Quick reminder…

You can listen NOW to the FREE REPLAY of the HREU CDPD (Certified Distressed Property Designation) Agent Short Sale Secrets event..

LISTEN NOW, CLICK THIS LINK NOW…

Teleconference and Webinar Info.

You are about to hear directly from 4 of the nation’s leading short sale expert agents…a little background on our experts:

1) 2 agents from California who earned over $1,000,000 last year alone from short sales. The best part…just 3 years ago they hadn’t ever closed a single short sale…and last year they closed over 100!

next you will meet….

2) A couple from Florida who are tracking to sell 100+ short sales in 2010. They have developed many creative proven systems for generating dozens of ‘come list me’ short sale listings.

Don’t worry…we won’t waste your time. We are giving you the exact information that you must have now to be part of what we are calling…

‘2010, The Year Of The Short Sale’

Listen, I know that you may have attended an office meeting about short sales…or even taken a short sale training class or two…Listen to the FREE REPLAY now and we will give you the latest information about short sales…

Emergency HREU CDPD Agent Short Sale Secrets Event Info. <——-Click NOW.

Everything you think you know about short sales is about to change. In April of THIS YEAR…new national Treasury Department Short Sale Guidelines will be in place. Most of the nation’s largest lenders will be following these new guidelines…

…what does this mean to you?

Simple, as we have been advocating since early 2007..the streamlined, fast close short sale is coming. You need to get into action to cash in on the explosion in short sales that is happening NOW.

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As we reported on the blog yesterday..the Obama administration is now coming out with a stream-lined national standard for short sales!

Take action now…join us for this week’s FREE Harris Real Estate University CDPD Agent Short Sale Secrets Teleconference.(or webinar) This Thursday Feb 11th at 12:00nn PST, 3:00pm EST……while you are thinking about it click the link for all the event info:

Emergency Agent Short Sale Secrets Event Info

This is the event where you will learn all of the must-know-now short sale info..If this call is anything like the last one.. this teleconference will be completely full. 100% of the spots will be taken.Because you are getting this message…your ’seat’ has been reserved.Now, click here for all the call in info:
Emergency Agent Short Sale Secrets Event Info <——Go Here Now.If you’re market is anything like mine nearly every home for sale is a ‘Short Sale’ listing. Now, you will learn exactly how to:

1)    Plug and Play marketing ideas to easily list short sales.

2)    Assemble a Perfect ‘Package’ that gets accepted nearly every time.

3)    Communicate with the lenders and get them to call you back.

4)    Step-by-Step how to do short sales, how to get started now.

5)    Plus, many more secrets revealed.

6)    How the NEW Obama Housing Plan will make short sales even better, easier, quicker!

Before its too late……

Click here NOW for all the call in info:
Emergency Agent Short Sale Secrets Event Info <——-Important Link.

Speak with you soon,
Tim and Julie Harris

Harris Real Estate University

HREU CDPD

P.S. This is not a ‘fluff call’. We respect your time and will be
giving you the information you must have to cash in on the Short
Sale listings explosion that is taking place now.

P.P.S. This call is taking place THIS THURSDAY Feb 11th at 12:00 pm PST, 1:00 pm MTN, 2:00pm CTR, 3 pm EST. Here is the info you need now to attend this weeks call:

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Seth Wheeler, Senior Advisor to the Treasury Department discussing the Obama Administration’s Home Affordable Modification Program, which isn’t working at the level needed or intended, indicated that the Obama Administration may be shifting focus from modifications to another program which simply gets troubled borrowers out of their homes as quickly and cleanly as possible.

In other words, Short Sales are the solution.

Wheeler told ASF members and guests, “Short sales, deeds in lieu are other ways to prevent foreclosures to help achieve stability [in housing],”  “Modifications are only for a certain subset of distressed homeowners.” Translation: not many want to mod their loans or can mod their loans.

As you will recall last November  the Treasury launched the Home Affordable Foreclosure Alternatives program which specifically targets short sales and deeds in lieu of foreclosure.

Watch the video about HAFA Now.

So, here is how it works….’troubled borrowers’ are sent to the HAMP program first. In other words, the first thing the lenders will do is offer mortgage loan modification. Next, if the borrower can’t or won’t do a loan mod…then…they are directed to the HAFA program. Here are the details of this process:

Servicers must consider possible HAMP eligible borrowers for HAFA within 30 calendar days of the date the borrower:

- Does not qualify for a Trial Period Plan;

- Does not successfully complete a Trial Period Plan;

- Is delinquent on a HAMP modification by missing at least two consecutive payments; or

- Requests a short sale or DIL. This last point is interesting. You need to be aware that when your client calls their lender and the lender attempts to ‘force’ them to their loan mod department under these new guidelines the borrower can request to go directly to the short sale department. Kind-a confusing but, you get the idea.

Here is what you need to know about HAFA. Remember, the video that we created for you last year about HAFA is HERE.

- The HAFA program offers incentives in this program “upon successful completion of the short sale” or Deed in Lieu.

- Borrower receives  relocation assistance of $1500.

- Servicer incentive of $1000 to cover administrative and processing costs and investor reimbursement of $1000 for subordinate lien releases. That’s when the investor allows up to $3000 in short sale proceeds to go to subordinate lien holders.

- Participating lenders can NOT pursue a deficiency judgment post short sale (or DIL) closing. This will be the end to all the mickey-mouse lenders try to get borrowers to agree to post closing. Like, paybacks.

Bottom line, expect the HAFA program to be front and center starting this April once the new guidelines are in full effect. Its our believe that these new guidelines will usher in what we have been advocating for years…the streamlined short sale! Agents, 2010 IS the year of the short sale. Watch the FREE Harris Real Estate University Agent Short Sale Secrets CDPD video and download the FREE book NOW.

