Now Chase Bank is attempting to remedy this situation and entice home owners with huge monetary assistance. A client received a letter from Chase Bank regarding their short sale request. Here’s a synopsis from this letter dated April 27,2011
Thank you for talking to us about how we can help you sell your home and avoid foreclosure. As we discussed, the short sale of your home will mean you will owe nothing more and will receive $30,000 to make a fresh start upon the sale of your home. To get started with your short sale, please follow these important steps and keep us informed.
1) Choose a real estate agent
2) List your home at fair market value
3) Send us your listing agreement
I have heard from sellers that are going through the short sale process that Chase Bank has given $20,000 to $30,000 incentives and also $15,000 toward home repairs for the buyer of the short sale. These payoffs are not instantaneous, short sales take a minimum of four months to complete and can take as long as a year to close escrow.
This aggressive procedure is not being used by other banks but this could be a standard that other institutions will implement. First-time home buyer purchases of short sales dropped to 39.7 percent of short sale transactions in August, according to a recent Housing Pulse survey. Real estate agents responding to the August survey indicated that home buyers frustrated with the short sale delays are resorting to placing offers on multiple properties, with the intention of closing on only one. This practice can bog down the short sale approval process at mortgage servicers.
Short sales rose 19 percent between the first and second quarters with 102,407 tranaactions completed nationwide during the April-June period, Realty/Trac recently reported. Pre-foreclosure short sales took an average of 243 days to sell after receiving the initial foreclosure notice. That’s down from an average of 256 days in the first quarter and follows three straight quarters in which the sales cycle has increased.
Are you or do you know of anyone considering a short sale? I have helped many families navigate through the short sale puzzle. Home owners are able to recover financially much quicker using the short sale strategy instead of foreclosure. Please visit my website www.JohnnyBrooksHomes for helpful tips on buying or selling a home, read my other Blogs and easy access to view all local area homes for sale.