Real Estate Agent with RE/MAX equity group, inc.

This is good news for sellers, for buyers, and for real estate values in general because this will reduce the downward pressure on prices.  It works like this, when banks take long to approve an offer (anything over 72 hours is inappropriate) sellers sit, buyers' walk away, buyer's think they should, and probably they do deserve a lower price on the property for all their waiting and hassling, and uncertainty.  The longer a seller is in their home, when they know they are not getting any cash at closing, the more deferred maintenance that gets put off, and it's just a downward spiral, kept alive by the negative feedback loop. 

Lenders are now getting that, and Lord knows why they had to wait until the Federal Government put some financial incentives behind it! But the real point is-- it is and will continue to get better.  Short Sales will never be as straightforward as a regular sale, without all those complications, BUT the lenders will be responding in a more timely manner and that will help a lot. 

The realtors are continuing to have more and more work expected of them to complete a short sale, and their pretending that the realtors got something out of it.  This is what we got, more work, but they won't beat us up to reduce our commisions but we will still be doing all the short sale negotiations for free.  There may be IRS other multiple liens that a realtor will have to negotiate (it is expected that this work be done for free by the realtor if the seller can't afford to pay an attorney to do so-- and what short seller can).  We will also have to add two more major systems to our businesses.  TWO short sale types HAFA and NON-HAFA short sales, AND the complexity of needing to run some folks through the Loan Mod eligibility and processing before we even get to list the property. 

Banks are tooling up so with help sellers can do their own loan mods or there are companies that have set up to do those for a fee.  However, their are many fraudulent companies, so it is important for sellers to work with their realtor to make sure they don't just get taken for a fee and NO LOAN MOD results.

If you are concerned about or have missed mortgage payments please feel free to visit my webpage dedicated to providing the latest information and resources to distressed or potentiall concerned homeowners and buyers.  What you will find there: free reports and simple questionaires that will allow you to determine which of the new government assistance programs you for which you may qualify.  Please click here  to go directly to that page or feel free to contact me today through my website at





Comments (1)

Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

I really hope what is stated is true.  We could use the help for the sellers.

May 30, 2010 06:47 PM