Upper Marlboro, Greenbelt, Lanham, Laurel, Glenn Dale, Crofton, Glen Burnie, Clinton, Hyattsville and all other cities in Maryland and the District Of Columbia. You will have step by step guidance to access resources to make the transaction smooth. Call me today at (202) 367-4348. You are my #1 priority. Please give me the opportunity to prove it.

View foreclosures, homes for rent or purchase as well as obtain valuable information on the home buying and selling process at www.stevequeen.com. I specialize in Short Sales



 

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 Because buying or selling a home is a big decision, Steve Queen with Exit Bennett Realty is your Real Estate Expert in Bowie, Upper Marlboro, Greenbelt, Lanham, Laurel, Glenn Dale,Crofton, Glen Burnie, Clinton, Hyattsville and all other cities in Maryland and the District Of Columbia. You will have step by step guidance to access resources to make the transaction smooth. Call me today at (202) 367-4348. You are my #1 priority. Please give me the opportunity to prove it.

  View foreclosures, homes for rent or purchase as well as obtain valuable information on the home buying and selling process at www.stevequeen.com. I specialize in Short Sales
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  1. Charles Stallions 09/19/2011 07:55 AM
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Location:
Maryland Prince George's County
Tags:
short sale laws
short sale program
short sale information
laurel maryland short sales
bowie maryland short sale
bowie short sales

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Rainmaker
1,322,572
Charles Stallions
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.
Charles Stallions Real Estate Services

This whole foreclosure mess could have been solved before it started if Congress had of just reset all the mortgages and worked with everyone that was in over their head. But hey they knew of non of their friends and families so why care.

September 18, 2011 04:24 PM
Rainmaker
137,388
Aida Pinto
Real Estate Broker (562) 916-3237
United Associated Brokers

Excellent points...and thanks for let me know about the 60 minutes show....I missed, I'll look it up on their  website.

September 18, 2011 04:32 PM
Rainer
212,023
Colin Call
Principal Broker
RE/MAX Integrity

Hi Steve,  Thanks for commenting on my blog.  I looked at yours today, and like the article about short sales and the direction the banks may have to go.  Time will tell if they agree or not.  Thanks again, Colin Call, a licensed Realtor in Oregon, Remax Integrity, Eugene, OR 541-579-1615

September 20, 2011 01:20 PM
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Rainmaker
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Steve Queen

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