Thursday, May 28, 2009

Easier Short Sales from Bank of America and Wells Fargo?

Both Bank of America and Wells Fargo are working on shortening the approval process for short sales. See "Banks Vow Smoother Short Sales". The banks have found that by the time the bank approves a sale the buyer is no longer interested in the property. Most short sales take 45 to 60 days for approval with some taking 90 days for approval if investors are involved. It looks like the banks are finally realizing that a short sale will save them much more money than going through foreclosure. This also appears to be a response to Obama's proposals concerning foreclosures that I wrote about in a previous post.

I promise to keep you all informed about foreclosure alternatives. I hope this will help some homeowners exit their homes gracefully and will preserve their credit so they can buy a home again at a much better price the next time around!

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