Short Sale Blog News

News 8 new results for short sales

Growing short sale market feeds vulture investors New Mexico Business Weekly Flopping, a fraudulent way to flip homes, arrived in New Mexico about 18 months ago, but is increasing as more short sales occur, according to area brokers ... See all stories on this topic » New Mexico Business Weekly

The impact of short sales and foreclosures on your credit score Helium Despite current financial difficulties they often consider how either a short sale of foreclosure will limit their future ability to borrow money or enter ... See all stories on this topic »

Determining if you should choose a short sale over a foreclosure Helium As more properties come onto the market as either short sales or foreclosures, it can be difficult for the buyer to make a choice over which represents the ... See all stories on this topic »

Rep. Rooney's Bill Gives Lenders 45 Days on Short Sales Sunshine State News (blog) J., to introduce legislation that will speed short sales and spur growth in the housing market by requiring lenders to decide whether to accept an offer ... See all stories on this topic »

Short of the Day: AAR Corp. Seeking Alpha With short sales we are looking for opportunities in companies that have the ability to move down from where they are. The upside is very limited for AIR ... See all stories on this topic »

CoreLogic: Distressed-Sales Down, But Expected To Rise Mortgageorb by MortgageOrb.com on Thursday 16 September 2010 Distressed sales - real estate owned (REO) and short sale transactions - are at a seven-month low, ... See all stories on this topic »

Blogs 5 new results for short sales

How to Navigate a Short Sale | Buying and Selling | REALTOR.com® Blogs By Lisa Lyons This article on Realtor.com is about the process of short sales. REALTOR.com® Blogs - http://www.realtor.com/blogs/

A Fresh Approach to Short Sales - Banktime.com By Stephanie Those homeowners trying to get through the often-painful process of a short sale to stall off foreclosure are all too often stymied in their attempts – bound by red tape, long delays, and the frustration inherent in the whole process. CD Rates - Savings Account -... - http://banktime.com/

Suntrust Bank Short Sale Process | Santa Clarita | SCV Short Sale ... By Tim Suntrust Bank's short sale department and negotiators rank among the slowest to work with. Good news is that if you have a mortgage with suntrust bank and miss your payments you may be in your home over a year…. SCV Short Sale Center - http://www.scvshortsalecenter.com/

Use a short sale to stop a foreclosure « My Blog About Chicago ... By admin Chicago IL – There are many reasons to use a short sale to stop foreclosure. If you want to keep your home, then you need to attempt a loan modification. If you do not want to keep your home, then you need to consider your options. ... My Blog About Chicago Short Sales... - http://chicago-shortsaleblog.com/

Short Sale Blog News

Short sales soar in California, US Los Angeles Times Instead of taking over homes through foreclosure and then selling them, many lenders are agreeing to short sales, in which a home is sold for less than the ... See all stories on this topic » Los Angeles Times

Study: 1-in-53 short sales is fraudulent OCRegister By JEFF COLLINS Just this week, Altera Real Estate's Steve Thomas reported that the backlog of Orange County short sales is dizzying. About half of OC short ... See all stories on this topic »

ServiceLink's Streamlined Approach Producing Faster Short Sale Turnaround MarketWatch (press release) ServiceLink is also reporting that the timeline from contract approval to closing has been reduced to less than 45 days, providing for a total short sale ... See all stories on this topic »

ESOLA: Another short sale that defies the name North County Times Here I am talking about the short sale. They ought to rename it a "long sale" because well, nothing is short about it. Long streams of paperwork. ... See all stories on this topic »

Chinese drywall short sale denied because of paperwork mistake Wink News A WINK News investigation uncovers a problem with short sales of homes with Chinese drywall. One woman says a paperwork mistake is inflating the price of ... See all stories on this topic »

ServiceLink Streamlines Short Sales to Less than 74 Days Housing Wire ServiceLink now boasts that a streamlined short sale will take less than 74 days. A usual short sale can take over five months. ServiceLink stated that it ... See all stories on this topic »

Selling a home: Pricing right in a housing slump CNBC Foreclosures and short sales, where the owner sells for less than what's owned on the property, complicate matters. Be honest. Are the foreclosures or short ... See all stories on this topic »

