Check out the latest from Real Estate News Channel. http://wp.me/p1kKvr-dw
Doug and Mark from the Real Estate News Channel reveal the findings of Fitch Ratings that clearly indicate that the key to any Realtor’s success in 2011 will be to embrace short sales and take on as many as you can!
The channel with REOs is the loss severity each the investor experiences when foreclosing on a home. Loss severity is essentially, the percentage of principle the investor will lose through liquidation. The rate of loss severity is expected to increase by 10% in 2011, further motivating investors to look at short sale transactions as a better liquidation strategy.
If you want to get back to what you love about being a Realtor, give our Director of Sales, Steve Pace a call at 949-295-5483 and he will walk you through the process of getting your first transaction in our system. You will be assigned a personal processor for each file, who will serve as your personal assistant in getting the transaction approved and ready to close. You will be automatically updated every time your file is touched in any way and you will not be charged a dime (where allowed by law. Almost every state qualifies for free processing, but verify with Steve.)
We look forward to working with you soon to bring your short sale transactions to a close!
Trent from CSSP
As of June 1st, Fannie Mae is requiring a credit check prior to funding. For many, this requirement is nothing new, as many lenders have been doing this for a long time. However, with the current market conditions as they are, many buyers are riding the wave just north of 620 and one small purchase on a credit card could cost them the loan. Brian and Frank from ThinkBigWorkSmall discussed this a few days ago on their ThinkBigWorkSmall daily and I thought I would post it here for your viewing pleasure.
Trent from Complete Short Sale Processors
From Moody’s: Latest US Treasury Department Shows HAMP experiencing”extremely low conversion rates” (i.e. Not helping that many people.)
Just as we feared (and knew all too well.)
Here’s a little blurb of an article that explains the situtaion:
The most recent Home Affordable Modification Program (HAMP) report released by the U.S. Treasury shows “extremely low conversion rates” from trial to permanent modifications, with success just a 50/50 gamble, according to commentary from Moody’s Investors Service.
As of the end of April, servicers participating in HAMP had converted almost 300,000 permanent modifications. However, they had also canceled 277,640 trial modifications. Moody’s says this represents approximately a 50 percent success rate. The report also shows 3,744 permanent modifications have been canceled.
You can read the rest of the article here .
We have received many questions in regards to the new HAMP/HAFA guidelines and how they affect the use of a third-party processor.
It’s important to note that any official HAMP/HAFA communication from the Treasury Department is being directed to banks/servicers and not the real estate community. As a result, all guidelines regarding the use of 3rd Party Negotiators are directed to banks/servicers.
From this perspective, the initial guidelines from the Treasury Department to the bank/servicer indicated that if they outsourced short sale negotiations/processing to a third-party, the Realtor would be responsible for paying for the service.
On March 12, however, the Treasury Department amended this portion of the guidelines, putting the financial responsibility on the banks/servicers, if the bank/servicer determined to hire a third-party to manage the transaction on their end.
These guidelines do no affect our working relationship with you or business model in any way, including our commitment to not charge a Broker-Owner, Broker or Realtor, on either side of the transaction for the services we offer.
We are in the process of creating a video series on HAMP/HAFA that we will be sending in the near future. However, should you have any questions between now and then, please do not hesitate to contact us.
We are forging a relationship with Think Big Work Small. Back in mid-March, Brian and Frank put the process in motion by throwing a shout out our way. Look for more information and helps to come soon from this partnership!
Click on the screen image to check out the episode for more information. We’re placed right in the middle of the update.
Should you have any questions about our organization, please click on the “Contact Us” tab on our site and fill out the form…or give us a shout!