I'm back from two rain soaked days at the C.A.R. Expo. While the cologne & perfume were a bit much, there were some VERY educational seminars. Yesterday was spent in seminars on the short sale/ REO market. These weren't rah-rah speeches and self-congratulatory forums by any stretch. Almost across the board, from lenders, to REO/short sale agents, to Ray Mathoda, one of the brightest banker/entrepreneurs I've heard, the overriding opinion is that short sales are now, and will be, the foremost sale transaction in the real estate industry. And the single biggest factor in short sales will be H.A.F.A.
Now if you're asking yourself, "What the hell is HAFA?", I would strongly suggest calling me and pulling up Google. To get you started, below is a link to Real Estate Magazine. When you open it up, go to Page 20. You'll find a very informative overview of HAFA.
http://www.onlinedigitalpubs.com/publication/?i=46004
As a homeowner or Realtor, if you've been through the HAFA hell so far, you probably don't believe a word of this. However, HAFA is now in it's 6th month of existence. As this process becomes more streamlined, so too should short sales One of the astounding figures that was given yesterday is the fact that there are/will be some 12 MILLION short sales in the coming years. HAFA may very well be the real estate version of a standard loan application.
But why short sales ? Why now?
Now if you're asking yourself, "What the hell is HAFA?", I would strongly suggest calling me and pulling up Google. To get you started, below is a link to Real Estate Magazine. When you open it up, go to Page 20. You'll find a very informative overview of HAFA.
http://www.onlinedigitalpubs.com/publication/?i=46004
As a homeowner or Realtor, if you've been through the HAFA hell so far, you probably don't believe a word of this. However, HAFA is now in it's 6th month of existence. As this process becomes more streamlined, so too should short sales One of the astounding figures that was given yesterday is the fact that there are/will be some 12 MILLION short sales in the coming years. HAFA may very well be the real estate version of a standard loan application.
But why short sales ? Why now?
Well there's a couple of reasons why:
Reason#1- The rocket scientists that brought us all "Pick-A-Payment Loans" finally figured out that they tend to loose their a$$ in REO's. Nothing hurts a banking conglomerate quite like loosing money.
But the single biggest reason is:
Reason#2- Because of the banks' disorganization, bad tracking, blind arrogance, and unwillingness to negotiate, people and states started to get attorneys to sue lenders for improper actions during the foreclosure process:
Click Here To Read The Washington Post Article On Foreclosure Problems
But the single biggest reason is:
Reason#2- Because of the banks' disorganization, bad tracking, blind arrogance, and unwillingness to negotiate, people and states started to get attorneys to sue lenders for improper actions during the foreclosure process:
Click Here To Read The Washington Post Article On Foreclosure Problems
So given this very recent development, lenders may very well be more willing to do complicated things like...answer the phone.
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