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Don’t Just Wait For Foreclosure!

I just found this post on RISMedia that describes a still disappointing and frustrating process:

Short Sale Talk between Lenders, Agents and Consumers is ‘Abysmal at Best’

Of course, lender communication has always been a key difficulty in handling short sales, exacerbated by agents on both sides of too many transactions who have no idea how to work a short sale. Lenders — notably major banks — have spent a lot of time working to improve their processes to accomodate the huge number of borrowers in default and to comply with recently announced HAFA guidelines. This new article confirms the reality that little has actually changed in practice, and the writer is pessimistic about real resolution.

Austin and Central Texas have been spared the worst effects of the recession and housing crisis, but we are not immune. Defaults and foreclosure postings are up, and the need for successful alternatives to foreclosure is real. I have been involved with conference calls recently with B of A, Wells Fargo, and others where they described their new streamlined procedures and systems, but success still requires knowledge and a methodical approach on all sides, including sellers and buyers who are properly prepared by their real estate agents.

Last year should have been the worst of the subprime mortgage crisis, but this year the bulk of Alt-A and Option ARM loans will reset, so there is a whole new wave potentially as big as last year’s. With that knowledge and last year’s experience, and with all the incentives for lenders to accomodate challenged borrowers with loan modification, forebearance, short sale, or deed in lieu, it is a shame that this remains so difficult. More reason for homeowners and lenders to work with agents and brokers who have invested the time and energy to gain experience and specialized training to handle these transactions.

If you, or someone you know, is in financial distress please visit my website to learn more about alternatives to foreclosure.

About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.


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