PartnerFirst's Pre-Foreclosure Specialist Certification Receives Support from ... PR Newswire (press release) "What impressed me most about PartnerFirst was how intimately they are aware of what it takes to close a short sale," said Mark Starks, Chief Executive ... See all stories on this topic »

Blogs 5 new results for short sales

Lender Losses Mount From Short Sales, Topping $310 Million in 2010 ... By Michael Gerrity According to CoreLogic's (NYSE: CLGX) latest 2010 Short Sales Research Study, lender loss is now over $300 million annually with over half of all short sales occurring in California, Florida, Texas and Arizona. ... REC News Center - http://www.realestatechannel.com/

House Keys | Sun Sentinel Blogs | Short sales triple to 400000 ... The study also found that risk of “unnecessary losses” to lenders happens in one in every 53 short sales. The average amount of unnecessary loss is $41000 per transaction. CoreLogic says the definition of fraud continues to evolve but ... House Keys - http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/

Short Sales In Orlando Florida Series – Lesson 3 – The Lender ... By admin Short Sales in Orlando Series overview In Lesson 1 the definition of a short sale was established. The homeowner negotiates with their lender. FactHippo.com - http://www.facthippo.com/

Iowa Short Sale Story - Mortgage Forum - LoanSafe.org By brokepepper Well, after posting and reading (and reading, reading, reading....) I've made my decision. I'm going to go for the short sale. Here are the quick. Mortgage Forum - LoanSafe.org - http://www.loansafe.org/forum/

Florida Short Sale Help | Businesses Taking Advantage of Short ... By admin Considering the impressive savings potential short sales and foreclosures offer buyers, it is not surprising why a lot of businesses or companies in Manatee County are taking advantage of such great investment opportunities. ... Florida Short Sale Help - http://www.floridashortsaleshelp.com/blog/

HAFA Training Video Webinar

This hour long video is essential for anyone in the real estate business. Jason Baker goes through the new HAFA (Home Affordable Modification Alternatives) rules and how it effects your short sale business. He also demonstrates the powerful Short Sale Success (tm) software that will streamline your short sales and make compliance and closings easy. Watch it here

Home Affordable Foreclosure Alternatives Update

The governments HAFA program has had some last minute changes that makes the program twice as appealing to potential short sellers. The foreclosure alternative program now pays out $3000 to homeowners who sell their house for less than they owe - a short sale and now $6000 to second lien holders. Previously the government paid out only $1500.

Lenders are compelled under the new rules to answer a valid offer within ten days. Before theses rules lenders did not have any time constraints and short sales were anything but short.

Lenders who offer HAMP modifications must offer the HAFA program before they can foreclose. The HAFA rules apply only to loans made prior to 2009. The borrower must be "at-risk", which means that they have a verifiable hardship. The program only applies to conforming loans under $729,250 and their first mortgage payment must be less than 31% of income.

http://makinghomeaffordable.gov/hafa.html

Dialing for short sale leads

For the past 6 months or so, I have been executing telemarketing campaigns to generate short sale leads. We start out with old loan modification leads generated on the Internet or by direct response to a TV ad. These leads are then uploaded to a predictive dialer and agents log in remotely to start dialing the campaign.

The script goes something like this..

Hello, this is ____from the Mortgage Help Center, we are following up on the inquiry you made in____________, did you get the help you were looking for? (pause) Do you still need help with mortgage or would you be interested in selling your home?

If the answer is yes, the telemarketer transfers the call to the agent.

The campaign has had mixed results depending on the area we have been targeting. Below you will see the number and type of leads we got.

2000 calls to Southern California 32 loan mod leads 1 short sale lead.

1000 calls to New York City 16 loan mod leads 4 short sale leads.

1000 calls to Las Vegas 22 loan mod leads 7 short sale leads.

The conclusion I draw from these campaigns is that if you are trying to generate short sale leads, you must be able to offer the homeowner that is intent on saving their home alternatives to a short sale - loan modification. After that process has been exhausted, then a short sale is appropriate.

Here is the 5 step strategy that I recommend.

