short sale newsEach and every week, there are things going on that impact the short sale business. Sometimes there are big changes to federal and state policies that impact short sale processing and the distressed property world. Other weeks, there is news about government programs for distressed borrowers.

Read below to learn about some of the interesting stuff that went on this week in the distressed property arena:

Debt Relief Act Extension Expected to Bring More Short Sales You probably already heard that the Mortgage Debt Relief Act of 2007 was extended another year as part of those fiscal cliff negotiations that Obama signed off on with his autopen. Well, as a result, there is expected to be a surge of short sales. (Say that three times fast—surge of short sales, surge of short sales, she sells seashells by the seashore…)

More Closed Short Sales in California than Foreclosures If it isn’t enough for us to tell you that short sales are the way of the future, this LA Times article should convince you. Time to take your next short sale listing.

How to Rock Your Next Short Sale Listing Appointment With all of the information from this article, you should be able to get through that next short sale listing appointment without even breaking a sweat.

There’s lots going on in the distressed property arena. And, if you are actively working with ‘distressed’ borrowers, it’s important to keep up with all of the changes in the industry. Sometimes that’s hard, which is why I've provided you with a weekly recap right here.

 

(photo credit)

 

 

Melissa Zavala 
BROKER/REALTOR® ● CA DRE #01324959

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15 Comments on Weekly Short Sale Roundup - Seashells and Short Sales

JAN
19
1,085,377 Points 75 Featured Posts Outside Blog Called Shot Master

Short sales are rocking and rolling in Wisconsin...both with listings and offers...we applaud anyone who takes the time with Short Sales to "get it right"....clap ! Clap !
6:35am • #1
483,353 Points 9 Featured Posts Outside Blog Called Shot Master

I have run across a few on our MLS. I don't think we have that many in our area. Maybe home owners just walk off and let them foreclose. We do have a lot of those. I bet that is it. In any case I am not sure that I want to do a short sale. There are so many horror stories about documents needed and the way too long period to complete a transaction.

For now I think I will just sit back and watch.
7:01am • #2
658,594 Points 11 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I agree that there will be many more short sales. There are still many homes underwater in all areas, but especially in California
8:31am • #3
1,146,051 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Interesting...just when we thought our short sales were dwindling here!  And, I love the autopen comment!  LOL
8:41pm • #4
350,196 Points 8 Featured Posts Outside Blog Called Shot Master

My company just started a short sale division whereby negotiations will be handled by an outside professional short sale company. They claim super high closure rates in apx. 90 days. I'll have to report back after I've used them. Your "she sells seashells by the seashore" line made me laugh because I used to say that all the time when I was a kid.
8:52pm • #5
268,592 Points 3 Featured Posts Outside Blog Attended Rain Camp

There will be more short sales but not because the Mortgage Debt Relief Act was extended. After all, if your house is under water and you have been out of work for an extended period of time, have used up your savings and cannot make your mortgage payment a short sale is still better than a foreclosure. The extension of the Debt Relief Act simply means that you might escape tax liability for forgiven debt. Even without the extension of the Act the inability to make mortgage payments is a reality that would have had to have been faced and dealt with.

 

There will be continued short sale because of the same reason there have been past short sales. Homeowners are upside down and cannot afford their mortgages.
9:33pm • #6
326,309 Points 4 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

Melissa, I feel this will be the best year yet to help homeowners through the short sale process.
10:15pm • #7
1,002,608 Points 117 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Surge of sales, surgero salesm, surgeahlaefoihd . . . yeah, just like in real life ;-)  Great update and unless the equity market returns (and it won't any time soon) we'll have She Melissa sells surge of homes by the sea shore!
11:01pm • #8
1,363,755 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Melissa -  A veritable plethora of short sale information and updates.  No surprise that you're on top of it.
11:24pm • #9
JAN
20
208,446 Points 26 Featured Posts Outside Blog Called Shot Master

half of teh himes in America are under water so short sales will be around for awhile!!
1:35am • #10
2 Featured Posts Hit Router

Hi Melissa:

Really glad to have discovered your short sale wrap.  I have had a home listed for sale since April. Over the course of this listing the owners experienced a dramatic income change and have not made a payment on the house since last fall.  Now we have the house under agreement with a home sale contingency and that's not going very well.  The owners have resigned themselves to foreclosure, but, in your opinion, shouldn't I advise them to contact their lender and inquire about a short sale with debt forgiveness?    What does one ask a lender to open a dialogue?  I look forward to your reply.
3:15am • #11
951,496 Points 95 Featured Posts Outside Blog Attended Rain Camp

Randy (#11): Depending upon the seller's lien holders, there may be a whole bunch of reasons that they should consider short sale. If you want to reach out to me via email or call me, I'd be more than happy to get you started!
6:39am • #12
1,440,268 Points 43 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Melissa, as always you are the encyclopedia of short sales for all of us. . in my area, there is definitely a decrease in short sales.
6:40am • #13
741,635 Points 16 Featured Posts Outside Blog Called Shot Master

Melissa, this is an area where you have to really stay on top of the frequent changes in the law. Thanks for the info.
6:47am • #14
JAN
21
812,874 Points 85 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Thank goodness for the Queen of short sales having her say and recap here for her followers to say yeah more good news!
4:04am • #15

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