Two Major Lenders Rewarding Short Sale Sellers with Cash
Chase and Wells Fargo borrowers report having received over $10,000 cash to sell their homes via a short sale.
Palm Coast, FL – June 28, 2011 – Two major lenders are encouraging selected borrowers to sell their homes through a short sale by offering cash. Both Wells Fargo and Chase are reported to have paid some of their borrowers $10,000 to $20,000 to short sell their homes. The program is selective and the selection criteria have not been released according to a story in SunSentinal.com.
Read More >>>> SunSentinal .com
This infuriates me
I may be among the few who have a shred of equity left in my home. I have paid faithfully for 12 years on a modest home and have little to show in terms of equity. Meanwhile, some guy bites off more than he can chew, lives in a mansion for a few years (rent free for a couple of years during the process), and walks away with $20k in his pocket. This society has created a situation where the responsible are made to be suckers! Well, when you incentivize irresponsible behaviour, that’s what you will get.
A little *bright light* for some in Palm Coast –
We just compiled a massive amount of Heritage and History about Palm Coasts’, Inc., first Bank Location. We spent a lot of time at Staples, copying and copying and copying; then we presented the large packet to the present Hancock Bank. They have already forwarded it to their Corporate Offices. We are told that Hancock Bank, ( going to merge with another Bank we think) are very History Minded and have 120 years of history behind them. With this, hopefully, they will arrange for a Historical Marker and if nothing else a Placque for this location.
This, if successful, will give more of a Sense of Place for Palm Coasters – hopefully also it would attract those Prospective Buyers who like History and an area with a ‘Sense of Place’.
RE: This was very important in ‘Community Development’ for Palm Coast, Inc., – 38,000 homesites/ Lots were SOLD in just a couple of years and they all were processed at/through this Bank location.
Here’s the Math – the *average* price of a generic / standard LOT in 1970 was about $ 4,700.00. ( for a short period they were offered for 3,400. for a generic but very quickly JUMPED up to 4,700.
Lots in the premium and platinum locations on the Canals and Golf Courses were much higher more than DOUBLE that, some several thousands above Double –
( A neighbor – in 1970’s in the Palm Harbor Golf Course location paid $ 15,000.00+ then )
So…BB…it isn’t much, we are trying very hard and hopefully this *recording* of Palm Coasts’ Inc., ‘Sense of Place’ helps a little to attract people –
Additionally, we recently contacted Ms.Barbara Grossman and asked her to correct the at variance derelict and overgrown conditions at 69 Clubhouse Drive / and the Seawalls/ Docks/ Two Waterfalls/ Pedestrian Bridge there at that location. She just informed us it will be soon corrected –
So…even tho’ it is not much – every little bit helps –
Happy Fourth Everyone –
Yet they won’t pay Realtors a full commission
This is disgusting to hear. They reward the sellers, who are not paying off their mortgages with a bonus? Yet they refuse to pay a full commission to the Realtor’s that are moving their properties and going through nightmares with them to do so. They are a joke.