Helpful info on BOA Short Sales
A huge portion of the current real estate market consists of short sale homes. With almost half of homes for sale underwater in some areas, the amount of short sale homes is at an all time high. This creates a huge problem for people trying to buy homes, as well as banks needing to approve short sale transactions.
The CEO of Bank of America recently spoke to a group of Realtor’s in DC and suggested ways to make short sales go faster. To help with the increase demand of short sale files, Bank of America has hired thousands of new workers. Even with the additional work force, it still takes weeks for BOA short sale specialists to return phone calls.
If people would qualify themselves first, before listing their homes as short sales, the number of short sale homes would be greatly reduced. Two different approvals need to happen before a short sale happens. Short sellers need to demonstrate that they are insolvent and have no means to actually pay their debt. They need to prove they have had a hardship, and have no other solution but to be short sale. These borrowers need to be seriously close to foreclosure. Then once the person is approved, the property needs to be approved for short sales. There are so many homes listed as short sales out there where the person doesn’t qualify. It wastes the banks time, and resources trying to approve short sales where the person doesn’t actually qualify.
Sellers must realize that a short sale doesn’t necessarily eliminate the debt they once had. Short sales are not a good decision for people who can make their payments and have means to sell their home without a short sale. Paying to have their house sell could actually save some home owners in the future. In many instances banks actually have six years in which they can come back to seek a deficiency judgment for the amount they lost. Short sales are not a free ticket from a declining real estate market.
We need to reduce the number of Arizona Real Estate, Chandler AZ Homes, and
Scottsdale Real Estate, listings that are listed as short sale properties. Then short sale files will take a lot less time
Fill out the form below to request no obligation confidential information on Short Sale of your home
