Realtor Coaching & Training: harris real estate university
There is no question that after April 5 2010 Short Sales will dominate the market. Why?
Treasury Departments HAFA Guidelines! Read this post for everything you need to know about HAFA.
From the homeowners perspective a short sale is the best solution to rid themselves of their own ‘toxic assets’. For example, here are a few of the changes that will occurs as a result of the new 2010 HAFA Guidelines:
1) Commissions can’t be greater than 6%.
2) Lenders must respond to all short sale offers within 10 days!
3) Lenders can’t pursue the borrower after the short sale (or DIL) for any deficiency. In other words, even in states where mortgages are all recourse…even if its not a purchase money loan…no deficiency.
4) Homeowners will receive up to $1500 at closing!
What matters now is that you take action and learn now how to easily list and sell short sales. 2010 IS the year of the short sale. Agents who know the new ways to list and sell short sales are the agents in demand. Watch the free HREU CDPD (Certified Distressed Property Designation) video and download the FREE Short Sale book.
Big US banks including Bank of America, Wells Fargo, JPMorgan Chase and Citigroup are turning to a new tactic to clear their books of troubled mortgage loans: short sales, in which homeowners settle their debts by selling their properties for less than the mortgage value.
Short sales are expected to climb sharply this year as home values continue to plunge, leaving many borrowers underwater on their mortgages.
As moratoriums on mortgage payments and temporary loan modifications expire, a record 4.3m homes are entering or are in foreclosure, up from 3.4m in 2009. This creates an inventory overhang that will weigh on the housing market. Short sales are a way to help clear the pipeline.
Mark Zandi, chief economist of Moody’s Economy.com, forecasts short sales and another type of transaction – known as a deed-in-lieu, in which the homeowner turns over the deed to a property in lieu of paying the debts – to total 20 per cent of all lost home sales this year, up from 15 per cent last year.
After spending most of the past year focusing on largely ineffective loan modification plans, BofA, Wells Fargo, JPMorgan and other large banks said they were shifting their attention to short sales.
“If 2009 was the year of the loan modification, 2010 will be the year of the short sale,” said Jim Klinge, a real estate broker in San Diego, California.
Some of the largest mortgage servicers are scrambling to make the most of this shift. Wells Fargo is holding seminars to teach real estate brokers how to conduct short sales. Citigroup created a unit to expedite short sales and recently announced a pilot programme that gives home owners who voluntarily turn in their deed to the bank a minimum of $1,000 in relocation expenses.
BofA has hired staff to handle increased volume. “Short sales are growing faster than foreclosures and that’s a new development,” said Matt Vernon, a BofA executivenamed to a position overseeing short sales.
The moves come as the US government prepares to launch a programme in April that encourages homeowners, lenders and investors to complete short sales by providing up to $3,500 in incentives.
www.ft.com/usview
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BREAKING NEWS….
* Strategic Defaults…so-called walk aways..are the rising wild card. 25% off all homeowners with mortgages are now upside down.
* Delinquent 9.47%
* 90 day delinquents…5.09%
* 30 day delinquents..3.63%
* Largest quaterly decline
* In foreclosure 4.58%
* Total number of ALL US HOME Mortgages in trouble: 15%
Agents, the bottom line is…2010 IS the Year of the Short Sale. The number of homeowners in trouble is now at a record rate. Learn how to help those homeowners. Watch the free HREU CDPD Agent Short Sale video and grab your free short sale guide. Learn the new 2010 ways to list and sell short sales.
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Join us for the week’s FREE Superstar Interview featuring:
Valerie Fitzgerald. 
Long time HREU Students will recall that we interviewed Valerie about a year ago. That interview has proven to be one of the most popular interviews ever. Due to popular request we asked Valerie sit down with us again and share her perspectives on the ultra high end real estate market. Valerie’s market is Beverly Hills. Valerie calls many of Hollywood’s best known movie stars and celebrities her clients.
Go here now for all the Superstar Interview Event information <———Important link, click for free event info.
