Daily Real Estate News  |  December 4, 2009  |   Share
Banks Start to Embrace Short Sales
Even before the government put pressure on them to embrace short sales, more banks were starting to take their lumps, do the short-sale deals and move on.
Three years into the housing meltdown, short sales have tripled to 40,000 in the first six months of 2009, compared to the same time period a year ago, according to data from the Office of Thrift Supervision and the Office of the Comptroller of the Currency.
Wells Fargo, Bank of America Corp., and JPMorgan Chase & Co. this year have hired and trained more staff to handle short sales and also developed software for expediting them.
more: http://www.realtor.org/RMODaily.nsf/pages/News2009120401?OpenDocument
Expect to see more and more short sale transactions especially here in the Las Vegas market.  Buying a short sale is a viable option and worth the wait.  But remember, a short sale can take a long time to process and a buyer definitely needs to have patience with the transaction and there are no guarantees the bank will even except a short sale payoff.  It is a better option for the bank and it helps the homeowners tremendously.  A short sale payoff looks much better than a foreclosure on their credit.

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