1. Align yourself with a local, reputable loan modification company or attorney.

2. Execute a marketing campaign to contact people who have previously inquired about loan modification.

3. Take loan mod apps from homeowners and pass them on to your partner.

4. Get short sale leads from your partners old book of failed loan mods. (about 65% fail)

5. Repeat

News Alerts For Short Sales Sunday April 18, 2010

News Alerts for: Short Sales

Mohave Valley News March sales help shrink local inventory Mohave Valley News Eight short sales closed in March. Along with the 55 foreclosures that sold, 59 percent of the properties that closed were distressed. ... See all stories on this topic

Selling out for less Jackson Clarion Ledger Uncle Sam has rolled out new legislation aimed at making the alternative - short sales - easier. The government's new legislation, the Home Affordable ... See all stories on this topic

The Virginian-Pilot New rules may help homeowners during a short sale The Virginian-Pilot Short sales have gained a reputation for being long and complicated, both for the seller and potential buyers. Sellers first must convince their lender that ... See all stories on this topic

Changes Coming to the Short Sales Program Prescott eNews Well finally Fannie Mae is addressing Short Sales. They are implementing a new short sale policy so here is what your short sale seller has to look forward ... See all stories on this topic

Distressed property boosts sales at SC resort town Myrtle Beach Sun News "There is actually a dangerous trend happening with the decline of regular sellers versus bank-owned property and short sales," Michelle Hallstrom, ... See all stories on this topic

Why a short sale often takes so long Sarasota Herald-Tribune Sometimes short sales bring more cash than foreclosures, and vice-versa. Which one it is depends on a host of factors, not the least of which is whether a ... See all stories on this topic

On the Market: Short sales Los Angeles Times (blog) For more information about HAMP programs, visit Making Home Affordable.gov or call (888) 995-4673. Here are a few of the many short sales on the market. See all stories on this topic

An Alternative to Foreclosure Wall Street Journal By ANNA PRIOR The federal government launched rules earlier this month to help facilitate short sales. But for some homeowners who are unable to complete a ... See all stories on this topic

Housing rebound uncertain Fort Wayne Journal Gazette In addition, Brown said somewhat depressed housing prices might start to rise if foreclosures and short sales ease. In a foreclosure, a lending institution ... See all stories on this topic

Elder-Care Home Foreclosures, Without Warning New York Times (blog) Jeffrey Lai, an administrator of carehomesusa.net, a four-year-old clearinghouse for such properties, said in an interview that short sales — sales based on ... See all stories on this topic

 

Short Sale News and Links

Homeowners Seeking Short Sales For Underwater Mortgage May Get Help From Lenders Red, White, and Blue Press (blog) While many homeowners are just walking away, caring little for their credit score, others are looking to short sell their home. A short sale has been said ... See all stories on this topic

FHA Guidelines and Seasoning Issues no Problem for Short Sale Funding and ... Emailwire (press release) (blog) Real estate investors who work with pre-foreclosures and short sales have become frustrated due to how difficult it is to close short sales and make a ... See all stories on this topic

Short sales spread to a Sacramento apartment complex Sacramento Bee (blog) It's not news in the least that short sales are a routine now in Sacramento's distressed housing market. But we got a report this afternoon of possibly the ... See all stories on this topic

Short sales are killing market values across entire nation St. George Daily Spectrum The most detrimental trend impacting the market currently is the short sale epidemic. The implications have affected market values nationwide. ... See all stories on this topic

The tax burden for short sales may disappear Santa Rosa Press Democrat (blog) by real.estate Short sales have helped some cash-strapped homeowners get rid of one financial burden, only to be hit by a new one. The term “short sale” ... See all stories on this topic

Federal program aims to shorten the short sale process WWSB ABC 7 Banks now have 10 days to accept or deny an offer on a short sale. This could help the real estate market in Florida and get rid of the flood of short sales ... See all stories on this topic

 

Ozarks First

New Program Helping Struggling Homeowners Avoid Foreclo...Ozarks First HAFA is a new program working with homeowners to short sale their home, if there are no other options. There's also compensation to the seller doing the ... See all stories on this topic