At first, the San Leandro woman, who had fallen behind on her condo payments, thought the letter was a scam. “You could sell your home, owe nothing more on your mortgage and get $20,000,” it proclaimed in large type.
“I almost ripped it up,” she said.
But the letter was sent by JPMorgan Chase, the bank behind her mortgage. And after she sold her condo two weeks ago for $98,000 – a third of what she owed on it – Chase indeed gave her $20,000 as an incentive payment, according to the woman and her real estate agent, Jasmin Rhodes of Prudential California Realty.
“I’m not sure why I was so blessed to be given that opportunity,” said the woman, who asked that her name be withheld for personal reasons.
Contact the appraisers at www.socalappraisalserv.com to determine what your property is worth before negotiating a short sale.
In a new development, banks are now selectively offering substantial sums of money – up to $35,000 – to some homeowners to encourage short sales, in which homes are sold for less than is owed on the mortgage.
Real estate experts said that banks can net bigger proceeds in short sales by sidestepping the costs, lengthy timeline and uncertain sales prospects of foreclosures. With delinquencies continuing to mount, quick disposition of some homes makes sense for the banks and for the overall housing market.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/02/08/BUMS1N4S85.DTL#ixzz1lu1HCDlI
Green Real Estate Appraiser 