Short Sales

"Under the new federal program, a lender will use real estate agents to determine the value of a home and thus the minimum to accept. This figure will not be shared with the owner, but if an offer comes in that is equal to or higher than this amount, the lender must take it. "

Interesting quote from a VP at Wells Fargo which doesn't seem to be in line with the stated policy above - “This is not an opportunity for the customer to just walk away,” Ms. Huey said. “If someone doesn’t come to us saying, ‘I’ve done everything I can, I used all my savings, I borrowed money and, by the way, I’m losing my job and moving to another city, and have all the documentation,’ we’re not going to do a short sale.”

Full Article - http://www.nytimes.com/2010/03/08/business/08short.html?pagewanted=1