Are You Ready For The Wave of Short Sales?

We all know now that foreclosures are on the decline, and short sales are on the increase! There are severalreasons why this obvious trend is currently taking place in the realestate market.

Underwater House

Many have improved their processing times dramatically for short sales, or are in the process of implementing much more efficientsystems.
Lenders have realized for some time that foreclosure proceedings are very costly, not to mention the fact that properties deteriorate incondition. They know the difference between the amount they recover froma short sale versus a foreclosure is very significant, and are doingwhatever it takes to cut their losses.
High numbers of foreclosures and non-performing assets make lenders look bad to their investors and share holders and can also effect theirrelationship with the FDIC in a very bad way
The new HAFA short sale program offers excellent incentives and pressure on the lenders to approve them in a timely manor
New flip laws are encouraging more investors to buy them again
Lenders are in the lending business, NOT in the property management and asset disposal business!

All of these factors combined will make 2010 "The Year of the Short Sale"

Are you prepared for the wave of short sales?

Check out our FREE short sale agent networking and resource site, www.TheShortSaleGuide.com,
as well as ourlisting referral program and online training course!

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Replies

Linda McKissick August 4, 2010 at 9:54am

Not sure what Mike is talking about - I do REO exclusively and have seen a huge increase in the last month! But I have been doing REOs since Feb of 2008.
- Crystal M. Bush > Linda McKissick August 4, 2010 at 2:09pm
  
  I'm not seeing a decrease either.
  - Mike Linkenauger > Crystal M. Bush August 6, 2010 at 9:41am
    
    Just my experience from the REO Expo in Dallas in June. Seems like I asked that question to 50+ agents over the weekend or more. Maybe it was just that many of the ones who took the time to attend were the really hungry ones who were desperate to get more.
    
    Either way, Consider yourselves lucky guys!
John J. Keitzer July 21, 2010 at 9:38am

Does anyone remember the "wave" of foreclosures from the shadow inventory that everyone posted about so often last year? Not being a negative nancy here, just found the title of the post humorous.
- Dr. Marqueze D. Williams, Sr, NRBA > John J. Keitzer August 3, 2010 at 2:25pm
  
  LOL!!!!!! Yea sure was suppose to be a "Wave" instead there was a wave of FEES! LMBO!
- George Bellino > John J. Keitzer July 21, 2010 at 2:52pm
  
  Well I know in my area we are already seeing a wave of short sales. That's one of the reasons I signed up. Reo listings have slowed down slightly but still coming in.
  - Mike Linkenauger > George Bellino July 26, 2010 at 3:19am
    
    From my trip to the REO Expo a couple months ago probably 90% of REO agents noted a dramatic decrease in listing assignments over the last year or so. Our of 50 or so agents I talked to, probably 2/3rds said their inventory has been cut in HALF, and around 25% of them said their inventory is 1/3rd of what it used to be. I would say that only 10% said their inventory of REO listings is the same as it was a year or two ago. Lenders are definitely looking for ways to cut their losses to a minimum, and with the Equator processing system and improved procedures lenders are finally improving their approval times on short sale files as well.
    - Joe Ciaccio > Mike Linkenauger August 3, 2010 at 1:33pm
      
      Mike ----
      
      How do you know the realtors you are signing up are any good as opposed to taking in $300 a pop?
      - Mike Linkenauger > Joe Ciaccio August 6, 2010 at 9:39am
        
        Exactly what George said. Everyone gets a shot and will get a few in short order, if you do good you get them regularly. If you are not on the ball, you will not get as much from us.
      - George Bellino > Joe Ciaccio August 3, 2010 at 3:57pm
        
        You can never really know until you start sending them leads and see the agents conversion rate. I have to admit I was skeptical and signing up with Mike's service was one of a very few paid services that I took a chance on in my 5 short years in real estate. I have plenty of REO's but never paid a dime to get them. I see and am anticipating a bigger wave of short sales so I took the plunge and it's paying off. I signed up less than a month ago and received three leads of which two are already listed. But for all of you agents in NJ thinking about signing up, don't waste your time because the leads are horrible and there's not many of them......lol

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