Category Archives: Short Sale

More Owners Sabotaging Short Sales

Distressed home owners who are unhappy about their home being sold in a short sale are trying to sabotage the sale by purposely damaging the home to make it less appealing and valuable, according to officials with CoreLogic.

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Posted on June 14, 2013 in Short Sale

Short Sales Losing Favor with Lenders?

Lenders may be less inclined to approve short sales due to rising home prices, according to a new report by RealtyTrac.

During the first quarter, short sales posted a 35 percent drop compared to year-ago levels.

“The decrease in short sales was a bit of surprise given that 11 million home owners nationwide still owe more on their homes than they’re worth,” says Daren Blomquist, spokesman for RealtyTrac. “Rising home prices are taking away the incentive for short sales on the part of both home owners and lenders.”

Foreclosure prices are on the rise, increasing 28 percent in the first quarter. The banks may be realizing they won’t necessarily lose a lot more money by letting a home go into foreclosure instead, Blomquist says.

However, foreclosure sales have been plummeting too, reaching their lowest levels since early 2008. Foreclosure sales made up 21 percent of the total market during the first quarter, which is down from 25 percent one year ago, according to RealtyTrac.

Foreclosure sales peaked in early 2009, when they made up 45 percent of all homes sold nationally.

Still, foreclosures are making up the biggest bulk of sales in certain states, such as Georgia (where 35 percent of sales were foreclosures in the first quarter), Illinois (32 percent), and California (30 percent), according to RealtyTrac.

The author of this article is: realtormag.realtor.org  

See the original post at: http://realtormag.realtor.org/daily-news/2013/05/30/short-sales-losing-favor-lenders

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Posted on May 30, 2013 in Short Sale

Short sale experts reveal knowledge behind the industry

short sale

With REO sales making up roughly 11% of total sales, it’s important for Realtors to know the short-sale market well, said Equator Vice President of Certification Ashley Bean, when leading a panel discussion at the REOMAC 2013 Summit & Expo in Dallas.

During the same panel discussion, a number of short sales experts discussed the health of the industry and gave tips to attendees on how to close more sales.

In 2011, the average time it took to complete a short sale was only 108 days, according to Bean. That is a far cry from the 148-day average that came the following year. Now, in 2013, we’ve pushed the time back down slightly, with the average somewhere between 120 and 130 days, the Equator VP said.

Bean added that Arizona, Nevada, Illinois, Michigan and Georgia are the fastest-moving states, which she notes is likely a result of the number of short sales that agents have worked in those markets already, providing them with plenty of experience.

Abel Fregoso, vice president and national field short sale manager for Wells Fargo ($37.21 -0.3%), told the crowd that there is a significant divide between the eastern and the western regions of the country.

The West is in full recovery mode, while the East is still struggling to rebound. But Fregoso warned it may take longer than most people think.

Fregoso explained that in the ‘90s, the last housing downturn, the amount of 30-day delinquencies maxed out at 3.3%. It wasn’t until 13 years later, in 2005, that those numbers leveled out to 1.5%.

However, in the third quarter of 2013, that number crept back up to 11.3% and still remains above 10% in 2013.

“We are starting to see some recovery in some pocket markets,” said Fregoso, although he reminded the crowd that it took 13 years to return to normal last time.

Thirty-three year Realtor at RE/MAX and short sale author, Tim Burrell, advised the crowd to “use the tools you have available in a rising market.”

The panelists also reiterated the importance of detail when submitting a short sale offer. Make sure everything is consistent with the paperwork, advised Burrell.

Finally, Fregoso discussed how agents can increase short sales. It’s all about how the seller perceives you, Fregoso explained.

“When you meet with these potential sellers, you want to make sure you have their best interest at heart,” he said, adding that its important for agents to be seen as a resolution expert.

Additionally, all panelists encouraged the crowd of agents and brokers to educate themselves and stay up to speed on the ever-changing short sale market. Knowledge is power, they noted, and it’s crucial to stay in the loop on what banks are doing at any given time.