Here are a few of the questions we have prepared for Valerie’s interview:
1. How long have you been selling real estate..if you had to guess, how much in terms of dollar volume have you sold?
2. What are the 2-3 biggest secrets..the most important keys to your long term success?
3. Describe your typical client? Has that client profile changed over the last 36 months?
4. Can you share with us a celebrity real estate story?
5. How do you lead generate…what are your biggest sources for new listings etc?
6. What have you stopped doing…because you realized it was a waste of money or because it no longer worked?
7. In this price range…how important is it that you are using social networking…and being connected online?
8. Are you having to deal with the chronic upside down issue that is effecting most markets? (where the seller owes more than the homes value)
9. Are you experiencing any ‘distressed sellers…or maybe strategic defaults’
10. In this market…are you seeing more clients wanting to move UP in price..or down? How are your clients financing their transactions?
11. With the upper end luxury home market, what are the biggest trends you are experiencing?
12. What effect has the economic collapse had on the buying and selling decisions of your clients?
13. When we spoke last we discussed the fact that there seemed to be a shift away from mass consumerism towards…something else…maybe voluntary simplicity..has this trend continued?
14. How have you changed as a result of the shift in the economy and housing market…personally and professionally? (Reduced or added overhead etc.)
15. Your market is obviously very competitive….when you don’t take a listing…why? What have you found to be the reasons why a seller may choose to list with someone else?
16. What are your biggest challenges..what are your ‘works in progress’?
17. You have been one of the nations leading agents for years…so, you know how to succeed consistently…what have been your biggest real estate career mistakes or mis-steps?
18. If you don’t mind sharing…what are your goals for this year..for your real estate business? What drives you?
19. How do you hold yourself accountable?
20. If someone asks you if they should consider real estate as a career…what do you tell them?
17. You wrote a very popular book….Heart and Sold…your book has received rave reviews…why did you write it?
A little more on Valerie:
We are a Beverly Hills real estate brokerage and are experts in the buying and selling of luxury homes and condominiums.
We represent Buyers and Sellers in all luxury real estate communities including Beverly Hills, Bel Air, Brentwood, Hollywood Hills, Santa Monica, Pacific Palisades,Venice and Malibu.
Our extensive knowledge of luxury real estate and all price ranges will give you confidence when you work with our team that you will make informed decisions in the buying and selling of residential real estate at all times.
Our team is comprised of talented, dedicated administrative and real estate professionals. We have a strong track record of providing quality service and strong local market representation to our Buyers and Sellers in all real estate markets. Contact Valerie Fitzgerald today.
Valerie Fitzgerald has 20 years experience as a leading Los Angeles real estate broker in the Beverly Hills area and surrounding neighborhoods. She’s authored a newly published book by Simon and Schuster called Heart and Sold: How to Survive and Build a Recession-Proof Business, lending practical advice and tools for new and seasoned real estate agents.
Valerie’s awards:
| 2008 Wall Street Journal – Top 200 in Real Estate Nationwide Award |
| 2008 Los Angeles Business Journal – Excellence in Marketing Award |
| 2007 #11 Agent Worldwide – Coldwell Banker |
| 2007 #3 Agent Westside Los Angeles – Coldwell Banker |
| 2007 #4 Agent Southern California – Coldwell Banker |
| 2006 #3 Agent Greater Los Angeles – Coldwell Banker |
| 2006 #4 Agent Worldwide – Coldwell Banker |
| 2005 #1 Agent Beverly Hills – Coldwell Banker |
| 2005 #11 Agent Worldwide – Coldwell Banker out of 117,000 agents |
| 2004 #1 Agent Beverly Hills – Coldwell Banker |
| 2004 Nominated: Women Making a Difference – Los Angeles Business |
| Journal Award, Small Business CEO category |
| 2003 #7 Agent out of 113,000 worldwide – Coldwell Banker |
| 2003 #1 Agent Beverly Hills – Coldwell Banker |
| 2002 #1 Agent Beverly Hills – Coldwell Banker |
| 2002 #6 Agent for All Companies – in US Realtor Magazine |
| 2001 #3 Agent Worldwide- Coldwell Banker/ National |
| 2001 #1 Sales Top Producer – Coldwell Banker/ Beverly Hills |
| 2001 Women of Achievement Award – Big Sister’s Organization Los Angeles |
| 2000 #7 Agent Worldwide – Coldwell Banker/ National |
| 2000 #1 Sales Top Producer – Coldwell Banker/ Beverly Hills |