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HREU Students, in case you didn’t hear about this new..temporary program…listen up…

When your buyers buy a Fannie Mae owned REO (becoming a majority of the REOs) they will receive a 3.5% kick back designed to cover their closing costs. This is IN ADDITION to the ‘home buyer tax credit’ that expires in April 2010. Remember, FHA buyers can also have the seller contribute 3.5% toward their DOWN PAYMENT. This effectively makes it possible for buyers to buy with no money down.

(HREU REO Listing Agents..with Fannie Mae Assets….be sure to market your REO Assets as ‘No Closing Costs..etc’.)

Bottom line, know about these programs. They are all set to expire in late spring of 2010. As we have been reporting on this blog..the first half of 2010 will have a significantly stronger housing market vs the second half. Do whatever it takes to position your real estate clients to take advantage of these government programs before they expire.

We don’t necessarily agree that its a ‘great time to buy’…nor do we agree that everyone should own a home.

But, if your buyers are qualified..have a long term ownership horizon (they want to keep the home long term so short term value fluctuations are less meaningful)…the combination of these limited time government programs and low interest rates really does present a compelling case for buying NOW. Be sure to share this information with your clients.

Source: DSNews.com

Fannie Mae will now cover the closing costs on purchases of its REO homes – an incentive the GSE hopes will help it pare down a bloated supply of repossessed foreclosed properties.

The nation’s largest mortgage financier has announced a temporary seller-assistance program under which people purchasing a property through HomePath, Fannie Mae’s REO disposition operation, will receive up to 3.5 percent of the final sales price, which can be applied toward closing costs or used to purchase appliances for their new home.

The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010, the company said. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, with as little as 3 percent down.

Recent data from Fannie Mae show an increase in the acquisition of foreclosed properties and an escalating rate of seriously delinquent loans, which means even larger volumes of REOs could be coming down the pipeline.

Furthermore, Fannie Mae’s monthly summary shows significant growth in seriously delinquent single-family mortgages held or guaranteed by the company. Up from 2.13 percent in November 2008, loans three or more months behind in payments or in the foreclosure process soared to 5.29 percent in November 2009.

Agents, read that again. Fannie Mae is experiencing staggering increases in delinquent loans. (maybe…just maybe…if they required greater down payments and more ’skin in the game’ from the buyers there would be fewer foreclosures but, I digress). Bottom line to you…learn how to become a REO listing agent. REOs (and short sales) are the market. You know this.

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. <——–Click to watch video NOW.

According to the GSE’s most recent quarterly filing, Fannie Mae acquired 98,428 homes through foreclosure during the first nine months of last year and sold 89,691 REO properties during the same period. But at the end of September, Fannie Mae still had 72,275 REO properties on its books, marking a 7 percent increase year-over-year.

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You are invited to attend this week’s FREE HREU Friday Superstar Interview.

The topic of this weeks event is….

5 Secrets Of Harris Real Estate University Superstars.

Julie and I will present to you the 5 most significant qualities that separate the top HREU students from ordinary agents.

Here is the info for your schedule:

EVENT: Super Star Interview
DATE & TIME: Friday, February 5th at 9:00am Pacific
FORMAT: Simulcast! (Attend via Phone or Webcast — it’s your choice)
TO ATTEND THIS EVENT, CLICK THIS LINK NOW…
http://www.AttendThisEvent.com/?eventid=10734411

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One of our favorite monthly reads is the California Association of Realtors monthly magazine.

They do an excellent job balancing current trends with future looking content.

Speaking of content and balance…

We have been asked to recommend several California based Harris Real Estate University students for an upcoming story.

The topic of the article will be on time management and balance.

If you think this is a fit for you…drop me a quick email and I will put you in touch:

Tim@HarrisRealEstateUniveristy.com

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New Emerging story that will certainly rock the real estate world…

We have verified the facts of this new ’secret program’ are would be happy to share this information with anyone. (CNBC…)

Over the last 90 days we have been hearing from Harris Real Estate Coaching students that banks are now extending opportunities to REINSTATE mortgages loans…after a foreclosure…to the former homeowners!

You read that right….homeowner ‘loses’ their home to foreclosure. Legally, its no longer their home. Home is legally in the hands of the bank. In the past…after the homeowner loses the home in a foreclosure sale….they move out…afterall, its no longer their home..home becomes a REO listing.

Now, homeowners are being offered the opportunity to stay in their home…reinstate their mortgage reflecting the value as established at the foreclosure sale. New mortgage terms, market interest rates.

It seems that this new ’secret’ program is being tested in many major markets across the US. The former homeowner is now able to REINSTATE their mortgage…at the new value as established by the foreclosure sale. In other words, the negative equity is gone…the second mortgage is gone….back property taxes paid off…back HOA fees gone.  Their new mortgage amount IS the amount the lender paid at the foreclosure sale!

I want you to think about that for a moment. This means that even AFTER a homeowner missed payments…loses the home to foreclosure…that they can now IMMEDIATELY secure another loan for the homes current market value. WOW!

Consider this, 25% of all homeowners with mortgages are upside down by at least 10%…..10% of all homeowners with mortgages are upside down by at least 25%. HREU Students know that this trend of underwater homeowners will increase before it levels off. There are 50,000,000 mortgages in the US….as of today…6,000,000 aren’t ‘performing’. In other words, homeowners aren’t paying their mortgages!

What happens when all of these millions of upside down homeowners  discover that they can have their negative equity wiped out….secure a new mortgage…and keep their home…if they let it go into foreclosure?

Let me know what you think about this…

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