Weekly Short Sale News - Improved Timeframes?

By
Real Estate Broker Owner with Broadpoint Properties Cal BRE #01324959

short sale newsEach and every week, there are things going on that impact how short sale agents do their jobs. Some weeks there are big changes to policies that impact short sale processing. Other weeks, there is news about government programs for distressed borrowers.

Here’s a recap of some of the interesting stuff that went on this past week in the distressed property arena:

New Short Sale Bill Address Problems with Second Lien Holders Because we have all seen to much success with short sale time frames improving after Fannie Mae and Freddie Mac changed there requirements (read: tongue in cheek), a Stockton California Representative brings forth another bill that should speed things up with the second lien holders. Do you think it will improve time frames?

Changes to HAMP Are Slow in Coming Reports show that not all servicers were able to embrace the changes to the HAMP program by the deadline of June 1. How will this impact folks doing loan modifications? Read the article to learn more.

What You Can Learn About Short Sales from the Magic 8-Ball The funny and irritating thing about short sales is that there are so many unknowns. Check out this comprehensive list of all of the not-so-concrete parts of the short sale transaction.

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 (especially in the summer when you are thinking that a vacation might be good), which is why we’ve provided you with a weekly recap right here.

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  1. Shannon Coe 08/01/2012 09:55 AM
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Topic:
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Short Sale Specialists & Pre-Foreclosure Education
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Comments 5 New Comment

Rainmaker
1,753,001
Gita Bantwal
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
RE/MAX Centre Realtors

Thank you for the links. I will read them all and #1 is a timely post as I have a new listing with PNC in second position.

July 28, 2012 03:36 PM
Rainmaker
179,517
Tatyana Makarov
Your Greater Hartford Area Realtor
Coldwell Banker Residential Brokerage

Thanks for putting it all together, Melissa,

have a great day.

July 28, 2012 03:45 PM
Rainmaker
325,831
Shannon Milligan, Richmond VA Real Estate Agent
RVA Home Team - Winning with Integrity.
RVA Home Team with Jefferson Properties

Great info on short sales and you are correct...we must keep up with what is happening to best serve our clients!

Have a nice night!

July 28, 2012 05:31 PM
Rainer
18,507
Shellie Alicia Carter
Realty Executives

Thank you for all of the helpful information.  Changes are (and have always been) a part of this industry.   Being able to keep informed and educated about the process is the key.

 

July 28, 2012 06:38 PM
Rainmaker
1,281,011
Joan Cox
Denver Real Estate - Selling One Home at a Time
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373

Melissa, I give you mucho kudos for helping distressed sellers move to their next goal.   This is the toughest part of real estate, and know you have up-to-date information to help all your clients!

July 28, 2012 07:41 PM
Ambassador
1,065,054

Melissa Zavala

Broker, Escondido Real Estate, San Diego County
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Broadpoint Properties