Will Short Sales change soon in Kansas City?

Many people think so due to the Obama’s Home Affordable Foreclosure Alternatives plan which goes into effect in 4 days on, April 5, 2010.  

HAFA is incentive based offering $1,000 Short bonus to banks, $1,500 moving expenses to borrowers, $1,000 to investors, and up to $3,000 for subordinate liens, if they respond within 10 days of the offer. 

Will it make a difference?  As a Loss Mitigation Short Sale specialist, I’ve seen first-hand how all this works and it will not be fixed with this plan.  It takes distressed property sales education, a sharp mind, patience, cooperation, and a task oriented personality to get the job done.  To get through this ordeal the agent has to assume nobody is doing their task therefore becomes responsible for ensuring everyone follows through. It is not uncommon to make 15 phone calls a day on a short sale.

The incentives really don’t mean much when you’re talking about a $225,000 loan on average in Johnson County, Kansas. Why? Because $1,000 is a very small percentage  when compared to the defaulting loan.

What will make a difference is to inform all parties what to expect up front, initiate early, stay in communication with the asset manager/risk mitigator/negotiator, and stay on task - daily.  Short sales aren’t for the meek or mild. I just genuinely want to help people and hopefully earn a client for life.

Last December I met with a homeowner who was under water in their mortgage. I explained to them what needed to be done and they thought it was to much work. The homeowner decided to work with a real estate agent who had a much simpler plan (or the homeowner thought). The homeowner called me this weekend to see if I could help them. Unfortunately. the homeowner has wasted 3 months and the their options have dwindled.

If you're underwater on your mortgage and need to move, lets get together and discuss your options. The more time you have the more options you will have. 

Let  us know what you think or add to our blog by writing a comment.

Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

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