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Short Sale Update 6-10-10
Posted on 10. Jun, 2010 by ctlms in Foreclosures, Real Estate, Short Sale
Well it has been quite a while since my last post. We have been very busy with all the short sale files we have and I just have not had the time to blog.
Notice my Blog is now Part of our new website and short sale processing system. They are no longer separate sites.
There have been a few changes in the industry since my last post. Kinda..
The new HAFA program for short sales has been in effect since early April and I have to say that of the over 60 active files I have, only 1 has qualified for that program so far.
As of Tuesday June 1 Fannie Mae and Freddie Mac loans now qualify for a slightly altered HAFA program but servicers are not required to implement until 8/1/10. As of Yet the national servicers that are accepting HAFA short sale applications for the other qualified loan types are not doing so for Fannie and Freddie loans, yet.
So I cannot report on the "success" of this new program because I have seen none.
Also there seems to be more and more short sale files being submitted to the lenders as with nearly every lender we deal with, the hold times, assignment times and processing times are getting longer and more arduous, not shorter and more streamlined.
It's business as usual at the lenders.
So as always, expectations are huge with short sales. We cannot sugar coat the facts to get a buyer to make an offer on a short sale. We cannot tell them it will be quick when we know it will most likely be at least 90 days with most servicers. But if we are clear with the buyer and they are on board with waiting because they want the house, then there should be no reason the them to get antsy and bail out after only a few weeks. Though unfortunately that does still happen.
On another note. For those agents we are actively working with, and those submitting short sales to us in the future. Our new website has some added benefits to you and your clients.
Our website is integrated with www.PropMapr.com. When submitting a file to us through our site you can add all the property information and pictures. And listing the status of the property as "for sale" your property will display on PropMapr.com. In the next few weeks this site will start syndicating out to other sites such as zillow, trulia, etc and a host of other sites. So get those details updated and you and your client will benefit from this free extended internet advertising.
If you don't know or remember your login information for our site, because you have always just emailed or faxed in the documents, send me an email and I will get it to you.
That's all for this update. Have a great Fourth of July.
Sean Wilder
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Bio
Sean Wilder started in the pre-foreclosure business in 2007. Previously he enjoyed successbusiness in the transportation industry, real estate investing and as a licensed Realtor. Sean brought the same determination and work ethic that lead to great success in his previous businesses to Loss Mit Services based in East Windsor, CT. His focus, combined with his drive to succeed, have been essential to his success as one of the area's top short sale negotiators.
Known for finding creative ways to overcome hurdles and never ending persistence; Sean, believes in the power of team. Sean and his team are in the trenches everyday, plowing through challenges and objections while negotiating with various lenders, and finding solutions to difficult problems. It is this daily experience that brings Loss Mit Services consistent success and provides them the knowledge to share.
Sean belongs to a number of industry groups and associations that allow him to collaborate, share, learn, teach and stay updated on the latest changes in the pre-foreclosure industry at the federal, state, local and lender specific levels.
Effective Oct 1, 2009 all debt negotiation companies that offer loan modification, short sale, or foreclosure rescue services needed to be licensed by the CT Dept of Banking. Sean and his company Loss Mit Services were the 1st to be awarded the Debt Negotiation License NMLS # 828273 which can be verified at the CT Dept of Banking Website by Clicking Here. In addition, effective Oct 1, 2011 Debt Negotiators were required to also be licensed Mortgage Loan originators and Sean also has received this license, NMLS# LO-831853.
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