Home Buying in 90019>Question Details

Dinece Carmi…, Real Estate Pro in Mid City, Los Angeles,...

Are many of seeing home owners contacting you after they receive letters from Chase or Bank of America offering $15,000 or more on short-sales?

Asked by Dinece Carmichael, CDPE, RFC, Mid City, Los Angeles, CA Sat Feb 9, 2013

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Madelaine Kolisnyk’s answer
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YES, many of the banks are offering money to the homeowners for a HUD short sale! It's great that they are giving money to homeowners, upon closing and moving, it makes it easier to deal with the loss!!! A short sale allows you to stay in your home while it is for sale and the money makes it easy to get a new place to live!!! WOW 15,000 is a great deal, i sold a HUD short sale in Lamert Park and the sellers got $3,000.

You can go to my website and learn all about a short sale vs. foreclosure!!!
Top right side on my menu bar..Http://www.madelainek.com

Thanks and have a great day!
any questions just call 310.869.1712
1 vote Thank Flag Link Sat Feb 9, 2013
As far as i hear, the homeowner in default receives on average 100+ letters from realtors/negotiators/investors/ scam senders, etc. offering them 'help', suggesting that they can receive up to 30k if they agree for a short sale.
If the Chase/BofA did send a letter with such offer, it does not mean the homeowner will receive those money. It will take months of negotiating with them,~ so if the homeowner decided that a short sale is the only way to avoid foreclosure, it is a good idea to save that letter and call an experienced realtor.
1 vote Thank Flag Link Sat Jun 15, 2013
It seems that many of the homeowners are not opening the mail from the lender..Most homeowners are upset with their lender and don't realize that the mail is "Good News" instead of the usual "Bad News".
1 vote Thank Flag Link Fri Feb 22, 2013
Hi Dinece,

Bank incentives are very much a motivator for defaulted homeowners on the fence regarding which is their best option. For many, the reluctance to address their default is a direct result of not having the funds to move.

The offer Bank of America and many other lenders have made to struggling borrowers has prompted them to action. For most homeowners it's become a much needed life raft to get themselves out from underneath smothering debt and back on the road to financial recovery.

I would say the marketing efforts Bank of America has undertaken since January 2013 have definitely increased the number of borrowers willing to short their home sale. I've found this to be most prominent for homes towards the top end of the conforming loan limits. In Los Angeles / Orange County that translates into homes around the $450,000 - $600,000 price range.

Allan S. Glass
President
ASG Real Estate Inc. ®
149 S. Barrington Ave, Suite #660
Los Angeles . CA 90049
Mobile: 213.952.9052
Direct: 213.973.8637 (213.97.FUNDS)
Fax: 213.947.4461
E: asg@allanglass.com
http://www.asgreinc.com
CA License: 01154002

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Visit Allan’s Blog: http://allanglass.featuredblog.com
1 vote Thank Flag Link Mon Feb 11, 2013
Huh? What exactly are you trying to say?
0 votes Thank Flag Link Sat Feb 9, 2013
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