| 2000 #1 Top Sales Volume LA County – Los Angeles Business Journal |
| 1999 #4 Agent Internationally – Coldwell Banker/ National |
| 1999 #1 Sales Top Producer – Coldwell Banker- Jon Douglas / Beverly Hills |
| 1998 #5 Agent Internationally – Coldwell Banker/ National |
| 1998 #1 Sales Top Producer – Coldwell Banker- Jon Douglas/ Beverly Hills |
| #1 Sales Top Producer – Coldwell Banker- Jon Douglas/ Beverly Hills |
| 1998 “Realtor to the Stars” – Feature July Issue Marie Claire |
| 1997 #1 Sales Top Producer – Coldwell Banker/ Beverly Hills |
| 1997 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1997 Top 100 Sales Associates Nationwide – Prudential California Realty |
| 1996 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1996 #1 Sales Associate – Prudential California Realty |
| 1996 Top 100 Sales Associates Nationwide – Prudential California Realty |
| 1995 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1995 #1 Sales Associate – Prudential California Realty |
| 1995 Distinguished Member – Who’s Who Worldwide |
| 1994 #1 Sales Top Producer – Prudential California Realty |
| 1994 Distinguished Member – Who’s Who Worldwide |
| 1994 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1994 Top 100 Sales Associates Nationwide – Prudential California Realty |
| 1993 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1992 #1 Sales Associate – Prudential California Realty Beverly Hills |
| 1992 #7 Sales Top Producer Nationwide – Prudential California Realty |
| 1992 Largest Residential Trade Transaction in West Side Real Estate History |
| 1992 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1991 Chairman’s Circle Award – Top 1% Real Estate Agents Nationwide |
| 1991 Top 100 Sales Associates Nationwide – Prudential California Realty |
| 1988 Second Largest Purchase – Alvarez, Hyland & Young |
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Great CNBC Video..
Pay attention to what they have to say about strategic defaults….as we have been reporting for nearly 3 years…the housing crisis will linger on (and on) as long as homeowners are upside down…no equity, no incentive to stay.
There is no doubt that 2010 is the year of the short sale. Its not too late for you to become a HREU CDPD (Certified Distressed Property Designation). Watch the FREE Agent Short Sale Secrets video now…and download your FREE Short Sale Book!
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Interesting article from Bankrate.com. Worth sharing with your real estate clients.
Entering 2010, many home sellers feel they’re mired in the winter of their discontent, but there are signs the real estate market is on the mend. Sales activity is up, homebuilders are finally moving inventory and values are rising slightly in many American cities. At year-end 2009, mortgage rates stood at historic lows, spurring a wave of new applications.
But don’t be too jubilant. A recent report by Deutsche Bank estimates that by 2011, about 48 percent of all U.S. mortgages will be underwater. Short sales and foreclosures will continue to put pressure on home prices in 2010 as they work their way through the pipeline slowly. It was apparent in 2009 that lenders were holding back much of their foreclosure inventories and REO, or real estate-owned property, in an effort to keep values up.
Translation: 2010 IS the Year of the Short Sale. Expect the number of approved short sales to skyrocket in 2010-2011. Learn the NEW ways to easily list and sell short sales. Watch the FREE HREU CDPD Short Sale Secrets video now…and grab your FREE Short Sale book.
Meanwhile, housing’s biggest economic driver — the job market — continues to stagnate as average unemployment remains high, at around 10 percent. So it’s no surprise the new year will ring in another buyer’s market, though with far more upside than in 2009. With that as a backdrop, here are 10 real estate tips for homebuyers and owners in 2010.
Tip 1: Take up Uncle Sam on his offer.
The $8,000 first-time homebuyer tax credit program that helped jump-start the real estate market in 2009 has been extended into 2010 and expanded. First-time homebuyers who sign a binding contract to buy a home by April 30, 2010, and close on it by June 30, 2010, qualify. The program’s maximum income limits have jumped from $75,000 to $125,000 for individuals and from $150,000 to $225,000 for couples.
For those who have owned their homes for at least five years and want to trade up to a different primary residence, a separate $6,500 tax credit has been added. Further, many homeowners who are underwater in their real estate loans are eligible for a loan-modification program with their current mortgage company or loan servicer through the Making Home Affordable Program.
