Short Sale Incentive will Help Daytona Beach Real Estate Market
In a press release on HousingWire.com, A Treasury Department spokeswoman confirmed an incentive
program for servicers that pursue short sales is on its way, according to
John Burns Real Estate Consulting.
The subsidy program will provide $1,000 to the servicer and $1,500 to the
seller in each short sale transaction for a total incentive of $2,500 per short
sale, the spokesperson told the consulting firm. This strategy should help
“clear excess inventory,” according to market commentary by John Burns Real
Estate.
“The fees are designed to help compensate the servicer for the extra effort, and
to incent the seller to be cooperative and leave the home in good condition,”
the firm said. “Presumably, the Treasury is trying to help facilitate a
transaction that will result in less loss to the lender than in the case of a
foreclosure.”
Offers on Short sales typically take a long time to win bank approval, and realtors are reluctant to deal with them because of the extremely delayed closing. Buyers often get discouraged and find another property long before the bank answers their offer. Short sales should pick up in volume if the Treasury offers incentives that
would encourage banks and realtors to work together on finding the best
solution.
Because of Florida's very high number of distressed properties, short sales and preforeclosure homes, any steps taken to facilitate the movement of this "inventory" would be welcomed by the industry
If you are having trouble making your mortgage payments, contact me now - I'm a Certified Distressed Property Expert trained in helping sellers of Daytona Beach and Ormond Beach short sales. You do have options to foreclosure.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com