If you had read some of my previous blogs you would know I have been saying that the  banks are going to start working with distressed sellers via short sale vs foreclosure and  here is some more evidence of that.  (Click on link below to read article)  Banks are actually starting to give incentives to underwater homeowners that are willing to sell their home by doing a short-sale vs having the bank foreclose on them.  I think this will be a trend that will gain popularity.   Not only do they give incentives to the homeowner but they are streamlining the process making it less complicated for both the homeowner and the agent.  Now please keep in mind  we are still real early in this process and every scenario is different.  Just because one homeowner got assistance does not necessarily mean that you will.  That being said we are probably headed that way meaning there will be more standard guidelines that will apply across he board.

http://www.dsnews.com/articles/major-lenders-offering-perks-on-short-sales-2011-07-28?utm_source=twitterfeed&utm_medium=twitter

Now I don’t want you to think that I am getting all soft on the banks now.  They are not doing this out of the kindness of their hearts.  It is a financial decision for them. One that actually makes  some sense.  Save the money they would spend on foreclosing on the property and use that to make the deal happen, maybe help the homeowner out with some relocation assistance or other perks.  They complete the sale. The homeowner moves on maybe a little happier and the new buyer takes over the home.  You don’t end up with a boarded up house or neglected home on the street thus the neighbors are a little happier, this actually make a little sense.  Wow I cannot believe the banks are starting to use common sense.  Lets hope they continue to do this. If common sense prevailed we would not be in this mess and if the banks used common sense now we would be able to get out of this mess a whole lot quicker.

Stay tuned for more updates on this topic as it is one that is near and dear to my heart.  Also if you think that this information may help you and your current situation please feel free to contact me and I can get you more information to help you make a decision if a short sale may be right for you.