The Saturday front page of our local newspaper (The Californian) announced a new short sale program from Wachovia Bank that is designed to provide incentives to Wachovia mortgage holders to sell their houses short rather than just letting them go into foreclosure.
Homeowners with Wachovia Mortgages who are upside down on their home can get 1% of the sales price with a minimum of $2500. The money is only payable after closing.
Wachovia is promoting the program quietly by inviting real estate agents to seminars run by employees from the bank’s short sale unit. The seminars will be coming to Southern California early next year.
Wachovia seems to be the leader in promoting short sales as an alternative to foreclosure. They have already reduced the amount of paperwork required for a short sale approval and look for them to streamline the process even further.
Short sales are the future of most local markets. If Wachovia (Wells) experiences success with their program you can expect the other banks to follow with their own “streamline” programs.
Homeowners with Wachovia Mortgages who are upside down on their home can get 1% of the sales price with a minimum of $2500. The money is only payable after closing.
Wachovia is promoting the program quietly by inviting real estate agents to seminars run by employees from the bank’s short sale unit. The seminars will be coming to Southern California early next year.
Wachovia seems to be the leader in promoting short sales as an alternative to foreclosure. They have already reduced the amount of paperwork required for a short sale approval and look for them to streamline the process even further.
Short sales are the future of most local markets. If Wachovia (Wells) experiences success with their program you can expect the other banks to follow with their own “streamline” programs.
BofA (Countrywide) has already announced “equator” their automated short sale process.
Until the economy goes into a “real recovery” and homeowners are able to build some equity, short sales will be the rule rather than the exception.
REOs? There have always been and will continue to be REOs, but with the lenders taking aggressive steps to prevent foreclosures by stepping up their short sale processes, it’s easy to see short sales replacing REOs as the leading source of inventory.
Until the economy goes into a “real recovery” and homeowners are able to build some equity, short sales will be the rule rather than the exception.
REOs? There have always been and will continue to be REOs, but with the lenders taking aggressive steps to prevent foreclosures by stepping up their short sale processes, it’s easy to see short sales replacing REOs as the leading source of inventory.
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