Would $20,000 Motivate You To Do A Short Sale?

J.P. Morgan Chase has begun offering qualified homeowners tens of thousands of dollars as an incentive to short sell their homes.  While details of the program are still murky, I've done quite a bit of research and talked with other agents I know around the country who also do a lot of short sales and here is what I've found to be consistent:

• The loan in default was originally made by Washington Mutual (WAMU);
• The loan is an "option ARM," "pick-a-payment," negative amortization loan;
• The amounts offered vary from $10,000 to $35,000, apparently depending on the size of the loan;
• Chase will send you a letter if you qualify; it's not something you can ask for;
• The borrower/homeowner is paid the amount stated in the letter when the property sells and escrow closes.

All the letters I've seen are identical to the one below, except that the dollar amount changes. 






It's hard to believe this is real, I know, but it is actually happening! 

If you or someone you know receives one of these letters, don't throw it out, thinking there must be some catch.  Call me!  I'm specially trained at negotiating and handling short sales and can help you take advantage of this incredible opportunity! 

Cold Weather Put A Chill In April Home Sales....Or Did It?

Colder-than-average temperatures last month put a damper on annual garden blooms in Central Oregon.  And at first glance, the chilly weather seems to have affected the pace of local home sales as well.  

Data from the MLS of Central Oregon shows 133 homes on less than one acre of land were sold in April, down from 156 a year earlier. But was the weather the actual reason sales declined nearly 15%?

Another factor to consider is that the inventory of homes for sale is down about 25% from a year earlier.  With more than 200 fewer houses on the market, the absorption rate went from about 19.4% a year ago to about 25% last month.  In other words, while there was about 5 months worth of available housing inventory at this time last year, today there is only about 4 months.

My guess is that the weather won't be the only thing warming up; watch for price stability and, dare I say, maybe even price increases in some market segments, this summer!