Archive | August, 2011

Short Sales: A Dignified Solution for Many Families

Occasionally, Steve Harney, our founder and lead content creator, asks us permission to share his personal feelings on a current real estate issue. Today, is one of those times. - The KCM Crew

I am truly excited that the banks are beginning to see that a short sale in many cases is a good alternative to foreclosing on a property. It makes more sense to sell the property at a higher price. At the same time, the banks are creating less vacant REOs (foreclosures owned by banks) which have blighted neighborhoods and negatively impacted surrounding house values for the last several years

It is also satisfying that so many of my fellow real estate professionals are taking the time to get properly trained to facilitate these transactions to a successful closing. It is a good revenue stream for some agents at a time that has proven to be very difficult for many industry professionals to make ends meet.

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Short Sale Success: Key is to Change Our Mindset!

We are honored to have Christopher Reale, Director of Short Sale Operations at Lepizzera and Laprocina Title and Escrow Services, as today's guest blogger. He is an expert on the short sale process and will share his knowledge with us on a regular basis. - The KCM Crew

In any business discipline, having the proper mindset is the key to a successful business venture. This holds true in the Real Estate industry. Now more than ever, having the proper “Short Sale Mindset” is a key ingredient to a successful short sale transaction. In order to have the proper” Short Sale Mindset” we need to ask ourselves:

What are the parties involved thinking?

During our nationwide educational seminars regarding the short sale process, we have found the following mindsets to permeate the industry:

  • Listing Agents - The short sale process is too lengthy. It is impossible to deal with the short selling banks.
  • Buyers - The short sale process takes too long. We want an answer from the short selling bank ASAP. Why should I wait to purchase a short sale when I can purchase a non- distressed asset?
  • Sellers - What is the point? I am just going to let the bank foreclose.
  • Banks - Their mindset changes all the time!
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Short Sales: Has Their Time Finally Arrived?

Last week, RealtyTrac released its Q2 2011 U.S. Foreclosure Sales Report. The report confirmed what we are hearing in the marketplace – banks are beginning to look more favorably on short sales as option to foreclosure.

The report dissected the sales of distressed properties in the second quarter of 2011. Here are several of their findings:

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Discounted Competition Is About to Enter the Market


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Delinquency Rates Dropping Dramatically

In yesterday’s blog post, we explained that the ‘shadow inventory’ of distressed properties which has hung over the housing market will soon be released for sale. The real estate market won’t recover until we work our way through this discounted inventory.

The great news is that as these properties exit the bottom of the inventory funnel, there are fewer homes entering the top of the funnel. The best indicator of future foreclosures is the number of households that fall 90 days delinquent on their mortgage payments. This number is falling dramatically. As the S&P Shadow Inventory Report states:

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