Are Short Sales REO Listings?
If you are in the market to buy a home at a discount, you may be particularly interested in REO listings. These “Real Estate Owned” properties often sell below market value. They are a prime target for investors, house flippers, asset managers, and home buyers looking for a good deal. But there’s sometimes confusion regarding the difference between REO and short sale properties.
Starting February 1, 2013, the Home Affordable Foreclosure Alternatives program (HAFA) will undergo some major changes that will speed up the short sale approval process, which is welcome news to all agents nationwide! One of the major changes is the requirement that servicers must make a decision on a borrower's short sale request within 30 days. Another major update which is certain to speed up the process is the "pre-determined hardship". Borrower's who are 90 days delinquent and have a FICO score under 620 will have a pre-determined hardship. More changes are coming too and we'll keep you posted. For further information visit www.shortsaleagentfinder.com
We would like to welcome and introduce you to a few of our newest featured members!
AJ Yarbrough is from Albuquerque New Mexico who offers complete REO/Asset Management services. AJ has have two years of training and is a member of the Greater Albuquerque Board of Realtors.
We don't love reporting bad news for the housing market, but the facts are the facts. More homeowners want to know how to short sale their homes due to a rising tide in underwater loans. According to Lender Processer Services, 60% of borrowers who are behind on their mortgages in judicial states haven't made a mortgage payment in over 2 years! In non-judicial states, it's 30%. Both are incredibly high numbers. One of the main reasons for this is the banks are advising their clients to modify their loans or attempt a short sale. When a homeowner owes more on their mortgage than their home is worth, working with the best short sale agent in their area will maximize their chances for an approval from the bank. A good Realtor will negotiate with the seller's lender to accept less than what is owed on their loan.
Federal Reserve takes major steps to forestall foreclosure and help homeowners
As the number of foreclosures in the United States of America is spiraling out of control, the Federal Reserve is showing huge concerns for all those underwater homeowners who are losing their homes to the banks and the mortgage lenders. The President of the US, Barack Obama has recently added some more spices to the already existing ‘foreclosure-prevention’ effort with the hope of helping all the unemployed and underwater homeowners so that they could stay in their homes. The goal of Obama is to assist at least 3-4 million homeowners by the end of 2012 and also have their mortgage balances cut down to a level that is in accordance with the current value of homes. The best part is that the Federal Reserve will no more issue any federal money to fund the changes brought about in this particular program for the welfare of the homeowners. Mortgage questions and answers are something that hovers in the minds of the homeowners and if you too are in doubt, read on the concerns of this article.
A sneak-peak into the new guidelines brought in by Obama
Meet Todd Sullivan, a very qualified REO agent in Spokane, WA. You can see his full profile here: http://www.reoindustrydirectory.com/profile/226
Todd has tons of experience working with a large portfolio of asset management companies and banks. His services offered include: Accurate and timely BPOs Occupancy checks & cash for keys Utility transfer & property preservation Repair supervision and follow-up inspections Routine interior and exterior property checks
According to a recent report by AARP, over 3 Million older Americans over the age of 50 are now at risk of losing their homes to foreclosure. Almost 2 Million elderly have already lost their homes since the housing crisis began, and another 3.5 Million are now underwater. The report also states that older Americans are "carrying more mortgage debt than ever before".
CNN explains one of the reasons for this is "older homeowners were often convinced to refinance their mortgages for more than they owed". They are also entagled with toxic subprime loans with attractive rates for the first few years. Of course, as the years have passed and the market has gotten worse, the problem has only been magnified, because now that they are underwater, they can't get out of these troublesome loans.
Nationwide, home values have plunged 34% on average since the bubble burst in 2006, but the biggest drops happened in states that attract retirees like Florida, Nevada, California and Arizona.
We were very Pleased to have James A. Browning, CEO and Founder of REO Institute, present this webinar discussing training on listing Multi-Family and Commercial REOs. You can visit www.reoinstitutecolorado.com for more information about this segment.
If you're interested in listing Multi-Family and commercial properties for the banks, you'll want to join this free webinar on Thursday. Presented by CEO/Founder of The REO Institute and acclaimed author of "How To Work Asset Managers", James A Browning will enlighten your world with information you can't get anywhere else! We're pleased to host this for our valued members. Make sure you register in advance since the webinar is limited to the first 500 agents that register.
Webinar Information (It's Free)
This Thursday June 14th at 1:00 PST.
Hosted by REO Industry Directory
Presented by: James A. Browning, Founder -REO Institute.
Click here to register for the Webinar.