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Posted On: 29/04/2012
The Bank of America Corp., is approving more and more short sales as an alternative to foreclosure. In January the bank which is based in Charlotte, North Carolina approved 5,276 short sales. This is considerably more than JP Morgan Chase & Co who approved 2,976 short sales, and Wells Fargo & Co who approved 2,788.
Short sales are sales where properties are sold for less than the outstanding mortgage, and the total number of short sales in the US increased 33% in January compared to a year earlier, and is expected to reach record highs this year.
Property values have dropped by around a third since they peaked in July 2006, and according to the Mortgage Bankers Association, around 12% of mortgage holders are either in foreclosure, or have fallen into arrears. It estimated around 12.5 million homeowners have mortgages of at least 25% more than their properties are worth on the open market.
Although not all of these homeowners are in foreclosure, or even struggling to make mortgage payments, it's likely at least some of them will want to sell within the next few years, and will have to do so through a short sale.
Short sales are much quicker to complete than foreclosures, so it's a good way of clearing the huge inventory of distressed property, but it's still not a particularly quick process as it is taking the Bank of America an average of 403 days after a homeowner has been given notice of default, to complete a short sale. In comparison short sales through Fannie Mae and Freddie Mac take an average of 193 days. In January the average short sale price of the property was $174,120, which is around 20% less than non-distressed sales.
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