(PRWEB) August 11, 2012
Tobias issued his explanation of the increase in short sale buyers for homes today, and his opinion is that this will help home sellers because of the fact that with bankers more willing to forgive debt and even offer money for sellers to sell their distressed homes, it is easier for homes to be sold as short sales.
There is a feeling that the short sale market has peaked because since the first financial quarter of the year, there has been a rush on short sales. This has been fueled not only by individual buyers and sellers, but by mortgage bankers like J.P Morgan Chase and Bank of America, who are eager to move on short sale properties. These bankers offer financial incentives to sellers, such as allowing them to sell their homes for less than they owe, and forgiving any leftover debt. Even though this is good for sellers, as well as real estate advertising, the fact that short sales are often below average prices is good for buyers as well.
Short sale is a term used for a real estate deal wherein a lender agrees to allow the owner to unload the piece of property for a price lower than the total money owed to the lender. A short sale is often used in property sales instead of a foreclosure, because in a foreclosure, the lender gains the property, but may end up losing money or find themselves unable to sell it for long periods of time.
JPMorgan Chase is the largest banking institution in the United States. Along with regular banking services, JPMorgan Chase is also a major mortgage lender and is involved in investment banking and asset management. Since it is a conglomeration of various banks that have either merged together or been purchased, there is no real date of origin for JPMorgan Chase. The name is a blending of JPMorgan and Co. and Chase Manhattan Bank.
Instead of being headquartered in New York like many other financial institutions, Bank of America is headquartered in Charlotte, North Carolina. Globally, it is considered one of the largest corporations with holdings and interests in nearly every country. Just over twelve percent of the bank deposits in the United States are with one branch or another of Bank of America.
Real Estate Marketing Insider today commented on the apparent rush on short sales that is prompted by lenders being more willing to accept short sales and allow sellers to sell their homes for less than they owe the lender. This is considered good for sellers as well as buyers since these properties are often less than average prices and allows sellers to become free of mortgage debt.
About Real Estate Marketing Insider:
Real Estate Marketing Insider is a publication for real estate professionals headquartered in La Jolla, California that aims to provide timely tips, strategies, and analysis of current market news and trends.