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Archive for May, 2009DreamBuilder 2009 PicsFriday, May 29th, 2009It was incredible to connect with so many like-minded individuals in the community. Hearing all the stories of all the families that have been helped reminded me just how important our work is. Together we will touch as many lives as possible and work to rebuild our communities. Sincerely, Michael Corradini Sponsoring DreamBuilder 2009Tuesday, May 26th, 2009Short Sale Pros is sponsoring a table at DreamBuilder 2009 on 5/28/09, which celebrates the gift of education and opportunity in our community. The event is being presented by Community Housing Works in conjunction with US Bank. For more info go here. We look forward to collaborating with everyone there to further the collective efforts in rebuilding our communities. Michael Corradini, CEO of Short Sale Pros Obama Administration – Foreclosure Alternatives ProgramFriday, May 15th, 2009With around 43,000 notices of default last month in California alone, now more that ever the industry is in need of a Foreclosure Alternative Program. I am so happy to see that the Obama administration has recognized the need to streamline the short sale and deeds-in-lieu process, and has provided viable options to homeowners who have fallen behind on their mortgages or owe more than their homes would sell for in today’s market. The Obama administration announced the new details under its Foreclosure Alternatives Program (FAP) enabling lenders and borrowers to pursue Short Sales and Deeds-in-lieu of foreclosure in cases where the does not qualify for a Loan Modification. The program requires that before proceeding with a foreclosure, lenders must determine if a short sale is appropriate, if that is not successful, a deed-in-lieu of foreclosure. They are even providing incentives for homeowners and lenders! Borrowers (Homeowners). Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program but don’t qualify for a modification or do not successfully complete the three month trial period. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate. Incentives. Incentives include: (1) $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; (2) $1,500 for borrowers/homeowners to help with relocation expenses; and (3) up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders). Standardized Documents. The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option. Property Valuation by Appraisal or BPO. Servicers will independently establish both property value and minimum net return to the bank, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs) Timeline. In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional and no foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement. Commissions. The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received. No Borrower Fees. Servicers may not charge fees to borrowers/homeowners for participating in the FAP. Contact Short Sale Pros for 100% Free Short Sale Help Program Expiration. Starts May 14th 2009 and is in effect through 2012. For the full report take a look at Do you think the Foreclosure Alternatives Program will help struggling homeowners? Is there a better way to fix the problem? Federal standards set to speed up Short SalesThursday, May 14th, 2009I am happy to see the Obama administration acknowledge Short Sales as a viable and important part of our recovery. It was only a matter of time. http://finance.yahoo.com/news/Obama-administration-to-apf-15239433.html 100 New Short Sales in 1 day! Company RecordWednesday, May 13th, 2009This new company record came as a result of partnering with a loan modification company. Media: Short Sale Pros Helps Realtors Boom in Today’s Shifting MarketTuesday, May 12th, 2009No-Cost Negotiation Service Revealed at Realtor Expo Enables Realtors to Keep Full Short Sale Commission SAN DIEGO, CA–(Marketwire – May 12, 2009) – According to data from National Association of Realtors (NAR), 45% of all transactions in Q1 2009 were Short Sales and REO sales. Yet the truth is, many Realtors turn short sale listings away because they are perceived to take too much time or they must split their commission with the short sale negotiator. However, at the 2009 San Diego Association of Realtors (SDAR) Annual Expo, Short Sale Pros unveiled its no-cost solution for Realtors and homeowners. One of San Diego’s top Realtors is proof of how even in a down economy Realtors can thrive and help those in need by tapping into a no-cost short sale negotiation company that handles the hard work. “Many Realtors are struggling to survive since home sales are down,” Nassy Rokni of Coldwell Banker Premier stated. “I discovered Short Sale Pros and was able to help homeowners in distress negotiate a short sale at no cost to them while growing my business since I got to keep my full listing commission. It’s really a win-win situation and Realtors who aren’t doing short sales are missing out on a big money-maker.” Some Realtors try to negotiate a short sale themselves before realizing it takes too much time, sometimes up to several months, and their focus on generating listings is lost. Realtors that want to be aggressive in this market while still keeping all their commission realize their time is not well spent negotiating their own short sales. “Once Realtors understand they don’t make any additional money by doing the negotiation themselves, they contact us to process their short sale at no cost and they are able to focus on the profitable portion of their business,” said Michael Corradini, president of Short Sale Pros. “We’re here to help Realtors grow their business and there’s no downside to working with us. Plus, short sales give homeowners a way to avoid foreclosure and positions them to be able to buy another property sooner.” Based in San Diego, Short Sale Pros is leading America’s recovery as one of the fastest growing short sale negotiation firms. They are one of the only companies to offer No-Cost negotiations to Homeowners and full commissions to Realtors. They streamline the complicated short sales process utilizing lender contacts, proprietary mitigation techniques and handling all paperwork. Realtors and homeowners are encouraged to get informed at no cost at www.shortsalepros.com or 866-975-PROS (7767). http://www.reuters.com/article/pressRelease/idUS263546+12-May-2009+MW20090512 http://www.marketwire.com/press-release/Short-Sale-Pros-988638.html http://www.pr-inside.com/short-sale-pros-helps-realtors-boom-r1248799.htm Countrywide Short Sale TestimonialFriday, May 1st, 2009Another successful short sale completed with Countrywide!
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