New Federal Short Sale Program Starts April 5

The NY Times is reporting on a new Obama initiative to create a financial incentive for banks and home sellers alike to do short sales. A few highlights from the article:

  • Program starts April 5, 2010
  • Lenders will be “compelled” to accept short sales. We’ll see about that.
  • The administration wants to streamline the process. We’ll see about that too.
  • Financial incentives are $1,500 to the home seller, $1,000 to the lender, and $1,000 to a subordinate lender.
  • Agents will be used to valuate the properties, but lenders will not be forced to accept offers beneath the agent valuation.

    • Continued at Westchester Real Estate Blog.

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    Author: J. Philip Faranda

    Associate Broker, Manager and Team Leader

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