I just spit coffee on my lap top when I read this...
Freddie Mac wants our help? Really? I thought that we were the problem and not the solution and now they want our help?
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I fail to read that when the "short sale flippers" resell the property, they are selling a free and clear title (which is why the value can be increased in hours or days.) FURTHERMORE, the short sale negotiating is all but done and the "short sale flippers" buyer can have a traditional closing time-frame of 30-45 days, not 4-6 months. Is a property that can close in 45 days worth more than a property that must close in 6 months? ABSOLUTELY!
If an agent ever lost a short sale (deal died) because of excess HOA fee's not covered, or cash at closing requirements, or the 2nd lien requiring more money than the 1st will allow then please see your nearest "short sale flipper." Of course check his or her credentials first ... not all of them are 100% grade A beef.
Ths is my take on the situation. A great man (Coach John Wooden, UCLA) once said, " there is no substitute for speed". It would appear to me that in this case, speeding up the short sale processes with competent people in the lending industry would help. That would be the first thing to improve on. Secondly, better investigative actions, tighter contracts and penalties would help this situations also.
Third, when stressed out homeowners witness how much the lending industry and politicians have screwed up in the last few years, they justify deceit and deception in their own minds. People do strange things when their money is funny and, their credit won't get it. These are by no means, reasons for crooked realtors and homeowners to do what they've been doing. So, give them all felonies!!
{{{YAWN}}} Freddie Mac has published so much bu11$hi7 in the last 24 months, it's like I'm immune at this point. There is SO much misleading crap in that blog it sickens me. My duty is to my seller NOT to Freddie Mac.
It's business as usual for me. Freddie Mac can cry wolf all they want.
Robert Hagberg the fraud investigator for FM said in a NAR podcast recently that he couldn't put numbers on how much actual fraud their was. If there is SOOOO much fraud going on, WHY can't you put a number on it?
Stop trying to put fear in everyone, and let us do our jobs....we need to concentrate on the GLUT of homes on the market THANK YOU.
This sad but true!
The good news! I am finding most short sale lender's are requiring a market plan, mls listing and/or history! It's just a few more docs that need to be provided, however looking at the "bright side" Hopefully, this will help to eliminate non-professionals in our field! And what up with this listing stuff out of your area!!! Especially a short sale, its like doing a BPO on a property that is not in your market area! I am still a firm believer in .... dont list properties out side of your market area!!!! True professionals know their market! Some times, you just cant rely on the "data"!