Are people still doing short sales or killing time doing loan modifications?

  • August 13 2011 - Thornton
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Answers (7)

Profile picture for Michael Helton
Rachel, it depends on the local market.  In my market 41% of all closed homes were shortsales.  If that many are closing I do not think you can say that people are just using them as a vehicle for doing a loan mod.

Maybe the key is that Nevada has a state sponsored program where they have helped over 10,000 people stay in their home by assisting them in negotiating loan mods.  No shortsale trickery is needed.

We have also put some new laws in place which require lenders to respond to a SS offer within 90 days, limit the recourse time to 6 months (vs 6 years) and take additional steps to steed up the process of a SS or loan mod.  The goal is to keep people in their homes.
  • August 14 2011
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Profile picture for shasta_steve
Well now I feel like Pasa answering my own post but like I said I am bored and trying to stay awake.   I could not help myself I had to look it up.   I was actually surprised.  Supposedly it takes 13 hours in the State of California to be CDPE certified.   I figured it was going to be a 8 hour class.  I am still not going to put my financial future on the line for 13 hours though. 

My favorite quote from the website was:
One of our CDPE Members said it best:
"The day will come when Realtors® and industry professionals are recognized for solving the foreclosure crisis."

Not sure I agree with that one.   I think agents are doing way more damage now than  they are helping when it comes to the whole mess.  

http://www.cdpe.com/become-a-cdpe-now
  • August 13 2011
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Profile picture for shasta_steve
Ok I know I am very tired tonight at work and also very bored but I have to ask this one.   What does CDPE Certified Distressed Property Expert  mean to me?  Who did the certification and how many hours was it? I spent 8 hours last week doing my CPR and first aid training but I am far from a medical expert.  I suspect that the CDPE has much more to do with how an agent can make money than really giving good advice to a homeowner in trouble. 
  • August 13 2011
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Keller Williams Realty CDPE Certified Distressed Property Expert (Cobalt - team VC online)working with short sales in the event loan modification does not pan out.  It's all about assisting the client in this difficult and oftentimes unpredictable market.  Mass joinder litigation will be the next wave of Bandwagon attempts to have struggling homeowners keep their homes.
  • August 13 2011
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Profile picture for shasta_steve
Anyone want to bet that if agents made money off of modifications they would be bashing short sales? 
  • August 13 2011
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Killing time doing loan modifications that ultimately lead to short sales.
  • August 13 2011
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I've seen this first hand. There were 3 multifamilies listed. My client was interested in them. I call the L.A. only yo be told that the owner will be doing a modification. Everyone has to find a loophole , I guess.

  • August 13 2011
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