Banks express hope for fed short-sale effort

Written by admin on 09 August 2009

WASHINGTON – Aug. 7, 2009 – The federal government is launching a program to simplify and speed up the short-sale process by providing standardized documentation, cash incentives to lenders, and a $1,500 moving allowance to borrowers. Holders of second liens will get up to $1,000 to relinquish their claims.

Banks say the short-sale process has been taking so long because both their employees and real estate practitioners are learning as they go.

David Sunlin, vice president in charge of short sales at Bank of America, says he hopes the new government plan will help. “About half of short sales never close. We see it as a big lost opportunity, and we need to improve the rate we close them,” he says.

Wells Fargo says it has cut its short sale average turnaround time from 90 days to 30 days by preparing a guide from real estate practitioners and putting in place procedures to handle short-sale requests.

The federal government first announced its short sales initiative in May at the annual Washington meetings of the National Association of Realtors®.

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Closing Stopped From Home Valuation Code

Is A Short Sale Right for Your Situation? Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.

Seaching for a great real estate value in Central Florida? Need help with a short sale? Call or email me TODAY to go over your options!!!!!! Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot Read Also: Orlando Florida Relocation Resource Guide Read Also: Business 2.0 Magazine has named Orlando the number 1 hottest market with America’s best jobs. Read Also: Orlando Florida Facts & Resources Read Also: Orlando Florida City – Everything You Need To Know! If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need. We’re experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We’re always available to answer your questions.