Las Vegas, NV – May 23, 2012 – (RealEstateRama) — In an effort to move troubled mortgages off their books, banks have begun offering cash to delinquent homeowners so that they can sell their properties for less than they owe. No lender likes to do short sales, but many banks have decided that short sales are quicker and less expensive than foreclosing. In addition to offering cash incentives, banks have been pre-approving details, streamlining the process of closing and forgoing their right to pursue unpaid debt in the hope of getting through some of the backlog.
At this point, more than 14 million homes (nationally) are in foreclosure, and the pending repossessions that have accumulated are standing in the way improving the housing market. Some banks have been offering cash as an incentive to get homeowners to short sell, versus walking away from their home.
The largest incentives are extended by JP Morgan Chase, who approve about 5000 short sales monthly, many of whom have included settlements up to $35,000. Additionally, many buyers who purchased their homes using FHA loans have been receiving cash back at the close of the short sale process. On average, short sale transactions, from listing to sale, take an average of 123 days…much less time than a foreclosure. While cash back is never a guarantee, the fact remains that each lender and investor is different.
From January 1, 2007 through December 31, 2011, The Myers Team sold more short sale listings than any Realtor or Broker in Nevada. Myers Team Owners, Bill and Francoise Myers have helped hundreds of Las Vegas families avoid foreclosure. Myers said, “Sellers facing foreclosure must remember that banks are not looking out for you or your family. When you work with The Myers Team, our job is to get between you and the bank. We represent our clients, NOT the banks. It is our job to take away the stress and negotiate the best possible outcome. Ultimately, our job is to help our clients get a fresh start.”
Visit The Myers Team web site at http://www.NevadaShortSaleInfo.com
Additionally, please visit http://www.VegasShortSaleInfo.com