Banks are Warming Up to Short Sales

By teamcox • December 16th, 2009

Short Sales in DenverBanks are Warming Up to Short Sales

While banks have notoriously been resistant to short sales, as this recession crawls on, they are beginning to warm up to short sales in increasing numbers. During the first six months of 2009, the number of short sales tripled to 40,000 from a year earlier. Why the change of heart? Banks are under pressure from the government to approve short sales. The Treasury Department also recently unveiled a plan to incentivize lenders and loan services to close short sales.

The bad news is that for every short sale, there were 25 foreclosures started or completed in the first half of this year. One foreclosure is too many. It is essential that if you are a distressed homeowner in Denver, that you seek help from a trained real estate professional, preferably a Certified Distressed Property Expert, or CDPE, who can help you avoid foreclosure.

For more information on short sales in Denver, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.

Avoid Foreclosure in Denver

TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.

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