In an effort to help distressed homeowners the Treasury Department released in November Guidelines to reduce the number of Foreclosures and ease the Short Sale Process. The program should be in effect on April 5th, 2010. Short Sales have been streamlined by Banks as time goes by it’s still a lengthy and painful process. In average a successful Short Sale Transaction had 2 or 3 Buyers during the process. The first one either tired or waiting or not interested in the price the Bank countered at opened the door for second or third Buyers.

Bank of America, is particularly known for its lengthy Short Sale Time line specially with Countrywide Loans. The process will be streamlined through the use of an interactive website easing communication and document uploading. Their goal is to offer pre-approved short sale solicitations and provide approvals within 2 weeks from the time an offer is submitted.

If you are a Bank of America borrower and you are considering a short sale, contact Bank of America Short Sale Team at 1-866-880-1232.

Wells Fargo created Field Short Sale Teams to provide local assistance to homeowners and their Real Estate Agents. Each case is reviewed by a Short Sale Specialist on site. Their goal is to obtain approvals within 7-10 Days and close in 37 days (from start to finish). For a limited time they are offering seller’s incentives to help with moving costs (your local short sale field rep will confirm availability).

If you need a market evaluation of your home to determine if you are facing a Short Sale scenario, please call me at (954) 588-7260 or e-mail me garcia.i@ewm.com

Make sure you list your property with a Real Estate Agent that will treat the Sale of your home with the same care and diligence as a non-distressed sale.