Gainesville Short Sale Update – Banks Are Calling Homeowners To Solicit Short Sales

On December 12, the Bank of America’s cash-back incentive, which enticed delinquent borrowers to do a short sale over a long foreclosure, has closed out. Gainesville short sale real estate agents had contrasting reviews and homeowners had indifferent feedback.

Relocation expenses worth between $5,000 and $20,000 have been offered to homeowners who qualified for the Florida-only program and in lieu of the average two-year foreclosure process, these homeowners consented to leave their homes.

Surprisingly, only around 3,000 homeowners out of the 20,000 solicited by the bank had shown interest in the plan by early December. Short Sale Banks, unlike the prior year, are now proposing great incentives and deals to homeowners.

A Gainesville short sale happens when a lender allows a lower payment for a home than the mortgage amount owed. The bank occasionally agrees to waive the deficiency judgment as well. According to banks, companies such as JPMorgan Chase and Wells Fargo started offering cash incentives to homeowners who consented to do Gainesville short sales.

As per a November RealtyTrac report, foreclosures are taking an average of 749 days up, which is longer as compared to 684 during the prior year. Recently, banks are realizing that doing a short sale is a cheaper approach than allowing foreclosure to take place. Foreclosures will cost much from banks. Florida has been chosen as a testing ground due to its high foreclosure incidence. It might be applied to other states if the program becomes successful.

In order to qualify, homeowners need to submit their Gainesville short sale approval on Dec. 12, which is an extended deadline. The closing must take place before August 31 and the homes must not have offers on them already.

A Gainesville homeowner submitted an application for the incentive program, which seems to be under the HAFA guidelines. His application was rejected because his credit limit was above 31%. The home owner was later given a guarantee for the program but was later on disapproved and this happened after his meeting with some representatives from the Gainesville short sale department. The two representatives have been in disagreement w/ each other. It seems that additional training needs to be provided to Bank of America’s employees.

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Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

  

Stephanie Anson
 

When choosing a Gainesville, FL short sale agent, Stephanie Anson understands how avoiding foreclosure impacts you and your family’s life as well as those around you. Stephanie Anson is a respected member of the local business community and knows what it takes to prevail. She is one of the most dedicated and committed Gainesville, FL short sale agents. Her experience and emphasis on customer service and satisfaction along with her technological background has been a driving force throughout her real estate career. From the time Stephanie served in the US Navy to now, she takes the time to get to know each of her clients, associates, and industry professionals and forms lifelong relationships with them.

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