Real Estate Information Archive

Greetings neighbors,

As mentioned in yesterday's post, Interested In A Short Sale? Don't Believe the Myths, Read the Truth, we shared a few common misconceptions regarding short sales that may lead distressed homeowners to think negatively about the short sale process. Today, we have 3 more short sale myths to share with you starting with:

Short Sales Are Impossible and Never Get Approved

Now we do admit short sales may be a little more tedious and the homeowner may have to learn a new process, however this does not mean that short sales are impossible.

Agents who have obtained the title of Certified Distressed Property Experts or CDPE have been trained extensively in the processing of short sales and how to help distressed homeowners. In addition, these agents receive numerous short sale approvals every month.

Banks Are Not Accepting Short Sale Due to Waiting On A Bailout

Although you may have heard this absurd idea, this is not the case when it comes to banks. Actually, banks will do whatever is reasonably possible to avoid foreclosure and have now started to seek short sales and appreciate working with agents who are Certified in the short sale process.

Buyers Are Not Interested in Short Sale Properties

Many potential sellers may hear this myth on a regular however, like the others, this is not true. The reality is that agents receive numerous calls from potential buyers seeking foreclosures and short sales only. Many buyers view these properties as extremely great deals.

Looking for a CDPE agent? Contact the zac team RE/MAX Greater Atlanta. Address: 1057 Ponce De Leon Avenue Northeast
Atlanta, GA 30306 Phone: (404) 564-7200

Below is the latest letter from David Liniger, the Chairman and Co-Founder of RE/MAX International with an update to the the latest short sale policies (which will hopefully make short sales in Atlanta a little easier).

Hello everyone,

The U.S. Treasury Department on Monday released a plan to speed up and encourage Short Sales as a means to help families avoid foreclosure. We've been offering Short Sale proposals to public officials for over a year, and although the new guidelines aren't everything we were hoping for, they do represent a significant improvement over the current situation.

Short Sales have been difficult to close, and these new measures are a huge step in the right direction. One major highlight: A lender must give a yes or no answer to an offer within 10 days. Also included: a moving allowance, incentives for sellers and lenders, commission rules, and a stipulation that releases sellers from debt liabilities.

Here's an initial Reuters news story outlining the new policies.

As we've said throughout 2009, the key is to become experts in the process. We expect a tremendous increase in Short Sales during the coming year, and it's vital that RE/MAX Associates continue to lead the industry in Distressed Property skills and training.

At RE/MAX International, our staff is quickly developing resources to help you understand the new Short Sale guidelines and explain them to your buyers and sellers.

Be sure to open the Mainstreet Link e-mail you receive tomorrow. It will contain the latest news and details about the Treasury plan, as well as video and print materials you can add to your marketing presentations. We're also putting consumer information on remax.com and will be communicating ongoing developments via Facebook and Twitter.

Thank you.

Dave Liniger
RE/MAX International Chairman and Co-Founder

Hi neighbors,
I just attended a series of great classes last week on Real Estate Owned (REO) properties, helping sellers with short sales, and selling and buying foreclosure properties. Read the full press release here or read on below... And if you are worried about foreclosure and want to know more about your options or the possibility of a short sale, please click here.

February 10, 2009 — Zac Pasmanick has been recognized by the American Real Estate University as a “REO Specialist,” a designation which requires an intensive course of study and examination to complete.  Fewer than one percent of all real estate licensees have earned this recognition.

The American Real Estate University (AREU, http://www.americanreu.com/) is a professional association comprised of real estate and professionals and affiliates focused on real estate education.

According to Council president, A. Shane Mask, “REOS designees are uniquely qualified to work with bank and HUD properties to assist homebuyers in the purchase process. Their advanced training in BPO’s and understanding market finance options enables them assist homebuyers buy homes and lenders move properties. In addition, they are also trained to be advisors to homeowners on how to avoid foreclosure and stay in their homes.  That’s why today’s homebuyers and sellers need to be certain to work with real estate professionals who are completely up-to-date on the foreclosure marketplace and who are committed to providing the best knowledge and advice available."

“While assistance with buying foreclosures is important to home buyers,” explains Pasmanick, “sellers can also benefit when their listing agents understands short sale process, foreclosure prevention methods and creative financing options to open up the market to more buyers who can qualify for the purchase.”

About the zac team: Pasmanick is the Team Leader of the zac team @ RE/MAX Greater Atlanta (www.zac.biz) and has been working in the real estate business for almost 30 years.  The zac team has been serving the real estate needs of Atlanta, Decatur, & Buckhead since 1993.  Pasmanick’s new Foreclosure REO Specialist and Short Sale Specialist certifications are in addition to his current designations: Associate Broker, Graduate of the Realtors’ Institute, Certified Real Estate Brokerage Manager, Certified Residential Specialist. He is also a member of the Atlanta Board of Realtors and can be found online at www.zac.biz.