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Short sales volume on the rise. Big bank like Wells Fargo sees their short sales volume have doubled from January to September, according to Reuters. While first lien holders willing to reduce their payoffs, secondary lenders are gaining more power in negotiating the payment with primary lenders. These junior lenders know they're holding the bag. It's about 'deal or no deal.' That's why these lenders are now asking 10 % of short sales up from average payoffs of just $1,000 to $3,000 a year ago.
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