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Posts Tagged ‘short sales’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? 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 Cram Down legislation defeatedThursday, April 30th, 2009Today, the Senate defeated the proposal to let bankruptcy judges unilaterally change the terms of mortgages to keep people in their houses. It’s also a defeat for some people trying to keep a roof over their head through a bankruptcy. This is a huge victory for banks. Now they don’t have to worry that judges will take away their right to seize homes when in default. The idea of the cram-down legislation was that judges would be able to change loan terms and cut the principal on a mortgage to a property’s current market value. The entire industry, other than Citigroup, cried murder over this proposal. Don’t be surprised if the deal the banks get from “the market” is even worse than what they would have gotten from the judges. SDAR Expo 2009 was a hit!(pics)Thursday, April 2nd, 2009It was great to finally connect with so many of you today. I am still buzzing from all the amazing, determined agents that “see” the unique opportunity to serve their client’s short sale needs with professional help, without sacrificing any of their listing commission or time. We hope you are as excited to partner with us as we are to serve you and your clients. All of us here at Short Sale Pros look forward to helping your business take new heights in 2009 and beyond. Sincerely, Michael Corradini CEO, Short Sale Pros
Media: Short Sale Pros offers No-Cost Negotiations for Distressed Homeowners as Unemployment Tops 10% in CaliforniaWednesday, March 4th, 2009SAN DIEGO, CA–(MARKET WIRE)–Mar 4, 2009 — For the first time in 26 years, California’s jobless rate exceeded 10%, and is expected to force many more homeowners into foreclosure if action is not taken. Many homeowners are unaware that unemployment disqualifies them from a loan modification while actually qualifying them for a short sale. Short Sale Pros, a no-cost short sale negotiation firm, helps distressed homeowners investigate and implement options to avoid foreclosure. The trend toward unemployment and increase in foreclosures is evident nationwide. However, foreclosure is not the only option if income is lost. A better option is a short sale, allowing homeowners to walk away from the home while avoiding foreclosure on their credit. Homeowners facing foreclosure can contact Realtors or short sale companies once they have missed at least one mortgage payment. Few Realtors are skilled at processing complex short sales and some companies charge thousands to process a short sale, however Short Sale Pros offers the service at no cost. San Diego school teacher Marlen Sepulveda stated, “When my adjustable rate mortgage increased and my salary became in jeopardy due to employment conditions, I didn’t know where to turn when I couldn’t afford my mortgage anymore. I contacted Short Sale Pros and they answered all my questions and negotiated my short sale, all at no cost to me.” Over the past twelve months, unemployment has increased to 1.8 million in California, a sharp increase from 1.1 million a year earlier, according to data from California’s Employment Development Department in February. “In 2009, we’ll see unemployment numbers directly impact the number of foreclosures. Homeowners may not be aware of their options,” said Michael Corradini, president of Short Sale Pros. “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 Investors, and full commissions to Realtors. Their firm streamlines the complicated short sales process by utilizing their lender contacts, proprietary mitigation techniques and handling all the paperwork necessary for the transaction. Realtors, investors and homeowners are encouraged to get informed at no cost at www.ShortSalePros.com or 866-975-PROS (7767). ### The feedback has been incredible. Here are just a few of the places we were published: Yahoo Finance MarketWatch The EarthTimes NewsBlaze – Realtime News AjaxWorld Magazine TMCnet – The World’s Largest Communications and Technology Community MarketWire Site
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