Lets face it we live in the information predicted along time ago. As soon as someone figures something out its "posted" on the world wide web and if we are not careful we might just learn something new. So some new information that I learned yesterday was that short sales will be eliminated as a result of the bail-out. It'll be interesting to follow this possibility and see what happens. From the other posts on Activerain and other sources fellow agents make a good case for this to take place. The premise for the end of short sales is that banks will be motivated to modify folks loans who have run into tough times. In 06" my colleagues and I were asking ourselves why more banks were not doing this. I guess now they will have the motivation to start to work out some of these troubled loans.
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"The Gateway Home Team" of RE/MAX Alliance - Collinsville, IL
Owens, Broker/Owner
I have a guy right now that his bank refuses to work with him at all! With his late fees and past due payments they wanted 6,000. He had 4,000 and the wouldn't even take that. I can't convince him to go ahead and get it on the market for a quick sale. He has enough equity and they have even wrapped a lot of land into the same loan. I feel really sorry for him but he just gave up.
Sep 29, 2008 04:34 AM
Real E Smarter - Spokane, WA
Real E Smarter Real Estate Coach - 509-362-1966
I think we are all waiting to see how these changes will actually play out for the people. I hope for the good.
Sep 29, 2008 04:36 AM
Pacific Sotheby's international Realty - Newport Beach, CA
Realtor
Tammy-that is exactly the situation that does not make any sense. I wonder what eles could be going on in your clients life that would distract him from moving forward.
Ross-I'm sure we will get the answer first right here on Activerain.
Sep 29, 2008 05:11 AM
Better Homes and Gardens Mason-McDuffie Real Estate - Sacramento, CA
GRI, SFR, CDPE
I have no idea what this bailout is going to do for the homeowner who is currently in trouble with their loan. I think we are still going to see more foreclosures even after all the the changes... Just my opinion.
Sep 29, 2008 07:01 AM
Pacific Sotheby's international Realty - Newport Beach, CA
Realtor
Bonita no doubt about the foreclosures: its the short sales that might get fixed.
Sep 29, 2008 07:34 AM
Huntington Beach, CA
The short sale is not finished.
US Mortgage Modification caters towards real estate agents and mortgage brokers, and has a professional team in place to handle the short sale and loan modification negotiations. US Mortgage Modification submits disclosure paperwork above and beyond what is required, has the best interests for not only the agents involved but the sellers as well and employs special tactics to get your properties from "cold" to "sold"!
Sep 29, 2008 08:33 AM
Better Homes and Gardens Mason-McDuffie Real Estate - Sacramento, CA
GRI, SFR, CDPE
Do you really think they will be willing and or able to modify all those loans ready to go bad?
Sep 29, 2008 09:30 AM
RE/MAX SUBURBAN - Libertyville, IL
SFR, e-PRO, CDPE
Thanks for the post Scott,
It will be very interesting to see how everything shakes out.
Oct 01, 2008 09:15 AM
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate
Scott - This may help some for sure but there are others that have gotten in WAY over their heads and a rate adjustment won't be enough to help. It will be interesting to see how this all shakes out.
Oct 03, 2008 12:13 AM
Rainmaker
57,854
57,854
Scott Barr
Realtor
Service Areas
Comments(9)