In the homes sales market of these days, most buyers have an ample opportunity of purchasing exiting home through the purchase of what is referred to as ‘short sale’ property. Short sale describes the situation in which the existing owner is no longer capable of affording the keeping up of the repayments of mortgage or repaying of the loan. At this point, the seller can ask the bank to settle that mortgage at value that is that what the borrower owes.
In 2011, a program to assist the owners of homes that were distressed was launched by the Bank of America. According, to Melissa Yardy, this is one of those great innovations that are very vital in helping the economy in general and the owners of homes in particular. The new program is offering incentives of relocation up to $20,000 to the owners of homes that are in distress.
As a professional in real estate, Melissa Yardy believes that this will go a long way in helping very many families and owners of homes who are capable of demonstrating hardship that can be verified as well as providing the necessary paperwork for ‘unqualifying’ for the mortgage. This is without doubt a very great stride towards mending the American market of real estate.
The subsequent step is for the defaulting customers of Bank of American and it is suggested that they should contact Realtor so that they can get started. It is almost a requirement that a real estate agent that is licensed should do the marketing of this property so that he or she can find a willing buyer within arm’s length transaction. The term arm’s length describes transaction in real estate whereby the purchasers and sellers of parcel of land or property act independently in a way such that they are not in any way related to the other.
The arm’s length transaction idea offers an assurance to the real estate transactions buyers and sellers that they are acting in their best interests and they are not subjected to any form of influence from the outside. In the transactions that are not within arm’s length, there is high likelihood of some other factors which may have influence on the transaction and in some instances to the exchange value as well. This concept is very important because it is very common way that is used in determining the fair value for the market.