Short sales
VARbuzz: In the News: short sales, short sales, short sales
Yesterday we told you about banks beginning to offer cash and principal reductions for delinquent homeowners to do short sales rather than go into foreclosure. It seems like short sales are getting more and more press all of a sudden.
Earlier this week Freddie Mac said it will begin to offer larger incentives for mortgage servicers to complete short sales, as part of the Home Affordable Foreclosure Alternatives program. (HAFA is designed for homeowners who are in trouble, but who don’t qualify for a loan modification. It’s goal is to get them and their lenders to do short sales.)
“Borrowers and servicers may receive incentives for successfully closing a HAFA Short Sale or HAFA Deed-in-Lieu,” says Freddie. And soon those incentives will increase. By how much? To whom? Freddie hasn’t said. But the message is clear: Short sales are better than foreclosures.
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VARbuzz: Banks suddenly getting it: Short sales are better than foreclosures
You can almost see the light bulbs above their collective heads — banks, it seems, are beginning to realize that it’s better for everyone (especially them) to do a short sale than to foreclose on a homeowner.
That’s what this Bloomberg story is all about.
Now banks have decided the deals [short sales] are faster and less costly than foreclosures, which have slowed in response to regulatory probes of abusive practices. Banks are nudging potential sellers by pre-approving deals, streamlining the closing process, forgoing their right to pursue unpaid debt and in some cases providing large cash incentives.
Those are the words of Bill Fricke, senior credit officer for Moody’s Investors Service. His point: If lenders can’t fast-track their foreclosures, short sales are a better option. Imagine that.
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BREAKING: Disclosure forms for MARS transactions now available
Negotiations between NAR and the Federal Trade Commission over the MARS Rule have not yet produced the desired exemptions for Real Estate Professionals.
The MARS Rule remains in effect. (See earlier article HERE) (excerpt below)
If you work with clients who are doing short sales, thinking about short sales, or who you believe should be thinking about short sales, the Federal Trade Commission might be interested in you. You might not realize you're engaging in what's considered mortgage-relief counseling -- when you cross the line from helping someone do a short sale to giving them advice about it.
Short Sales/Foreclosure (SFR Certification) Class - Warrenton
Designed for real estate professionals at all experience levels, this class leads to the National Association of REALTORS® (NAR) Short Sales and Foreclosure Resource certification. More information can be found at www.VARealtor.com/SFR. This class is approved for 8 Hours Real Estate Related for CE; 8 Hours Elective for PL.
Short Sales/Foreclosure (SFR Certification) Class - Woodbridge
Designed for real estate professionals at all experience levels, this class leads to the National Association of REALTORS® (NAR) Short Sales and Foreclosure Resource certification. More information can be found at www.VARealtor.com/SFR. This class is approved for 8 Hours Real Estate Related for CE; 8 Hours Elective for PL.
Short Sales/Foreclosure (SFR Certification) Class - Hartfield, VA
Designed for real estate professionals at all experience levels, this class leads to the National Association of REALTORS® (NAR) Short Sales and Foreclosure Resource certification. More information can be found at www.VARealtor.com/SFR. This class is approved for 8 Hours Real Estate Related for CE; 8 Hours Elective for PL.
Short Sales/Foreclosure (SFR Certification) Class - Colonial Heights
Designed for real estate professionals at all experience levels, this class leads to the National Association of REALTORS® (NAR) Short Sales and Foreclosure Resource certification. More information can be found at www.VARealtor.com/SFR. This class is approved for 8 Hours Real Estate Related for CE; 8 Hours Elective for PL.
Short Sales/Foreclosure (SFR Certification) Class - Leesburg
Designed for real estate professionals at all experience levels, this class leads to the National Association of REALTORS® (NAR) Short Sales and Foreclosure Resource certification. More information can be found at www.VARealtor.com/SFR. This class is approved for 8 Hours Real Estate Related for CE; 8 Hours Elective for PL.