The buyers want to imagine themselves in the house for years to come and your excess decor and whatnots only distract from this vision. And don’t get defensive about colors or design patterns or flooring that you love. It’s OK to grit your teeth as you grin. Let your agent be the buffer. Remember, the customers (your buyers) are always right, unless, of course, they’re low-balling you.
Might as well get a piece of that big stimulus pie while it lasts. At some point, the federal government will have to let the toddler walk on its own legs.
That time…is April of this year. Let your buyers know that they must buy now if they want to take advantage of the tax credit…
Tip 2: Find down payment assistance.
There are several down payment assistance programs for first-time homebuyers at the federal and local levels. Other down-payment assistance programs that can piggyback ongoing federal programs are often available at the city, county and state level. Just conduct an Internet search for “down-payment assistance programs” with your locality’s name added.
Tip 3: Make home improvements now.
For households with access to credit, now may be the best time in years to fix up the homestead, either for a potential sale or simply for the sake of better living. Low financing costs, reduced construction materials costs and lower contractor costs make rehabs more affordable. Repairs that typically yield the highest returns are kitchen and bathroom makeovers with an emphasis on counters and cabinets. Get three different estimates. Then, factor in an additional 10 percent for those on-the-fly “change orders” that inevitably crop up. See home improvement strategies and checklists at Homegain.com.
Tip 4: Hire real estate agents and home inspectors wisely.
Now is not the time to hire a friend or relative as your real estate agent, especially with one of the most important transactions of your life on the line in this still-shaky market. You want someone who is well-connected with other agents, lenders and other fellow industry pros. Check credentials, references and recent performance histories.
Translation: only work with agents who know how to do short sales….list and sell REOs. Agents who have the new mindset of service and the needed skillset to be of service and having their best years ever. Its NOT too late for you to become a REO listing agent. Watch the FREE Agent REO Secrets video and download the FREE Agent REO Secrets book.
If you’re hiring an appraiser, make sure he or she is a veteran with at least five years of experience who’s appropriately state-licensed or state-certified. Because of potential conflicts of interest, don’t pick one based solely on a reference from a real estate agent. The same diligence should apply to hiring a home inspector. Conduct reasonably brief phone interviews with at least two or three before you choose.
Tip 5: Price accordingly, sellers.
This should be on every real estate seller’s priority list. In most of the U.S., there are few reasons that a house can’t go under contract in 60 days or less. The listings that generate activity while others gather dust are typically those whose owners have adjusted expectations based on comparably priced homes, or “comps.” That doesn’t mean you should drop your price precipitously on your well-maintained home to undercut the litany of poor-condition foreclosure homes. It just means “price to the present,” not to a fantasy market.
Tip 6: Don’t wait out the recovery.
Yes sellers, housing has been repriced. And by the looks of things, it will take years — even a decade or more — for values to return to their highs of two years ago. That potential loss you’re fretting over may only be on paper, especially if you’ve been in the house awhile. Example: Take a move-in-ready house that appraises for $250,000. Because there’s competing inventory, your agent advises you to take 10 percent off the price. Now you’ll be selling for $225,000. “Ouch,” you might say. But consider that you only paid $175,000 for the place in 2000. So how is a $50,000 profit, a loss? What’s more, if you’re planning to move up in the same or a similar market, you will likely realize that same 10 percent discount on your move-up purchase.
Tip 7: Think long term.
Buyers, don’t settle for “good enough.” Just because you’re getting a bargain doesn’t mean you’re getting a home that suits your long-term needs. Think functionality, neighborhood, location, access to services, highway access, work routes, schools, relatives and mass transit, and not price only. Do your homework, keep a cool head and carefully examine all the options. If you can spare the time, give yourself an extra month or two to make a decision. A house is a habitat first, an investment second.
If you want to take it a step further, you can buy greener (and more expensive) energy-saving products, including solar energy systems, geothermal heat pumps, small wind systems, residential fuel cells and micro-turbine systems, and get 30 percent tax credit with no spending limit on each system, through 2016. Go to EnergyStar.gov’s Federal Tax Credits for Energy Efficiency for a complete summary.
Tip 9: Consider rent-to-own deals.
The current market has driven many former homeowners into rentals, where they have nothing to show for their payments. Rent-to-own or lease-to-own deals allow buyers to “tire-kick” a home for a designated period while paying a higher-than-market rent to buy down an eventual down-payment. This gets renters vested in a home while they repair their credit and also helps frustrated sellers generate an above-market revenue stream. Make sure to draft a very specific contract that spells out all the options.
