Posted by Annalisa Burgos | July 27, 2009
Social networking sites like Twitter and Facebook are a great resource for journalists like me, especially when you’re on deadline in a city where you don’t have very many contacts. Case in point — before a recent trip to Chicago, I wanted to connect with a local Realtor and film a home tour for FrontDoor’s vlog. The catch — I had a two-hour block in which to film.
Rather than google Chicago-area Realtors and filter through hundreds of agent profiles, I put a call out to our more than 1,000 fans on Facebook. Et voila! Scott Curcio of Coldwell Banker posted a reply saying he would be happy to help.
Next month, I’ll be in LA, San Francisco, Boston and Seattle. If you have a great real estate story, share it with our Facebook community! I may even feature it in our vlog.
Posted by Annalisa Burgos | June 16, 2009
Despite its name, a short sale is by no means a “short” process. But unlike what you may have heard, getting a short sale approved by your lender is not as hard as you may think — if your real estate agent knows what they’re doing.
In order to orchestrate a successful short sale, you need a master negotiator, says Troy Huerta, short sale division leader at Coldwell Banker Residential Brokerage in San Diego. “Many agents forgot how to negotiate. There was no negotiating in the past. You would list a home at a ridiculous price and someone would pay it.”
Those days are long gone. Home values are falling. Unemployment is at 9.4 percent. And according to RealtyTrac, there were more than 321,000 foreclosure filings in May, 18 percent higher than a year earlier. That’s expected to get worse.
But there’s a way to help ease this flood of foreclosures, Huerta says. Do more short sales.
In the past, lenders have been reluctant to do short sales. And why would they? They stand to lose a LOT of money. But the reality today is that if a lender doesn’t do a short sale, it may get stuck with a property that is harder to sell or will sell for less than it could have gotten. (A buyer is more willing to buy a short sale in good condition than a bank-owned foreclosure that needs a lot of work.) Not to mention the cost of pursuing the foreclosure process.
Even Fannie Mae felt short sales could help reduce foreclosures. It launched a pilot program pre-approving short sales for homeowners in Phoenix and Orlando.
Now, lenders should be more motivated than ever to get these deals done — as part of President Obama’s economic stimulus plan, the federal government will pay lenders up to $1,000 for each completed short sale or accepted deed-in-lieu of foreclosure.
READ HUERTA’S TIPS FOR BUYING AND SELLING A SHORT SALE…
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