Short sales ramping up

Started by Riversider

almost 16 years ago

Posts: 13572

Member since: Apr 2009

Discussion about

http://www.ft.com/cms/s/0/5fc11c56-1b39-11df-953f-00144feab49a,s01=1.html Big US banks including Bank of America, Wells Fargo, JPMorgan Chase and Citigroup are moving to clear their books of troubled mortgages by embracing “short sales”, in which homeowners settle debts by selling their properties for less than the mortgage value. Mark Zandi, chief economist of Moody’s Economy.com, forecasts short sales and deed-in-lieu transactions will total 20 per cent of all distressed home sales this year, up from 15 per cent last year.

Response by somewhereelse

almost 16 years ago

Posts: 7435

Member since: Oct 2009

gonna look great for the home sale stats!

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Response by ab_11218

almost 16 years ago

Posts: 2017

Member since: May 2009

this makes me very happy and i'm in process of purchasing a short sale. thanks for the great news.

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Response by technologic

almost 16 years ago

Posts: 253

Member since: Feb 2010

What is the diff between a f-closure and a short sale? The former is "REO" and the latter is not, or am I totally wrong?

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Response by Pirot

almost 16 years ago

Posts: 52

Member since: Jul 2008

A short sale is typically faster, has lower legal expenses, and does not hurt the credit score of the homeowner as much as a foreclosure.

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Response by w67thstreet

almost 16 years ago

Posts: 9003

Member since: Dec 2008

Short sale is great for banks, a REO is great for buyer. Stick that in your lemming heads.

Lmao. Banks have ALL the data. The # non performing, mkt info from borkers and a heads up of reo in pipeline. When banks try to unload wholesale under 'short' sale, that should tell you what's coming in the back end.

Short sales ramping up

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