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Showing posts from October, 2009

Short Sale Plan will Help Families

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A major joint venture for Short Sales was announced late Tuesday (Oct. 20). RE/MAX International issued this press release:
Real Estate Leaders Unite to Reduce Foreclosures New Short Sale Strategy Designed to Help Homeowners Avoid Foreclosure
RE/MAX International of Denver, Colorado and HEART Financial Services of Northbrook, Illinois have agreed to work together to help homeowners avoid foreclosure. The real estate franchisor and loan modification leaders have created a unique pre-foreclosure or "Short Sale" strategy that will make it easier for families to sell their homes and avoid the trauma of a foreclosure.
"It's unfortunate that the Short Sale process has been so difficult to navigate in this marketplace," says Dave Liniger, Chairman and Co-Founder of RE/MAX International. "We've been working hard to promote streamlined Short Sales to provide both significant benefits to lenders, and a welcomed opportunity for homeowners to get a fresh start.&quo…
What You Need to Know About Short Sales
September 29th, 2009 ·
If it seems like short sales have suddenly exploded in the real estate arena, it’s not your imagination.

Once considered relatively rare, short sales have become a common phenomenon in the past 18 months, thanks in large part to the banking and mortgage crisis.
To find out if you can benefit from a short sale, here’s some helpful information about the practice.
What Is a Short Sale?
Short sales occur when the bank and seller agree to a purchase price for real estate that is less than the original mortgage amount and does not cover the entire cost of the existing debt obligation.
Who Benefits?
Depending upon how the deal is structured, everyone can benefit from a short sale.
The seller benefits from the ability to save his or her credit rating and avoid bankruptcy or face a mountain of debt, the buyer benefits from acquiring a property at below market price, and the lender benefits from a sure sale that reduces the risk of a propert…