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Short Sale Pros successfully completed their 2nd Commercial Short Sale this week!!! We are beginning to see more and more of these deals surface. We will be launching a Commercial Short Sale program to the public shortly. If you have any deals now, we will review them on a case by case basis.
Michael Corradini
CEO, Short Sale Pros
Congratulations to Jasleen Nelson for earning Double Commission on her most recent Short Sale Listing!!!
To learn how you can earn Double Commission, call us at 866-975-PROS(7767) or email us at support@shortsalepros.com.
Michael Corradini and Jasleen Nelson
RealtyTrac and Trulia announced last week that 41% of people would consider a “Strategic Default”, or choose to stop paying their mortgage even if they are capable because of negative equity (owing more than your home is worth).
First American Core Logic says there are 130 million homes in the United States. If 20% of them are upside down, or 26 million homes, and 41% walk, then 10.4 million homes would go into default.
The National Association of Realtors says the median home price is $166,100, so if you take 10.4 million homes by $166,100, you have over $1,727,400,000,000 in foreclosures ahead.
Let’s hope strategic defaults reach no where near the 41% level. It is a big problem and Short Sale Pros always advises against it.
Hear what he has to say after spending 3 DAYS with the team at Short Sale Pros!
RealtyTrac said today that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.
A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report.
More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data.
“We’re right now on pace to see more than 1 million bank repossessions this year,” said Rick Sharga, a RealtyTrac senior vice president.
California accounted for the biggest slice overall of homes facing foreclosure — roughly 23 percent of the nation’s total. One in every 62 properties received a foreclosure filing in the first quarter.
See the full article here.
Flipping is becoming more and more accepted by the government and major lending institutions. This is evidenced by Freddie Mac’s recent bulletins, updated credit policies by Wells Fargo to allow for C buyer financing, and revised title bulletins stating that the C purchase price does not need to be revealed to the A lender as long as certain disclosures are made.
Today, the FHA has rescinded its 90 anti-flipping rule and will, for a period of 1 year, allow FHA buyers to obtain loans on properties that have been recently purchased by investors.
See the Full Article HERE
The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.
Another satisfied real estate agent that outsourced the entire negotiation process to Short Sale Pros. This short sale was with Nationwide Advantage Mortgage.
Topic: Appreciation to local Brokers/Agents and the Short Sale Pros Model
These two videos cover Short Sale Pros Wine and Cheese Realtor Appreciation Night on 10/22/09 at the Legends Condos Downtown San Diego, featuring outtakes from Short Sale Pros CEO Michael Corradini, an owner of an Escrow company, and a Title company addressing the Short Sale Pros model.
Is it Legal? YES. It is ethical. YES. Is it fully transparent and disclosed to all paries? YES
PART I
PART II
Another happy Homeowner. We are glad we could help Ricky!
Short Sale Pros Reduces Foreclosures Through Smart Partnerships
San Diego, CA (PRWEB) July 14, 2009 — As many homeowners are being denied loan modifications and put on the path to foreclosure, one novel company, Short Sale Pros, offers solutions designed to avoid foreclosure by assisting loan modification companies and homeowners with no-cost short sale negotiation services.
Although a short sale is not the first option for most homeowners since it requires them to walk away from their property, the statistics have shown that more homeowners are being denied loan modifications even with government intervention and professional help from a loan modification company. The banks have also realized more than 50% of loan modifications go into re-default. A modification turndown or re-default often leads the homeowner into foreclosure since they are unaware that a short sale may still be a viable option.
“It is very sad to meet homeowners who have been relying on a loan modification to solve their problems only to find out that they have been denied. Most think the only option is foreclosure which can destroy a person emotionally and financially for five or more years. Short sales are an alternative that most homeowners can utilize to get back on their feet sooner by walking away from their home into a more affordable rental,” said Michael Corradini, CEO of Short Sale Pros. “There are unique benefits to the homeowner through Short Sale Pros that a loan modification company or a Realtor alone cannot provide.”
Many loan modification companies are not able to get a modification approved in time to avoid foreclosure and are overwhelmed trying to negotiate short sale themselves, straining their often limited resources.
According to Michael Taylor at LMS, a leading loan modification company, “Short Sale Pros offers a unique solution when the lender is unable to produce an affordable modification for the homeowner. Not only does the homeowner get help for no-cost, the partnership also frees our resources and we are rewarded as an affiliate.” Short Sale Pros offers loan modification companies revenue share opportunities as well as new loan modification applicants through its partnership with America’s Lead Source.
“At Short Sale Pros, we encourage homeowners to get informed about their options at ShortSalePros.com or government sites such as MakingHomesAffordable.gov,” added Michael Corradini.
Based in San Diego, California, Short Sale Pros is helping lead America’s recovery as one of the fastest growing short sale negotiation firms. They are the only company to offer no-cost negotiations to Homeowners, full commissions to REALTORS®, and revenue share opportunities and lead replacements to Loan Modification companies. They streamline the complicated short sale process utilizing lender contacts, proprietary mitigation techniques and handling all paperwork. Homeowners, REALTORS®, and Loan Modification companies are encouraged to get informed at ShortSalePros.com or 866-975-PROS (7767).
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