Tip 10: Don’t take or make it personal.
Our homes have such a personal connection to us that we’re often challenged to turn them back into just plain houses when it’s time for us to sell. It is always best to remove personal effects such as pictures, knickknacks, mementos, trophies, greeting cards and the like before showing a house. (A good agent or home-stager should emphasize this.) There is a rule of thumb that you should count every item in every room of a for-sale home and eliminate or store 50 percent of them.
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This article cites the increasing unemployment rate as the primary culprit for the projected increase in foreclosures later this year…
We suggest that is only part of the picture.
The real drivers in the seemingly never ending foreclosures are:
1) Higher end homes unable to sell because the move up buyers can’t move up…because their homes are upside down.
2) Virtually not financing available for non FHA qualifying mortgages.
3) Massive number of ARMs adjusting and those owners can’t refinance. Why? They are upside down and no programs exist to help them…
As the biggest driver for new foreclosures in 2010:
4) Strategic Defaults. Homeowners making the economic decision to strategically default vs keeping their underwater home. With the advent of the HAFA Guidelines starting in April, expect even more homeowners to bail on their homes….HREU Students, remember…2010 IS the year of the short sale.
Source: LATimes.com
Reporting from Washington – Experts fear that a new wave of foreclosures will hit this year as prolonged unemployment makes it difficult for millions of homeowners to pay their mortgages — and many of them aren’t likely to get much help from a federal program aimed at keeping them in their houses.
Banks participating in the Home Affordable Modification Program, announced a year ago this week by President Obama, have been slow to turn temporarily reduced mortgage payments into permanent ones.
“The overarching sense is that the mortgage modification process has not worked that well,” said Bert Ely, an independent banking consultant.
Obama administration officials acknowledge that the $75-billion program, which offers banks cash incentives to reduce payments, has had growing pains, and they said they were considering revisions to make it more effective.
Still, the program is expected to show continued progress when data from January are released Wednesday after a strong push by Treasury Department officials to get banks to make more of the modifications permanent.
For example, Bank of America Corp., the nation’s largest servicer of mortgages, said Tuesday that it had increased the number of permanent mortgage modifications to 12,700 last month from 3,200 in December. BofA said an additional 13,700 permanent modifications were in their final stage.
But that’s a drop in the bucket considering that BofA holds about 1 million mortgages that are at least 60 days delinquent. About 4 million homeowners nationwide are 90 days or more delinquent on their mortgages or in foreclosure proceedings, according to Moody’s Economy.com, which analyzes data from credit reporting company Equifax Inc.
Trial modifications and other delays have kept many of those mortgages out of foreclosure, but by the end of this year, 2.4 million borrowers are expected to lose their homes, said Celia Chen, a housing economist at Economy.com.
OK, Full stop! Read that number again….2.4 million short sales and foreclosures in 2010. There are expected to be less than 5 million total home sales….that is staggering.
As an agent you simply must know how to do short sales. When this much of the market is dominated by short sales…what choice do you have. Do this, watch the FREE HREU CDPD (Certified Distressed Property Designation) Agent Short Sale Secrets video…then grab the FREE Short Sale Secrets book. <———Go NOW.
That would be up from 2.1 million foreclosures and short sales last year and five times the annual numbers earlier in the decade.
It’s unclear when those distressed properties would hit the market, but their large numbers are likely to push home prices back down this year, to a bottom in the fourth quarter, Chen said. And that would make things worse for the 25% of homeowners who already owe more on their mortgages than their houses are worth.
We have been predicting that 50% of all homes in the US with mortgages would be upside by mod 2010…..and that prediction appears to be coming true.
The biggest blows will be felt in California, Florida, Nevada and other states where home prices have dropped the most and the ranks of struggling homeowners have swelled.
As of December, 11.4% of California homeowners were 90 days or more late on their loans, according to First American CoreLogic, a Santa Ana real estate data firm. That compares with a delinquency rate of 8.4% nationwide.
Despite an increasing number of foreclosure-prevention efforts, lawmakers and community advocates say they haven’t seen enough improvement.
