According to Bloomberg, some banks are offering a cash bonus up to $35,000 for homeowners with underwater mortgages to complete a short sale.
In the past some banks were unwilling to agree to short sales becuase losses could not be recovered. However, banks are more eager to clear inventory off their books and are more amenable to short sales, according to Bloomberg.
According to Moody's, bank losses on short sales have been reported to be 15% lower than on typical foreclosures and short sales tend to be quicker when compared with the foreclosure process. This could be the reason that one out of every three homes facing forclosure is in a short sale process when compared with one out of every four homes a year ago.
Many housing experts believe the short sale process is the best way to reduce the glut of distressed housing inventory.
As a Certified Distressed Property Expert (CDPE), I can help both homeowners and buyers sell / buy a distressed property. As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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