Finally, we are hearing the lenders/banks tell their clients there are alternatives to foreclosure!  At a recent conference for real estate agents handling foreclosures the buzz word was Short Sales…..

According to high ranking officials at Fanni Mae, Freddi Mac and our Major Lenders Short Sales add up to 40% more to the their bottom line than proceeding with a foreclosure.

One of the presenters, Gabrielle Harrison, VP for REO sales at Fannie Mae addressed the topic of Short Sales….I was very impressed with her take on how important Short Sales are and the willingness for lending institutions to accommodate sellers that are working with them to stop foreclosures.

Ms. Harrison pointed out that Short Sales not only benefits the neighborhood and helps to bring up home values.  It also allows the seller of the property to keep their dignity in an unfortunate situation.  As well as  the fact a Short Sale costs less to facilitate than a foreclosure.

January brings California State Bill 306 that will demand all lenders doing business in California to streamline the short sale process.  Our sources also tell us that BofA is working on a streamlined Short Sale Process that will utilize online communication.   No doubt, things are changing…..