Coconut Creek Real Estate: Incentive Plan in the Works to Assist Short Sales

Incentives are in the works for promoting short sales in order to avoid more foreclosures than are seen as necessary, which could help out the Coconut Creek real estate market immensely. The plan is meant to prod lenders into allowing more short sales. Currently short sales in Coconut Creek are frequently avoided by lenders because the offers that come in are seen as too far below the last appraised value of the property, even though the foreclosed upon sales price in the end may be even lower.

The incentives that are being mulled over are expected to pass soon. The plan is to give the lender $1,000 for allowing a short sale to occur and the buyer a $1,500 credit at closing. The plan is expected to be passed by the treasury as a way to keep properties selling.

Short sales are seen as a way to help the home owner avoid a harsher hit to his credit as well as to get the house off of a lenders books before it even gets there officially. The new incentives would help to avoid the foreclosure rate increasing in Coconut Creek Florida more than expected.

For more information about the short sale incentive click here to read an article from Realty Times.

For the best in Coconut Creek real estate experience and knowledge contact Silva Stoyanova at 954-673-4402. Silva has access to the Coconut Creek MLS and all available listings in the area.