The author of this article is: Megan Hopkins

 See the original post at: http://www.housingwire.com/news/2013/04/09/short-sale-experts-reveal-knowledge-behind-industry

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Posted on April 12, 2013 in Short Sale

Are Foreclosures a Better Buy Than Short Sales?

Consumers may find buying a bank-owned home better than buying a short sale. Increasing REO inventory, deeper discounts, and shorter times to close can make foreclosures a more attractive option to home buyers, according to new data from RealtyTrac.

The average sales price of a bank-owned home is at least 30 percent below the average sales price of a non-distressed home, according to RealtyTrac’s analysis.

RealtyTrac identified some of the following best markets to buy bank-owned homes:

Cleveland

Average REO sales price: $57,782

Percent below average non-distressed sales price: 56 percent

Dayton, Ohio

Average REO sales price: $50,579

Percent below average non-distressed sales price: 57

Charlotte, N.C.

Average REO sales price: $111,260

Percent below average non-distressed sales price: 43

Columbus, Ohio

Average REO sales price: $87,994

Percent below average non-distressed sales price: 48

Palm Bay, Fla.

Average REO sales price: $87,018

Percent below average non-distressed sales price: 39

Winston-Salem, N.C.

Average REO sales price: $72,356

Percent below average non-distressed sales price: 49

Daytona Beach, Fla.

Average REO sales price: $88,012

Percent below average non-distressed sales price: 33

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/03/08/are-foreclosures-better-buy-short-sales

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Posted on March 7, 2013 in Short Sale

JPMorgan Chase VP: Short Sales in 30 Days or Less

JP Morgan Chase is setting out to close short sales in less than 30 days, Bill Carr, vice president of short sales, told participants in a recent HousingWire webinar, “Short Sale Process with Chase Bank.”

“We are doing everything we can to avoid foreclosure,” Carr said.

Carr said the bank is using initiatives such as the Short Sale Accelerator Program to offer cash to borrowers to complete short sales, over letting the home fall into foreclosure.

Carr said during the webinar that the company was looking to recruit more qualified short sale agents to handle the large number of “preapproved buyers waiting” to buy these homes.

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/03/06/jpmorgan-chase-vp-short-sales-in-30-days-or-less

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Posted on March 6, 2013 in Short Sale

RPR Teams With Fannie to Speed Short Sales

The REALTOR Property Resource® has announced a new partnership with mortgage giant Fannie Mae aimed at increasing the efficiency in the short sale approval process for real estate professionals and their clients. The goal is to reduce the time for real estate professionals to both bring distressed properties to the market and close on the sale of these properties, says Dale L. Ross, CEO of the REALTORS Property Resource®.

The partnership includes an expansion of the existing REO listing information available to real estate professionals in the RPR Application. It also will include new specialized training options.

“In markets where the Multiple Listing Service agrees to partner with RPR and Fannie Mae, REALTORS® will have access to information, tools, and training to assist in identifying and expediting a Fannie Mae short sale,” Ross says. “Fannie Mae and RPR will also be providing REALTORS® with data and training on Fannie Mae’s short sales and recommended list prices. This partnership will also serve to create broad exposure for Fannie Mae training content and REO listings through the RPR site.”

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/02/27/rpr-teams-fannie-speed-short-sales

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Posted on February 27, 2013 in Short Sale

4 Big Short Sales Hang-ups

Short sales are increasing this year, and these transactions can take up to three times longer than a traditional transaction. A lot can go wrong in that timeframe. These are the most common delays, according to a recent article by George “Gee” Dunsten, a real estate broker and president of Gee Dunsten Seminars, at RISMedia.

  1. Title issues: Be sure to do a title exam at the beginning in order to identify all individuals on the deed and mortgages, and determine all lien holders.
  2. Lack of communication with the lender: Lost documents and misunderstandings commonly cause delays. Make it a habit to follow up with the mortgage servicer twice a week to avoid unnecessary delays.
  3. Delaying the start: Some short sales have not even begun until a contract to purchase has been initiated. But this could add up to two extra months to the process. The lender won’t even look at a buyer contract until a seller candidate for a short sale is approved and the market value has been determined, Dunsten writes.
  4. Incomplete packages: Make sure you carefully submit all the documents completely and accurately. Submitting incomplete packages is another common culprit of delays. All home owner financial information will need to be kept current and forwarded to the servicer every 30 days, Dunsten writes.

