We reported it here first folks, short sales will work if you have the right agent and the right paperwork in place. Now, the OC Register is switching its once gloomy short sale song for brighter notes, one savvy OC realtor, said of her recent short sale success in the snazzy Seabridge gated community (the house is pictured to the right), “They’re going a lot faster. The lenders are starting to staff up, and the agents are learning how not to inhibit the process.” This probably ha a lot to do with Obama’s addition of short sales to his housing rescue plan. Check out the short sale incentives listed in the Wall Street Journal, “The government will pay mortgage-servicing companies up to $1,000 and borrowers up to $1,500 for successful short sales or “deeds in lieu” transactions. It will also spend up to $1,000 to help defray the cost of getting holders of second mortgages to release their liens so these transactions can be completed.” So, it’s no surprise that short sale process has suddenly become so streamlined.
Minda Reves is a freelance blogger for SHORTsense.com