On April 5, lenders and mortgage investors will have even more incentives to offer troubled borrowers short sales instead of foreclosing. Under the new changes to Home Affordable Foreclosure Alternatives program, borrowers will earn a $3,000 “relocation incentive” and loan servicers will get $1,500 for handling a short sale.
There are fewer short sale homes closing in 2010 than in 2009. Three of the sales in March were larger than 3,000 square feet.
I have been wondering how negotiable asking prices are for short sales, so I decided to take a look at the MLS statistics for sold properties in Gainesville and Alachua County. In this article I am comparing the list prices to the sale prices based on the situation of the sale so we can understand how likely it is for offer to be accepted if it is below the asking price.
Many people think “Short Sale” must mean something similar to ‘shorting a stock’, and others think ‘short’ might mean fast or quick. Sorry but the truth is that you have to own the house to sell it, and there is nothing fast about a short sale.