I have noticed that short sales have become easier and quicker during the past year. Short sale closings topped foreclosure closings by a healthy margin, and short sales have dominated our local Nevada County and Placer County real estate markets for the same period. Several legislations have provided “incentives” for lenders to approve short sales more efficiently. Here’s the latest, reposted from Century 21 sources:
“The new requirements for short sales include the following standards for the nation’s five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo):
Documents pertaining to the Mortgage Servicing Settlement are available on the U.S. Department of Justice Web site as well as the National Mortgage Settlement Web site.
My buyer clients just saved more than $100,000 buying “short,” based on sales price vs. independent 3rd party appraisal of the home’s value. You read that right . . . $100,000.
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