Must Read For All Short Sale REALTORS

Midori: I think that I commented on that post. While it is good news, it seems that nobody has told the banks about it yet. I was speaking with the President's Office at Countrywide (now B of A), and my contact was completely unaware of any changes. Hummmmmm.

What changes? I haven't hear of any either and I work alot with Countrywide.

Midori --- this is great information.  Thanks for sharing. I have printed out the information.

I think the memo from the administration should have included specific time frames from date of offer being submitted to bank to date of acceptance or denial of that said offer.  I also think that commission should be set at 6%, or possibly 5%-no less for the amount of work involved in Short Sales so that there is even more uniformity across the nation, across the boards, etc.

Midori-Thanks for sharing this great information

Great info- thanks for sharing.

Good morning Ma'am,

This is the first that I have heard of these guys.  They do give a lot of information and interesting to listen to.  Thanks for sharing.

Thanks Midori...we know and are still applauding ANY effort to make this a better option and one better understood, better uttilized....shorter, easier...user friendly...o matter what side of the political fence you sit on...this has to be a welcome change !

Maybe this will help or maybe not. I am still avoiding short sales like the plague. Thanks goodness my area doesn't have that many.

I am very interested in learning how to properly do short sales. A lot of home owners still can't afford their loan modifications. They will eventually need a short sale. Having a standardized short sale process, will make it easier for us agents to help these people.

I hope this is something that most if not all banks will comply with.

I am doing a short sale with EMC and they informed me that they have a 30 day listing period at whatever amount is owed on the home.  That is really such an insance requirement, especially when we as Realtors know that there is know way the home will even get showings at that price.  What a huge waste of time.

Anyway, I hope this at least works out a lot of the kinks that we have to contend with.