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On Friday, Freddie Mac released a newsletter that has resulted in serious concerns for short sale investors. In the newsletter, they raise the question of the viability and legality of back-to-back short sale flips. 

There is tons of misinformation out there. There is information that is factually wrong. Horrible assumptions are being made. Their statements in this newsletter (this is not law, just a newsletter) show ignorance of fundamental contractual law and are contradictory to Freddie Mac’s already stated position of short sales and flips.

If this announced change does become the new policy and position of Freddie Mac, it will:

• Drive investors out of the market.
• Result in more foreclosures.
• Result in more REOs.
• Further depress the market.

It is imperative that you attend this Webinar. It is vital to short sale investors to be informed and know how this information impacts your business, and what you can do today to calm worries, fears and myths that result from their announcement. This is important enough that I felt it necessary to post on my blog.

HAFA has also created a bunch of confusion. Surprise Surprise. Our Government is good at creating confusion. In the future, you will you’ll need the HAFA addendum to add to your hardship letters to make sure your files stay out of the HAFA program.

Here are two basic reasons to avoid HAFA.

#1- The government HAFA program requires the homeowner to sign off on a deed-in-lieu in advance which is almost never disclosed.

#2- The HAFA program requires the seller to make payments at about 1/3 of their income during the short sale process which is also almost never disclosed. How many sellers do you know actually have that kind of money?

It’s almost comical this HAFA program. Currently, several loss mitigators  have no idea that the HAFA requires the deed-in-lieu and payments. These loss mitigators have no clue what they are pushing people into!

I will have more information about this soon as thre is not much information out on this yet.

Leave your comments below…

admin Uncategorized Addendum, Assumptions, Clue, Confusion, Contractual Law, Deed In Lieu, Foreclosures, Freddie Mac, Hafa, Hardship Letters, Information Impacts, Mac Newsletter, Misinformation, Myths, Reos, Serious Concerns, short sale investors, Surprise Surprise, Viability, Webinar, Worries

There’s proof that there are many real estate agents that are having to rethink a properties status when listed in the MLS or a private pocket listing deal for that matter. Many Floridian real estate agents that don’t understand the difference between a short sale and a bank owned property. I wonder how many in Colorado don’t know the difference. This post attempts to explain the difference.

It is then up to the seller what he wants to do with the offer. He can reject the offer, he can accept the offer, he can counter the offer or he can choose to do nothing with the offer. Your offer expires if he does not sign the offer before the time for acceptance lapses.

On one of our listings we received 3 offers in one day. Most all of our short sale listings get multiple offers. When this happens; our sellers choose one offer that they feel is the best and often ask for our input based on our experience. Then the seller will choose a back up offer also.

If none of the offers meet with the sellers’ approval and with our experience of what a short sale lender is going to approve then the seller may send back to the buyers a counter offer. He may choose just one offer to counter or all.

So there is one agent who had sent in one of the offers for her buyers. The offer was $20,000 below asking price, the financing clause stated that the buyer was approved for his loan, yet there was NO approval letter. There was a pre approval letter that said his financials, income, etc were NOT reviewed. All they did was pull his credit. The financing spaces were not filled in correctly. When I did the math, the offer showed that the buyer was getting 100% financing. Then the addendum stated that the buyer was also asking for 6% back from the seller.

Read More Here…

admin Uncategorized Addendum, Asking Price, Bank Owned Properties, Bank Owned Property, Choose One, Floridian, Lapses, Math, Mls, Pre Approval Letter, Proof, Real Estate Agents, reo properties, short sales