Short Sales Help Out
in preventing Bank Owned
Homes Inventory…
Blighted Homes, Vandalism, Stripped Homes, etc, etc, etc… There are numerous ways lenders COULD be helping out in the recovery process but this article from USA Today pretty much sums it up when it comes to banks helping themselves:
Bank of America has begun trying to slash the turnaround time on short sales from up to 90 days after a buyer submits an application to just a week. In a typical short sale, a buyer makes an offer, then the bank conducts appraisals to determine the price it will accept. Setting that price can take so long that would-be buyers may walk away. To try to avoid such delays, Bank of America has begun doing appraisals and determining a minimum price it will accept before a home goes up for sale.
Don't Believe Everything You Read!
Just more lip service from Bank of America? They have a lot to catch up with on all of the short sales that are sitting in their department for months before releasing statements that they are working on approving them in seven days. Anybody doing a short sale with Bank of America KNOWS they are really backed up and it can easily take up to seven days before they even upload hardship information to their system… much less even look at it and approve it in seven days.
Bank of America has also become REALLY popular in attempting to charge / hold hostage Distressed Home Sellers 5% cash on the loss or 10% on a no interest promissory note for the amount of the loss on the loan… Which many distressed homeowners who have a true financial hardship just can’t handle when that loss could easily be well over a $100,000+ in areas such as Las Vegas.
Unfortunately, this leaves the sellers one of the choices of just letting it go to foreclosure and not being very happy about it after trying to do the right thing.
Paul Francis, CRS
Prudential Americana Group -Realtors®
Las Vegas Real Estate
702.592.3058