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/02/21/4-big-short-sales-hang-ups

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Posted on February 21, 2013 in Short Sale

Short Sale Process Cut in Half or More, Freddie Mac Says

Short sales are getting much shorter, Freddie Mac says. The mortgage giant launched a Freddie Mac Standard Short Sale program on Nov. 1 that sought to speed up the short sale process and make it easier and more transparent.

“We estimate that the time to complete a short sale will decrease by approximately 50 percent to 75 percent,” as a result of the changes, writes Tracy Mooney, Freddie Mac’s EVP in a recent blog post.

Among the changes that took effect Nov. 1, 2012:

  • Mortgage servicers have 30 days to make a decision on a short sale once they receive an application. If they need to negotiate with a third party, they have 30 additional days. A final decision on the short sale must be made within 60 days.
  • Mortgage servicers are required to acknowledge they received the short sale application within three days of submission. Servicers must provide weekly status updates if they end up needing more time to review the application past the initial 30-day period.
  • Mortgage servicers have authority now to approve short sales when qualifying financial hardships for home owners who are past due or current on their mortgage payments.
  • Mortgage servicers are also now able to approve short sales without seeking a separate review by the mortgage insurance company.
  • Following a short sale, home owners may be able to qualify for up to $3,000 in relocation assistance.

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/01/23/short-sale-process-cut-in-half-or-more-freddie-mac-says

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Posted on January 23, 2013 in Short Sale

Short Sales Hit Record High, Fannie and Freddie Report

Short sales reached a record number in the third quarter of 2012 for Fannie Mae and Freddie Mac-backed loans, according to the Federal Housing Finance Agency, the mortgage giants’ regulator.

Short sales and deeds-in-lieu of foreclosure were up 23 percent from a year ago, totaling 37,966 for the third quarter, FHFA reports.

In June, Fannie and Freddie had implemented new timelines to speed up the review and approval of short sales.

Meanwhile, Fannie and Freddie’s inventories of REO homes is dropping, down 13 percent from a year ago. What’s more, REO inventories are down nearly 36 percent from the peak reached in September 2010.

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2013/01/08/short-sales-hit-record-high-fannie-and-freddie-report

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Posted on January 8, 2013 in Short Sale

Why Short Sales Can Still So Easily Fall Apart

While the number of short sales has surged in recent years, closing on such transactions still poses plenty of challenges along the way that can threaten to derail the deal.

Real estate professionals told the Los Angeles Times that negotiations remain a sticking point in these transactions because sellers can agree to any amount on a home sale but it’s the lender who ultimately has the final say. Compounding the issue, many lenders also are still reluctant to even discuss a short sale with a seller until a purchase contract is in place.

“That means the buyer who makes the first offer is a guinea pig, because nobody knows whether the lender will even accept a short-sale offer,” the Los Angeles Times reports.

Sometimes short sales are listed at a “ridiculously low price” to start getting offers in and to begin the negotiations with the lender, according to the National Association of Exclusive Buyer Agents. But even if a lender initially approves a short sale, it’s not fully binding yet and the lender can still easily back out of the transaction, NAEBA reports.

Another big hurdle agents report with short sales is that once lenders do approve a short sale, they tend to require it to close within a short time frame. But that short time may not provide enough time to the buyer to have the home examined by a home inspector.

Some buyers, therefore, may opt to have an inspection done on the home prior to a lender’s approval of the short sale. However, if the lender rejects the offer, the buyer could lose the money they paid for any inspections. Buyers also could lose the upfront money they spent on credit reports, application fees, and the appraisal if the lender later drops out of the deal.

 

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2012/10/31/why-short-sales-can-still-so-easily-fall-apart

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Posted on November 1, 2012 in Short Sale