A report last week by Moody’s Investors Service called the Obama administration modification program’s effect “underwhelming.” But administration officials said the program was on track to reduce payments for 3 million to 4 million homeowners through 2012.
As of Dec. 31, the program had helped get 787,231 home loans modified for three months and had helped make an additional 66,465 modifications permanent.
Officials noted that not all homeowners are eligible — the program is only for owner-occupied homes, and excludes a variety of mortgages, including jumbo loans. And the administration continues to make changes, including a requirement added last month that homeowners document their income before a trial modification is granted.
But the program continues to draw criticism. Banks have complained they’ve had trouble getting homeowners to provide the necessary documents. Frustrated homeowners have complained of bureaucratic runarounds from their servicers. Federal watchdog agencies have criticized the program. And last month the chairman of the House Oversight and Government Reform Committee announced an investigation.
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How big is the banks Shadow Inventory?
Huge. There are estimates that call for as many as 14,000,000 foreclosures still to come. The most ‘optimistic’ number that we have heard is that there are 5,000,000 foreclosures waiting to become REOs. Either way, big number.
The wild cards are 1) Loan Mods, will they work…this far, the results have been dubious. 2) Jumbo Mortgage defaults. Jumbo mortgage holders have virtually no re-finance options. New lending standards makes securing a new Jumbo mortgage very difficult. 3) Strategic Defaults. There is clearly a national movement (of sorts) that is gaining momentum. We expect that the new HAFA Guidelines will result in more Short Sales and DILs.
More info for you from wsj.com
More waves of foreclosures will keep downward pressure on home prices in parts of the U.S. over the next several years, two new studies project.
The studies—by John Burns Real Estate Consulting Inc. and Standard & Poor’s Financial Services LLC—both conclude that most efforts to modify loans with easier terms will delay, not prevent, the loss of homes to foreclosure.
The Treasury Department is expected to give its latest update this week on government efforts to avert foreclosures.
We will report this the moment its released…
The John Burns study estimates that five million houses and condominiums on which mortgages are now delinquent will go through foreclosure or related procedures that put them on the market over the next few years. That would represent the bulk of the estimated 7.7 million households behind on their mortgage payments.
This “shadow inventory” of homes expected to hit the market is enough to last about 10 months, based on the average sales rate over the past decade, the Irvine, Calif., firm says.
The problem is largely concentrated in Arizona, California, Florida and Nevada. The shadow inventory is equivalent to 27 months of sales in Orlando, 24 months in Miami and 18 months in Las Vegas, the study estimates.
Over the past nine months, home prices as measured by the S&P/Case-Shiller index have increased modestly after a three-year plunge. That is largely because efforts to avert foreclosures have slowed the flow of foreclosed homes onto the market, temporarily constricting supply.
Translation: More REOs coming to a real estate market near you. Lenders are moving more aggressively towards foreclosures. We will see an increase in ‘friendly foreclosures’ where the lenders offer incentives to do short sales or DILs. Agents, bottom line…learn how to become a REO listing agent. Clearly the largest waves of foreclosures are still coming. Its NOT too late for you to become a REO Listing agent. Watch the FREE Agent REO Secrets video and download the FREE How-to list REOs book.
John Burns, chief executive of the consulting firm, said investor demand for foreclosed homes remained strong. Thus, he said, prices were likely to be about level over the next few years, despite the looming foreclosure supply, if the economy continued to recover and mortgage interest rates didn’t rise sharply. But if the economy slumped anew and interest rates jumped, he said, “that’s going to cause prices to fall further.”
The S&P study also says that the “overhang” of foreclosed homes expected to go on the market points to lower home prices.
Some borrowers are catching up on payments after having their loan terms modified, but S&P says current trends suggest that 70% of such borrowers eventually will redefault.
Loan modifications “may be helping marginally, but they are not going to solve the whole problem,” said Diane Westerback, a managing director at S&P.
Loan servicers, firms that collect payments and handle foreclosures, seem to have “nearly exhausted the supply of plausible candidates for loan modifications” and will find that many loans are “unredeemable,” the S&P study says.
As a result, servicers increasingly are looking to arrange “short sales,” in which homes are sold for less than their loan balances.
That is already happening. Learn the new ways to list and sell short sales. Watch the FREE HREU CDPD Short Sale Secrets video now and download the FREE 2010 Short Sale crash course now.
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