Short sales. Everyone’s talking about them. Everyone knows they’re going to pull the housing market back. Even Washington has come around.
But does anyone really know how to do a short sale? Sure you could run to a professional short sale agent, but how would you even know what to look for?
To really get the most out of your short sale deal, you need to be as informed as you can be. So check out my list of the top 7 things you need to keep in mind. Continue reading “Short Sale Tips Part 1″
The Home Affordable Foreclosure Alternatives (HAFA) is a new government funded program that is geared to helping out people who are unsuccessfully trying to sell their homes. The Obama administration put this together with the hopes of revitalizing the housing market. The way the program works is the sellers receive pre-approved short sale terms before they list the property. Additionally they are no longer liable for the first mortgage and can for receive up to a $1,500 loan for relocation assistance. While it sounds simple on the surface, there are a lot of nuances and rules that apply as well. Continue reading “HAFA Explained”
What is a legitimate hardship is a question we are asked frequently. So we thought it would be useful to put together a list of most common circumstances that banks consider to be legitimate hardship. Continue reading “15 Ways To Prove Hardship In A Short Sale”
The topic of a strategic default is a hot one, no doubt about it. What happens when a strategic default takes on a form of a short sale? I do not intend to make this an in-depth discussion of all aspects of strategic defaults. Neither do I wish to debate the moral issues surrounding a home owner voluntarily walking away from their mortgage while they can still afford to make the payment. For all who are interested in the detail please read Understanding Strategic Defaults by Alan Glass of Los Angeles based ASG Real Estate. For a more general overview check out the wikipedia entry here. Continue reading “Strategic (Short Sale) Default”
Below is a list of best practices used by most successful professionals handling short sale negotiations. These are essential items everyone involved in negotiating short sales must practice and observe.
Turning Leaf Advisors, LLC (TLA), a loss mitigation firm that provides help for individuals and families facing foreclosure has created the “Done for You Negotiations”® program. This exciting new model is available for real estate brokers and agents that have Short Sale listings that need to be negotiated with the bank. TLA and its “Done for You” model will comply with all individual state regulations and licensing requirements pertaining to negotiating short sales. TLA has increased its capacity to negotiate short sales as 2010 is going to bring an unprecedented amount of new short sale listings for real estate professionals. Continue reading “Done For You Negotiations”
Our new and improved short sale package is up on turn-leaf.net.
Some key updates include:
Even more user-friendly clear layout
Editable fields for paperless implementation
DOWNLOAD OUR SHORT SALE PACKAGE
Here at TLA we encourage environmentally conscious business practices and we lead the industry by example. Much like our software, shortsalebuilder.com our negotiation process is paperless from start to finish.
All economic factors indicate an onset of a storm that will dwarf what we have observed in 2009. The foreclosure barometer doesn’t lie as clock on the bulk of the option arms is ticking away. The general concession in the industry is such that a much bigger wave of defaults coming in 2010. Government’s most ambitious effort to prevent foreclosure with a loan modification program as been largely ineffective. That program, however, has been a disappointment at best for a number of reasons. Borrowers who complete three reduced loan payments are eligible for a permanent modification that reduces their monthly payment for up to five years. However, fewer than 5% of program participants have successfully gone through the process. Without a doubt the above statistic helps make the case for banks to embrace the short sale. Continue reading “Short Sale Legislation and Our 2010 Outlook”
