Preferred Residential

In October of last year I wrote about a program Bank of America was testing in Florida that they hoped would encourage home owners to sell their homes in a short sale instead of waiting for the bank to foreclose.  There were 11,000 home owners who agreed to participate in the pilot program but less than 1,000 sales closed according to The Palm [… Read More]

For the first time since the real estate market came crashing down there were more short sales in a month than deals on foreclosures.  The most recent data available shows that short sales accounted for 23.9 percent of all sales in January while 19.7 percent of sales were foreclosured homes, according to a Bloomberg article. [… Read More]

  A week ago I wrote about a Bank of America program designed to encourage short sales in Florida.  Programs such as this signify a shift in banks’ approach to short sales and foreclosures.  RealtyTrac reports that the number of short sales approved by banks rose in the second quarter of this year while the length [… Read More]

Bank of America has introduced a program in Florida that offers home owners as much as $20,000 to short sale their homes.  The program which was introduced last week through emails to select realtors in Florida is just a trial to gauge interest.  Short sale offers on homes must be submitted by the homeowner to [… Read More]

Bank of America recently reached a deal with investors that could help them get through their back-log of borrowers at risk of foreclosure.  Under terms of the settlement Bank of America will start transferring borrowers who are behind on their payments to subservicers.  The idea is that these subservicers will be more efficient than the [… Read More]