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There is some debate. I don’t think they will, for a variety of reasons, not the least of which is that they probably fear that if they make them easier, more people will try for one. Since the other side of the deterrent is foreclosure, and since loan modifications aren’t exactly saving the economy, status quo has at least enabled them to repay their TARP money, so why should they change now?

Bottom line: If you need to do a short sale, you still need an expert with experience, and not some guy who attended a seminar once.

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Russell Shaw passes on a powerful email being sent to agents on how to deal with Bank of America’s difficulty with short sales- don’t send them any new mortgage business.

More thoughts here.

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A Short sale occurs when a bank accepts a lower price than the mortgage balance, allowing distressed homeowners to sell their home and satisfy the debt with no future obligation or deficiency judgment.

J. Philip Real Estate specializes in these transactions, and I personally broker several per month. My first short sale was in the late 90’s.

My intention with this journal is to explore the practice, share success stories, and to promote my firm as your first choice and best option if you are facing the need for this difficult transaction type.

J. Philip Faranda is Westchester’s Premier Short Sale REALTOR. Find out more at www.NYShortSaleTeam.com  

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