Las Cruces NM Real Estate Listings, Homes, Properties, and Lots

SHORT SALES

SHORT SALE REFORMS COULD SPEED RECOVERY

The U.S. Treasury announced on Nov. 30th, 2009, new guidelines to the Short Sale process that could speed the housing market recovery, a move RE/MAX Executives have been promoting in Washington D.C. for the past year.

Short Sales, transactions that can occur when a lender accepts the sale of a home at a price below the actual amount owed on the home, have become an increasing part of the real estate business as besieged homeowners look for alternatives to foreclosure.

Until now, the Short Sale process has been cumbersome for all involved and took upwards of 8 to 10 months for a transaction to close. The new guidelines enhance the short sale process in several ways:

SPEEDS UP THE PROCESS - MORTGAGE SERVICERS HAVE 10 DAYS TO SAY YES OR NO TO A SHORT SALE REQUEST, AND AFTER THE TRANSACTION IS COMPLETE, THE BORROWER COULD BE COMPLETELY RELEASED FROM DEBT.

PROVIDES FINANCIAL INCENTIVES. BORROWERS ARE ELIGIBLE TO RECEIVE A $1500 MOVING ALLOWANCE IF THEY SELL THEIR HOME THROUGH A SHORT SALE, AND MORTGAGE-SERVICING COMPANIES WILL IN TURN RECEIVE $1000 FOR EVERY COMPLETED SHORT SALE TRANSACTION.

LIMITS PROCEEDS TO SECOND LIEN HOLDERS - SECOND MORTGAGE HOLDERS CAN ONLY RECEIVE UP TO $3000 OF THE SALES PROCEEDS TO RELEASE THEIR LIENS AND INVESTORS WHO HOLD THE FIRST MORTGAGES CAN COLLECT UP TO $1000 FOR ALLOWING SUCH PAYOFFS.

RE/MAX ASSOCIATES ARE AMONG THE MOST VERSED IN THE INDUSTRY IN SHORT SALES AND FORECLOSURES - OF ALL THE "CERTIFIED DISTRESSED PROPERTY EXPERTS" (CDPE) IN THE COUNTRY, 58% ARE RE/MAX AGENTS.

I HAVE HAD THE NECESSARY TRAINING AND EXPERIENCE TO ASSIST YOU WITH A SHORT SALE TRANSACTION.

DONNA CHOREY, ASSOCIATE BROKER 575-640-1332

RE/MAX CLASSIC REALTY 575-524-8788

2705 DORAL CT, LAS CRUCES, NM 88011